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ROTTERDAM, Netherlands, February 15 /PRNewswire-FirstCall/ -- Mittal Steel Company N.V. ("Mittal Steel" or "the Company"), the world's largest and most global steel company, today announced results for the three months and year ended December 31, 2005.
Highlights:
Solid results given current market conditions
(US dollars in millions except per share data and shipments)
4Q 2005 3Q 2005 4Q 2004 12M 2005 12M 2004
Shipments (000'ST) 13,642 12,976 10,097 49,178 42,071
Sales 7,054 7,050 6,177 28,132 22,197
Operating income 871 765 1,725 4,746 6,146
Net income 650 478 1,554 3,365 4,701
Earnings Per Share ($) 0.92 0.68 2.42 4.90 7.31
The results for 2005 include Mittal Steel USA ISG Inc. ("ISG"), formerly International Steel Group, which merged with Mittal Steel Company N.V. from April 15, 2005, and the results of Mittal Steel Kryviy Rih, formerly Kryvorizhstal, as from November 26, 2005. As a result, prior period results may not be entirely comparable.
- Further strengthening of global position
- US: ISG acquisition establishes Mittal Steel as No. 1 producer in the US
- China: Signed first foreign steel-making JV in China with Hunan Valin Steel Tube & Wire
- India: Memorandum of Understanding ("MoU") signed to build 12 million ton vertically integrated steel plant in Jharkhand
- Ukraine: Acquisition of Kryvorizstal
- Improved vertical integration
- Increased raw material reserves through acquisitions in Ukraine, Liberia, and MoU's in India and Senegal
Arcelor offer
- Mittal Steel Company N.V. has launched an offer to the shareholders of Arcelor SA ("Arcelor") which will create the world's first 100 million ton plus steel producer. The offer values each Arcelor share at EUR28.21 which represents a 27% premium over the closing price and all time high on Euronext Paris of Arcelor shares as at 26 January 2006, a 31% premium over the volume weighted average price in the preceding month, and a 55% premium over the volume weighted average share price in the preceding 12 months.
For further details refer to the Company's press release issued on January 27, 2006, which can be located on the Company's website.
Commenting, Lakshmi N Mittal, Chairman and CEO Mittal Steel Company, said:
"We are pleased to report solid performance in a more challenging year. 2005 was also a year of considerable strategic progress for the Company as we further expanded our global position and strengthened our vertically integrated model.
"The strength of our performance in current market conditions illustrates the increased stability that industry consolidation has delivered. This same logic lies at the heart of our proposed strategic merger with Arcelor. The steel industry needs strong, value creating, growing companies with global reach which this combination would deliver.
"We are pleased with the very positive reception our offer has received, and are confident that progress is being made towards establishing the regulatory framework for the offer."
Fourth quarter and full year 2005 Earnings Conference Call
Lakshmi N. Mittal, Chairman and Chief Executive Officer, and Aditya Mittal, President and Chief Financial Officer, will host a conference call for members of the investment community to discuss the Company's financial results and general business operations at 9:30 AM New York time / 2:30 PM London time on Wednesday, February 15, 2006. The conference call will include a brief question and answer session with senior management. The conference call information is as follows:
Date: Wednesday, February 15, 2006
Time: 9:30 AM New York Time / 2:30 PM London Time
Dial-In Number from within the U.S.: +1 617 614 2706
Dial-In Number from within the U.K.: +44 20 7365 8426
Pass code: Mittal Steel
For individuals unable to participate in the conference call,
a telephone replay will be available until February 22, 2006 at:
Replay Number from within the U.S.: +1 617 801 6888
Replay Number from within the U.K.: +44 20 7365 8427
Pass code: 19999424
A web cast of the conference call can also be accessed via http://www.mittalsteel.com/ and will be available for one week. Real Player or Windows Media Player will be required in order to access the web cast.
No Offer
No offer to exchange or purchase any Arcelor shares will be made in the Netherlands or in any jurisdiction other than Luxembourg, France, Spain, Belgium and the United States. This communication does not constitute an offer to exchange or purchase any Arcelor shares. Such an offer will be made only pursuant to an official offer document approved by the appropriate regulators.
