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Financial and operating performance
Based on US GAAP consolidated financial results
2005 - H1 2010
NLMK
Investor Relations
+7 495 915 1575
st@nlmk.com
FINANCIAL AND MARKET RATIO
Financial ratios 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
EBITDA Margin (%) 39% 15% 17% 21% 24% 23% 30% 48% 45% 43% 39% 24%
Operating margin (%) 35% 8% 8% 13% 15% 16% 23% 42% 37% 39% 35% 15%
Net margin (%) 19% -19% -12% -4% 2% 6% 15% 32% 34% 29% 19% 2%
Cash cost of slabs (USD/t) 347 243 220 213 240 286 325 173 169 221 347 240
Operating income per tonne of steel (USD/t) 387 46 43 70 84 97 159 218 246 327 387 84
ROIC (%) 23% -9% -7% -4% 1% 1% 6% 38% 29% 23% 23% 1%
ROA (%) 17% -6% -5% -3% 2% 4% 9% 24% 28% 21% 17% 2%
ROE (%) 26% -9% -8% -4% 2% 6% 13% 30% 35% 28% 26% 2%
Gearing (%) 35% 37% 35% 30% 29% 28% 27% 1% 4% 18% 35% 29%
Net Debt / EBITDA (x) 0.19 0.24 0.27 0.53 0.55 0.58 0.44 - - 0.09 0.19 0.55
Market ratios 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Recent price (USD/share) , last day of the reporting period 1.0 1.2 2.6 2.5 3.1 3.5 2.6 1.4 2.3 4.1 1.0 3.1
Average price (USD/share) 3.5 1.1 1.5 1.8 2.1 3.2 3.2 1.4 2.2 4.0 3.5 2.1
Market capitalization (avarage) (USDm), 20,916 6,840 9,212 10,375 12,173 19,065 19,118 8,621 13,013 23,891 20,916 12,173
Market capitalization (as of end of the period (USDm) 6,113 7,131 12,286 15,252 18,099 20,627 15,582 8,570 13,934 24,512 6,113 18,099
Net Debt (USDm) 842 915 737 761 796 955 948 -1,901 -406 302 842 796
Enterprise Value (USDm) 6,955 8,046 13,023 16,013 18,895 21,582 16,530 6,670 13,529 24,814 6,955 18,895
Book value per share (USD) 2.0 1.7 1.8 1.8 1.9 2.0 2.0 0.9 1.2 1.8 2.0 1.9
EPS reported (USD) 0.380 -0.032 -0.041 -0.013 0.036 0.022 0.098 0.230 0.345 0.375 0.380 0.036
Cash-flow from operation per share (USD) 0.464 0.064 0.155 0.209 0.233 0.017 0.075 0.254 0.264 0.421 0.464 0.233
Base dividend per share (USD) 0.0786 - - 0.0075 - 0.019866 0.1101 0.1140 0.1231 0.0786 0.0075
P/BV 0.5 0.7 1.4 1.4 1.6 1.7 1.3 1.7 2.0 2.3 0.5 1.6
P/E 9.2 - - - 85.6 157.4 26.4 6.2 6.3 10.6 9.2 85.6
EV/Sales 0.6 3.1 2.5 1.9 1.5 6.4 2.1 1.5 2.2 3.2 0.6 1.5
EBITDA/tonne of steel produced 432 92 90 119 136 142 207 247 297 364 432 136
EV/IC 0.7 0.9 1.4 1.7 1.9 2.1 1.6 1.8 1.9 2.5 0.7 1.9
EV/EBITDA 1.5 10.2 15.1 8.7 6.5 27.9 7.1 3.2 5.0 7.4 1.5 6.5
Net yield 2.3% 0.4% 0.6% 7.7% 5.3% 3.1% 2.3% 0.4%
Steel production 10,500 2,135 4,788 7,728 10,614 2,716 5,596 8,468 9,125 9,177 10,499 10,614
Page 3 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsMultiples
Steel segment
Steel Shipment (000t) 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Steel shipments to external customers, incl. 1 8,488 1,893 3,821 6,524 8,922 2,460 5,014 8,201 9,262 9,127 8,488 8,922
сhange 13% -1% -7% 5%
pig iron 616 90 105 326 559 94 332 399 845 853 616 559
сhange 112% 1% -28% -9%
slabs 3,108 645 1,468 2,530 3,443 1,008 1,833 3,204 3,432 3,083 3,108 3,443
сhange 7% -10% 1% 11%
flat 4,764 1,159 2,248 3,668 4,920 1,358 2,849 4,599 4,985 5,190 4,764 4,920
сhange 8% 4% -8% 3%
Selling price for external customers (USD/t)2 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Steel products 915 463 429 430 456 522 581 489 540 636 915 456
