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ArcelorMittal Audit Report / Information 2006
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Audit Report / Information
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Darcelor
CNWV Registro de Auditorias Emisores
Madrid, a 28 de Junio de 2007
CIONAL DEL MERCADO DE VALORES Informes Financieros y Contables
Paseo de la Castellana, 19 MADRID
Documentación cuentas ARCELOR 2006 Asunto:
Muy Sra. Nuestra,
Como contestación a su correo electrónico de 28 de mayo de 2007, junto con la presente le hacemos llegar la siguiente documentación
- Traducción española del documento titulado ARCELOR ANNUAL REPORT 2006 (cuyo original en inglés ya fue aportado) conteniendo las cuentas anuales individuales y consolidadas.
- Testimonio notarial del original con firma notarialmente legitimada y apostillado de los informes de auditoria sin salvedades emitidos por KPMG tanto para las cuentas anuales individuales como para las consolidadas.
- Testimonio notarial del original con firma notarialmente legitimada y apostilla de certificado emitido por el Secretario del Consejo de Administración de la Sociedad dando cuenta de la concordancia entre los resultados anuales publicados en el documento reseñado más arriba y los aprobados por el citado Consejo de Administración.
Con este motivo, muy atentamente.
Don Javier Serra Callejo General Counsel Spain-Portugal-Italy P. Manuel Chamorro Posada Senior Legal Counsel
9620021/135507.1
PR5976087
The undersigned,
Willem Frederik Otto Stricker, civil law notary, officiating in Rotterdam (The Netherlands), declares that the signature on the attached document is the signature of:
Mr Hendrikus Justus Scheffer, born in Groningen (The Netherlands) on 5 October 1962, holder of a Dutch passport with number: NF1617368.
Thus signed and executed in Rotterdam (The Netherlands), on 19 June 2007.
APOSTILLE
- (Convention de la Haye du 5 Octobre 1961) 1. Country: NETHERLANDS This public document
- has been signed by mr W.F.O. Stricker
- acting in the capacity of notary
- bears the seal/stamp of mr W.F.O. Stricker at Rotterdam certified
- at Rotterdam 6. the 20-06-2007 by the Clerk of the Dictrict Court
- (Griffier van de Rechtbank)
No. HA RP 07-7240/2 Seal/stamp
$21$
$4.$
-
Signature LeBourne
CERTIFICATE
The undersigned, HENDRIKUS JUSTUS SCHEFFER, Company Secretary of ARCELOR SA, states that the 2006 annual accounts of ARCELOR SA and the ARCELOR GROUP have been approved by the Board of Directors of ARCELOR SA, which have been distributed both printed and electronically in a publication titled "ARCELOR ANNUAL(REPORT, 2006".
Hendrikus Justus Scheffer
Arcelorsociété anonyme19, Avenue de la LibertéL-2930 Luxembourg
www.arcelormittal.com Registered office as postal address Registered no. R.C.S. Luxembourg B 82 454
PH5976086
DILIGENCIA DE AUTENTIFICACIÓN: RODRIGO TENA ARREGUI, Notario de esta Capital.------------------------------------
DOY FÉ: que la presente fotocopia compuesta de dos folios sellados esREPRODUCCIÓN EXACTA del original que he tenido a la vista y he cotejado,redactado en inglés, idioma que conozco.-----------------------------------
Número 1.577 del Libro Indicador número 2, Sección B.----------------------------Serie PH., números 5976087 y 5976086.-----------------------------------
En Madrid, a 22 de junio de 2.007.----------------------------------
Meridian Community Community StrategyAdvantage Reviseur d'Entreprises
Aux actionnaires d'Arcelor S.A. 19, avenue de la Liberté L-2930 Luxembourg
RAPPORT DU REVISEUR D'ENTREPRISES
Rapport sur les comptes annuels
Conformément au mandat donné par l'Assemblée Générale des actionnaires du 28 avril 2006, nous avons effectué l'audit des comptes annuels ci-joints d'Arcelor S.A., comprenant le bilan au 31 décembre 2006 ainsi que le compte de profits et pertes pour l'exercice clos à cette date, et des annexes contenant un résumé des principales méthodes comptables et d'autres notes explicatives.
