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Gaz De France 2006 Reference Document

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Gaz De France 2006 Reference Document Gaz de France A société anonyme with a share capital of € 983,871,988 Registered Offices: 23 rue Philibert Delorme – 75017 Paris Paris Companies Register 542 107 651 This document is an informal English translation of the document de référence registered with the French Autorité des marchés financiers under No. R. 07-046 on 27 April, 2007. In case of any discrepancy between this document and the document de référence,thedocument de référence will govern. This document is not an offer to sell or the solicitation of an offer to purchase shares of Gaz de France, and it is not to be used for any offer or sale or any such solicitation anywhere in the world. Shares of Gaz de France may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Gaz de France does not intend to register any portion of any offering in the United States or to conduct a public offering of shares in the United States. Pursuant to Article 212-13 of its General Regulation, the Autorité des marchés financiers registered this document de référence on 27 April, 2007 under number R. 07-046. It may be used as a basis for a financial transaction only if it is completed with a note d’opération approved by the Autorité des marchés financiers.Thisdocument de référence has been prepared by the issuer and is binding on the signatories. This registration, completed after a review of the relevance and consistency of the information provided on the company's financial situation, does not imply certification of the accounting and financial data presented. Pursuant to Article 28 of European Regulation n°809/2004 of April 29, 2004, this document de référence incorporates by reference the following information: – the Group’s consolidated financial statements, established in accordance with IFRS for the year ended December 31, 2005, and the related statutory auditors’ report presented on pages 182 to 301 of the Company’s 2005 document de référence registered by the French Autorité des marchés financiers on May 5, 2006 under number R.06-050; – the Group’s consolidated financial statements, established in accordance with generally accepted French standards for the year ended December 31, 2004, and the related statutory auditors’ report presented on pages 217 to 265 of the Company’s document de base registered by the Autorité des marchés financiers on April 1, 2005 under number I.05-037. Copies of this document de référence are available free of charge from Gaz de France, located at 23 rue Philibert Delorme – 75017 Paris, from the Company’s website (http://www.gazdefrance.com) and from the website of the Autorité des Marchés Financiers (http://www.amf-france.org). Gaz de France – Reference Document 2006 Note In this document de référence (“document de référence”), the terms “Gaz de France”, the “ Company”orthe“Issuer” mean the company Gaz de France as identified in paragraph 5.1 – “History and Development of the Company.” The term “Group” means Gaz de France and its subsidiaries, for which a simplified organizational chart appears in Chapter 7 – “Organizational Chart.” A table of measurement units for natural gas and other energy products, as well as a glossary of the most commonly used technical terms is located in Appendix A and Appendix B of this document de référence. Gaz de France – Reference Document 2006 Summary 1 PERSON RESPONSIBLE P.1 9 MANAGEMENT’S DISCUSSION AND 1.1 Person responsible for the document ANALYSIS OF FINANCIAL de référence p.1 CONDITION AND RESULTS OF 1.2 Certification of the person responsible for OPERATIONS P.101 the document de référence p.1 9.1 PRINCIPAL FACTORS HAVING AN IMPACT ON BUSINESS ACTIVITIES AND 2 PERSONS RESPONSIBLE FOR THE RESULTS OF OPERATIONS p.103 AUDIT OF THE FINANCIAL 9.2 ANALYSIS OF GROUP’S RESULTS p.106 STATEMENTS P.3 9.3 ANALYSIS OF GROUP’S OPERATIONAL 2.1 Statutory auditors p.3 PERFORMANCES p.110 2.2 Resignation of the statutory auditors p.3 10 LIQUIDITY AND CAPITAL RESOURCES P.115 3 SELECTED FINANCIAL INFORMATION P.5 3.1 Revenues p.5 10.1 Shareholders’ equity of the issuer p.116 3.2 Operating performance p.7 10.2 Description, source, and amount of cash flows p.116 3.3 Financial structure p.9 10.3 Borrowing terms and financing structure p.118 4 RISK FACTORS P.11 4.1 Main risks p.11 10.4 Restriction on the use of capital p.120 10.5 Sources of financing expected to honor 4.2 Risk management p.17 commitments p.120 INFORMATION ABOUT THE ISSUER P.23 5 11 RESEARCH AND DEVELOPMENT, 5.1 History and development of the INTELLECTUAL PROPERTY P.121 Company p.23 11.1 Research and Development p.121 5.2 Investments p.24 11.2 Intellectual