сhange 10% 18% 44% -50%
pig iron 520 214 209 238 239 335 396 234 247 314 520 239
сhange 6% 27% 66% -54%
slabs 757 334 310 318 340 387 458 332 376 466 757 340
сhange 13% 24% 62% -55%
flat 1,092 547 537 541 580 656 703 620 723 815 1,092 580
сhange 17% 13% 34% -47%
P&L (USDm) 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Sales to external customers 9,643 1,136 2,215 3,708 5,305 1,472 3,338 4,195 5,587 6,946 9,643 5,305
сhange 33% 24% 39% -45%
Depreciation and amortisation 285 n/a n/a n/a 293 n/a n/a 197 224 265 285 293
сhange 13% 18% 7% 3%
Operating income 3,227 91 165 428 785 208 574 1,524 2,108 2,363 3,227 785
сhange 38% 12% 37% -76%
CF (USDm) 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Purchases and construction of property, plant and
equipment 1,380 n/a n/a n/a 858 n/a n/a 500 477 794 1,380 858
сhange -5% 67% 74% -38%
Margin and Ratio 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Operating margin (%) 33% 8% 7% 11% 15% 14% 17% 36% 38% 34% 33% 15%
Operating income / CAPEX 2.3 n/a n/a n/a 0.9 n/a n/a 3.0 4.4 3.0 2.3 0.9
CAPEX / Amortisation 4.8 n/a n/a n/a 2.9 n/a n/a 2.5 2.1 3.0 4.8 2.9
Cash cost of slabs (USD/t) 347 243 220 213 240 286 325 173 169 221 347 240
Operating income per tonne of steel products (USD/t) 380 48 43 66 88 85 114 186 228 259 380 88
1
Not include long products sales
2
Parent Company prices with freight charge.
Page 4 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsSteel segment
Long products segment1
Steel Shipment (000t)2 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Steel shipments to external customers, incl. 1,773 442 807 1,305 1,677 316 674 - - 104 1,773 1,677
сhange 1607% -5%
billets 541 72 129 189 273 31 94 - - 15 541 273
сhange 3588% -50%
long products 1,086 335 593 973 1,216 237 475 - - 83 1,086 1,216
сhange 1210% 12%
metalware 145 36 85 143 188 48 105 - - 6 145 188
сhange 2218% 29%
Selling price for external customers (USD/t)3 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Steel products 801 382 383 404 420 494 565 - - 570 801 420
сhange 41% -48%
billets 747 374 315 334 357 380 487 - - 511 747 357
сhange 46% -52%
long products 797 365 377 398 414 487 550 - - 576 797 414
сhange 38% -48%
metalware 1,044 505 506 523 539 585 692 - - 633 1,044 539
сhange 65% -48%
P&L (USDm) 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Sales to external customers 1,178 102 233 414 572 162 371 - - 62 1,178 572
сhange 1792% -51%
Depreciation and amortisation 81 - - 73 - - - - 4 81 73
сhange 1846% -11%
Operating income 177 -26 -55 -61 -142 -24 -11 - - 2 177 -142
сhange 11310% -180%
CF (USDm) 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Purchases and construction of property, plant and equipment 388 - - 181 - - - - 38 388 181
сhange 925% -53%
Margin and Ratio 12M08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Operating margin (%) 10% -17% -16% -10% -16% -11% -2% - - 2% 10% -16%
Operating income / CAPEX 0.46 - - -0.78 - - - - 0.04 0.46 -0.78
CAPEX / Amortisation 4.8 - - 2.5 - - - - 9.1 4.8 2.5
Operating income per tonne of steel products (USD/t) 100 -58 -68 -47 -85 -76 -17 - - 15 100 -85
1
All figures are shown since consolidation.