Responsabilité du conseil d'administration dans l'établissement et la présentation des comptes annuels
Le conseil d'administration est responsable de l'établissement et de la présentation sincère de ces comptes annuels, conformément aux obligations légales et réglementaires relatives à l'établissement et la présentation des comptes annuels en vigueur au Luxembourg Cette responsabilité comprend: la conception, la mise en place et le suivi d'un contrôle interne relatif à l'établissement et la présentation sincere de comptes annuels ne comportant pas d'anomalies significatives, que celles di résultent de fraudes ou d'erreurs, ainsi que la détermination d'estimations comptables raisonnables au regard des circonstances.
Responsabilité du réviseur d'entreprises
Notre responsabilité est d'exprimer une opinion sur ces comptes annuels sur la base de notre audit. Nous avons effectué notre audit selon les Normes Internationales d'Audit telles qu'adoptées par l'institut des Réviseurs d'Entreprises. Ces normes requièrent de notre part de nous conformer aux règles d'éthique et de planifier et de réaliser l'audit pour obtenir une assurance raisonnable que les comptes annuels ne comportent pas d'anomalies significatives.
Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les informations, fournies dans les comptes annuels. Le choix des procédures relève du jugement du réviseur d'entreprises, de même que l'évaluation du risque que les comptes annuels contiennent des anomalies significatives, que celles-ci résultent de fraudes ou d'érreurs. En procédant à ces évaluations du risque, le réviseur d'entreprises prend en compte le contrôle interne en vigueur dans l'entité relatif à l'établissement et la présentation sincère des comptes annuels afin de définir des procédures d'audit appropriées en la circonstance, et non dans le but d'exprimer une opinion sur l'efficacité de celui-ci. Un audit comporte également l'appréciation du caractère approprié des méthodes comptables retenues et le caractère raisonnable des estimations comptables faites par le conseil d'administration, de même que l'appréciation de la présentation d'ensemble des comptes annuels. Nous estimons que les éléments probants requeillis sont suffisants et appropriés pour fonder notre opinion.
Oninion
A notre avis, les comptes annuels donnent une image fidèle de la situation financière d'Arcelor S.A. au 31 décembre 2006, ainsi que du résultat de ses opérations pour l'exercice clos à cette date, conformément aux obligations légales et réglementaires relatives à l'établissement et la présentation des comptes annuels en vigueur au Luxembourg.
Rapport sur d'autres obligations légales ou réglementaires
Le rapport de gestion, qui relève de la responsabilité du conseil d'administration, est en concordance avec les comptes annuels
Luxembourg, le 23 mars 2007
KPMG Audit S.à r.l. Réviseurs d'Entreprises
Eric Damotte
La soussignée Joëlle BADEN, notaire de résidence à Luxembourg (Grand-Duché de Luxembourg) certifie par la présente l'authenticité de la (des) signature(s) apposée(s) ci-deseus.
Luxembourg $\overline{6}$ B 6 JU/N 2007 $P$ H 5 9 $X$ 6 0 8 9
| 1. Pays: Grand-Duché de Luxembourg | APOSTILLE(Convention de la Haye du 5 octobre 1961) |
|---|---|
| Le présent acte public __2. a été signé par $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace{1em}}$ $\underline{\hspace$3. agissant en qualité de ____4. est revêtu du sceau / timbre de | Aptric |
| 5. à Luxembourg 6. le7. par Ministère des Affaires Etrangères8. sous No __ 20133A 101 | Attesté1 1 JUIN 2007 |
| 9. Sceau / timbre: 10. Signature | |
| Paul KlInspecteur |
DROTTDECAL
Paul KIRTZBureau des Passeports,Visas et Légalisations
$\mathcal{P}_{\mathcal{A}}(x)$ .
DILIGENCIA DE AUTENTIFICACIÓN: RODRIGO TENA ARREGUI, Notario de esta Capital.------------
DOY FÉ: que la presente fotocopia compuesta de dos folios sellados esREPRODUCCIÓN EXACTA del original que he tenido a la vista y he cotejado,2redactado en francés, idioma que conozco.-----------------------------------
Número 1.580 del Libro Indicador número 2, Sección B.----------------------------Serie PH., números 5976089 y 5976088.-----------------------------------
$\tilde{C}$
En Madrid, a 22 de junio de 2.007.----------------------------------
Aux actionnaires d'Arcelor S.A.
