Mittal Steel
All amounts in Millions of US Dollars except per share items
BALANCE SHEET (At A Glance)
2007/12
2008/12
2009/12
2010/12
2011/12
INDICATORS
Year End Date
2007/12
2008/12
2009/12
2010/12
2011/12
2008-10-14
2009-03-02
2010-02-11
2011-02-11
2012-02-13
Earnings Period Indicator
Quarterly Indicator
Basic Earnings Indicator
Date Preliminary Data Loaded
Template Indicator
Preliminary Full Context Ind
0000-00-00
0000-00-00
0000-00-00
0000-00-00
0000-00-00
12
12
12
12
12
Operating Revenue
105,216.0
124,936.0
65,110.0
78,025.0
93,973.0
Total Revenue
105,216.0
124,936.0
65,110.0
78,025.0
93,973.0
0.0
0.0
0.0
0.0
0.0
Cost Of Sales
80,383.0
100,010.0
58,019.0
66,689.0
80,850.0
Cost Of Sales With Depreciation
84,953.0
106,110.0
62,913.0
71,084.0
85,519.0
Gross Margin
24,833.0
24,926.0
7,091.0
11,336.0
13,123.0
Gross Operating Profit
24,833.0
24,926.0
7,091.0
11,336.0
13,123.0
0.0
0.0
0.0
0.0
0.0
5,433.0
6,590.0
3,875.0
3,336.0
3,556.0
Projected Fiscal Year Date
Number Of Months Last Report Period
INCOME STATEMENT
Adjustments To Revenue
Research & Development (R&D)
Expense
Selling, General & Administrative (SG&A)
Expense
Advertising
0.0
0.0
0.0
0.0
0.0
Operating Income
14,830.0
12,236.0
-1,678.0
3,605.0
4,898.0
EBITDA
19,400.0
18,336.0
3,216.0
8,000.0
9,567.0
4,570.0
6,100.0
4,894.0
4,395.0
4,669.0
Depreciation (Unrecognized)
0.0
0.0
0.0
0.0
0.0
Amortization
0.0
0.0
0.0
0.0
0.0
Amortization Of Intangibles
0.0
0.0
0.0
0.0
0.0
14,830.0
12,236.0
-1,678.0
3,605.0
4,898.0
Interest Income
577.0
497.0
190.0
133.0
0.0
Earnings From Equity Interest
985.0
1,653.0
0.0
0.0
620.0
Depreciation
Operating Profit After Depreciation
Other Income Net
335.0
-333.0
-1,253.0
-304.0
0.0
Income, Acquired In Process R&A
0.0
0.0
0.0
0.0
0.0
Income, Restructuring And M&A
0.0
0.0
0.0
0.0
0.0
Other Special Charges
0.0
0.0
0.0
0.0
0.0
Special Income Charges
0.0
0.0
0.0
0.0
0.0
16,727.0
14,053.0
-2,741.0
3,434.0
5,518.0
Interest Expense
1,839.0
2,516.0
1,696.0
1,578.0
2,838.0
Pre-Tax Income
EBIT
14,888.0
11,537.0
-4,437.0
1,856.0
2,680.0
Income Taxes
3,038.0
1,098.0
-4,512.0
-1,479.0
882.0
Minority Interest
1,482.0
1,040.0
-43.0
89.0
-4.0
0.0
0.0
0.0
0.0
0.0
Income Before Income Taxes
14,888.0
11,537.0
-4,437.0
1,856.0
2,680.0
Net Income (Continuing Operations)
10,368.0
9,399.0
118.0
3,335.0
1,798.0
0.0
0.0
0.0
-330.0
461.0
10,368.0
9,399.0
118.0
3,005.0
2,259.0
Extraordinary Income/Losses
0.0
0.0
0.0
0.0
0.0
Income From Cum. Effect Of Acct.