2
Including long products sales through trading companies
3
Long steel division prices
Page 5 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsLong products segment
Mining segment
Iron ore Shipment (000t)1 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Iron ore shipments to external customers, incl. 402 398 1,795 2,199 2,553 287 678 2,122 1,717 1,678 402 2,553
сhange -19% -2% -76% 534%
iron ore concentrate 35 182 1,105 1,122 1,140 57 144 1,441 975 537 35 1,140
сhange -32% -45% -94% 3178%
sinter ore 368 216 690 1,077 1,412 230 534 681 743 1,141 368 1,412
сhange 9% 54% -68% 284%
Selling price for external customers (USD/t)2 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Iron ore products 56 33 33 32 31 39 53 36 33 41 56 31
сhange -10% 26% 36% -45%
iron ore concentrate 78 46 41 42 43 68 79 45 39 63 78 43
сhange -12% 59% 25% -45%
sinter ore 54 22 22 21 21 32 45 19 24 31 54 21
сhange 26% 30% 73% -61%
P&L (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Sales to external customers 63 12 61 73 85 13 38 95 91 105 63 85
сhange -4% 16% -40% 35%
Depreciation and amortisation 77 n/a n/a n/a 81 n/a 68 72 80 77 81
сhange 5% 12% -4% 5%
Operating income 548 24 73 121 160 62 226 277 297 523 548 160
сhange 7% 76% 5% -71%
CF (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Purchases and construction of property, plant and
equipment 122 n/a n/a n/a 80 n/a n/a 67 80 99 122 80
сhange 19% 23% 24% -35%
Margin and Ratio 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Operating margin (%) 59% 27% 29% 32% 31% 41% 54% 50% 48% 59% 59% 31%
Operating income / CAPEX 4.5 n/a n/a 2.0 4.1 3.7 5.3 4.5 2.0
CAPEX / Amortisation 1.6 n/a n/a 1.0 1.0 1.1 1.2 1.6 1.0
0
Cash cost of iron ore concentrate (USD/t) 21 16 15 15 16 17 18 15 14 17 21 16
Operating income per tonne of iron ore (USD/t) 46 9 11 12 12 19 33 23 23 39 46 12
Iron ore total sales (`000 tonnes) 11,891 2,564 6,948 10,420 13,871 3,318 6,765 11,928 12,656 13,342 11,891 13,871
1
Including sales through trading companies
2
Stoilensky prices
Coke-chemical segment1
Coke Shipment (000t)2 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Coke shipments to external customers 2,076 261 533 803 1,012 305 556 - 1,558 2,752 2,076 1,012
сhange 77% -25% -51%
Selling price for external customers (USD/t)3 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Coke 301 140 149 161 174 231 272 - 134 172 301 174
сhange 28% 75% -42%
P&L (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Sales to external customers 732 38 73 126 172 50 106 - 253 517 732 172
сhange 105% 41% -77%
Depreciation and amortisation 40 n/a n/a 30 n/a n/a - 20 40 40 30
сhange 106% 0% -24%
Operating income 88 -3 6 31 60 26 122 - 24 114 88 60
сhange 375% -22% -32%
CF (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Purchases and construction of property, plant and
equipment 9 n/a n/a 2 n/a n/a - 26 9 9 2
сhange -66% -3% -73%
Margin and Ratio 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Operating margin (%) 8% -4% 3% 9% 12% 14% 26% - 7% 17% 8% 12%
Operating income / CAPEX 10.3 n/a n/a 26 n/a - 0.9 12.8 10.3 26.0
CAPEX / Amortisation 0.2 n/a n/a 0.1 n/a - 1.3 0.2 0.2 0.1
Cash cost of coke (USD/t) 249 155 129 120 121 165 188 - 101 113 249 121
Operating income per tonne of coke (USD/t) 27 -6 4 14 20 31 72 - 11 32 27 20
1
All figures are shown since consolidation.
