ANNUAL REPORT ARCELOR 2003 - paperJam

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16.6 Detail of main individual long-term loansIn EUR million 2003 2002Arcelor FinanceDebenture loan 5.375% 1998 / 2006 62 -Debenture loan 6.385% (USD 120 million) 2003 / 2015 97 -3-month debenture loan 2003 / 2006 100 -Debenture loan 6% 2000 / 2005 102 -Debenture loan 5.125% 2003 / 2010 598 -Debenture loan 6.125% 2001 / 2008 636 6003-month EURIBOR loan 2002 / 2006 18 373-month EURIBOR loan 2001 / 2009 127 -3-month EURIBOR loan 2001 / 2007 150 -3-month EURIBOR loan 2003 / 2007 22 -3-month EURIBOR loan 2003 / 2007 25 -3-month EURIBOR loan 2003 / 2005 55 -Loan 6.4% 2001 / 2011 48 -Issue of transferable securities 80 -Loan 4.06% 2003 / 2008 28 -Other loans 72 -SUB TOTAL 2,220 637ArcelorConvertible debenture loan 3.875% 2000 / 2005 487 483Convertible debenture loan 3% 1998 / 2006 350 330Convertible debenture loan 3% 2002 / 2017 651 646Usinor3-month EURIBOR loan 2001 / 2007 - 150Subordinated loan notes redeemable by preference shares -3-month EURIBOR loan 2000 / 2005 (Valinter) - 250Convertible debenture loan 3.875% 2000 / 2005 - 10Convertible debenture loan 3% 1998 / 2006 - 26Debenture loan 7.25% (USD 300 million) 1996 / 2006 258 286ArbedDebenture loan 6% 2000 / 2005 - 104Debenture loan 5.375% 1998 / 2006 - 62EURIBOR loan 2000 / 2007 40 403-month EURIBOR loan 2002 / 2007 - 503-month EURIBOR loan 2000 / 2006 70 48Loan 4.75% 2000 / 2006 - 233-month EURIBOR loan 2001 / 2011 (AIS Finance) 125 120Aceralia3-month EURIBOR loan 2000 / 2013 100 100Sidmar FinanceDebenture loan 5.75% 1997 / 2004 - 50Belgo MineiraLIBOR loan 1998 / 2013 (USD 66 million) - Guilman - 63Loan 10% 2001 / 2004 (USD 30 million) - BMU - 29Loan 10% 2001 / 2004 (USD 30 million) - BMU - 29TJLP loan 1998 / 2010 (BRL 97 million) - BMP 25 26IGPM loan 2003 / 2011 (BRL 83 million) - BMPS 19 -LIBOR loan 2003 / 2006 (BRL 65 million) - Belgo Mineira 17 -Loan IGPM 2003 / 2017 (BRL 28 million) - BMPS 7 -158ANNUAL REPORT ARCELOR 2003
16.6 Detail of main individual long-term loans (continued)In EUR million 2003 2002Vega do SulLIBOR loan 2002 / 2014 (USD 50 million) 40 -LIBOR loan 2002 / 2012 (USD 83 million) 66 -TJLP loan 2002 / 2010 (BRL 179 million) 49 -Cockerill SambreEURIBOR loan 1997 / 2005 (BEF 1 billion) - 12Other loans 347 1,020TOTAL 4,871 4,594NOTE 17 – EMPLOYEE BENEFITS17.1 Nature of commitmentsThe majority of the companies included in the Arcelorgroup consolidation scope are European entities.According to the laws and regulations in effect in thesecountries additional benefits can be granted to staff.Where these benefits granted to staff result in a futureobligation for the Group a provision is calculated on thebasis of an actuarial valuation method. The Group usesindependent actuaries to calculate the amounts of thesecommitments. Moreover, an independent firm isresponsible for the coordination and supervision of allthese actuarial calculations for the Group.In the majority of the countries in which the Group operatesthere is no requirement to cover retirement or medicalobligations by entering into contracts with externalassurance companies or pension funds except forBelgium, Spain and the United States where suchhedging is compulsory (“funded obligations”).These legal requirements primarily affect Sidmar inBelgium and J&L Specialty Steel in the United States(retirement and additional medical coverage). Someother subsidiary companies (primarily Usinor S.A. inFrance) have also elected to cover, partly or completely,their retirement obligations through contracts withassurance companies. Independent actuaries evaluatethese external policies.The difference between the current value of suchcommitments and that of the external insurance policiesdesigned to cover such commitments (EUR 283 millionin total, including all benefits) represents the net liabilityof the Group in respect of such benefits. This does notrepresent an overall funding shortfall but rather, in almostall cases, financing options entered into by thesubsidiaries.17.2 Financial information17.2.1 Details of provisions by type ofcommitmentPre-retirement plans have been reclassified to thebalance sheet caption “Provisions for contract terminationindemnities” (note 18).Provisions for pensions and other benefits are brokendown as follows:In EUR million 2003 2002Additional pension plans 1,218 1,128Leaving indemnities 391 377Early retirement plans 75 49Work medals 49 43TOTAL PROVISION FOR PENSIONPLANS AND SIMILAR BENEFITS 1,733 1,597Charges for the year in respect of all of these additionalbenefits granted to staff (including the interest chargelinked to the discounting of commitments) are disclosedunder the caption “Staff costs” in the income statement,as detailed in Note 21.financial information > consolidated financial statementsANNUAL REPORT ARCELOR 2003 159
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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
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Arcelor Health and Safety policyArc
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Safety certificationsSeveral Arcelo
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Arcelor Environmental PolicyArcelor
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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 152 and 153: NOTE 5 - PROPERTY, PLANT AND EQUIPM
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 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
Page 202 and 203: NOTE 14 - DIRECTORS’ REMUNERATION
Page 204 and 205: Arcelor Ordinary General Meeting on
Page 206 and 207: GlossaryAnnealing:The heat treatmen
Page 208 and 209: 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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