ANNUAL REPORT ARCELOR 2003 - paperJam

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NOTE 5 – PROPERTY, PLANT AND EQUIPMENTLand and Plant and Prepayments and fixed Other TotalIn EUR million buildings machinery assets under constructionGross opening balance 3,139 12,200 757 589 16,685Acquisitions 53 303 869 68 1,293Disposals (154) (270) (4) (49) (477)Change in consolidation scope 48 243 5 5 301Foreign exchange differences (46) (180) (22) (10) (258)Other 112 634 (825) 100 21Gross closing balance 3,152 12,930 780 703 17,565Opening cumulative depreciation (866) (6,193) - (358) (7,417)Depreciation charge (109) (882) - (73) (1,064)Impairment charge (87) (340) (16) (5) (448)Disposals 34 183 - 29 246Change in consolidation scope (8) (139) - (3) (150)Foreign exchange differences 21 116 1 6 144Other (28) 126 - (27) 71Closing accumulated depreciation (1,043) (7,129) (15) (431) (8,618)Opening net book value 2,273 6,007 757 231 9,268Closing net book value 2,109 5,801 765 272 8,947At December 31, 2003 the gross value of capitalised finance leases is EUR 101 million (2002: EUR 112 million) andthe net value is EUR 49 million (2002: EUR 48 million).The impairment charges include EUR 323 million in respect of the stainless steel sector, including J&L Specialty Steel– the Group’s US stainless steel manufacturing operation.Tangible fixed assets with a carrying value of EUR 60 million have been pledged as guarantees against financial debt(2002: EUR 231 million).NOTE 6 – INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHODIn EUR million Value accounted for using the equity method Net goodwill TotalBALANCE AS AT DECEMBER 31, 2002 1,702 78 1,780Acquisitions 32 - 32Disposals (97) (19) (116)Profit for the year 145 (5) 140Dividends paid (92) - (92)Changes in the consolidation percentage 112 19 131Foreign exchange differences (106) (13) (119)Increase in capital 23 - 23Other (8) (13) (21)BALANCE AS AT DECEMBER 31, 2003 1,711 47 1,758The net value of quoted companies accounted for under the equity method is EUR 579 million as at December 31,2003 (2002: EUR 529 million). The market value of these companies amounts to EUR 654 million as atDecember 31, 2003 (2002: EUR 288 million).The net value of unquoted companies accounted for under the equity method is EUR 1,179 million as atDecember 31, 2003 (2002: EUR 1,251 million) which is not significantly different from their market value.150ANNUAL REPORT ARCELOR 2003
The primary investments in associated companies and jointly controlled entities are as follows:In EUR million % Holding Total assets as % Holding Total assets asat 2003 year-end at December 31, 2003 at 2002 year-end at December 31, 2002ASSOCIATED COMPANIESFlat Carbon SteelCST (Brazil) 29.6% 424 24.6% 386Gonsider (Spain) - - 42.9% 222Holding Gonvarri SRL (Spain) 58.8% 60 - -Gonvarri Industrial (Spain) 59.8% 181 - -Gestamp (Spain) 35.0% 109 35.0% 101CLN (Italy) 35.0% 68 35.0% 66Finarvedi (Italy) - - 39.9% 52Borcelik (Turkey) 40.3% 50 40.3% 52Carsid (Belgium) 40.0% 16 40.0% 23Cia Hispano-Brasileira de Pelotização (Brazil) 49.1% 12 49.1% 11Stainless SteelAcesita (Brazil) 27.7% 111 27.7% 98Distribution-Processing-TradingCondesa (Spain) 48.8% 53 48.8% 50IMS (France) 36.0% 44 36.0% 45Traxys S.A. (Luxembourg) 50.0% 22 - -Alfonso Gallardo (Spain) - - 30.0% 11Hierros y Aplanaciones (Spain) 15.0% 11 15.0% 10Long Carbon SteelLME (France) 34.0% 17 34.0% 14Société Nationale de Sidérurgie (Morocco) 8.5% 12 8.5% 11San Zeno Acciai–Duferco (Italy) 49.9% 9 - -Other activitiesGroupe Atic (France) 45.1% 19 45.1% 18Soteg (Luxembourg) 20.0% 13 20.0% 12JOINTLY CONTROLLED ENTITIESFlat Carbon SteelLusosider (Portugal) - - 50.0% 30Long Carbon SteelTrefilARBED Kiswire (Korea) 50.0% 74 50.0% 77Other activitiesEnsemble DHS (Germany) 51.3% 361 51.3% 381Various companies and jointly controlled entities - 92 - 110TOTAL 1,758 1,780financial information > consolidated financial statementsThe Gonvarri sub-group, which consists of the holding company Gonvarri SRL and of the sub-group GonvarriIndustrial is accounted for under the equity method considering the Group does not hold control of the holdingcompany Gonsider SL. As at December 31, 2002, this sub-group was accounted for under the equity method viathe Gonsider Group, which included the same companies.The main elements of goodwill relating to companies accounted for using the equity method are as follows:In EUR million Net amount 2003 Net amount 2002Acesita 48 63CST 16 -Finarvedi - 19DHS Group (10) -Gestamp - 7Carsid (8) (12)Other 1 1TOTAL 47 78ANNUAL REPORT ARCELOR 2003 151
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ANNUAL REPORT ARCELOR 2003ANNUAL RE
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Message from the Chairman ofthe Boa
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Message from the Chairman ofthe Man
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Does this mean that the Group is en
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8ANNUAL REPORT ARCELOR 2003
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Portrait of the GroupArcelor was bo
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The Arcelor/Nippon Steel Corporatio
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Key Figures for 2003Revenues (1) Re
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2003 highlightsOn January 24, 2003,
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Corporate GovernanceBoard of Direct
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Report of the Chairman of the Board
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Role and authority of the Board of
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4.2. The Audit Committee andthe App
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AuthorityThe powers of the Manageme
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B. Internal Control Procedures1. GO