2
Including sales through trading companies
3
Altai-Koks prices
Coke total sales (`000 tonnes) 3,249 551 1,381 2,258 3,043 841 1,687 2,214 3,506 3,249 3,043
Other segment
P&L (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Sales to external customers 83 4 4 5 5 0.4 0.9 86 115 88 83 5
сhange 34% -24% -6% -94%
Depreciation and amortisation 15 n/a n/a 1 n/a n/a 17 42 17 15 1
сhange 149% -59% -16% -95%
Operating income 31 2 2 2 1 -0.1 -0.3 32 -175 5 31 1
сhange -639% -103% 559% -95%
CF (USDm) 12М08 1Q09 H109 9M09 12M09 1Q10 H110 2005 2006 2007 2008 2009
Purchases and construction of property,
plant and equipment 35 n/a n/a 0 n/a n/a 13 36 18 35 0
сhange 179% -50% 95% -100%
(`000 USD) 12M08 1Q09 H109 9M09 12M2009 1Q2010 H12010 2005 2006 2007 2008 2009
Sales revenue 11,698,661 1,293,326 2,586,261 4,325,331 6,139,895 1,697,442 3,853,128 4,375,806 6,045,625 7,719,061 11,698,661 6,139,895
Production cost -5,808,780 -874,389 -1,669,866 -2,672,718 -3,672,245 -1,050,443 -2,196,645 -2,048,828 -2,716,434 -3,569,331 -5,808,780 -3,672,245
Depreciation and amortization -498,994 -96,625 -222,745 -348,684 -478,117 -122,995 -245,892 -282,876 -357,941 -407,699 -498,994 -478,117
Gross profit 5,390,887 322,312 693,650 1,303,929 1,989,533 524,004 1,410,591 2,044,102 2,971,250 3,742,031 5,390,887 1,989,533
General, administrative and selling expenses -489,089 -759,383 -1,097,612 -259,544 -519,442 -1,097,612
General and administrative expenses -366,664 -89,810 -165,486 -233,276 -297,246 -66,473 -128,343 -101,351 -188,648 -214,836 -366,664 -297,246
Selling expenses -734,489 -110,849 -274,705 -450,344 -654,628 -161,348 -330,492 -62,371 -325,361 -442,657 -734,489 -654,628
Taxes other than income tax -100,025 -22,562 -48,898 -75,763 -102,076 -31,723 -60,607 -36,356 -57,215 -79,977 -100,025 -102,076
Impairment losses -128,389 -43,662 -136,916 -128,389 -43,662
Accretion expense on asset retirement obligations -19,765 -6,190
Operating income 4,061,320 99,091 204,561 544,546 891,921 264,460 891,149 1,844,024 2,243,345 2,998,371 4,061,320 891,921
Other income/(expense)
Loss on disposals of property, plant and equipment -9,594 -2,104 -8,059 -13,132 -4,420 -1,927 -13,609 -11,579 -3,582 -27,285 -9,594 -4,420
Gain / (loss) on investments -21,319 -1,472 -1,580 -1,862 -10,903 -1,312 -7,888 2,771 400,696 -23,522 -21,319 -10,903
Interest income 100,238 17,897 34,637 53,092 59,733 11,470 21,218 98,708 111,789 99,751 100,238 59,733
Interest expense -217,270 -53,968 -101,376 -131,886 -170,905 -7,826 -9,147 -15,377 -29,692 -31,417 -217,270 -170,905
Foreign currency exchange loss, net -366,984 -113,004 -89,515 -77,683 -78,026 -53,381 -134,002 -9,805 -74,975 80,495 -366,984 -78,026
Gain from disposal of subsidiaries 83,122
Other expense, net -414,694 -56,913 -73,617 -72,589 -92,661 -24,714 -6,063 -16,468 -26,526 -22,688 -414,694 -92,661
Income from continuing operations before income tax
and minority interest 3,131,697 -110,473 -34,949 300,486 594,739 186,770 741,658 1,892,274 2,621,055 3,156,827 3,131,697 594,739
