APC 2006 Annual Report Download - page 136

29. 1.1 - Reconciliation of the opening balance sheet and opening equity at January 1, 2004
Assets Jan. 1, 2004 Jan. 1, 2004
Notes French Adjustments IFRS
(in millions of euros) GAAP
Non-current assets
Goodwill, net
29.3.2 3,512.8 3,512.8
Intangible assets
29.3.1 270.7 1.3 272.0
Property, plant and equipment
29.4.3 1,439.1 (9.3) 1,429.8
Assets held for sale
29.4.3 0.0 14.8 14.8
Total 1,709.8 6.8 1,716.6
Investments in associates 60.5 60.5
Available-for-sale financial assets 369.6 369.6
Other financial assets 585,4 585.4
Total investments 955.0 0.0 955.0
Deferred taxes
29.3.4 747.2 175.9 923.1
Other non-current assets
29.3.5 315.6 (315.2) 0.4
Total non-current assets 7,300.9 (132.5) 7,168.4
Current assets
Inventories and work in process
29.3.3 1,124.1 36.2 1,160.3
Trade accounts receivable
29.3.6 1,781.3 (31.6) 1,749.7
Other receivables and prepaid expenses
29.3.1/ 29.4.5 627.0 (40.4) 586.6
Cash and cash equivalents 3,087.5 3,087.5
Total current assets 6,619.9 (35.8) 6,584.1
Total assets 13,920.8 (168.3) 13,752.5
Note 28 - Subsequent events
Acquisitions - American Power Conversion
On October 30, 2006, Schneider Electric announced a
friendly offer to purchase all outstanding shares of US-
based American Power Conversion (APC), the world
leader in Critical Power. By combining APC with its
subsidiary MGE UPS Systems, Schneider Electric will
become the global benchmark in Critical Power.
The anti-trust regulatory review in the United States
ended on December 12, 2006 when the waiting period
under the Hart-Scott-Rodino Antitrust Improvements
Act expired. APC’s shareholders approved the pro-
posed merger in Extraordinary Meeting on January 16,
2007.
The European Commission’s competition authorities
granted final clearance on February 8, 2007. Schnei-
der Electric plans to divest its MGE UPS Systems
operations in small systems below 10 kVA. With esti-
mated sales of around 150 million, the divestment
represents 6% of the combined operations of APC and
MGE UPS Systems in Critical Power.
Note 29 - Impact
of the transition to IFRS
This note includes:
Tables reconciling the 2004 financial statements pre-
pared in accordance with French generally accepted
accounting principles and rules (French GAAP) to the
2004 financial statements prepared in accordance with
International Financial Reporting Standards (IFRS).
A description of the options applied in first-time
adoption of IFRS, as of January 1, 2004.
A description of the nature and impact of changes in
accounting principles and policies on the 2004 open-
ing and closing balance sheets and on the income
statement for the year ended December 31, 2004.
Information on standards with little or no impact on
the Group accounts.
29.1 - Reconciliation of the 2004
financial statements under French
GAAP and IFRS
The following tables reconcile the 2004 financial state-
ments prepared and published in accordance with
French generally accepted accounting principles and
rules (French GAAP) to the 2004 financial statements
prepared in accordance with International Financial
Reporting Standards (IFRS), with the exception of IAS
32 and IAS 39 which were adopted prospectively from
January 1, 2005.
The effect on the opening balance sheet at January 1,
2005 of applying IAS 32 and IAS 39 is presented in
note 2.
Consolidated financial statements at December 31, 2006
134