ANNUAL REPORT ARCELOR 2003 - paperJam

PART VIFinancial Informationtable of contents > Consolidated financial statements of the Arcelor group p132Consolidated income statementp132Consolidated balance sheetp133Consolidated cash flow statementp134Consolidated statement of changes in shareholders’ equityp135Notes to the consolidated financial statementsp136Unqualified auditor’s reportp190Annual accounts Arcelor S.A.p192Balance sheet as at December 31, 2003p193Income statement from January 1 to December 31, 2003p194Appropriation of the result for the yearp194Notes to the annual accountsp195Unqualified auditor’s reportp201This document is a free translation in English of a French original document: theArcelor group 2003 Consolidated Financial Statements. This document has beenprepared for information only and should not be relied upon for any other purpose. Inthe event of any ambiguity between this document and the French original version,the latter shall prevail.ANNUAL REPORT ARCELOR 2003 131