Income tax -703,474 1,439 -26,437 -131,536 -181,784 -52,114 -175,601 -497,273 -706,605 -837,003 -703,474 -181,784
Income from continuing operations before minority interest 2,428,223 -109,034 -61,386 168,950 412,955 134,656 566,057 1,395,001 1,914,450 2,319,824 2,428,223 412,955
Minority interest 1,730 -21,080 -25,773 -23,490 1,730
Equity in net earnings of associate -151,212 -142,638 -258,805 -344,093 -314,859 -26,716 -5,582 3,701 501 -50,312 -151,212 -314,859
Income from continuing operations 2,278,741 -251,672 -320,191 -175,143 98,096 107,940 560,475 1,377,622 1,889,178 2,246,022 2,278,741 98,096
Discontinued operations
Gain from operations of discontinued subsidiary 3,773 228,499 1,261
Income tax -51,714
Income from discontinuing operations 3,773 176,785 1,261
Net income 2,278,741 -251,672 -320,191 -175,143 98,096 107,940 560,475 1,381,395 2,065,963 2,247,283 2,278,741 98,096
Net income (attributable to the non-controlling interest) 57,851 77,270 96,020 116,959 23,611 29,590 116,959
Net income (income attributable to OJSC Novolipetsk Steel stockholders) -193,821 -242,921 -79,123 215,055 131,551 590,065 215,055
EBITDA 4,537,952 196,654 430,959 916,661 1,444,249 386,352 1,160,568 2,089,352 2,705,668 3,336,054 4,537,952 1,444,249
EBITDA margin % 39% 15% 17% 21% 24% 23% 30% 48% 45% 43% 39% 24%
Operating margin % 35% 8% 8% 13% 15% 16% 23% 42% 37% 39% 35% 15%
Basic and diluted earnings per common share (USD) 0.380 -0.032 -0.041 -0.013 0.036 0.022 0.098 0.230 0.345 0.375 0.380 0.036
Base Dividend per share (USD) 0.0786 0.1101 0.1140 0.1231 0.0786 0.0000
Page 9 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsP&L
(`000 USD) 12M08 1Q09 H109 9M09 12M2009 1Q10 H110 2006 2007 2008 2009
Cash flow from operating activities
Net income 2,278,741 -251,672 -320,191 -175,143 98,096 107,940 560,475 2,065,963 2,247,283 2,278,741 98,096
Adjustments to reconcile net income to net cash provided by operating activities
Minority interest -1,730 25,773 24,592 -1,730
Depreciation and amortization 498,994 96,625 222,745 348,684 478,116 122,995 245,892 357,941 407,699 498,994 478,116
Loss on disposals of property, plant and equipment 9,594 2,104 8,059 13,132 4,420 1,927 13,609 3,582 27,285 9,594 4,420
(Gain)/loss on investments 21,319 1,472 1,580 1,862 10,904 1,312 7,888 -400,696 23,522 21,319 10,904
Gain from disposal of subsidiaries -227,524 -83,122
Gain from operations of discontinued subsidiary -1,261
Equity in net earnings of associate 151,212 142,638 258,805 344,093 314,860 26,716 5,582 -501 50,312 151,212 314,860
Defered income tax (benefit)/expense -259,446 -26,778 -22,598 36,829 34,442 8,137 18,444 -38,732 37,925 -259,446 34,442
Gain on loan restructuring
Stock-based compensation
Impairment losses 128,389 43,662 136,916 128,389 43,662
Loss /(income) on forward contracts 653,297 16,780 -136,919 -315,096 -470,930 -4,435 -920 -6,125 -58,708 653,297 -470,930
Settlement agreement on the dispute 234,000 234,000