Change
0.0
0.0
0.0
0.0
0.0
Income From Tax Loss Carryforward
0.0
0.0
0.0
0.0
0.0
Other Gains/Losses
0.0
0.0
0.0
0.0
0.0
Total Net Income
10,368.0
9,399.0
118.0
2,916.0
2,263.0
Normalized Income
10,368.0
9,399.0
118.0
3,335.0
1,798.0
Net Income Available For Common
10,368.0
9,399.0
118.0
3,335.0
1,798.0
Preferred Dividends
0.0
0.0
0.0
0.0
0.0
Excise Taxes
0.0
0.0
0.0
0.0
0.0
Basic EPS (Continuing)
7.41
6.80
0.08
2.15
1.16
Basic EPS (Discontinued)
0.00
0.00
0.00
-0.22
0.30
Basic EPS From Total Operations
7.41
6.80
0.08
1.93
1.46
Basic EPS (Extraordinary Items)
0.00
0.00
0.00
0.00
0.00
Basic EPS (Cum. Effect Of Acct.
Change)
0.00
0.00
0.00
0.00
0.00
Basic EPS (Tax Loss Carry Forward)
0.00
0.00
0.00
0.00
0.00
Basic EPS (Other Gains/Losses)
0.00
0.00
0.00
0.00
0.00
Basic EPS - Total
7.41
6.80
0.08
1.93
1.46
Basic EPS - Normalized
7.41
6.80
0.08
2.15
1.16
Diluted EPS (Continuing)
7.40
6.78
0.08
1.92
0.90
Diluted EPS (Discontinued)
0.00
0.00
0.00
-0.31
0.29
Diluted EPS From Total Operations
7.40
6.78
0.08
1.61
1.19
Diluted EPS (Extraordinary)
0.00
0.00
0.00
0.00
0.00
Diluted EPS (Cum. Effect Of Acct.
Change)
0.00
0.00
0.00
0.00
0.00
Diluted EPS (Tax Loss Carry Forward)
0.00
0.00
0.00
0.00
0.00
Diluted EPS (Other Gains/Losses)
0.00
0.00
0.00
0.11
0.00
Diluted EPS - Total
7.40
6.78
0.08
1.72
1.19
Diluted EPS - Normalized
7.40
6.78
0.08
1.92
0.90
Dividends Paid Per Share (DPS)
1.15
1.39
0.64
0.64
0.64
Pref. Securities Of Subsid. Trust
Net Income (Discontinued Operations)
Net Income (Total Operations)
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)
105,216.0
124,936.0
65,110.0
78,025.0
93,973.0
10,368.0
9,399.0
118.0
3,005.0
2,259.0
EPS From Total Operations (YTD)
7.40
6.78
0.08
1.61
1.19
Dividends Paid Per Share (YTD)
1.15
1.39
0.64
0.64
0.64
7,860.0
7,576.0
5,919.0
6,207.0
3,821.0
84.0
Net Income From Total Operations (YTD)
BALANCE SHEET
ASSETS
Cash & Equivalents
Restricted Cash
245.0
11.0
90.0
82.0
Marketable Securities
0.0
0.0
0.0
0.0
0.0
Accounts Receivable
9,533.0
6,737.0
5,750.0
5,725.0
6,452.0
Loans Receivable
0.0
0.0
0.0
0.0
0.0
Other Receivable
0.0
2,595.0
0.0
0.0
0.0
Receivables
9,533.0
9,332.0
5,750.0
5,725.0
6,452.0
Inventories, Raw Materials
6,739.0
9,771.0
5,921.0
7,263.0
9,802.0
Inventories, Work In Progress
4,582.0
4,501.0
3,513.0
4,038.0
4,531.0
0.0
0.0
2,010.0
1,961.0
0.0
Inventories, Finished Goods
8,108.0
7,788.0
5,391.0
6,321.0
7,356.0
Inventories, Other
2,321.0
2,681.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
21,750.0
24,741.0
16,835.0
19,583.0
21,689.0
2,277.0
0.0
4,212.0
4,160.0
3,559.0
0.0
Inventories, Purchased Components
Inventories, Adjustments & Allowances
Inventories
Prepaid Expenses
Current Defered Income Taxes
0.0
0.0
0.0
0.0
Other Current Assets
3,663.0
2,754.0
1.0
6,918.0
0.0
Total Current Assets
45,328.0
44,414.0
32,807.0
42,675.0
35,605.0
Land And Improvements
19,170.0
19,716.0
20,835.0
18,892.0
19,331.0
Building And Improvements
0.0
0.0
0.0
0.0
0.0
55,100.0
53,494.0
59,620.0
56,150.0
56,075.0
