ANNUAL REPORT ARCELOR 2003 - paperJam

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Audit31, Allée Scheffer Telephone +352 22 51 51 1 Internet www.kpmg.luL-2520 Luxembourg Telefax +352 22 51 71 E-mail audit@kpmg.luTo the Shareholders of Arcelor S.A.Société AnonymeLuxembourgUNQUALIFIED AUDITOR’S REPORTWe have audited the consolidated balance sheet of Arcelor S.A. and its subsidiaries (the “Group”) as at December 31, 2003and the related consolidated statements of income, cash flows and changes in equity for the year then ended, as set out onpages 132 to 189, and we have read the related consolidated management report. These consolidated financial statementsand the consolidated management report are the responsibility of the Board of Directors of Arcelor S.A.. Our responsibility is toexpress an opinion on these consolidated financial statements, based on our audit, and to check the consistency of theconsolidated management report with them.We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors, aswell as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for ouropinion.In our opinion, the consolidated financial statements of Arcelor S.A., as set out on pages 132 to 189, give a true and fair viewof the financial position of the Group as at December 31, 2003, and of the results of its operations and its cash flows for theyear then ended, in accordance with International Financial Reporting Standards (“IFRS”).For comparative purposes, the Group has included, as set out on pages 132 to 189, pro forma consolidated financialinformation for the year ended December 31, 2002. We have not audited or reviewed this pro forma consolidated financialinformation and, accordingly, do not express an opinion on such financial information.The consolidated management report is in accordance with the consolidated financial statements.Luxembourg, March 19, 2004KPMG AuditRéviseurs d’EntreprisesEric DamotteKPMG AuditSociété Civile31, Allée SchefferMember Firm KPMG International a Swiss association L-2520 Luxembourg T.VA. LU13772441190ANNUAL REPORT ARCELOR 2003
ANNUAL REPORT ARCELOR 2003 191financial information > consolidated financial statements
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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
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Dialogue with all stakeholdersObjec
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Dialogue with societyArcelor partic
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Development of individual interview
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Scientific CouncilChairman:• Marc
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Corporate governanceObjectives• E
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SponsorshipEvery year, the various
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Durability: Manufacturers are now a
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GENERAL INFORMATION ABOUTARCELORCor
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Cold-rolled flat products: In 2001,
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Safeguard clause• United States:
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Consolidated financial statementsof
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CONSOLIDATED CASH FLOW STATEMENTIn
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NOTES TO THE CONSOLIDATED FINANCIAL
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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 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 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
Page 210 and 211: Arcelor’s main steel-manufacturin
Page 212 and 213: NOTES210ANNUAL REPORT ARCELOR 2003
Page 214: Concept and realization133, avenue
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