Accretion expense on asset retirement obligations 19,765 6,190
Cash in assets held for sale -11,431 -11,431
Other movements 68,285 10,072 12,984 19,616 21,825 13,971 35,015 21,386 16,348 68,285 21,825
Changes in operating assets and liabilities
Decrease / (increase) in accounts receivable -698,002 98,258 494,731 504,158 493,751 -122,052 -339,896 -135,234 -33,325 -698,002 493,751
Decrease / (increase) in inventories -364,316 294,444 401,532 420,804 331,396 -153,603 -313,130 -159,995 -200,074 -364,316 331,396
Increase in other current assets 45,690 -4,082 -146 4,865 17,193 -1,712 -2,945 -16,905 -43,633 45,690 17,193
Increase in loans provide by the subsidiary bank -69,776 -106,260
(Decrease) / increase in accounts payable and other liabilities 89,776 -15,205 -11,014 16,690 10,534 95,362 193,299 -23,125 242,830 89,776 10,534
Increase/(decrease) in current income tax payable -63,610 17,507 17,597 30,556 5,990 6,162 25,384 32,376 -33,700 -63,610 5,990
Net cash provided from operating activities 2,780,762 382,163 927,165 1,251,050 1,394,259 102,720 448,697 1,585,089 2,523,903 2,780,762 1,394,259
Cash flow from investing activities
Acquisitions of subsidiaries -514,156 -1,347,545 -514,156
Payment for acquisition of interests in new subsidiaries -299,928 -299,928
Acquisitions of associates -6,488 -805,503 -6,488
Cash acquired in business combination 297,905 24,038 297,905
Proceeds from disposal of discontinued operations 302,526
Proceeds from adjustment of the original purchase price of subsidiaries 37,089
Proceeds from sale of property, plant and equipment 9,789 1,559 5,053 10,403 12,719 3,095 5,764 15,565 12,278 9,789 12,719
Purchases and construction of property, plant and equipment -1,934,274 -203,038 -413,847 -707,652 -1,120,777 -234,440 -612,276 -618,677 -957,719 -1,934,274 -1,120,777
Settlement of abandoned acquisition -234,000 -234,000 -234,000 -234,000 -234,000
Proceeds from sale of investments 95,803 34 143,172 502,047 510,336 12,109 47,595 465,274 11,606 95,803 510,336
Placement of bank deposits and purchases of other investments -33,386 -306,526 -508,434 -511,188 -536,098 -7,993 -118,143 -54,758 -199,469 -33,386 -536,098
Net cash received in acquisition of interests in new subsidiaries
Loan issued -12,839 -128,532 -316,191 -333,500 -403,592 -134,300 -12,839 -403,592
Disposal of subsidiaries, net of cash disposed -60,063
Movement of restricted cash -1,006 339 -1,020 -1,006
Net cash used in investing activities -2,398,580 -870,503 -1,324,247 -1,273,890 -1,771,412 -227,229 -677,060 -2,042,779 -1,267,560 -2,398,580 -1,771,412
Cash flow from financing activities
Proceeds from borrowings and notes payable 3,735,078 262,905 374,288 570,813 1,076,756 481,999 538,594 224,870 268,844 3,735,078 1,076,756
Repayments of borrowings and notes payable -2,248,720 -320,770 -505,774 -1,011,281 -1,540,242 -460,455 -610,307 -183,305 -451,802 -2,248,720 -1,540,242
Capital lease payments -90,675 -17,647 -26,679 -38,635 -69,094 -16,626 -26,251 -379 -3,066 -90,675 -69,094