property p.122 BUSINESS OVERVIEW P.27 6 12 TREND INFORMATION P.123 6.1 Principal activities p.27 12.1 Objectives p.123 6.2 Principal markets p.91 12.2 Recent events p.123 6.3 Important events p.92 12.3 Outlook p.123 6.4 Degree of dependence p.92 6.5 Factors relating to its competitive 13 PROFIT FORECASTS OR ESTIMATES P.125 position p.93 ADMINISTRATIVE, MANAGEMENT, 7 ORGANIZATIONAL CHART P.95 14 AND SUPERVISORY BODIES AND SENIOR MANAGEMENT P.127 8 PROPERTY, PLANT, AND EQUIPMENT P.99 14.1 Composition of Administrative and 8.1 Property p.99 Management Bodies p.127 8.2 Environmental issues related to the 14.2 Conflicts of interest of the holding of real estate assets by the Administrative Bodies and Senior Company p.99 Management p.138 15 COMPENSATION AND BENEFITS P.141 15.1 Interest and compensation for the members of the Board of Directors, the Chairman and Chief Executive Officer, and the Chief Operating Officers p.141 15.2 Total amount set aside for the payment of pensions, retirement benefits, and other benefits p.142 i Gaz de France – Reference Document 2006 16 BOARD PRACTICES P.143 21 ADDITIONAL INFORMATION P.289 16.1 Terms of members of the 21.1 General information concerning the Administrative Bodies p.143 share capital of the Company p.289 16.2 Information concerning the service 21.2 Incorporating documents and by-laws p.300 contracts between the members of the Board of Directors and Senior MATERIAL CONTRACTS P.303 Management and the Company or its 22 22.1 Contracts signed in 2006 p.303 affiliates p.143 22.2 Contracts signed in 2005 p.304 16.3 Activities of the Board of Directors p.143 16.4 Director code of conduct (Charte de 23 INFORMATION FROM THIRD l’administrateur) p.144 PARTIES EXPERTS STATEMENTS 16.5 Committees of the Board of Directors p.145 AND STATEMENTS OF INTEREST P.305 16.6 Limitations on the powers of Senior 23.1 Statements or reports p.305 Management p.148 23.2 Information from third parties p.305 16.7 Internal control report p.149 16.8 Statement concerning Corporate DOCUMENTS ON DISPLAY P.305 Governance p.149 24 25 INFORMATION ON HOLDINGS P.305 17 EMPLOYEES P.151 17.1 Human Resources – Employees p.151 A APPENDIX A P.307 17.2 Equity interests and stock options of Table of measurement units of gas and other Directors and Chief Operating Officers p.154 energy products 17.3 Profit-sharing, participation and employee share ownership p.155 B APPENDIX B P.309 17.4 Organization of the Group’s labor p.156 Glossary MAJOR SHAREHOLDERS P.167 C APPENDIX C P.313 18 Report of the Chairman of the Board of the 18.1 Major shareholders p.167 Directors on internal control procedures 18.2 Voting rights p.167 18.3 Statement concerning the majority D APPENDIX D P.323 shareholder control of the Company p.167 Statutory auditors’ report on the report of the Chairman of the Board of Directors on 18.4 Agreement relating to the oversight of internal control procedures the Company p.167 APPENDIX E P.325 RELATED PARTY TRANSACTIONS P.169 E 19 Fees paid by the Company to the statutory 19.1 Transactions with the State p.169 auditors 19.2 Transactions with the EDF Group p.169 19.3 Transactions with companies in the F APPENDIX F P.327 Group p.170 Annual information document 20 FINANCIAL INFORMATION CONCERNING ISSUER’S ASSETS, FINANCIAL CONDITION, AND RESULTS OF OPERATIONS P.175 20.1 Historical financial information p.176 20.2 Dividend policy p.286 20.3 Legal proceedings and arbitration p.286 20.4 Absence of significant change in the commercial or financial situation p.287 Gaz de France –Reference Document 2006 ii 1 PERSON RESPONSIBLE 1.1 PERSON RESPONSIBLE FOR THE DOCUMENT DE P.1 1.2 CERTIFICATION OF THE PERSON RESPONSIBLE FOR THE P.1 RÉFÉRENCE DOCUMENT DE RÉFÉRENCE 1.1 Person responsible for the document de référence Jean-François Cirelli, Chairman and Chief Executive Officer. 1.2 Certification of the person responsible for the document de référence To the best of my knowledge all the information in this document de governing this issue in the IFRS as adopted in the European Union, and référence is true and accurate and does not omit any information, which in particular the fact that the application of the intangible model as could make it misleading. determined by draft interpretation D14 from the IFRIC could have led Gaz de France at December 31, 2005 to reduce the concession assets I have received from the statutory auditors a work completion letter (lettre and liabilities by the amount under the item “concess on grantors’ de fin de travaux) in which they indicate that they have verified the rights in assets”; information concerning the financial position and historical financial statements and have read this document de référence in its entirety.
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