Novolipetsk Steel (NLMK) 2007 Financial and Production Results. US GAAP Consolidated Financial Statements
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1 Nvlipetsk Steel (NLMK) 2007 Financial and Prductin Results US GAAP Cnslidated Financial Statements
2 Disclaimer This dcument is cnfidential and has been prepared by NLMK (the Cmpany ) slely fr use at the investr presentatin f the Cmpany and may nt be reprduced, retransmitted r further distributed t any ther persn r published, in whle r in part, fr any ther purpse. This dcument des nt cnstitute r frm part f any advertisement f securities, any ffer r invitatin t sell r issue r any slicitatin f any ffer t purchase r subscribe fr, any shares in the Cmpany r Glbal Depsitary Shares (GDSs), nr shall it r any part f it nr the fact f its presentatin r distributin frm the basis f, r be relied n in cnnectin with, any cntract r investment decisin. N reliance may be placed fr any purpse whatsever n the infrmatin cntained in this dcument r n assumptins made as t its cmpleteness. N representatin r warranty, express r implied, is given by the Cmpany, its subsidiaries r any f their respective advisers, fficers, emplyees r agents, as t the accuracy f the infrmatin r pinins r fr any lss hwsever arising, directly r indirectly, frm any use f this presentatin r its cntents. This dcument is fr distributin nly in the United Kingdm and the presentatin is being made nly in the United Kingdm t persns having prfessinal experience in matters relating t investments falling within Article 19(1) f the Financial Services and Markets Act 2000 (Financial Prmtin) Order 2005 (the Order ) r high net wrth entities, and ther persns t whm it may therwise lawfully be cmmunicated, falling within Article 49(2) f the Order (all such persns tgether being referred t as relevant persns ). Any persn wh is nt a relevant persn shuld nt act r rely n this presentatin r any f its cntents. The distributin f this dcument in ther jurisdictins may be restricted by law and any persn int whse pssessin this dcument cmes shuld infrm themselves abut, and bserve, any such restrictins. This dcument may include frward lking statements. These frward lking statements include matters that are nt histrical facts r statements regarding the Cmpany s intentins, beliefs r current expectatins cncerning, amng ther things, the Cmpany s results f peratins, financial cnditin, liquidity, prspects, grwth, strategies, and the industry in which the Cmpany perates. By their nature, frwarding lking statements invlve risks and uncertainties because they relate t events and depend n circumstances that may r may nt ccur in the future. The Cmpany cautinsyu that frward lking statements are nt guarantees f future perfrmance and that the Cmpany s actual results f peratins, financial cnditin and liquidity and the develpment f the industry in which the Cmpany perates may differ materially frm thse made in r suggested by the frward lking statements cntained in this dcument. In additin, even if the Cmpany s results f peratins, financial cnditin and liquidity and the develpment f the industry in which the Cmpany perates are cnsistent with the frward lking statements cntained in this dcument, thse results r develpments may nt be indicative f results r develpments in future perids. The Cmpany des nt undertake any bligatin t review r cnfirm analysts expectatins r estimates r t update any frward lking statements t reflect events that ccur r circumstances that arise after the date f this presentatin. By attending this presentatin yu agree t be bund by the freging terms. 2