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3.3. Internal control procedures go
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Information regarding capital, mark
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Market informationListingArcelor sh
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Information policyArcelor intends t
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table of contents >Flat Carbon Stee
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Within this context, and in order t
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3.3. Packaging steelsThe packaging
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table of contents >Long Carbon Stee
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3. THE SECTOR’S PRODUCTS ANDMARKE
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table of contents >Stainless Steels
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The distribution of the UGINE & ALZ
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The adaptation plan - industrial re
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table of contents >Distribution-Pro
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2. ORGANISATION OF THE SECTORThe ye
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Other ActivitiesThe “Other Activi
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Group Consolidated Management Repor
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Trends in global crude steel produc
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Financial highlights for the GroupI
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Return on capital employed (ROCE) b
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BUSINESS BY SECTORFlat Carbon Steel
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Even though shipments in 2003 in th
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From a financial standpoint, and ex
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The Trading and Distribution busine
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- in September 2003, the sale of th
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The market tightness provoked by th
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Risk ManagementGeneral legal risks
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Group purchasing performanceIn addi
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Implementation of the Sustainable D
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Arcelor’s principles Principal ac
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Organisation of Sustainable Develop
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indicators 2002 2003Principle 4 - O
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Group profitabilityObjectives• Av
Page 102 and 103: Arcelor Health and Safety policyArc
Page 104 and 105: Safety certificationsSeveral Arcelo
Page 106 and 107: Arcelor Environmental PolicyArcelor
Page 108 and 109: Implementation of a monitoring plan
Page 110 and 111: Dialogue with all stakeholdersObjec
Page 112 and 113: Dialogue with societyArcelor partic
Page 114 and 115: Development of individual interview
Page 116 and 117: Scientific CouncilChairman:• Marc
Page 118 and 119: Corporate governanceObjectives• E
Page 120 and 121: SponsorshipEvery year, the various
Page 122 and 123: Durability: Manufacturers are now a
Page 124 and 125: 122ANNUAL REPORT ARCELOR 2003
Page 126 and 127: GENERAL INFORMATION ABOUTARCELORCor
Page 128 and 129: Cold-rolled flat products: In 2001,
Page 130 and 131: Safeguard clause• United States:
Page 132 and 133: 130ANNUAL REPORT ARCELOR 2003
Page 134 and 135: Consolidated financial statementsof
Page 136 and 137: CONSOLIDATED CASH FLOW STATEMENTIn
Page 138 and 139: NOTES TO THE CONSOLIDATED FINANCIAL
Page 140 and 141: Assets intended to be disposed of o
Page 142 and 143: AmortisationAmortisation is recogni
Page 144 and 145: 13) EquityRepurchase of share capit
Page 146 and 147: 18) Other provisionsA provision is
Page 148 and 149: The major changes in the consolidat
Page 150 and 151: NOTE 4 - INTANGIBLE ASSETSGoodwill
Page 154 and 155: NOTE 7 - OTHER INVESTMENTSThe main
Page 156 and 157: NOTE 13 - EQUITY13.1 Issued capital
Page 158 and 159: NOTE 15 - MINORITY INTERESTSIn the
Page 160 and 161: 16.6 Detail of main individual long
Page 162 and 163: 17.2.2 Additional pension plansFran
Page 164 and 165: 17.2.3 Leaving indemnities (continu
Page 166 and 167: 18.2 Early retirement plansAn actua
Page 168 and 169: NOTE 22 - NET FINANCING RESULTIn EU
Page 170 and 171: NOTE 24 - RELATED PARTY DISCLOSURES
Page 172 and 173: The portfolio of financial instrume
Page 174 and 175: NOTE 26 - COMMITMENTS GIVEN AND REC
Page 176 and 177: 27.1 Breakdown by activity (continu
Page 178 and 179: 27.2 Geographical breakdown(Figures
Page 180 and 181: NOTE 29 - RECONCILIATION OF THE ARC
Page 182 and 183: Company name Consolidation Country
Page 192 and 193: Audit31, Allée Scheffer Telephone
Page 194 and 195: Annual accounts Arcelor S.A.ANNUAL
Page 196 and 197: INCOME STATEMENT FROM JANUARY 1 TO
Page 198 and 199: NOTE 3 - STATEMENT OF TANGIBLE FIXE
Page 200 and 201: NOTE 8 - PROVISIONS FOR LIABILITIES
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NOTE 14 - DIRECTORS’ REMUNERATION
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Arcelor Ordinary General Meeting on
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GlossaryAnnealing:The heat treatmen
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How steel is made?a 3-stage process
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Arcelor’s main steel-manufacturin
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NOTES210ANNUAL REPORT ARCELOR 2003
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Concept and realization133, avenue
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