Important Information
In connection with its proposed acquisition of Arcelor S.A., Mittal Steel Company will file important documents with the United States Securities and Exchange Commission (SEC), including a registration statement on Form F-4, a prospectus for the exchange offer and related documents. Investors and Arcelor security holders are urged to carefully read all such documents when they become available because they will contain important information. Investors and Arcelor security holders may obtain copies of the documents, when available, free of charge on the SEC's website at http://www.sec.gov/, as well as from Mittal Steel on its website at http://www.mittalsteel.com/.
Forward-Looking Statements
This communication contains forward-looking information and statements about Mittal Steel Company N.V., Arcelor S.A. and their combined businesses after completion of the proposed acquisition. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 are generally identified by the words "believe," "expect," "anticipate," "target" or similar expressions. Although Mittal Steel's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Arcelor's securities are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Mittal Steel, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public filings with the Netherlands Authority for the Financial Markets in the Netherlands and the SEC made or to be made by Mittal Steel, including on Form 20-F and on Form F-4. Mittal Steel undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
For further information, visit our web site: http://www.mittalsteel.com/, or call:
MITTAL STEEL COMPANY N.V. REPORTS FOURTH QUARTER
AND FULL YEAR 2005 RESULTS
Mittal Steel Company N.V. (NYSE:MT)(AEX:MT), net income for the three months ended December 31, 2005, was $650 million or $0.92 per share, as compared with net income of $478 million or $0.68 per share for the three months ended September 30, 2005, and $1.6 billion or $2.42 per share for the three months ended December 31, 2004.
Consolidated sales and operating income for the three months ended December 31, 2005, were $7.1 billion and $871 million, respectively, as compared with $7.1 billion and $765 million, respectively, for the three months ended September 30, 2005, and as compared with $6.2 billion and $1.7 billion, respectively, for the three months ended December 31, 2004.
Total steel shipments[1] for the three months ended December 31, 2005, were 13.6 million tons as compared with 13.0 million tons for the three months ended September 30, 2005, and 10.1 million tons for the three months ended December 31, 2004.
Mittal Steel Company N.V. net income for the twelve months ended December 31, 2005, was $3.4 billion or $4.90 per share, as compared to net income of $4.7 billion or $7.31 per share for the twelve months ended December 31, 2004.
Consolidated sales and operating income for the twelve months ended December 31, 2005, were $28.1 billion and $4.7 billion, respectively, compared to $22.2 billion and $6.1 billion, respectively, for the twelve months ended December 31, 2004.
Total steel shipments for the twelve months ended December 31, 2005, were 49.2 million tons as compared to 42.1 million tons for the twelve months ended December 31, 2004.
Group inter-company transactions have been eliminated in financial consolidation. The financial information has been prepared based on US generally accounting principles.
Analysis of operations
The following analysis of operations include the results of Mittal Steel USA ISG Inc., as from April 15, 2005, the results of Mittal Steel Kryviy Rih, as from November 26, 2005, and Mittal Steel Zenica in Bosnia as from December 10, 2004.
As a result, prior period results may not be entirely comparable.
Steel shipments were higher by 5% in the three months ended December 31, 2005, as compared with the three months ended September 30, 2005 (1% higher excluding Mittal Steel Kryviy Rih). Steel shipments for the three months ended December 31, 2005, were 35% higher as compared with the three months ended December 31, 2004, primarily due to the inclusion of ISG and Mittal Steel Kryviy Rih (6% lower excluding ISG, Mittal Steel Kryviy Rih and Mittal Steel Zenica).
Average price realization in the three months ended December 31, 2005, remained flat as compared with the three months ended September 30, 2005 (2% higher excluding Mittal Steel Kryviy Rih) and decreased by 9% as compared with the three months ended December 31, 2004 (14% lower excluding ISG, Mittal Steel Kryviy Rih and Mittal Steel Zenica).
Cost of goods sold per ton during the three months ended December 31, 2005, remained flat as compared with the three months ended September 30, 2005 (1% higher excluding Mittal Steel Kryviy Rih). Cost of goods sold per ton during the three months ended December 31, 2005, was higher by 15% as compared with the three months ended December 31, 2004, primarily due to a steep increase in the cost of almost all inputs (5% higher excluding ISG, Mittal Steel Kryviy Rih and Mittal Steel Zenica).