3 Table f Cntents 1. NLMK Gaining glbal leadership Perfrmance 7 3. Segmental Perfrmance Key Financial Indicatrs Appendices 28 3
4 Delivering n Strategic Objectives Gaining glbal leadership Efficiency i leader in the Wrld steel industry Superir 2007 financial results: revenues up by 28%, perating incme up by 34%, EBITDA grwth f 28% 44% EBITDA margin fr the secnd cnsecutive year Sustainable EBITDA margin ver 40% fr the last 5 years Securing leadership in the Russian dmestic market Acquisitin f Maxi Grup 2.4 millin tnnes f lng prducts add n 2 nd Stage f Technical Upgrade: new BF, cnverter, HDG line prjects started, revamps f BOF and HR shps Strengthening vertical integratin Stilensky GOK cntinuus lw cst supply f irn re Altai kks expansin by 08millin 0.8 tnnes prvides fr 100% self sufficiency sufficiency in cke Maxi Grup facilities are secnd largest scrap cllectr in Russia Captive lgistics cmpany, NTK wns ver 2,800 rail cars and prvides ver 50% f the Grup s rail freight On the fast track withprduct mix imprvement Prductin gains +51% in transfrmer steel, +11% in galvanized steel 10% decrease in slabs sales 5.2 millin tnnes f finished prducts in verseas peratins with grwing share f HVA* prducts * HVA High value added 4
5 2007 Highlights g Active assetprtflimanagement thrugh acquisitinsand and dispsals February 2007 dispsal f minrity stakes in energy assets fr USD78.7 millin June 2007 dispsal f 55% stake in Lipetskcmbank fr USD47.7 millin December 2007 acquisitin iti f 50%+1 share in Maxi Grup. NLMK becmes a leading player in the dmestic cnstructin steel prducts market thrugh utilizing mini mill mdel Technical Upgrading Prgram NLMK has signed cntract n the cnstructin f Blast Furnace N.7 with 3.4 millin tnnes capacity New ht dip galvanizing line and cke battery put int peratin Revamp f ht rlling mill re heating furnace and reversing cld rlling mill Launch f new BOF, ladle furnaces, three cld rlling mills and a pre painting line prjects 5
6 Table f Cntents 1. NLMK Gaining glbal leadership Perfrmance 7 3. Segmental Perfrmance Key Financial Indicatrs Appendices 28 6
7 Financial Perfrmance Recrd results, sustainable prfitability Revenue: USD 7, millin (+28% y y) Operating prfit: USD 2,998 millin (+34%) EBITDA 1 : USD 3,366 millin (+28%) EBITDA margin: 44% Net prfit: USD 2,247 millin (+9%) Net prfit excluding ne ff activities 2 : USD 2,183 millin (+37%) Operating cash flw: USD 2,524 millin (+59%) Cash and cash equivalents as f : USD 1,155 millin EPS USD (+9%) Steel prductin and steel prducts sales in 2007 ttaled 9.2 millin tnnes EBIT per tnne f steel in 2007: USD 322 (+ 29%) 1 EBITDA is calculated as the sum ttal f net prfit, net interest expense, incme tax, lss n dispsal f fixed assets, impairment lsses, accretin expense n asset retirement bligatin, depreciatin and amrtizatin (withut gain (lss) n investments, incme frm discntinued peratins, gain frm dispsal f subsidiaries and gain n lan restructuring). 2 lsses / gains n investments, gain frm dispsal f subsidiaries and gain frm peratins f discntinued subsidiary 7
8 Financial Perfrmance Substantial grwth f revenues and prfit НЛМК Revenues up by 28% y y y Price grwth and increase f high value added prducts share in ttal sales Full year cnslidatin f Altai kks and VIZ Stal EBITDA up by 28% y y Sales revenue grwth utruns cst inflatin Net prfit up by 9% y y Excluding ne ff 2006 gains, net prfit grew by +37% in / Q Q Q4 2007/ Q (USD, m) % % Sales revenue % % Cst f gds sld % % Prductin cst % % Depreciatin i % % Grss prfit % % Operating prfit % % in % t revenue 38.80% 37.10% 37.60% 41.20% Net prfit % % in % t revenue 29.10% 34.20% 27.10% 30.60% EBITDA % % in % t revenue 43.6% 43.5% 41.50% 46.10% 1 Hereinafter reprting perids are 2007 and 2006, 9 M 2007, H1 2007, Q Q3 qnd Q data are received by calculatin. 8