Proceeds from disposal of assets to the company under common control 78,469
Contributions from controlling shareholders
Payments to controlling shareholders for transfer of interests in subsidiary -104,000
Dividends paid to minority shareholder of acquired subsidiaries -83,547
Prepayment for disposal of assets to a company under common control 258,182 258,182
Dividends paid to minority shareholder of existing subsidiaries -12,324 -4 -4 -4 -127 -20,228 -19,146 -12,324 -127
Dividends to shareholders -842,792 -916 -1,031 -1,116 -1,981 -5 -257 -766,646 -702,983 -842,792 -1,981
Net cash used in financing activities 798,749 -76,432 -159,200 -480,223 -534,688 4,913 -98,221 -933,235 -829,684 798,749 -534,688
Cash included in assets, held for sale
Net increase / (decrease) in cash and cash equivalents 1,180,931 -564,772 -556,282 -503,063 -911,841 -119,596 -326,584 -1,390,925 426,659 1,180,931 -911,841
Effect of exchange rate changes on cash and cash equivalents -175,583 -49,072 -13,196 -15,358 -1,100 29,853 32,721 131,990 62,769 -175,583 -1,100
Cash and cash equivalents at the beginning of the period 1,154,641 2,159,989 2,159,989 2,159,989 2,159,989 1,247,048 1,247,048 1,924,148 665,213 1,154,641 2,159,989
Cash and cash equivalents at the end of the period 2,159,989 1,546,145 1,590,511 1,641,568 1,247,048 1,157,305 953,185 665,213 1,154,641 2,159,989 1,247,048
Page 10 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsCashFlow
(`000 USD)
ASSETS 31/12/08 31/03/09 30/06/09 30/09/09 31/12/09 31/03/10 30/06/10 31/12/06 31.12.2007 31.12.2008 31.12.2009
Current assets 5,346,079 4,271,170 4,161,055 3,853,755 3,876,746 4,091,054 4,150,214 3,049,600 4,388,178 5,346,079 3,876,746
Cash and cash equivalents 2,159,989 1,546,145 1,590,511 1,641,568 1,247,048 1,157,305 953,185 665,213 1,154,641 2,159,989 1,247,048
Short-term investments 8,089 338,301 467,342 126,465 451,910 424,221 464,933 37,261 153,462 8,089 451,910
Accounts receivable, net 1,487,847 1,187,166 882,295 907,612 913,192 1,064,812 1,213,487 1,150,492 1,696,451 1,487,847 913,192
Inventories, net 1,555,762 1,050,121 1,031,256 1,052,255 1,134,095 1,324,455 1,401,348 856,940 1,236,433 1,555,762 1,134,095
Other current assets, net 99,960 90,417 94,233 92,768 58,034 61,517 59,101 331,322 147,191 99,960 58,034
Restricted cash 8,372
Deferred income tax assets 59,020 95,418 33,087 72,467 58,744 58,160 72,467
Current assets, held for sale 34,432 34,432
Non-current assets 8,718,449 7,526,035 8,178,392 8,596,391 8,625,198 8,937,930 8,712,877 5,667,390 8,687,764 8,718,449 8,625,198
Long-term investments, net 815,527 718,793 748,477 720,283 468,236 401,727 386,550 810,350 818,590 815,527 468,236
Property, plant and equipment, net 6,826,139 6,031,938 6,611,587 7,025,656 7,316,180 7,687,965 7,532,176 3,988,128 6,449,877 6,826,139 7,316,180
Intangible assets 235,283 210,751 213,440 211,031 203,490 201,104 189,690 199,030 189,084 235,283 203,490