Luxembourg
RAPPORT SUR LES ÉTATS FINANCIERS CONSOLIDÉS
Conformément au mandat donné par l'Assemblée Générale des actionnaires du 28 avril 2006 nous avons effectue l'audit des états financiers consolidés d'Arcelor S.A. et de ses filiales (le « Groupe »), tels que présentés aux pages 56 à 123, comprenant le bilan consolidé au 31 décembre 2006, ainsi que le compte de résultat consolidé, l'état des variations dans les capitaux propres consolidés et le tableau des flux de trésorene consolidé pour l'exercice clos à cette date, et des annexes contenant un résumé des principales méthodes comptables et d'autres notes explicatives.
Responsabilité du conseil d'administration dans l'établissement et la présentation des états financiers consolidés Le conseil d'administration est responsable de l'établissement et de la présentation sincère de ces états financiers consolides, conformement aux Normes Internationales d'information Financière telles qu'adoptées dans l'Union Européenne, concerne reconsideration en la conception, la mise en place et le suivi d'un contrôle interne relatifEuropéenne, Cette responsabilité comprend : la conception, la mise en place et le suivi d'un contrôle intern que celles-ci résultent de fraudes ou d'erreurs : le choix et l'application de principes et méthodes comptables appropriés, ainsi que la détermination d'estimations comptables raisonnables au regard des circonstances.
Responsabilité du réviseur d'entreprises
Notre responsabilité est d'exprimer une opinion sur ces états financiers consolidés sur la base de notre audit. Nous avons effectue notre audit selon les Normes Internationales d'Audit telles qu'adoptées par l'Institut des Réviseurs d'Entreprises. Ces normes requièrent de notre part de nous conformer aux règles d'éthique et de planifier et de réaliser l'audit pour obtenir une assurance raisonnable que les états financiers consolidés ne comportent pas d'anomalies significatives.
Un audit implique la mise en œuvre de procédures en vue de recueillir des éléments probants concernant les montants et les informations fournies dans les états financiers consolidés. Le choix des procédures relève du jugement du réviseur d'entreprises, de même que l'évaluation du risque que les états financiers consolidés contiennent des anomaliessignificatives, que celles ci résultent de fraudes ou d'erreurs. En procédant à ces évaluations du ri d'entreprises prend en compte le contrôle interne en vigueur dans l'entité relatif à l'établissement et la présentation sincère des états financiers consolidés ann de définir des procédures d'audit appropriées en la circonstance, et non dans le but d'exprimer une opinion sur l'efficacité de celui-ci.
Un audit comporte également l'appréciation du caractère approprié des méthodes comptables retenues et le caractère raisonnable des estimations comptables faites par le conseil d'administration, de même que l'appréciation de la présentation d'ensemble des états financiers. Nous estimons que les éléments probants recueillis sont suffisants et appropriés pour fonder notre opinion.
Opinion
A notre avis, les états financiers consolidés donnent une image fidèle de la situation financière consolidée du Groupe au 31 décembre 2006, ainsi que du résultat consolidé de ses opérations et des flux de trésorerie consolidés pour l'exercice clos à cette date, conformément aux Nonnes Internationales d'Information Financière telles qu'adoptées dans l'Union Européenne
Rapport sur d'autres obligations légales ou réglementaires
.Le rapport consolidé de géstion, tel que présenté aux pages 22 à 53, qui relève de la responsabilité du conseild'administration, est en concordance avec les états financiers consolidés.