9 Steel Prduct Sales Increased sales f HVA steel prducts Grwth f high value added prduct sales Change in prduct mix, 2007/2006 Despite blast furnace temprary underperfrmance prductin remained Dynam Transfrmer 9% at high level Pre painted 1% Galvanized 13% Decrease f semi finished prduct share in prduct mix Cld rlled Ht rlled Ht rlled plates Slabs and billets Pig irn 10% 6% 1% 5% 6% 45% 20% 0% 20% 40% 60% Sales revenues by regin (2007) 1 Average sales price 2 1 The Structure is with accunt t physical terms 2 NLMK Grup parent cmpany s prices 9
10 2007 Sales Revenue Grwing share f finished prducts Sales revenues by segment: Steel segment: 90% Cke segment: 7% Dmestic market sales cntribute 38% t ttal sales revenues 43% f sales revenues generated by high value added prduct sales: Cld rlled steel 13% Pre painted steel 11% Electrical steel 19% Sales revenues by prduct Sales revenues by segment Sales revenues by regin НЛМК 3.9% 11.0% Dmestic market 14.5% 37.6% Asia and Pacific EU Middle East, incl. Turkey Nrth America Презентация результатов работы по итогам 6 месяцев 2007 года отчетность 20.0% 12.9% Other US GAAP Консолидированная финансовая 10 7
11 Csts Maintained cst leadership НЛМК 2007 slab cash cst n cnslidated basis is USD 221 Irn re accunts fr 7.7% f cnslidated prductin cst Majr cst items: cal, labur, energy and depreciatin Cash cst by prduct Cnslidated cash cst Irn re 7,7% 15,0% Cke and cal Scrap 26,7% Ferrlallys 16,0% Other raw materials Energy 0,7% Natural gas Other energy surces 4,3% 7,5% Other csts 6,8% 11,6% 3,6% Labur 11
12 Operating Prfit & EBITDA Delivering strng financial perfrmance Operating prfit: USD 2,998 millin (+34% y y) EBITDA: USD 3,366.2 millin (+28% y y) Key segments cntributing t perating prfit: Steel 79% Mining 17% millin USD Operating prfit and EBITDA 44% 44% 46% 37% 39% 42% % % НЛМК Operating prfit Q Q EBITDA as % t sales as % t sales 50% 40% 30% 20% 10% 0% Operating prfit drivers Operating prfit by segment 2007 Other SG&A Depreciatin Cash cst Revenue 2006 USD millin 12
13 Drivers f success Key factrs cntributing tib ti t strng financial i perfrmance f the Grup: Favurable pricing envirnment in the key prduct markets Increased salesf flat prducts Imprvement f prduct mix thrugh increased share f high value added prducts High level f vertical integratin 2 nd phase f Technical Upgrade Prgramme being successfully carried ut Dynamic M&A plicyand cntinued ptimizatinf f theexistingassetsexisting 13
14 Outlk Achieving new heights in 2008 НЛМК In 2008 steel prductin at ur main site in Lipetsk is expected t reach 9.4 millin tnnes Cnslidatin f Maxi Grup will bring additinal 2.4 millin tnnes f steel and lng prducts t NLMK s prtfli We expect revenue t grw by up t 60% y y 2008 EBITDA is estimated t exceed 2007 level by 35 40% 14 2
15 Table f Cntents 1. NLMK Gaining glbal leadership Perfrmance 7 3. Segmental Perfrmance Key Financial Indicatrs Appendices 28 15
16 Financial Perfrmance by Segment НЛМК Sales revenues grwth frm external custmers largely generated by steel and cke segments Rising steel, irn re and cke prices cntributed t prfit grwth Sales revenues frm external custmers 2007 All ther Cke chemical segment Mining segment Lngs segment Steel segment 2006 USD millin COGS Operating prfit 2007 Intersegmental peratins Steel segment Lngs segment Mining segment 2007 Intersegmental peratins Steel segment Lng prduct segment Mining segment Cke chemical segment Cke chemical segment All ther All ther 2006 USD, millin 2006 USD millin 16