Selling, general and administrative expenses in the three months ended December 31, 2005 increased by 11% as compared with the three months ended September 30, 2005, and decreased by 4% as compared with the three months ended December 31, 2004.
Operating income for the three months ended December 31, 2005, was $871 million as compared with $765 million for the three months ended September 30, 2005. The merger of ISG and Ispat Inland to create Mittal Steel USA on December 31, 2005, negatively affected operating income for the three months ended December 31, 2005, by US$ 52 million due to the conformation of accounting policies of the merged entities. Operating income for the three months ended December 31, 2004, was $1.7 billion.
Other income / expenses (net) for the three months ended December 31, 2005, were $27 million as compared with $10 million for the three months ended September 30, 2005. Other income / expenses (net) for the three months ended December 31, 2004, were $104 million.
Net interest expense at Mittal Steel Company N.V. for the three months ended December 31, 2005, increased to $91 million as compared with $50 million for the three months ended September 30, 2005, primarily due to the increased debt resulting from the Mittal Steel Kryviy Rih acquisition, as well as the provision for penalties arising from the early retirement of certain long term debts totaling $11 million and the increase in base interest rates. Net interest expense for the three months ended December 31, 2005, was higher as compared with $50 million for the three months ended December 31, 2004 primarily due to the increased borrowing for the acquisition of, and assumption of debt at, ISG and Mittal Steel Kryviy Rih, as well as the increase in base interest rates.
Mittal Steel Company N.V.'s income tax expense for the three months ended December 31, 2005 amounted to $92 million as compared with $164 million for the three months ended September 30, 2005. The effective tax rate for the three months ended December 31, 2005, was 11% as compared with 22% for the three months ended September 30, 2005. Mittal Steel Company N.V.'s income tax expense for the three months ended December 31, 2004, amounted to $2 million. In the three months ended December 31, 2005, the aggregate tax rate was lower primarily due to release in valuation allowances and one-time tax credits in some of our operating jurisdictions.
Net income for the three months ended December 31, 2005, increased to $650 million as compared with the three months ended September 30, 2005, of $478 million, and lower as compared with the three months ended December 31, 2004, of $1.6 billion, owing to the reasons as discussed above.
Americas
Total steel shipments in the Americas region were 6.2 million tons in the three months ended December 31, 2005, as compared with 5.8 million tons for the three months ended September 30, 2005, and 2.8 million tons for the three months ended December 31, 2004.
Sales were higher at $3.7 billion for the three months ended December 31, 2005, as compared with $3.4 billion for the three months ended September 30, 2005. Sales were higher in the three months ended December 31, 2005, as compared to $1.8 billion for the three months ended December 31, 2004 primarily due to the inclusion of ISG.
Operating income was $225 million for the three months ended December 31, 2005 as compared with $184 million for the three months ended September 30, 2005, primarily due to higher volumes, slightly higher selling prices partly offset by higher costs. In addition, as a result of the merger of ISG and Ispat Inland to create Mittal Steel USA on December 31, 2005, operating income was negatively impacted by US$52 million due to the conformation of accounting policies of the merged entities. Operating income for the three months ended December 31, 2005, was lower as compared with $483 million for the three months ended December 31, 2004.
Europe
Total steel shipments in the European region were 4.6 million tons for the three months ended December 31, 2005, as compared with 4.0 million tons for the three months ended September 30, 2005 (4% higher excluding Mittal Steel Kryviy Rih). Total steel shipments for the three months ended December 31, 2004, were 4.5 million tons.
Sales were lower at $2.0 billion in the three months ended December 31, 2005 as compared with $2.3 billion for the three months ended September 30, 2005, and $2.8 billion for the three months ended December 31, 2004.
Operating income was $173 million for the three months ended December 31, 2005 as compared with $47 million for the three months ended September 30, 2005, due to improved volumes and cost, partly offset by a negative impact of $19 million on account of purchase accounting at Mittal Steel Kryviy Rih. Operating income was $480 million for the three months ended December 31, 2004.