Luxembourg, le 23 mars 2007
KPMG Audit S.a r.l. Réviseurs d'Entreprises
Eric Damotte
La soussignée Joëlle BADEN, notaire de résidance à Luxembourg (Grand-Duché de Luxembourg) certifis per la présentel'authenticité chris (des) signature(s) apposecie ci - dessus
PH5976095
Luxembourg, 16 775-7741-11 2002
APOSTILLE
(Convention de la Haye du 5 octobre 1961) 1. Pays: Grand-Duché de Luxembourg
| Le présent acte public_ | |||
|---|---|---|---|
| 2. a été signé par Me 4, Roolon | |||
| 3. agissant en qualité de J Nestrai- | |||
| 4. est revêtu du sceau / timbre de ___ |
Attesté 1 1 JUIN 2007 $6.1e$
$\subset$
-
- à Luxembourg 7. par Ministère des Affaires Etrangères8. sous No. 2014 82 A IOA
-
- Sceau / timbre: 10. Signature
Paul KIRTZ Inspecteur Principal Bureau des Passeports, Visas et Légalisations
DILIGENCIA DE AUTENTIFICACIÓN: RODRIGO TENA ARREGUI, Notario de esta Capital.------------------------------------
DOY FÉ: que la presente fotocopia compuesta de dos folios sellados esREPRODUCCIÓN EXACTA del original que he tenido a la vista y he cotejado,redactado en francés, idioma que conozco.-----------------------------------
Número 1.579 del Libro Indicador número 2, Sección B.------------------------------------
En Madrid, a 22 de junio de 2.007.----------------------------------
and the company of the
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Consectidated Francia Getatement
- 56 Consolidated Income Statement
- 57 Consolidated Balance Sheet
- 59 Consolidated Statement of Cash Flows
- 60 Consolidated Statement of Changes in Shareholders' Equity
- 61 Notes to the Consolidated Financial Statements
- 124 Auditor's Report
Annette Accounts alred Article
- Balance Sheet Arcelor S.A. $126$
- 128 - Profit and Loss Account for the year ended 31 December 2006
- Proposed appropriation of the result for the year 130
- 131 Notes to the Annual Accounts
- 138 Auditor's Report
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Consolidated Income Statenant (Amounts in EUR million, unless otherwise stated)
| -2006. | $(\mathbb{P}(\mathbb{H}))^n$ | |
|---|---|---|
| in 1 GR manon. | ||
| Revenue (Note 28) | 40,611 | 32,611 |
| Other operating income | 760 | 707 |
| Own work capitalised and increase and decrease in finished and unfinished goods. | 81 | 352 |
| Cost of raw materials and goods for resale | $-22,692$ | $-15,991$ |
| Other external expenses | $-6,648$ | - 6,761 |
| Staff costs (Note 22) | $-5,418$ | 4,858 |
| Impairment, depreciation and amortisation expenses. | $-1,460$ | 1,294 |
| Negative goodwill | 29 | |
| Other operating expenses | - 791 | 378 |
| Operating result (Note 28) | 4,454 | 4,417 |
| Net financing costs (Note 23) | $-696$ | 254 |
| Share of profit in companies accounted for using the equity method (Note 6). | 363 | 317 |
| PROFIT BEFORE TAX | 4,121 | 4,480 |
| Tax expense (Note 24) | $-462$ | $-175$ |
| PROFIT FOR THE YEAR | 3,659 | 4,305 |
| -Group shareNet profit | 3,007 | 3,873 |
| Net profit Minority interest | 652 | -432 |
| Earnings per share in LUR (Note 15). | ||
| basic. | 4.71 | 6.31 |
| diluted | 4.71 | 5.94 |
(*) To facilitate meaningful year on year comparisons, 2005 figures have been adjusted to account for revised accounting policies (see note 1).
The accompanying notes form an integral part of these consolidated financial statements.
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Arcelor Annual Report 2006 57
Consolidated Financial Statements Consolidated Balance Sheet
(Amounts in EUR million, unless otherwise stated)
Assets
$\sim 10^7$
| In EUR million, as at 31 December | 2006 | 2005* |
|---|---|---|
| Non-current assets | ||
| Intangible assets $(Note 4)$ | 1.634 | 193 |
| Property, plant and equipment (Note 5) | 16,770 | 13,767 |
| Investments accounted for using the equity method (Note 6) | 1,793 | .,415 |
| Other investments and financial assets available for sale (Note 7) | 658 | 653 |
| Receivables and other financial assets (Note 8) | .132 | 739 |
| Deferred tax assets (Note 24) | $\mu$ .327 | 1.378 |
| TOTAL NON-CURRENT ASSETS | 23.314 | 18,145 |
| Current assets.. | ||
| Inventories (Note 9) | 9.084 | .580 |
| Trade receivables (Note 10) | 4,712 | 3,716 |
| Current tax assets | 183 | 268 |
| Other receivables (Note 11) | 4,936 | 1,510 |
| Cash and cash equivalents (Note 12) | 2.345 | 4,645 |
| Assets classified as held for sale (Note 13) | 265 | |
| TOTAL CURRENT ASSETS | 21,525 | 17.719 |
| TOTAL ASSETS | 44,839 | 35,864 |
(*) To facilitate meaningful year-on-year comparisons, 2005 figures have been adjusted to account for revised accounting policies (see note 1).
