ANNUAL REPORT ARCELOR 2003 - paperJam

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Annual accounts Arcelor S.A.ANNUAL ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2003 WITH THE AUDITOR’SREPORT THEREONThis document is a free translation in English of a French original document: the Arcelor S.A. 2003 Annual accounts.This document has been prepared for information only and should not be relied upon for any other purpose. In theevent of any ambiguity between this document and the French original version, the latter shall prevail.• BALANCE SHEET AS AT DECEMBER 31, 2003• INCOME STATEMENT FROMJANUARY 1 TO DECEMBER 31, 2003• APPROPRIATION OF THE RESULT FOR THE YEAR• NOTES TO THE ANNUAL ACCOUNTSNote 1 : General Note 10 : Residual term of creditorsNote 2 : Accounting policies Note 11 : Off-balance sheet itemsNote 3 : Statement of tangible fixed assets Note 12 : Financial resultNote 4 : Statement of financial assets Note 13 : StaffNote 5 : Residual term of debtors Note 14 : Directors’ remunerationNote 6 : Accruals and deferred income Note 15 : Stock option planNote 7 : Capital and reserves Note 16 : Other informationNote 8 : Provisions for liabilities and charges Note 17 : Events after the balance sheet dateNote 9 :Financial debt• AUDITOR’S REPORT192ANNUAL REPORT ARCELOR 2003
BALANCE SHEETASSETS December 31, December 31,In EUR million 2003 2002C. FIXED ASSETS 8,612 9,052II. Tangible fixed assets (Note 3) 5 41. Land and buildings 3 23. Other fixtures, fittings, tools and equipment 2 24. Payments on account and assets in the course of construction - p.m.III. Financial assets (Note 4) 8,607 9,0481. Shares in affiliated undertakings 8,607 8,2012. Loans to affiliated undertakings - 8475. Financial assets p.m. -D. CURRENT ASSETS 1,092 337II. Debtors (Note 5) 1,092 3301. Trade debtors p.m. p.m.2. Amounts owed by affiliated undertakings 1,089 3293. Amounts owed by affiliated undertakingsin which the Company has a participating interest p.m. p.m.4. Other debtors 3 1IV. Cash at bank and in hand p.m. 7E. PREPAYMENTS (Note 6) 26 34TOTAL ASSETS 9,730 9,423financial information > annual accountsLIABILITIES December 31, December 31,In EUR million 2003 2002A. CAPITAL AND RESERVES (Note 7) 7,516 7,453I. Subscribed capital 2,665 2,662II. Share premium account 4,795 4,791IV. Reserves 13 p.m.1. Legal reserve 13 p.m.V. Retained profits 43 -B. PROVISIONS FOR LIABILITIES AND CHARGES (Note 8) 11 p.m.2. Provisions for pensions and similar obligations 1 p.m.3. Other provisions 10 -C. CREDITORS (Notes 9 and 10) 1,697 1,7101 a. Convertible debenture loans 1,665 1,6652. Amounts owed to credit institutions p.m. p.m.5. Trade creditors 7 27. Amounts owed to affiliated undertakings 20 408. Amounts owed to undertakings in which the Company has a participating interest p.m. p.m.9. Other creditors 5 3- of which tax and social security EUR 1m (2002: p.m.)E. PROFIT FOR THE FINANCIAL YEAR 506 260TOTAL CAPITAL AND RESERVES AND LIABILITIES 9,730 9,423The accompanying notes form an integral part of these annual accounts.ANNUAL REPORT ARCELOR 2003 193
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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
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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
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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 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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