Asia & Africa
Total steel shipments in the Asia & Africa region were 2.8 million tons in the three months ended December 31, 2005, as compared with 3.2 million tons for the three months ended September 30, 2005. Total steel shipments for the three months ended December 31, 2004 were 2.8 million tons.
Sales were higher at $1.8 billion in the three months ended December 31, 2005, as compared with $1.7 billion for the three months ended September 30, 2005 and $2.2 billion for the three months ended December 31, 2004.
Operating income was marginally lower at $477 million for the three months ended December 31, 2005 as compared with $479 million for the three months ended September 30, 2005. Operating income for the three months ended December 31, 2005, was lower as compared with $688 million for the three months ended December 31, 2004.
Liquidity
The Company's liquidity position remains strong. As of December 31, 2005, the Company's cash and cash equivalents including restricted cash and short-term investments were $2.1 billion ($2.1 billion at September 30, 2005, and $2.6 billion at December 31, 2004). In addition, the Company, including its operating subsidiaries, had available borrowing capacity of $1.5 billion as at December 31, 2005.
During the three months ended December 31, 2005, net cash provided by operating activities was $1.1 billion, as compared to $1.0 billion for the three months ended September 30, 2005.
Capital expenditure during the three months ended December 31, 2005, was $426 million as compared with $305 million for the three months ended September 30, 2005. Depreciation during the three months ended December 31, 2005, was $259 million as compared with $215 million for the three months ended September 30, 2005 primarily due to inclusion of Mittal Steel Kryviy Rih results for one month.
During the three months ended December 31, 2005, Mittal Steel paid out interim dividends of $143 million.
During the three months ended December 31, 2005, gross debt increased by $4.5 billion, primarily to finance the acquisition of Mittal Steel Kryviy Rih. Cash and cash equivalents, short-term investments and restricted cash increased by approximately $100 million.
Net debt (which is total debt less cash and cash equivalents, short term investments and restricted cash) at the end of December 31, 2005, was $6.2 billion ($1.7 billion at September 30, 2005), as a result of the various acquisitions, partially offset by free cash flow.
During the three months ended December 31, 2005, net working capital (inventory plus accounts receivable plus prepaid expenses minus accounts payable minus accrued expenses and other liabilities) improved by $233 million.
On February 14, 2006, the Company's board of directors declared an interim dividend of US$ 0.125 per share payable on March 15, 2006, and decided to propose to the general meeting of shareholders to amend the dividend policy going forward to a quarterly dividend of US$ 0.125 per share.
On January 30, 2006, the Company entered into a EUR5 billion credit agreement with Goldman Sachs, Citigroup and Societe Generale, among others, to finance the cash portion of the offer for Arcelor along with related transaction costs. Concurrently, the Company entered into a EUR3 billion credit agreement with the same lenders to refinance a pre-existing bridge facility, used to finance the acquisition of Mittal Steel Kryviy Rih.
On December 30, 2005, the Company signed a five-year $800 million Committed Multicurrency Letter of Credit and Guarantee Facility. The facility is to be used by the Company and its subsidiaries for the issuance of LCs and financial guarantees.
On December 19, 2005, Mittal Steel Europe called the euro denominated senior secured notes due February 2011, which were bearing interest at 11.875%. The EUR70 million outstanding was repaid on February 1, 2006 at 105.938% of par value. Penalties arising from the early retirement of loans amounted to $11 million (including $8 million for euro denominated senior secured notes) was provided for in the three months ended December 31, 2005.
On November 22, 2005, the Company N.V. entered into an agreement with the Indiana Finance Authority to issue Environmental Improvement Revenue Refunding Bonds, Series 2005 in an amount of approximately $51 million.
Recent Development
- On February 1, 2006, Mittal Canada Inc., a Canadian subsidiary of Mittal Steel Company N.V., completed the acquisition of three Stelco Inc. subsidiaries. The Norambar Inc. and Stelfil Ltee plants located in Quebec, and the Stelwire Limited plant in Ontario were acquired at a cost of C$30 million. Mittal Canada also assumed C$28 million in debt as part of the acquisition.