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(Amounts in EUR million, unless otherwise stated)
| TOTAL EQUITY AND LIABILITIES | 44,839 | 35,864 |
|---|---|---|
| TOTAL CURRENT LIABILITIES | 11,832 | 10,004 |
| Liabilities classified as held for sale (Note 13) | 78 | |
| Other provisions (Note 20) | 289 | 244 |
| Provisions for termination benefits (Note 19) | -30 | |
| Other amounts payable (Note 21) | 3,374 | 2,567 |
| Tax payable | 195 | 312 |
| Interest-bearing liabilities (Note 17). | 1,757 | 1,623 |
| Trade payables | 6,128 | 5,228 |
| Current liabilities | ||
| TOTAL NON-CURRENT LIABILITIES | 10,921 | 8,430 |
| Other liabilities | 140 | |
| Deferred tax liabilities (Note 24) | 1,124 | 537 |
| Other long-term provisions (Note 20) | 972 | 943 |
| Provisions for temination benefits (Note 19) | 762 | 852 |
| Interest-beamig liabilities (Note 17)Employee benefits (Note 18) | 2,438 | 1,617 |
| Non-current liabilities | 5,553 | 4,341 |
| TOTAL EQUITY | 22,086 | 17,430 |
| Minority interest (Note 16) | 2,896 | 2,522 |
| Equity attributable to equity holders of the parent (Note 14) | 19,190 | 14,908 |
| Translation reserve | - 659 | 149. |
| Consolidated reserves | 10,681 | 6,163 |
| Share premium | 5,819 | 5,397 |
| Subscribed capital | 3,349 | 3,199 |
| Shareholders' equity | ||
| h: EUR milion, as at 21 December | 2006. | $2005^{\circ}$ |
| Equity and Liabilities |
(*) To facilitate meaningful year-on-year compansons, 2005 figures have been adjusted to account for revised accounting policies
(see note 1).
The accompanying notes form an integral part of these consolidated financial statements.
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Arcelor Annual Report 2006 59
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(Amounts in EUR million, unless otherwise stated)
| in EUR million | 2006 | 2005* |
|---|---|---|
| Operating activities | ||
| Profit for the year after tax | 3,659 | 4,305 |
| Profit of companies accounted for using the equity method, net of dividends | - 244 | - 222 |
| Amortisation, depreciation, impairment and negative goodwill | .449 | 1,265 |
| Net movement in provisions | $-148$ | |
| Net profit on disposal of assets | - 241 | - 63 |
| Dividends received | .51 | |
| Changes in working capital | $-186$ | - 615 |
| Other items | $-202$ | $-109$ |
| CASH FLOWS FROM OPERATING ACTIVITIES ** | 4,280 | 4,464 |
| Investing activities | ||
| Acquisition of tangible and intangible assets | $-2,298$ | $-2,070$ |
| Acquisition of subsidiary companies, net of cash acquired (Note 3) | $-4,102$ | 57 |
| Acquisition of financial fixed assets | $-330$ | $-331$ |
| Disposal of tangible and intangible assets | 348 | 82 |
| Disposal of subsidiary companies, net of cash disposed of (Note 3) | 151 | 331 |
| Disposal of financial fixed assets | 150 | 120 |
| Proceeds and repayment of loans | $-188$ | 205 |
| CASH FLOWS FROM INVESTING ACTIVITIES | $-6,269$ | $-1,606$ |
| Financing activities | ||
| Other net contributions to shareholders' equity | ||
| Dividends paid | $-1,473$ | 560 |
| Proceeds from borrowings | 7,158 | 499 |
| Repayment of borrowings | - 6,384 | $-2,086$ |
| Repayment of pension funds | $-254$ | |
| CASH FLOWS FROM FINANCING ACTIVITIES | - 691 | $-2,389$ |
| Effect of exchange rate fluctuations on cash held | 380 | 133 |
| Net increase in cash and cash equivalents | $-2,300$ | 602 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR.4,6454,043-----.--------------------------------------- | |
|---|---|
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR-------- | 2.3454,645 |
To facilitate meaningful year-on-year comparisons, 2005 figures have been adjusted to account for revised accounting policies (see note 1). (*) Including taxes paid in an amount of EUR 482 million (2005: EUR 405 million) and net interest paid in an amount of EUR 195 million (**)
(2005: EUR 107 million).
