2001 Annual Report - OneSteel

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Shareholder Information (continued)Details of individual shareholdings can be checked conveniently and simply through visiting our Registrar’s website atwww.computershare.com and clicking on Investor Centre button. For security reasons, you then need to key in your SecurityholderReference Number (SRN) or Holder Identification Number (HIN) plus family name and postcode, to enable access to personal information.DividendsThe company proposes to pay dividends in October and April. Shareholders should retain for taxation purposes full details of dividendpayments.The following options are available to shareholders regarding payment of dividends:1. By direct deposit to an Australian bank, building society or credit union account; or2. By cheque payable to the shareholder. Lost or stolen cheques should be reported immediately to the OneSteel Share Registry, inwriting, to enable stop payment and replacement.Shareholders may choose to have their dividends paid directly into a nominated bank, building society or credit union account anywherein Australia. Payments are electronically credited on the dividend date and confirmed by a payment advice sent to the shareholder.Request forms for this service are available from the OneSteel Share Registry or by visiting www.computershare.comTax File NumbersOneSteel is required to withhold tax at the rate of 48.5% on any unfranked component of dividends or interest paid to investors resident inAustralia who have not supplied the company with a tax file number (TFN) or exemption form. Investors are not required by law to providetheir TFN if they do not wish to do so.Stock Exchange ListingOneSteel are listed on the Australian Stock Exchange. All shares are recorded on the principal share register, which is located inNew South Wales.PublicationsThe company’s Annual Review is the main source of information for investors and is mailed to shareholders in October.Other sources of information, which will be available on the Internet, are:1. The Chairman’s address to the annual general meeting, which will be available on the Internet; and2. The half year financial report reviewing the July-December half year, which will be available on the Internet.Shareholders wishing to receive company information electronically via email, instead of by mail, may register their email address with thecompany’s online shareholder registry as follows:• visit www.computershare.com• click on Investors• click on Registry Service• click on Your Shareholding• Next, type the company name, OneSteel Limited, or simply the company code, OST• Then, next to Check Your Securities, click the ‘go’ button. You will then need to enter your personal security information; HolderIdentification Number (HIN) or Security Holder Reference Number (SRN); family or company name and postcode; and click ‘Go’• From there, click on ‘Go’ for Communication Details and follow the prompts.After you have entered your e-mail address and selected which publications you wish to receive, an e-mail will be sent to you forconfirmation purposes.When you receive it, just click on “reply” to confirm your details, then “send”.Internet AddressShareholder information may be obtained from the Shareholder Information section of the OneSteel website – www.onesteel.comChange of AddressIssuer sponsored shareholders should notify the OneSteel Share Registry immediately, in writing, signed by the shareholder/s, of anychange to their registered address. For added security, shareholders should quote their previous address and Securityholder ReferenceNumber (SRN). CHESS uncertified shareholders should advise their sponsoring broker or non-broker participant.Removal from Mailing ListShareholders who do not wish to receive the Annual Review should advise the OneSteel Share Registry, in writing, noting their SRNor HIN.Change of NameShareholders who change their name should notify the OneSteel Share Registry, in writing, and attach a certified copy of a relevantmarriage certificate or deed poll.Buy-backThere is no current on-market buy-back in place.48
Statistical Summary – Pro-formaThe numbers in the Statistical Information Section, have been prepared on a pro-forma basis as the Statutory Accounts do not include the trading ofall the OneSteel Group for the full 12 month period. The purchase of assets were completed at different times between July and October 2000.The pro-forma numbers include the results of all businesses as if the assets (including the Whyalla Steelworks inventories and receivables) andoperations of all businesses were part of the OneSteel Group from 1 July 2000. Funding costs have also been calculated on the basis thatOneSteel was consistently geared from 1 July 2000.KEY FINANCIAL STATISTICS – 12 MONTHS ENDING 30TH JUNE – A$ MILLIONS2001 2000$m $mSales Revenue 2,637.7 2,959.1Other Revenue 141.5 17.4Total Revenue 2,779.2 2,976.5Earnings Before Interest Tax DepreciationAmortisation (EBITDA) 181.7 268.0Earnings