Luxembourg, August 1, 2007 – The Arcelor Board of Directors, chaired by Joseph Kinsch, reviewed the consolidated financial statements for the second quarter of 2007 and approved the Group consolidated financial statements for the first half of 2007.
The financial statements of Arcelor are consolidated within the Mittal Steel accounts. Mittal Steel is listed under the name ArcelorMittal1.
Arcelor shares remain listed on the stock exchanges of Paris, Brussels, Luxembourg and on the Spanish stock exchanges of Madrid, Barcelona, Bilbao and Valencia.
For the first six months of 2007, the Arcelor Group realized revenues of 24.3 billion euros, an EBITDA of 3.9 billion euros and a net profit, Group share of 2.5 billion euros.
Consolidated income statement
| In millions of euros (IFRS) |
Q2 2006
(3 months) |
Q2 2007
(3 months) |
H1 2006
(6 months) |
H1 2007
(6 months) |
| Revenue |
10,427 |
12,743 |
19,992 |
24,323 |
| Gross operating income (EBITDA) |
1,408 |
2,133 |
2,835 |
3,941 |
Amortisation and depreciation
Negative goodwill |
-415
– |
-342
– |
-762
11 |
-605
– |
| Operating income (EBIT) |
993 |
1,791 |
2,084 |
3,336 |
Net financing costs
Mergers costs
Share of profit in companies accounted for using the equity method |
-136
-182
84 |
32
–
117 |
-458
-182
156 |
41
–
209 |
| Profit (Loss) before tax |
759 |
1,940 |
1,600 |
3,586 |
| Income tax |
7 |
-343 |
64 |
-662 |
| Profit (Loss) after tax |
766 |
1,597 |
1,664 |
2,924 |
| Minority Interests |
-113 |
-223 |
-250 |
-413 |
| Net profit (Loss) Group share |
653 |
1,374 |
1,414 |
2,511 |
Consolidated balance sheet
In millions of euros
(IFRS) |
31.12.2006 |
30.06.2007 |
|
31.12.2006 |
30.06.2007 |
| Non current assets |
23,314 |
28,201 |
Shareholders’ equity |
19,190 |
21,315 |
| – Intangible assets |
1,634 |
2,235 |
Minority interests |
2,896 |
3,357 |
| – Property, plant & equipment |
16,770 |
18,837 |
Non current liabilities |
10,921 |
12,387 |
| – Investment under equity method |
1,793 |
1,935 |
– Interest bearing liabilities |
5,553 |
6,468 |
| – Other investments |
658 |
749 |
– Employee benefits |
2,438 |
2,430 |
| – Receivables & other fin. assets |
1,132 |
3,299 |
– Termination benefits |
762 |
757 |
| – Deferred tax assets |
1,327 |
1,146 |
– Other provisions |
972 |
1,301 |
| |
|
|
– Deferred tax liabilities |
1,124 |
1,087 |
| |
|
|
– Other liabilities |
72 |
344 |
| Current assets |
21,525 |
24,909 |
Current liabilities |
11,832 |
16,051 |
| – Inventories |
9,084 |
9,270 |
– Trade payables |
6,128 |
6,878 |
| – Trade receivables |
4,712 |
6,010 |
– Interest bearing liabilities |
1,757 |
4,692 |
| – Other receivables |
5,119 |
7,550 |
– Other amounts payable |
3,569 |
4,105 |
| – Cash & cash equivalents |
2,345 |
1,892 |
– Termination benefits |
11 |
9 |
| – Assets classified as held for sale |
265 |
187 |
– Other provisions |
289 |
322 |
| |
|
|
– Liabilities classified as held for sale |
78 |
45 |
| Total assets |
44,839 |
53,110 |
Total shareholders’ equity, minority interests and liabilities |
44,839 |
53,110 |
Consolidated cash flow statement
| In millions of euros (IFRS) |
30.06.2006 |
30.06.2007 |
| Cash flows from operating activities |
1,479 |
3,187 |
Investing activities
–
Acquisition of tangible & intangible assets
– Others |
-1,067
-4,254 |
-975
-5,671 |
| Cash flows from investing activities |
-5,321 |
-6,646 |
Financing activities
– Proceeds from the issue of share capital
– Dividends paid
– Net servicing of borrowing
– Outsourcing pension funds |
–
-1,341
3,751
– |
–
-789
3,731
– |
| Cash flow from financing activities |
2,410 |
2,942 |
|
Effect of exchange rate fluctuations on cash held and change of method |
190 |
64 |
| Net increase (decrease) in cash and cash equivalents |
-1,242 |
-453 |
| Cash and cash equivalents at the beginning of the period |
4,636 |
2,345 |
| Cash and cash equivalents at the end of the period |
3,394 |
1,892 |
1 ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid (MTS) and Valencia.
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