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Consolidated Statement of Changes in Shareholders' Equity(Amounts in EUR million, unless otherwise stated)
| an D.Ramoon31 December 2004 | 3,199 | 5,397 | $-364$ | 28 | $\sim 0.002$ ). | 2.955 | $-403$ | 10,812 | 1,415 | 12.227 |
|---|---|---|---|---|---|---|---|---|---|---|
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| Anders and the | Anders C | - Open | - Revis Biogl | Percent and the | Controller | dh Mentan | s Chura e syske to | 图像化 | $\mathbf{H}(\mathbf{A})$ |
$\sim 10^{-1}$
| PROFIT AND LOSS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Profit for the year 2005. | 3,846 | 3.846. | 432 | 4.278 | ||||||
| Cash flow hedging | $\tilde{\ell}^{\rm T}_{\rm c}$ | 75 | $\left{ \left\vert \cdot\right\rangle \right}$ | |||||||
| Securities available for sale (Note 7). | -24 | -24 | $\sim 2$ | |||||||
| Foreign exchange differences. | 7515.2 | الزواوة | -236. | 788 | ||||||
| DISTRIBUTIONS AND | ||||||||||
| TRANSACTIONS WITH SHAREHOLDERS | ||||||||||
| Dividends paid | 399. | 399 | 161 | 45650 | ||||||
| Acquisition of Acesita | 42 | $A^{\circ}$ | $A_{\rm c}$ | |||||||
| Utilisation of and profit on | ||||||||||
| the sale of own shares. | -97 | -97 | $\left\vert \Omega \right\rangle _{i}$ | |||||||
| Cost of equity-settled | ||||||||||
| share based payments. | $\overline{\phantom{0}}$ | $\mathcal{A}_\mathrm{L}$ | ||||||||
| Acquisitions and repurchase | ||||||||||
| of minority interest. | 602 | (SO) | ||||||||
| Other adjustments | 56 | $\pm$ 1( $\pm$ | (190). | |||||||
| 31 December 2005 | 3,199 | 5,397 | $-267$ | 103 | 24 | 6,504 | 149 | 15,109 | 2,524 | $17,63%$ |
| Adoption IAS 19 revised | 201 | $-201$ | - 21 | $\rightarrow$ 0 $\rightarrow$ | ||||||
| 1 January 2006 | 3,199 | 5,397 | $-267$ | 103 | 24 | 6,303 | 149 | 14,908 | 2,522 | 17,430 |
| PROFIT AND LOSS | ||||||||||
| Profit for the year 2006 | 3.007 | 3.007 | -652 | 3.659 | ||||||
| Cash flow hedging | ||||||||||
| (Note 23) | 119 | $\sim$ | 119 | $-119$ | ||||||
| Securities available. | ||||||||||
| for sale (Note $T$ ). | 4. | |||||||||
| Conversion option | ||||||||||
| $[0, C, L, A, N, E, 2017]$ (Note 17) | 326. | 326 | 326 | |||||||
| Foreign exchange differences. | 808 | 808 | - 97 | $\sim 90%$ | ||||||
| DISTRIBUTIONS AND | ||||||||||
| TRANSACTIONS WITH SHAREHOLDERS | ||||||||||
| Dividends paid | 1.149 | $-1.149$ | 324 | 1.473 | ||||||
| Acquisition of Mittal Steel | ||||||||||
| Gandrange (Note 3) | 155 | 155 | 165 | |||||||
| Disposal of Arcelor Germany | ||||||||||
| holding and its subsidiaries. | ||||||||||
| (Note 3) | 1,980 | 1,980 | -87 | 2.067 | ||||||
| Utilisation of and profit | ||||||||||
| on the sale of own shares | 265 | 41 | 306 | 306 | ||||||
| Cost of equity-settled | ||||||||||
| share based payments. | 1.1 | 11 | ||||||||
| Capital increase | 150 | 422 | 572 | 572 | ||||||
| Acquisitions and repurchase | ||||||||||
| of minority interest. | 52 | $\mathcal{L}^1$ | ||||||||
| Actuarial gams/losses | $+72$ | - 72 | 72 | |||||||
| Other adjustments | 73 | 73 | 73 | |||||||
| 31 DECEMBER 2006 | 3,349 | 5,819 | - 2 | $-16$ | 24 | 10,675 | $-659$ | 19,190 | 2.896 | $22.08^{\circ}$ |
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Financial Statements Notes to the Consolidated Financial Statements
the contract of the contract of the con-
(Amounts in EUR million, unless otherwise stated)
Note $1:$ General
- Note $2:$ Accounting policies
- Note $3:$ Scope of consolidation
- Intangible assets Note $4:$
- Property, plant and equipment Note $5:$
- Investments in companies accounted for using the equity method Note $6:$
- Note $7:$ Other investments and financial assets available for sale
- Note $8:$ Receivables and other financial assets
- Note $9:$ Inventories
- Note 10 : Trade receivables
- Note 11: Other receivables
- Note 12: Cash and cash equivalents
- Note 13 : Assets classified as held for sale and liabilities directly associated with non-current assets classified as held for sale
- Note 14: Equity