3,779.0
4,033.0
3,449.0
3,836.0
5,086.0
0.0
0.0
0.0
0.0
0.0
Total Fixed Assets
78,049.0
77,243.0
83,904.0
78,878.0
80,492.0
Gross Fixed Assets
78,049.0
77,243.0
83,904.0
78,878.0
80,492.0
Accumulated Depreciation
16,055.0
16,488.0
23,519.0
24,534.0
26,241.0
Net Fixed Assets
61,994.0
60,755.0
60,385.0
54,344.0
54,251.0
2,368.0
2,490.0
17,034.0
14,373.0
14,053.0
12,663.0
13,629.0
0.0
0.0
0.0
1,629.0
751.0
4,838.0
6,603.0
6,081.0
Other Non-Current Assets
9,643.0
11,049.0
12,633.0
12,909.0
11,890.0
Total Non-Current Assets
88,297.0
88,674.0
94,890.0
88,229.0
86,275.0
133,625.0
133,088.0
127,697.0
130,904.0
121,880.0
13,991.0
10,501.0
10,676.0
13,256.0
15,118.0
0.0
0.0
0.0
0.0
0.0
Short-Term Debt
9,686.0
8,409.0
4,135.0
6,716.0
2,784.0
Accrued Expenses
2,008.0
1,949.0
0.0
0.0
0.0
Accrued Liabilities
0.0
0.0
6,961.0
6,900.0
1,882.0
Machinery, Furniture & Equipment
Construction In Progress
Other Fixed Assets
Intangibles
Cost In Excess
Non-Current Deferred Income Taxes
Total Assets
Inventory Valuation Method
EQUITY & LIABILITIES
Accounts Payable
Notes Payable
Deferred Revenues
0.0
0.0
0.0
0.0
Current Deferred Income Taxes
0.0
0.0
0.0
0.0
0.0
6,524.0
9,901.0
1,758.0
3,851.0
3,822.0
Total Current Liabilities
32,209.0
30,760.0
23,530.0
30,723.0
23,824.0
Long-Term Debt
22,085.0
25,667.0
20,677.0
19,292.0
23,634.0
0.0
0.0
0.0
0.0
0.0
Deferred Income Taxes
7,927.0
6,395.0
5,144.0
4,006.0
3,680.0
Other Non-Current Liabilities
9,869.0
11,036.0
12,948.0
10,783.0
10,265.0
Minority Interest Liability
4,850.0
4,032.0
4,353.0
3,670.0
3,787.0
Preferred Secur. Of Subsid. Trust
0.0
0.0
0.0
0.0
0.0
Preferred Equity Outside Stock Equity
0.0
0.0
0.0
0.0
0.0
Total Non-Current Liabilities
44,731.0
47,130.0
43,122.0
37,751.0
41,366.0
Total Liabilities
65,190.0
Other Current Liabilities
Capital Lease Obligations
218.0
76,940.0
77,890.0
66,652.0
68,474.0
Preferred Stock Equity
0.0
0.0
0.0
0.0
0.0
Common Stock Equity
56,685.0
55,198.0
61,045.0
62,430.0
56,690.0
0.0
9,269.0
0.0
0.0
0.0
29,578.0
20,575.0
30,758.0
30,148.0
28,459.0
0.0
0.0
0.0
0.0
0.0
Retained Earnings
23,552.0
30,403.0
29,738.0
31,647.0
30,531.0
Treasury Stock
-1,552.0
-5,800.0
-2,823.0
-427.0
-419.0
Common Par
Additional Paid-In Capital
Cumulative Translation Adjustments
Other Equity Adjustments
Total Capitalization
Total Equity
5,107.0
751.0
3,372.0
1,062.0
-1,881.0
78,770.0
80,865.0
81,722.0
81,722.0
80,324.0
56,685.0
55,198.0
61,045.0
62,430.0
56,690.0
133,625.0
133,088.0
127,697.0
130,904.0
121,880.0
Cash Flow
14,938.0
15,499.0
5,012.0
7,400.0
6,928.0
Working Capital
13,119.0
13,654.0
9,277.0
11,952.0
11,781.0
Total Liabilities & Stock Equity
Free Cash Flow
1,567.0
344.0
3,028.0
-625.0
-5,115.0
Invested Capital
78,770.0
80,865.0
81,722.0
81,722.0
80,324.0
1,421.6
1,366.0
1,560.9
1,560.9
1,549.0
0.0
0.0
0.0
0.0
0.0
Total Ordinary Shares
1,421.6
1,366.0
1,509.5
1,548.6
1,549.0
Total Common Shares Out
1,421.6
1,366.0
1,560.9
1,560.9
1,549.0
27.3
82.8
51.4
12.4
12.0
Basic Weighted Shares
1,399.0
1,383.0
1,445.0
