Arcelor 2006 Third Quarter Results
06 November 2006 - 10:08AM
PR Newswire (US)
LUXEMBOURG, November 6 /PRNewswire-FirstCall/ -- In accordance with
the Arcelor Mittal Group accounting policies, the joint ventures
are accounted for under the equity method as of 1st January 2006.
These accounting policies replace the proportionate method
implemented as at 1st January 2006. Consolidated income statement
In millions of euros 3rd Quarter 3rd Quarter 9 months 9 months
(IFRS) 2005 2006 2005 2006 (restated(i)) (restated(i)) Revenue
7,481 9,787 24,259 29,779 Gross operating income 1,122 1,578 4,505
4,413 (EBITDA) Amortisation and -322 -454 -1,062 -1,216
depreciation 1 12 Negative goodwill Operating income (EBIT) 800
1,125 3,443 3,209 Net financing costs -109 -138 -140 -596 Mergers
costs -74 -256 Share of profit in 90 132 255 288 companies
accounted for using the equity method Profit (Loss) before 781
1,045 3,558 2,645 tax Income tax -73 -294 -606 -230 Profit (Loss)
after tax 708 751 2,952 2,415 Minority Interests -84 -162 -357 -412
Net profit (Loss) Group 624 589 2,595 2,003 share (i) 2005
comparative information restated following the change in accounting
policies in 2006 Consolidated balance sheet In millions of
31.12.2005 30.09.2006 euros (IFRS) (restated(ii)) Non current
18,227 24,238 assets - Intangible assets 193 1,552 - Property,
plant & equipment 13,767 17,963 - Investment under equity
method 1,478 1,820 - Other investments 653 659 - Receivables &
other fin. assets 758 795 - Deferred tax assets 1,378 1,449 Current
assets 17,720 19,433 - Inventories 7,580 9,553 - Trade 3,716 5,103
receivables - Other 1,779 2,215 receivables - Cash & cash
equivalents 4,645 2,562 Total assets 35,947 43,671 (ii) 2005
comparative information restated following the change in accounting
policies in 2006 Consolidated balance sheet (continued...)
31.12.2005 30.09.2006 (restated(ii)) Shareholders' equity 14,991
16,275 Minority interests 2,522 2,766 Non current liabilities 8,430
13,051 - Interest bearing 4,341 7,176 liabilities - Employee
benefits 1,617 2,730 - Termination benefits 852 779 - Other
provisions 943 973 - Deferred tax liabilities 536 1,260 - Other
liabilities 141 133 Current liabilities 10,004 11,579 - Trade
payables 5,228 5,754 - Interest bearing liabilities 1,623 2,168 -
Other amounts payable 2,879 3,402 - Termination benefits 30 34 -
Other provisions 244 221 Total shareholders' equity, 35,947 43,671
minority interests and liabilities (ii) 2005 comparative
information restated following the change in accounting policies in
2006 Consolidated cash flow statement In millions of euros
30.09.2005 30.09.2006 (IFRS) 9 months 9 months (restated(iii)) Cash
flows from 2,911 1,991 operating activities Investing activities
Acquisition of assets -1,518 -5,947 - Intangible -21 -16 - Tangible
-1,228 -1,583 - Financial -269 -4,348 Disposal of assets 361 272 -
Intangible & tangible 47 142 - Financial 388 294 - Proceeds (-)
& -74 -164 Repayment of debts towards third party Cash flows
from investing activities -1,157 -5,675 Financing activities -
Proceeds from the issue of share capital 12 7 - Dividends paid -507
-1,462 - Net servicing of borrowing -1,214 2,835 Cash flow from
financing activities -1,709 1,380 Effect of exchange rate
fluctuations on cash held and change of method 134 230 Net increase
(decrease) in cash and cash equivalents 179 -2,074 Cash and cash
equivalents at the beginning of the period 4,043 4,636 Cash and
cash equivalents at the end of the period 4,222 2,562 (iii) 2005
comparative information restated following the change in accounting
policies in 2006 About Arcelor Arcelor, which is to merge with
Mittal Steel following a recommended public tender offer, holds
leadership positions in its main markets: automotive, construction,
household appliances and packaging as well as general industry.
Arcelor is the number one steel producer in Europe and Latin
America and holds significant positions allowing it to capture the
growth potential of developing economies and offer technologically
advanced steel solutions to its global customers. Arcelor employs
110,000 associates in over 60 countries. The company places its
commitment to sustainable development at the heart of its strategy
and ambitions to be a benchmark for economic performance, labour
relations and social responsibility. DATASOURCE: Arcelor Mittal
CONTACT: Contact at Arcelor Mittal's Investor Relations:
Continental Europe +352-4792-2414; UK/Asia/Africa +44-207-543-1172;
Americas +1-312-899-3569; Retail +352-4792-2434; SRI
+352-4792-2902. Contact at Arcelor Mittal's Communication: Media
Contacts: E-mail: , Phone: +352-4792-5000. Arcelor Mittal Corporate
Communications: Nicola Davidson +44-207-543-1162 / 1172; Luc Scheer
+352-4792-2360; Jean Lasar: +352-4792-2359; Spain: Ignacio Agreda
+34-94-489-4162; Oscar Fleites +34-98-512-60-29; France: Sandra
Luneau +33-1-71-92-00-58. Agencies: UK: Philip Gawith / Lydia
Pretzlik Maitland Consultancy +44-20-7379-5151; France: Tiphaine
Hecketsweiler, Image 7 +33-1-5370-7470. Spain: Keith Grant
+34-915-765-250; Brazil: Paolo Andreoli +55-11-31-69-9302. Gustavo
Graca - Andreoli Manning Selvage & Lee +55-11-3169-9312. US:
Gillian Angstadt Abernathy MacGregor, +1-212-371-5999
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