ANNUAL REPORT ARCELOR 2003 - paperJam

INCOME STATEMENT FROM JANUARY 1 TO DECEMBER 31, 2003December 31, December 31,In EUR million 2003 2002I. SALES AND SERVICES 84 654. Other operating income 84 65II. COST OF SALES AND SERVICES 118 716. Staff costsa) Wages and salaries 22 9b) Social security cost 5 2- including early retirement, anticipated retirementand pensions of EUR 3m (2002: EUR 1m)7. a) Depreciation and other amounts written off tangible and intangible fixed assets 1 p.m.8. Other operating charges 90 60- including non income-related taxes of EUR 10m (2002: p.m.)III. OPERATING RESULT (I-II) (34) (6)IV. INTEREST INCOME (Note 12) 606 3209. Income from participating interests 558 269- including from affiliated undertakings EUR 558m (2002: EUR 269m)10. Investment income from other investments and from long term loans 42 39- including from affiliated undertakings EUR 42m (2002: EUR 39m)11. Other interest receivable and similar income 6 12- including from affiliated undertakings EUR 6m (2002: EUR 12m)V. INTEREST CHARGES (Note 12) 66 5413. Interest payable and similar charges 66 54- including charges in respect of affiliated undertakings EUR 4m (2002: p.m.)VI. PROFIT ON ORDINARY ACTIVITIES BEFORE TAX (III+IV-V) 506 260VII. TAXES p.m. -16. a) Taxes on income p.m. -VIII. PROFIT FOR THE FINANCIAL YEAR (VI-VII) 506 260The accompanying notes form an integral part of these annual accounts.APPROPRIATION OF THE PROFIT FOR THE YEARDecember 31, December 31,2003 2002in EURin EUR millionResult for the financial year 505,931,497.56 260Result brought forward 43,325,059.69 -Result for distribution 549,256,557.25 260Transfer to the legal reserve 25,296,574.88 13Transfer to other reserves - -Board of Directors remuneration 1,200,000.00 1Dividend of EUR 0.40 for the 2003 financial year paid on 533,040,796 shares 213,216,318.40 (*) -Dividend of EUR 0.38 for the 2003 financial year paid on 532,470,592 shares (**) - 203RESULT TO BE CARRIED FORWARD 309,543,663.97 43(*) The final amount of dividends distributed may be below the amount indicated following Arcelor’s decision to use existing Group shares to meet theshare requirement resulting from the conversion of the O.C.E.A.N.E. 2006, shares which do not carry the right to a dividend relating to the year 2003.(**) Equivalent to the total shares in issue on December 31, 2002 (532,366,409) and those issued on January 9, 2003 (104,183).194ANNUAL REPORT ARCELOR 2003