1,512.0
1,549.0
Diluted Weighted Shares
1,401.0
1,386.0
1,446.0
1,600.0
1,611.0
Number Of Employees
311000
316000
287000
273811
261000
*
Shares Out (Common Class Only)
Preferred Shares
Treasury Shares
Number Of Part-Time Employees
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
Net Income/Loss
11,850.0
10,439.0
75.0
3,005.0
2,259.0
Depreciation
4,570.0
6,100.0
4,894.0
4,395.0
4,669.0
Amortization
0.0
0.0
0.0
0.0
0.0
Amortization Of Intangibles
0.0
0.0
0.0
0.0
0.0
Deferred Income Taxes
0.0
0.0
-4,512.0
-1,479.0
882.0
820.0
6,593.0
0.0
1,445.0
1,822.0
Operating Gains
Extraordinary Gains
0.0
0.0
0.0
0.0
0.0
(Increase) Decrease In Receivables
548.0
2,139.0
1,578.0
-433.0
-341.0
(Increase) Decrease In Inventories
-690.0
-7,724.0
5,356.0
-5,540.0
-3,057.0
(Increase) Decrease In Prepaid
Expenses
0.0
0.0
0.0
0.0
0.0
(Increase) Decrease In Other Current
Assets
0.0
0.0
0.0
0.0
0.0
565.0
-2,485.0
-360.0
3,442.0
-74.0
0.0
0.0
0.0
0.0
-1,237.0
370.0
-946.0
-3,294.0
-1,991.0
-3,179.0
Decrease (Increase) In Payables
Decrease (Increase) In Other Current
Liabilities
Decrease (Increase) In Other Working
Capital
Other Non-Cash Items
-1,501.0
536.0
3,541.0
926.0
223.0
Net Cash From Continuing Operations
16,532.0
14,652.0
7,278.0
3,770.0
1,967.0
0.0
0.0
0.0
245.0
-190.0
16,532.0
14,652.0
7,278.0
4,015.0
1,777.0
Sale Of Property, Plant & Equipment
0.0
0.0
0.0
0.0
0.0
Sale Of Long-Term Investments
0.0
0.0
0.0
0.0
0.0
Sale Of Short-Term Investments
0.0
0.0
0.0
0.0
0.0
Purchase Of Property, Plant &
Equipment
-5,448.0
-5,531.0
-2,792.0
-3,308.0
-4,838.0
Acquisitions
-7,248.0
-6,201.0
-120.0
-75.0
-860.0
0.0
0.0
-33.0
-327.0
-95.0
Net Cash From Discontinued Operations
Net Cash From Total Operating
Activities
INVESTING ACTIVITIES
Purchase Of Long-Term Investments
Purchase Of Short-Term Investments
0.0
0.0
0.0
0.0
0.0
787.0
-696.0
161.0
374.0
2,220.0
0.0
0.0
0.0
-102.0
-105.0
-11,909.0
-12,428.0
-2,784.0
-3,438.0
-3,678.0
8,882.0
21,720.0
12,035.0
9,846.0
8,981.0
55.0
68.0
3,165.0
1,371.0
5.0
Repayment Of Long-Term Debt
-7,447.0
-16,847.0
-19,879.0
-7,854.0
-8,194.0
Repurchase Of Capital Stock
-2,553.0
-4,440.0
0.0
0.0
0.0
Payment Of Cash Dividends
-2,269.0
-2,576.0
-1,338.0
-1,257.0
-1,194.0
-85.0
-57.0
-330.0
-2,065.0
-130.0
0.0
0.0
0.0
-48.0
-8.0
-3,417.0
-2,132.0
-6,347.0
-7.0
-540.0
Other Investing Changes, Net
Cash From Discontinued Investing
Activities
Net Cash From Investing Activities
FINANCING ACTIVITIES
Issuance Of Debt
Issuance Of Capital Stock
Other Financing Charges, Net
Cash From Discontinued Financing
Activities
Net Cash From Financing Activities
NET CASH FLOW
Effect Exchange Rate Changes
634.0
-376.0
196.0
-159.0
55.0
Net Change In Cash & Equivalents
1,840.0
-284.0
-1,657.0
411.0
-2,386.0
Cash At Beginning Of Period
6,020.0
7,860.0
7,576.0
5,919.0
6,207.0
Cash End Of Period
7,860.0
7,576.0
5,919.0
6,207.0
3,821.0
Foreign Sales
46,591.0
57,571.0
45,097.0
40,579.0
48,256.0
Domestic Sales
58,625.0
67,365.0
20,013.0
37,446.0
45,717.0
Deloitte S.A.