Before Interest Tax (EBIT) 37.7 155.2Net Interest 61.8Profit/(Loss) Before Tax (24.1)Tax expense/(Benefit) (2.1)Net Profit/(Loss) After Tax and minorities (NPAT) (27.9)Cash Flow from operations 170.1Total Assets 2,710.8 2,628.4Funds Employed 1,878.6 2,019.7Liabilities 1,594.6 1,465.9Net Debt 762.4 857.2TONNES PRODUCED AND DISPATCHED – 12 MONTHS ENDING 30TH JUNE2001 2000$m $mCapital and Investment Expenditure 108.4 167.6Inventories 540.3 608.0Shareholders’ Equity 1,116.2 1,162.5Employees ’000 7,379 7,271Sales per employee $’000(includes Email employees May & June) 357.5 407.0Net Tangible Asset Backing ($ per share) 1.81 2.03EBIT margin on Sales (%) 1.4 5.2EBIT return on funds employed (%) 2.0 7.7Return on Equity (%)NAGearing (net debt:net debt plus equity) (%) 40.6 42.4Interest Cover (times) 0.6Earnings per Share (cents) -6.0Dividends per Ordinary Share (cents) 6.0Payout Ratio (%) 116.52001 2000Domestic Export Total Domestic Export TotalProduced 1,438,770 1,835,822Dispatched 1,846,503 278,570 2,125,073 2,239,753 427,901 2,667,654Notes: The 2000 total production figure includes 434,397 tonnes of raw steel produced by the Newcastle Steelworks, which was closed inSeptember 1999. The difference between tonnes produced and tonnes dispatched is due to the supply of other products to OneSteel for resale.Designed and Produced by Ross Barr & Associates Pty LimitedORE RESERVES AND MINERAL RESOURCES – AS AT 30 JUNE 2001OneSteel’s estimates of Ore Reserves and Mineral Resources presented in this report have been produced in accordance with the currentAustralasian Code for reporting of Identified Minerals Resources and Ore Reserves (the JORC Code).All Resource and Reserve figures represent estimates at the end of June 2001. Rounding of tonnes and grade information may result in smalldifferences presented in the totals.Ore ReservesThe Whyalla Ore Reserves consist of the South Middleback Range operating mines of Iron Duke, Iron Duchess and Iron Knight. Grades areuncalcined. Tonnage factor of 3.29 gm/cc. Moisture content 2% included in weight. Variable mining recoveries utilised. Life of mine scheduledrecovery of 87.3% has been applied.Whyalla (Middleback Range) Iron Ore Reserves as at end June 2001 Compared with 2000 OneSteelProved Ore Reserve Probable Ore Reserve Total Ore Reserves Total Ore Reserves Interest Competent PersonTonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade %Category Ore type (millions) (millions) (millions) (millions)Fe% P% Fe% P% Fe% P% Fe% P%Total Quantity Heamatite 23 63.1 0.05 15 62.2 0.06 38 62.7 0.057 40 62.8 0.057 100 R. LeendersAnnual production was 2.7 mt with better than expected ore recoveries and changes to pit designs leading to marginal gains in ore reserves.Mineral ResourcesTotal Mineral Resources reported estimate OneSteel’s resource base adjacent to existing operations. The Total Mineral Resource includes allresources, including those used to derive Ore Reserves. Mineral Resources that are not included within Ore Reserves are shown separately.The Whyalla South Middleback Range Mineral Resources below are the Heamatite deposits of Iron Duke, Iron Duchess and Iron Knight. Gradesare uncalcined. Resource predominantly heamatite but minor magnetite interbedded at depth. Resource cut-off grades utilised are Fe>50%,SiO2
Page 1 and 2: 2001 ANNUAL REVIEW
Page 3 and 4: CONTENTSOne Business 2Year One High
Page 5 and 6: ssVertically-Integrated OperationsO
Page 7 and 8: FINANCIAL HIGHLIGHTS - PRO-FORMA*Fi
Page 9 and 10: Inventories were managed down $106.
Page 11 and 12: Figure Two - OneSteel IntegrationWH
Page 13 and 14: Management StructureONESTEEL LIMITE
Page 15 and 16: Figure Ten - Other Manufacturing ($
Page 17 and 18: Map of OperationsCANADAYukonWhiteho
Page 19 and 20: Australian DistributionTHE BUSINESS
Page 21 and 22: OneSteel structural steel used for
Page 23 and 24: Human ResourcesSTANDING ALONEMuch o
Page 25 and 26: EnvironmentOneSteel Duragal product
Page 27 and 28: CommunityOneSteel recognises the im
Page 30 and 31: Corporate Governance (continued)Com
Page 32 and 33: Directors’ ReportDIRECTORSThe fol
Page 34 and 35: Directors’ Report (continued)Deta
Page 36 and 37: Discussion of Pro-forma ResultsPRO-
Page 38 and 39: Pro-forma Results12 months to 30 Ju
Page 40 and 41: Discussion and Analysis ofStatutory
Page 42 and 43: Statement of Financial PerformanceF
Page 44 and 45: Notes to the Concise Financial Repo
Page 46 and 47: Notes to the Concise Financial Repo
Page 48 and 49: Directors’ DeclarationThe directo
Page 53 and 54: 2001 FULL FINANCIAL REPORT
Page 55 and 56: Directors’ ReportDIRECTORSThe fol
Page 57 and 58: Directors’ Report (continued)Deta
Page 59 and 60: Statement of Financial PositionAT 3
Page 61 and 62: Statement of Cash FlowsFOR THE PERI
Page 63 and 64: Notes to the Financial StatementsNO
Page 87 and 88: Independent Audit ReportTo the Memb
Page 89 and 90: Shareholder Information (continued)
Page 91: Company DirectoryDIRECTORSPeter Sme

2001 Annual Report - OneSteel

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