2007

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2005

2004

2003

2002

2001

20-F

2006 Form 20-F

2005 Form 20F

2004 Form 20F

2003 Form 20F

2002 Form 20F

2001 Form 20F

2000 Form 20F

2001 Form 20F

The following is a quick snapshot of main US GAAP adjustments in a Q&A format. For additional information, please contact Suez Investor Relations team at 331-40 06 66 29.


Presentation of the difference between French and US GAAP

(in millions of Eur)   2001 2000 Variation 2001/2000
Net income as reported in the consolidated statements of income under French GAAP   2 086,7 1 919,4 8,7%
US GAAP net income   896,3 740,6 21,0%
US GAAp Basic EPS ($ / share)   0,91 0,77 18,2%
US GAAP Diluted EPS ($ / share)   0,90 0,76 18,4%
 
Shareholders' equity as reported in the consolidated balance sheets under French GAAP   14 397,2 13 134,1  
US GAAP Shareholders' Equity   25 100,0 25 111,9  

1- Have you identified new material reconciliating items in 2001 between your financial statements prepared under French GAAP and US GAAP ?

The difference between the US and French GAAP financial statements is still very much driven by :

       - The accounting under the equity method of our controlling stake in Electrabel versus full consolidation under French GAAP,

       - A number of the Group's significant acquisitions which resulted in step up in the recorded values of assets and lead to additional depreciation and goodwill amortization under US GAAP. As a reminder, the related goodwill was written off directly to equity under French GAAP. The total negative impact on US GAAP net income of business combinations amounts to Eur 821 millions in 2001.

In addition, in 2001 the Group also recorded:
         - Adjustments to capital gains due to the reporting of the sale of a minority interest in a subsidiary as an equity transaction under US GAAP versus an income item under French GAAP.
         - Additional income under US GAAP due to the classification of a portion of the Group's investment in Fortis in the trading category when Fortis' Unification of Shares program led to the termination of the equity method of accounting for that investment.

2-Does SUEZ fully account for the impact of SFAS 133 ? What was the impact in 2001 ?

Our reconciliation does fully reflect the impact of SFAS 133. Beginning January 1, 2001, for the purpose of US GAAP reconciliation, SUEZ adopted Statement of Financial Accounting Standards 133 and the corresponding amendments. The scope of application of this new accounting regulation is described in the 20-F.

Adoption of SFAS 133 as of January 1, 2001 is reported as a new accounting principle. As a consequence, it decreased other comprehensive income and net income after tax by Eur 116.3 million and Eur 131.8 million respectively. This negative impact as of January 1, 2001 has to be matched with the positive adjustment of Eur 88.6 million for fiscal year 2001. Therefore, the cumulative effect of adopting SFAS 133 resulted in a decrease to net income of Eur 43.2 millions.


Download the full version of the 2001 Form 20F (Acrobat - 1.4Mo)