17 Steel Segment Perfrmance highlights НЛМК 9.1 mln tnnes steel prductin fully in line with prjected level Decrease f slabs sales t external custmers is attributable t grwing intercmpany sales Segment s sales revenues amunted USD 6,970 millin (+24% y y) y). Operating prfit is USD 2,363 millin (+12% y y). Sales revenue grwth in Q407 (+7% q q) q) resulted frm increase in salesvlumes Q4 2007/ /2006 Q Q Q3 2007,000 tnnes % % Steel prductin % % Steel prduct sales % % USD, millin Sales revenue % % inc. t external custmers % % Cst f gds sld % % Operating prfit % % as a% f revenue 34% 38% 31% 36% 17
18 Steel Segment Sales revenues and cst structure Sales revenues grwth is driven by rising prices fr NLMK s prducts Cmmissining f additinal cated steel capacities and VIZ Stal cnslidatin caused sales grwth f high margin steel prducts: + 26% sales revenues frm sales f cated steel prducts + 52% sales revenues frm electrical steel sales Raw materials price grwth triggered increase in csts. NLMK signed annual fixed price cntracts largely cvering its requirements in irn re and cking cal cncentrate Sales revenues by prduct Steel Segment cash cst 13.0% Irn re raw materials 10.7% 26.8% Cke and cal Scrap 0.4% 4.0% 4.4% Ferrallys Other raw materilas Electicity Natural gas 11.2% 3.3% 7.0% 19.2% Other energy surces Labur csts Other csts 18 7
19 Lng Prducts Segment Perfrmance highlights НЛМК Lng prducts segment cmprises perfrmance f Maxi Grup in December 2007 In December 2007 Maxi Grup prduced 121,000 tnnes f steel and 84,000 tnnes f lng prducts and metal ware (1.8 millin tnnes and 0.9 millin tnnes during 2007, respectively; 339,000 tnnes and 281,000 tnnes during Q407, respectively) In Q108, Maxi Grup steel prductin amunted t 487,000 tnnes (+44% q q) as a result f a turn arund measures The segment s sales revenues is USD 62 millin since cnslidatin /2006 4Q Q Q4 2007/ Q (,000 tnnes) % % Steel prductin Lngs and metalware prductin Steel prducts sales (USD, millin) Sales revenue inc. t external custmers Cst f gds sld Operating prfit 2 2 in % t revenue 2% 2% 1 Including the perid f cnslidatin in NLMK Grup. 19
20 Mining Segment Perfrmance highlights НЛМК Mining segment cvers 100% f NLMK s requirements in irn re cncentrate, flux and dlmite The segments sales revenues grwth was caused by rising prices and increase in irn sales t the parent cmpany /2006 Q Q Q4 2007/ 3Q 2007 (,000 tnnes) % % Prductin Cncentrate % 2.8% % Sinter re % % Dlmite % % Limestne % % Sales Cncentrate % % inc. within NLMK Grup % % Sinter re % % inc. within NLMK Grup % % Dlmite % % inc. within NLMK Grup % % Limestne % % inc. within NLMK Grup % % (USD. m) Sales revenue % % Inc. texternal custmers % % Cst f sales % % Operating prfit % % in % t revenue 59% 48% 57% 60% 20
21 Mining Segment Sales revenues and cst structure Sales revenues frm external custmers: USD 105 millin (1% f cnslidated sales revenues) Increase in revenues frm sinter re sales cntributed 26% t ttal sales revenues frm external custmers. The sinter re prductin went up due t favrable mining cnditins Irn re cncentrate sales t external custmers significantly decreased due t grwing supply frm Stilensky GOK t NLMK and dispsal f KMA Ruda in 2006 Sales revenues by prduct, 2007 Mining Segment cash cst 9.7% Raw materials 27.1% Electricity 29.6% Natural gas Other energy surces Labur csts 27.0% 53% 5.3% 1.3% Other 21