Deloitte S.A.
DELOITTE S.A.
DELOITTE S.A.
DELOITTE S.A.
UQ
UQ
UQ
UQ
UQ
Auditor Name
Auditor Report
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio
10.5
3.6
547.7
22.7
15.3
High PE Ratio
11.3
15.5
563.1
29.4
32.4
Low PE Ratio
5.4
2.3
194.9
15.6
12.4
Gross Profit Margin
23.6
20.0
10.9
14.5
14.0
Pre-Tax Profit Margin
14.1
9.2
-6.8
2.4
2.9
Post-Tax Profit Margin
9.9
7.5
0.2
4.3
1.9
Net Profit Margin
9.9
7.5
0.2
3.9
2.4
Interest Coverage (Cont. Operations)
8.3
5.2
0.0
2.2
1.9
Interest As % Of Invested Capital
2.3
3.1
2.1
1.9
3.5
Effective Tax Rate
Income Per Employee
20.4
9.5
0.0
0.0
32.9
33338
29744
411
10975
8655
NORMALIZED RATIOS
Normalized Close PE Ratio
10.5
3.6
547.7
19.0
20.2
Normalized High PE Ratio
11.3
15.5
563.1
24.6
42.8
Normalized Low PE Ratio
5.4
2.3
194.9
13.1
16.4
Normalized Net Profit Margin
9.9
7.5
0.2
4.3
1.9
Normalized ROE
18.3
17.0
0.2
5.3
3.2
Normalized ROA
7.8
7.1
0.1
2.5
1.5
Normalized ROCI
13.2
11.6
0.1
4.1
2.2
33338
29744
411
12180
6889
Quick Ratio
0.5
0.5
0.5
0.4
0.4
Current Ratio
1.4
1.4
1.4
1.4
1.5
Payout Ratio
16
20
797
40
54
Total Debt/Equity Ratio
0.56
0.62
0.41
0.42
0.47
Long-Term Debt/Total Capital
0.28
0.32
0.25
0.24
0.29
Leverage Ratio
2.4
2.4
2.1
2.1
2.1
Asset Turnover
0.9
0.9
0.5
0.6
0.7
Cash As % Of Revenue
7.5
6.1
9.1
8.0
4.1
Receivables As % Of Revenue
9.1
7.5
8.8
7.3
6.9
SG&A As % Of Revenue
5.2
5.3
6.0
4.3
3.8
R&D As % Of Revenue
0.0
0.0
0.0
0.0
0.0
Normalized Income Per Employee
SOLVENCY RATIOS
EFFICIENCY RATIOS
ACTIVITY RATIOS
Revenue Per $ Cash
13.39
16.49
11.00
12.57
24.59
Revenue Per $ Plant (Net)
1.70
2.06
1.08
1.44
1.73
Revenue Per $ Common Equity
1.86
2.26
1.07
1.25
1.66
Revenue Per $ Invested Capital
1.34
1.54
0.80
0.95
1.17
11.5
13.2
8.6
13.6
15.4
3.9
4.3
2.8
3.7
3.9
Receivables Per Day Sales
32.62
26.89
31.79
26.41
24.72
Sales Per $ Receivables
11.04
13.39
11.32
13.63
14.56
4.84
5.05
3.87
3.98
4.33
0.8
0.9
0.5
0.6
0.8
LIQUIDITY RATIOS
Receivables Turnover
Inventory Turnover
Sales Per $ Inventory
Revenue/Assets
Number Of Days Cost Of Goods In
Inventory
92
84
129
98
92
Current Assets Per Share
31.89
32.51
21.02
27.34
22.99
Total Assets Per Share
94.00
97.43
81.81
83.86
78.69
Intangibles As % Of Book-Value
26.5
29.2
27.9
23.0
24.8
Inventory As % Of Revenue