Goodwill 613,668 530,080 576,704 603,140 556,636 572,175 540,818 559,703 1,189,459 613,668 556,636
Other non-current assets, net 33,546 34,473 28,184 36,281 68,457 49,112 40,891 110,179 40,754 33,546 68,457
Non-current assets, held for sale 194,286 194,286
Deferred income tax assets 12,199 25,847 22,752 12,199
Total assets 14,064,528 11,797,205 12,339,447 12,450,146 12,501,944 13,028,984 12,863,091 8,716,990 13,075,942 14,064,528 12,501,944
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities 2,980,475 2,278,646 2,264,246 1,998,424 1,417,212 1,533,486 1,639,930 993,451 3,002,190 2,980,475 1,417,212
Accounts payable and other liabilities 1,879,213 1,162,047 1,109,279 997,412 841,230 962,933 1,057,660 664,319 1,394,934 1,879,213 841,230
Short-term borrowings 1,079,806 1,090,067 1,126,035 957,435 556,563 544,279 538,904 248,782 1,536,570 1,079,806 556,563
Current income tax liability 10,497 26,532 28,932 43,577 19,419 26,274 43,366 80,350 70,686 10,497 19,419
Current liabilities, held for sale 10,959 10,959
Non-current liabilities 2,360,984 2,111,011 2,149,450 2,058,700 2,474,864 2,580,623 2,426,691 780,672 975,408 2,360,984 2,474,864
Long-term capital lease liability
Long-term borrowings 1,929,772 1,709,451 1,668,359 1,571,184 1,938,652 1,991,906 1,827,689 48,153 73,225 1,929,772 1,938,652
Deferred income tax liability 296,875 288,402 358,410 371,289 396,306 408,873 391,840 537,647 585,567 296,875 396,306
Other long-term liabilities 128,944 113,158 122,681 116,227 139,906 179,844 207,162 194,872 316,616 128,944 139,906
Non-current liabilities, held for sale 5,393 5,393
Total liabilities 5,341,459 4,389,657 4,413,696 4,057,124 3,892,076 4,114,109 4,066,621 1,774,123 3,977,598 5,341,459 3,892,076
Minority interest 33,100 -64,412 -70,908 -89,498 -108,334 -135,617 -118,133 133,425 106,813 33,100 -108,334
Stockholders’ equity 8,689,969 7,471,960 7,996,659 8,482,520 8,718,202 9,050,492 8,914,603 6,809,442 8,991,531 8,689,969 8,718,202
Common stock 221,173 221,173 221,173 221,173 221,173 221,173 221,173 221,173 221,173 221,173 221,173
Statutory reserve 10,267 10,267 10,267 10,267 10,267 10,267 10,267 10,267 10,267 10,267 10,267
Additional paid-in capital 52,395 137,740 117,896 112,450 112,450 112,450 98,752 1,812 52,395 52,395 112,450
Other comprehensive income -549,879 -1,659,412 -1,065,769 -738,260 -796,756 -596,017 -1,134,043 589,986 1,181,546 -549,879 -796,756
Retained earnings 8,956,013 8,762,192 8,713,092 8,876,890 9,171,068 9,302,619 9,718,454 5,986,204 7,526,150 8,956,013 9,171,068
6,809,442 8,991,531
Total liabilities and stockholders’ equity 14,064,528 11,797,205 12,339,447 12,450,146 12,501,944 13,028,984 12,863,091 8,716,990 13,075,942 14,064,528 12,501,944
Invested Capital 9,861,444 8,611,022 9,020,702 9,524,897 9,802,431 10,278,407 10,136,785 7,074,975 9,985,603 9,861,444 9,802,431
Net financial debt 841,500 915,072 736,541 760,586 796,257 954,659 948,475 -405,539 301,692 841,500 796,257
Page 11 of 11 ff763bd0-0ae2-46a3-9c29-34e0d51efe17.xlsBalance Sheet