22 Cke chemical Segment Perfrmance highlights Altai kks is the largest single site cke chemical prducer in Russia Significant increase in 2007 cke prductin 3.8 m tnnes (+ 60% y y) Cmmissining f cke battery N.5 in Q406 significantly bsted utput Sl Sales revenues grwth di drivers Output grwth and increase in sales prices Full year cnslidatin Eliminatin f cke exprt duty 1 Q4 2007/ /2006 Q Q Q (,000, tnnes) % % Prductin Cke f 6% misture % % Sales Cke (dry) % % inc. within NLMK Grup % % (USD millin) Sales revenue % % Inc. t external custmers % % Cst f sales % % 7.3% Operating prfit % % in % t revenue 17% 7% 35% 11% 1 Including the perid f cnslidatin in NLMK Grup. 22
23 Cke chemical Segment Sales revenues and cst structure Cke salescntributed 92% t salesrevenues frm external custmers Increase in sales vlumes and grwing prices resulted in mre than 100% increase f revenues frm external custmers Altai kks surces cking cal frm Kuznetsk Cal Basin prducers. Cal accunts fr 90% f prductin cst Sales revenues by prduct Cke chemical segment cash cst 23
24 Table f Cntents 1. NLMK Gaining glbal leadership Perfrmance 7 3. Segmental Perfrmance Key Financial Indicatrs Appendices 28 24
25 Key Financial Indicatrs НЛМК Net cash flw Cash and cash equivalents Exchange rate Financial activities Investment activities Operating activities USD, millin Capex and depreciatin & amrtizatin Financial ratis 25
26 2007 EBITDA t Cash bridge НЛМК Increase in cash Exchange rate Dividends Free cash flw Incme tax Other financial peratins 3 Lan granted Lan repayment Free cash flw frm peratins Acquisitin and cnstructin f PPE Nn cash peratins 2 Change in wrking capital EBITDA 1 USD млн. USD, millin 1 EBITDA = Net incme (pst share f minrities) + incme tax ± interest expense/(incme) + depreciatin ± lsses/(gains ) n dispsals f prperty, plant and equipment ± lsses/(gains) n financial investment ± lsses/(gains) frm discntinued peratins + impairment lsses + accretin expense n asset retirement bligatins 2 Nn cash transactins include crrectins fr crdinating net prfit and net perating cash flw excluding depreciatin & amrtizatin, lsses/(gains) n dispsals f prperty, plant and equipment, accretin expense n asset retirement bligatins, i lsses/(gains) n financial i investment and lsses/(gains) )frm discntinued i d peratins 3 Other financing activities include lsses/(gains) n dispsals f prperty, plant and equipment, gain frm dispsal f subsidiaries, and change in restricted cash funds as well as ther financial crrectins 26
27 Table f Cntents 1. NLMK Gaining glbal leadership Perfrmance 7 3. Segmental Perfrmance Key Financial Indicatrs Appendices 28 27
28 NLMK Grup Capex In 2007 acquisitins and cnstructin f PPE capex amunted t USD958 millin, 55% increase y y In 2007 within 2 nd Phase f Technical Upgrade Prgramme NLMK NLMK Grup Capex, cmpleted: 1. Revamp f cke battery N.2 2. Refurbishment f the ht rlled mill re heating furnace 3. Upgrading f reversing mill n transfrmer steel prductin and initiated: 1. Cnstructin f new blast furnace N. 7 with a prductin capacity f 3.4 millin tpy 2. Upgrade f steel making (cmmissining f a new BOF, revamp f cntinuus casting machines) and rlling facilities. 28