20.7
19.8
25.9
25.1
23.1
Long-Term Debt Per Share
15.54
18.79
13.25
12.36
15.26
Current Liabilities Per Share
22.66
22.52
15.07
19.68
15.38
Cash Per Share
5.53
5.55
3.79
3.98
2.47
LT-Debt To Equity Ratio
0.39
0.46
0.34
0.31
0.42
LT-Debt As % Of Invested Capital
28.0
31.7
25.3
23.6
29.4
LT-Debt As % Of Total Debt
28.7
33.0
31.0
28.2
36.3
Total Debt As % Total Assets
57.6
58.5
52.2
52.3
53.5
Working Captial As % Of Equity
23.1
24.7
15.2
19.1
20.8
Revenue Per Share
74.01
91.46
41.71
49.99
60.67
Book Value Per Share
39.87
40.41
39.11
40.00
36.60
Tangible Book Value Per Share
29.30
28.61
28.20
30.79
27.53
Price/Revenue Ratio
1.05
0.27
1.05
0.73
0.30
Price/Equity Ratio
1.94
0.61
1.12
0.91
0.50
Price/Tangible Book Ratio
2.64
0.86
1.55
1.19
0.66
Working Capital As % Of Price
11.9
40.7
13.6
21.0
41.8
9.23
10.00
5.94
7.66
7.61
CAPITAL STRUCTURE RATIOS
PROFITABILITY
Working Capital Per Share
Cash Flow Per Share
10.51
11.35
3.21
4.74
4.47
Free Cash Flow Per Share
1.10
0.25
1.94
-0.40
-3.30
Return On Stock Equity (ROE)
18.3
17.0
0.2
4.8
4.0
Return On Capital Invested (ROCI)
13.2
11.6
0.1
3.7
2.8
Return On Assets (ROA)
7.8
7.1
0.1
2.3
1.9
Price/Cash Flow Ratio
7.4
2.2
13.6
7.7
4.1
70.3
98.4
22.6
-91.3
-5.5
338315
395367
226864
284959
360050
% Of Sales-To-Industry
33.8
32.0
29.7
30.1
35.4
% Of Earnings-To-Industry
23.0
22.3
1.1
23.2
17.4
% Of EPS-To-Industry
204.4
231.0
10.9
104.8
81.5
% Of Price-To-Industry
133.6
144.1
123.9
97.4
100.1
% Of PE-To-Industry
65.4
62.6
1130.9
93.2
109.8
% Of Price/Book-To-Industry
51.9
45.5
46.5
47.9
47.2
% Of Price/Sales-To-Industry
46.5
42.9
48.6
63.5
46.9
% Of Price/Cashflow-To-Industry
63.3
54.0
74.1
67.2
62.9
-426.4
334.3
19.8
360.6
37.4
% Of Debt/Equity-To-Industry
65.0
76.7
79.1
68.9
91.3
% Of Current Ratio-To-Industry
87.5
87.5
70.0
82.4
83.3
% Of Gross Profit Margin-To-Industry
68.8
59.0
53.2
75.1
72.9
% Of Pre-Tax Profit Margin-To-Industry
69.1
63.4
-183.8
40.0
50.0
% Of Post-Tax Profit Margin-To-Industry
68.8
68.8
4.3
82.7
38.0
% Of Net Profit Margin-To-Industry
68.3
69.4
4.3
78.0
49.0
Price/Free Cash Flow Ratio
Sales Per Employee
AGAINST THE INDUSTRY RATIOS
% Of Pric/Free Cashlow-To-Industry
% Of ROE-To-Industry
76.3
74.2
3.8
57.8
49.4
% Of Leverage-To-Industry
96.0
92.3
95.5
95.5
95.5