- Mittal Steel Company N.V. has launched an offer to the shareholders of Arcelor SA ("Arcelor") which will create the world's first 100 million ton plus steel producer. The offer values each Arcelor share at EUR28.21 which represents a 27% premium over the closing price and all time high on Euronext Paris of Arcelor shares as at 26 January 2006, a 31% premium over the volume weighted average price in the preceding month, and a 55% premium over the volume weighted average share price in the preceding 12 months.
For further details refer to the Company's press release issued on January 27, 2006, which can be located on the Company's website.
- On January 26, 2006, Mittal Steel Company N.V. signed a MoU with the State of Senegal to explore the development and production of iron ore from the Faleme group of iron ore deposits. The Faleme region has approximately 700 million tonnes of iron ore in South Eastern Senegal.
- Mittal Steel Company N.V. completed the acquisition of a 36.67% stake in Hunan Valin on September 28, 2005, for a total consideration of US$338 million. On January 20, 2006, as a result of publicly held outstanding convertible bonds being converted into shares, the shareholdings of both Mittal Steel and Valin Group in Hunan Valin were diluted to 29.49% and 30.29% respectively. The remaining shares are traded on the Shenzhen Stock Exchange.
- Mittal Steel Company N.V. announced on December 12, 2005, that it had acquired an additional 41% stake in Mittal Steel Zenica from the Kuwaiti Investment Agency for US$98 million, taking the total interest at 92%.
- Mittal Steel Company N.V. completed its acquisition of 93.02% of Mittal Steel Kryviy Rih for a total consideration of US $4.9 billion, on November 25, 2005.
Outlook for first quarter 2006
For the first quarter 2006, we expect shipments to increase by approximately 10% due to the inclusion of Mittal Steel Kryviy Rih for the full quarter, overall average selling prices are expected to remain flat, and cost of sales are expected to increase primarily due to the increase in natural gas cost. We expect operating income to be higher as compared to the fourth quarter of 2005.
MITTAL STEEL COMPANY N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION
MITTAL STEEL COMPANY N.V. CONSOLIDATED BALANCE SHEETS
As of
December 31, September 30, December 31,
In millions of US dollars 2005 2005 2004
(Unaudited) (Unaudited) (Audited)
ASSETS
Current Assets
Cash and cash equivalents $ 2,035 $ 1,787 $ 2,495
Restricted cash 100 253 138
Short-term investments 14 10 1
Trade accounts receivable - net 2,287 2,572 2,006
Inventories 6,036 5,529 4,013
Prepaid expenses and other 1,040 850 666
current assets
Deferred tax assets - net 238 216 306
Total Current Assets 11,750 11,217 9,625
Property, plant and equipment - 15,539 10,913 7,562
net
Investments in affiliates and 1,187 1,166 667
joint ventures
Deferred tax assets - net 895 791 855
Intangible assets 1,439 103 106
Other assets 380 438 338
Total Assets $31,190 $24,628 $19,153
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Payable to banks and current $ 252 $ 259 $ 341
portion of long-term debt
Trade accounts payable 2,504 2,003 1,899
Dividend payable - 70 1,650
Accrued expenses and other 2,661 3,095 2,307
current liabilities
Deferred tax liabilities - net 154 161 33
Total Current Liabilities 5,571 5,588 6,230
Long-term debt net of current 8,056 3,534 1,639
portion
Deferred tax liabilities - net 1,712 857 955
Deferred employee benefits 2,506 1,832 1,931
Other long-term obligations 1,361 1,217 809
Total Liabilities 19,206 13,028 11,564
Minority Interest 1,834 1,760 1,743
Shareholders' Equity
Common shares 60 60 59
Treasury stock (111) (112) (123)
Additional paid-in capital 2,460 2,455 552
Retained earnings 7,887 7,312 4,739
Accumulated other comprehensive (146) 125 619
income/(loss)
Total Shareholders' Equity 10,150 9,840 5,846
Total Liabilities and $31,190 $24,628 $19,153
Shareholders' Equity
MITTAL STEEL COMPANY N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION
Quarter Ended Year Ended
In millions of December 31, September December 31,December 31, December
US dollars, 2005 30, 2005 2004 2005 31, 2004
except shares,
per share and
other data