29 Cnslidated Statement f Incme НЛМК Q4 2007/ /2006 Q Q Q (mln. US D) + / % + / % Sales revenue 7,719 6,046 1, % 2,174 1, % Prductin cst (3,569) (2,716) (853) 31.4% (1,044) (862) (182) 21.1% Depreciatin and amrtizatin (408) (358) (50) 13.9% (111) (99) (11) 11.2% Grss prfit 3,742 2, % 1, % General and administrative expenses (215) (189) (26) 13.9% (56) (52) (4) 8.4% S elling expenses (443) (325) (117) 36.1% (125) (106) (18) 17.4% Taxes ther than incme tax (80) (57) (23) 39.8% (21) (19) (2) 8.1% Impairment lsses (137) 137 (100.0%) Accretin expense n asset retirement bligatins (6) (20) 14 (68.7%) (0.1) (0.0) (0.0) 66.7% Operating incme 2,998 2, % % Lss n dispsals f prperty, plant and equipment (27) (4) (24) 661.7% (3) (5) 2 (43.4%) Gains / (lsses) n investments (24) 401 (424) (105.9%) (20) () (20) Interest incme (12) (10.8%) % Interest expense (31) (30) (2) 5.8% (17) (3) (14) 511.0% Freign currency exchange lss, net 80 (75) 155 (207.4%) (16) (39.3%) Gain frm dispsal f subsidiaries % Other expense, net (23) (27) 4 (14.5%) (19) (5) (15) 299.5% Incme frm cntinuing peratins befre incme tax and minrity interest 3,157 2, % (34) (4.0% ) Incme tax (837) (707) (130) 18.5% (196) (217) 21 (9.8% ) Incme frm cntinuing peratins befre minrity interest 2,320 1, % (13) (2.1% ) Minrity interest (23) (26) 2 (8.9%) (5) (6) 1 (20.4%) Equity in net earnings/(lsses) f assciate (50) 1 (51) (24) (34) 9 (27.0%) Incme frm cntinuing peratins 2,246 1, % (3) (0.4% ) Incme frm discntinuing peratins (176) (99.3% ) Net incme 2,247 2, % (3) (0.4% ) EBITDA 3,366 2, % % 29
30 Cnslidated Balance Sheet НЛМК as at as at as at as at as at (mln. US D) ASSETS C urrent assets 4,388 3,904 3,629 3,484 3,050 Cash and cash equivalents 1,155 1,388 1, Shrt term investments Accunts receivable, net 1,696 1,194 1,110 1,252 1,150 Inventries, net 1,236 1, Other current assets, net Restricted cash 9 8 C urrent assets, held fr sale 44 Nn current assets 8,688 6,105 5,783 5,821 5,667 Lng term investments, net Prperty, plant and equipment, net 64 6, , , , ,988 Intangible assets G dwill 1, Other nn current assets, net Nn current assets, held fr sale 114 Ttal assets 13,076 10,009 9,412 9,305 8,717 L IAB IL ITIE S AND STOCKHOLDERS EQUITY C urrent liabilities 3, Accunts payable and ther liabilities 1, Shrt term brrwings 1, C urrent incme tax liability C urrent liabilities, held fr sale 41 Nn current liabilities Lng term brrwings Deferred incme tax liability Other lng term liabilities Nn current liabilities, held fr sale 175 Ttal liabilities i 3,978 1,631 1,576 1,762 1,774 Minrity interest Stckhlders equity 8,992 8,258 7,726 7,406 6,809 Cmmn stck Statutry reserve Additinal paid in capital Other cmprehensive incme 1,182 1, Retained earnings 7,526 6,936 6,704 6,443 5,986 Ttal liabilities and stckhlders equity 13,076 10,009 9,412 9,305 8,717 30
31 НЛМК Cnslidated Cash Flw Statement Q4 2007/ /2006 Q Q Q (mln. US D) + / % + / % Cash flw frm perating ac tivities Net incme 2,247 2, % (3) (0.4% ) Adjustments t recncile net incme t net cash prvided by perating activities Minrity interest (1) (4.6%) 5 6 (1) (20.3% ) Depreciatin and amrtizatin % % Lss n dispsals f prperty, plant and equipment % 3 5 (2) (43.4% ) (Gain)/lss n inves tments 24 (401) 424 (105.9% ) Gain frm dispsal f subsidiaries (83) (83) (1) (82) 81 Gain frm peratins f discntinued subsidiary (1) (228) 226 (99.4%) () 80 (80) (100.0% ) Equity in net earnings f assciate 50 (1) 51 ( %) (9) (27.0% ) Defferd incme tax (benefit)/expense 38 (39) 77 (197.9% ) (19) 10 (29) (300.8% ) Gain n lan restructuring Impairment lsses 137 (137) (100.0% ) Accretin expense n asset retirement bligatins 6 20 (14) (68.7%) 66.7% Other mvements (5) (23.6%) % Changes in perating assets and liabilities Increase in accunts receivables (92) (141) 49 (34.9% ) (30) (44) 13 (30.7% ) Increase in inventries (200) (160) (40) 