(Unaudited)(Unaudited)(Unaudited) (Unaudited) (Audited)
STATEMENT OF
INCOME DATA
Sales $7,054 $7,050 $6,177 $28,132 $22,197
Costs and
expenses:
Cost of sales 5,642 5,816 4,017 21,495 14,694
(exclusive of
depreciation
shown
separately)
Depreciation 259 215 141 829 553
Selling, 282 254 294 1,062 804
general and
administrative
expenses
6,183 6,285 4,452 23,386 16,051
Operating 871 765 1,725 4,746 6,146
income
Operating 12% 11% 28% 17% 28%
margin
Other income 27 10 104 77 128
(expense) -
net
Income from 3 19 20 69 66
equity method
investments
Financing
costs:
Interest (114) (79) (86) (339) (265)
(expense)
Interest 23 29 36 110 78
income
Net gain / 36 (13) (29) 40 (20)
(loss) from
foreign
exchange
(55) (63) (79) (189) (207)
Income before 846 731 1,770 4,703 6,133
taxes and
minority
interest
Income tax
expense:
Current 141 71 266 663 731
Deferred (49) 93 (264) 155 86
92 164 2 818 817
Income before 754 567 1,768 3,885 5,316
minority
interest
Minority (104) (89) (214) (520) (615)
interest
Net income $650 $478 $1,554 $3,365 $4,701
Basic earnings 0.92 0.68 2.42 4.90 7.31
per common
share
Diluted 0.92 0.68 2.42 4.87 7.31
earnings per
common share
Weighted 704 704 643 687 643
average common
shares
outstanding
(in millions)
OTHER DATA
Total 13,642 12,976 10,097 49,178 42,071
shipments of
steel products
including
inter-company
shipments
(thousands of
short tons)
MITTAL STEEL COMPANY N.V. CONSOLIDATED STATEMENTS OF CASH FLOWS
Quarter Ended Year Ended
In millions of December September December December December
US dollars 31, 2005 30, 2005 31, 2004 31, 2005 31, 2004
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Operating
activities:
Net income $650 $478 $1,554 $3,365 $4,701
Adjustments
required to
reconcile net
income to net
cash provided
by operations:
Depreciation 259 215 141 829 553
Net accretion (46) (51) - (139) -
of purchased
intangibles
Deferred - 13 (111) 17 (56)
employee
benefit costs
Net foreign (11) (7) 31 (30) 28
exchange loss
(gain)
Deferred (49) 93 (264) 155 86
income tax
Gain from - - 22 - 22
early
extinguishment
of debt
Undistributed (15) (26) (42) (65) (138)
earnings from
joint ventures
Loss (gain) on (14) 1 (20) (28) (19)
sale or
write-off of
property plant
& equipment
Minority 104 89 214 520 615
interest
Other non cash (47) (35) (4) (113) (8)
operating
activities
Changes in
operating
assets and
liabilities,
net of effects
from
acquisitions:
Trade accounts 236 (104) 449 406 (386)
receivable
Short-term (1) 14 3 5 -
investments
Inventories (351) 506 (564) 40 (1,374)
Prepaid (33) 64 201 (197) (160)
expenses and
other assets
Trade accounts 641 (5) (93) 15 160
payable
Accrued (260) (272) 230 (806) 587
expenses and
other
liabilities
Net cash 1,063 973 1,747 3,974 4,611
provided by
operating
activities
Investing
activities:
Purchase of (426) (305) (376) (1,181) (898)
property,
plant and
equipment
Proceeds from 15 15 61 59 83
sale of assets
and
investments
including
affiliates and
joint ventures
Acquisition of (4,891) (23) (12) (6,220) (19)
net assets of
subsidiaries,
net of cash
acquired
Investment in 15 (337) 12 (300) 34
affiliates and
joint ventures
Restricted 153 428 89 38 2
cash
Other (4) (4) (8) (8) (3)
investing
activities
Net cash used (5,138) (226) (234) (7,612) (801)
in investing
activities
Financing
activities:
Proceeds from 12 322 91 1,678 2,258
payable to
banks
Proceeds from 5,129 100 197 8,328 1,185
long-term debt
Debt issuance - - - (10) -
cost
Proceeds from - - 30 - 76
long-term debt
from an
affiliate
Payments of (10) (582) (362) (1,807) (2,738)
payable to
banks
Payments of (657) (759) (752) (2,740) (2,127)
long-term debt
Payments of - - (175) - (175)
long-term debt
to an
affiliate
Purchase of - - - - (54)
treasury stock
Sale of 3 - (1) 9 9
treasury stock
for stock
option
exercises
Dividends paid (143) (148) (351) (2,092) (763)
Others (1) 2 - (17) -
Net cash 4,333 (1,065) (1,323) 3,349 (2,329)
provided by
(used in)
financing
activities
Net increase 258 (318) 190 (289) 1,481
(decrease) in
cash and cash
equivalents
Effect of (10) 56 207 (171) 254
exchange rate
changes on
cash
Cash and cash
equivalent:
At the 1,787 2,049 2,098 2,495 760
beginning of
the period
At the end of $2,035 $1,787 $2,495 $2,035 $2,495
the period
Mittal Steel Company N.V.
Appendix 1 - Quarter 4 2005
Shipments by country (Thousands of short tons)
Quarter Ended Year Ended
December 31, September 30, December 31,
2005 2005 2005
(Unaudited) (Unaudited) (Unaudited)
Americaa
United States of America 4,838 4,322 14,299
Mexico - Lazaro Cardenas 799 976 3,908
Canada 371 340 1,461
Trinidad - Point Lisas 194 190 796
TOTAL AMERICAS 6,202 5,828 20,464
Europe
West Europe - Germany
and France 753 735 3,255
Poland 1,252 1,158 4,894
Romania 1,210 1,192 5,164
Czech Republic - Ostrava 755 691 2,692
Ukraine - Kryviy Rih 493 - 493
Others 143 188 715
TOTAL EUROPE 4,606 3,964 17,213
Asia and Africa
Kazakhstan - Temirtau 936 1,139 3,672
South Africa 1,675 1,801 6,866
Algeria - Annaba 223 244 963
TOTAL ASIA AND AFRICA 2,834 3,184 11,501
MITTAL STEEL COMPANY 13,642 12,976 49,178
Figures for total shipments of steel products (including inter-company
shipments)
Mittal Steel Company N.V.
Appendix 2- Quarter 4 2005
Figures in millions US dollars unless otherwise shown
Americas Europe Asia & Africa Elimination Mittal
Steel
Financial Information
Sales 3,695 1,957 1,836 (434) 7,054
Cost of
sales
(exclusive of
depreciation) 3,264 1,603 1,235 (460) 5,642
Gross profit
(before deducting
depreciation) 431 354 601 26 1,412
Gross margin
(as percentage of sales) 12% 18% 33% - 20%
Selling, general and
administrative expenses 91 132 74 (15) 282
Operating income * 225 173 477 (4) 871
Operating margin (as
percentage of sales) 6% 9% 26% 12%
EBITDA (PBT +
Interest +
depreciation) 373 321 593 (91) 1,196
EBITDA margin ( as
percentage of sales) 10% 16% 32% 17%
Depreciation 115 87 57 - 259
Capex (133) (121) (172) (426)
Operational Information
Liquid Steel
Production ('000 MT) 6,207 4,872 3,192 14,271
Liquid Steel
Production ('000 ST) 6,842 5,371 3,518 15,731
Shipments ('000 MT) 5,627 4,178 2,571 12,376
Shipments ('000 ST) 6,202 4,606 2,834 13,642
Employees (000) 24 129 74 227
* The merger of ISG and Ispat Inland to create Mittal Steel USA on December 31, 2005, negatively affected operating income for the three months ended December 31, 2005, by US$ 52 million due to the conformation of accounting policies of the merged entities ---------------------------------
[1] Total steel shipments include inter-company shipments.
DATASOURCE: Mittal Steel Company N.V.
CONTACT: Mittal Steel Company N.V.: Julien Onillon, Director, Investor
Relations, +44-(0)20-7543-1136. Thomas A. McCue, Director, North American
Investor Relations (and Treasurer Mittal Steel USA), +1-219-399-5166