25.1% (48) (72) 24 (33.3% ) Decrease/(increase) in ther current assets (44) (17) (27) 158.1% (1) (33) 32 (97.6% ) Increase in lans prvide by the subsidiary bank (106) (70) (36) 52.3% (1) (1) (1) 66.3% Increase in accunts payable and her liabilities 243 (23) 266 (1150.1%) (106) 11 (118) Increase/(decrease) in current incme tax payable (34) 32 (66) (204.1% ) (13) (0.2) (13) Net cash prvided frm perating ac tivities 2,524 1, % (67) (11.0% ) Cash flw frm investing ac tivities Acquisitins f s ubsidiaries (1,348) 1,348 (100.0% ) Acquisitins f assciates 24 (806) 830 (103.0% ) Prceeds frm dispsal f discntinued peratins 303 (303) (100.0% ) Prceeds frm adjustment f the riginal purchase price f s ubsidiaries (1) (1) (327.0% ) Prceeds frm sale f prperty, plant and equipment (3) (21.1%) % Purchases and cnstructin f prperty, plant and equipment (958) (619) (339) 54.8% (342) (221) (121) 54.9% Prceeds frm sale f inves tments (454) (97.5% ) 5 5 Purchase f inves tments (199) (55) (145) 264.3% (154) (9) (145) % Lan is sued (134) (134) 2 (3) 6 (164.8% ) Dispsal f s ubsidiaries, net f cash dispsed $106,800 (60) (60) (0.2) (0.4) (51.2% ) Mvement f restricted cash (1) (1) (400.9% ) Net cash used in inves ting ac tivities (1,268) (2,043) 775 (37.9%) (461) (233) (227) 97.4% Cash flw frm financing ac tivities Prceeds frm brrwings and ntes payable % % Repayments f brrwings and ntes payable (452) (183) (268) 146.5% (193) (34) (159) 472.8% Capital lease payments (3) (3) (1) (1) () 87.5% Prceeds frm dispsal f assets t the cmpany under cmmn cntrl Payments t cntrlling sharehlders fr transfer f interests in subsidiary (104) 104 (100.0%) 0% Dividends paid t previus sharehlder f acquired cmpany (84) 84 (100.0% ) Dividends paid t minrity sharehlder f existing subsidiaries (19) (20) 1 (5.3%) 2 (13) 16 (117.9% ) Dividends t sharehlders (703) (767) 64 (8.3%) (355) (343) (12) 3.5% Net cash used in financing ac tivities (830) (933) 104 (11.1%) (318) (381) 63 (16.6% ) Net increas e / (decrease) in cash and cash equivalents 427 (1,391) 1,818 (130.7%) (234) (2) (231) % Effect f exchange rate changes n cash and cash equivalents (69) (52.4%) (0.3) 42 (43) (100.7% ) Cash and cash equivalents at the beginning f the perid 665 1,924 (1,259) (65.4%) 1,388 1, % Cash and cash equivalents at the end f the perid , % , ,388 (234) (16.8% ) 31
32 Segmental Infrmatin 2007 (millin US D) S teel Lng prducts Mining Ckechemical All ther Ttals Inters eg mental peratins and balances Cnslidated Revenue frm external custmers 6, ,719 7,719 Intersegment revenue ,017 (1,017) Grss prfit 2, ,743 (1) 3,742 Operating incme/(lss) 2, ,006 (8) 2,998 as % f net sales 33.9% 2.5% 58.9% 16.6% 3.7% 38.8% Incme / (lss) frm cntinuing peratins befre minrity interest 1,773 (32) ,418 (98) 2,320 as % f net sales 25.4% 49.9% 11.5% 119.8% 30.1% Segment assets including gdwill 7,905 2,899 1,953 1, ,120 (1,044) 13,076 Capital expenditures (794) (38) (99) (9) (18) (958) (958) 2006 (millin US D) S teel Lng prducts Mining Ckechemical All ther Ttals Inters eg mental peratins and balances Cnslidated Revenue frm external custmers , , ,046 Intersegment revenue (741) Grss prfit 2, ,976 (5) 2,971 Operating incme/(lss) 2, (175) 2,255 (12) 2,243 as % f net sales 37.6% 48.4% 7.1% 37.1% Incme / (lss) frm cntinuing peratins befre minrity interest 1, (149) 2,036 (121) 1,914 as % f net sales 34.5% 39.5% 2.4% 31.7% Segment assets including gdwill 5,913 1, ,003 9,303 (586) 8,717 Capital expenditures (477) (80) (26) (36) (619) (619) 32
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