- Note 15 : Earnings per share
- Note 16: Minority interest
- Note 17: Interest-bearing liabilities
- Note 18 : Employee benefits
- Note 19: Provisions for termination benefits
- Note 20: Other provisions
- Note 21: Other amounts payable
- Note 22 : Staff costs
- Note 23: Financial income and expense
- Note 24 : Taxation
- Note 25: Related party disclosure
Note 26 : Financial instruments and derivatives
Note 27: Commitments given and received
Note 28 : Segment reporting
Note 29 : Events after the balance sheet date
Note 30 : Emission rights
Note 31: Simplified Group organisation chart
Note 32 : Listing of Group companies as at 31 December 2006
(Amounts in EUR million, unless otherwise stated)
Pursuant to the Regulation (EC) No 1606/2002 of 19 July 2002, the consolidated financial statements of the Arcelor Group for the year ended 31 December 2006 are prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European-Union on 31 December 2006.
The exclusion of certain provisions relating to hedge accounting, pursuant to the adoption of IAS 39 by the European Union, has no impact on the Group's consolidated financial statements.
· 東京の大学の大学の大学の大学の
NOTE 1 - GENERAL
Arcelor S.A. was incorporated under Luxembourg Law on 8 June 2001 in the context of the proposed business combination of Aceralia, Arbed and Usinor; which was completed on 28 February 2002. Mittal Steel Company N.V. has completed the acquisition of Arcelor S.A. on 1 August 2006 and holds 94.24% of the outstanding shares of Arcelor S.A. as at 31 December 2006.
The Arcelor group is included in the consolidated financial statements of Mittal Steel Company N.V., forming the largest body of undertakings of which the Arcelor group forms part. The registered office of the company is located 15th floor, Hofplein 20, 3032 AC Rotterdam The Netherlands and the consolidated accounts are available at this address.
The consolidated financial statements as at 31 December 2006 present the financial position of the Company and of its subsidiaries. (hereafter "the Group"), as well as the interests of the Group in associated companies and jointly controlled entities.
The Board of Directors approved the consolidated financial statements as at and for the year ended 31 December 2006 on 21 February 2007 and authonsed the publication of said consolidated financial statements on 23 March 2006. These financial statements will not be final until approved at the annual general meeting of shareholders.
The consolidated financial statements have been prepared in accordance with IFRS, as adopted by the European Union. This implies that the Group makes some estimates and assumptions having an impact on the balance sheet and on the income statement for the period. Changes in facts and circumstances may lead the Group to change these estimates.
To improve disclosure of the gradual externalisation of its pension commitments, the Group recognises, starting from 1 January 2006, actuarial gains and losses immediately to shareholders' equity, in accordance with IAS 19 revised. The recognition of net actuarial gains and losses was previously done applying the corridor policy.
First time adoption of this new accounting policy has led to a transfer of net unrecognised actuarial gains and losses at the end of the year ended 31 December 2005 to shareholders' equity. Impacts on the balance sheet and income statement are as follows:
the control of the control of
and the control of the con-
the contract of the contract of the contract of the the contract of the contract of the contract of the contract of the contract of the contract of the
and the state of the state of
the contract of the contract of the contract of the contract of the contract of the contract of the
the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of $\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{L}(\mathcal{$
the contract of the contract of the contract of the contract of the contract of
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
CONSOLIDATED INCOME STATEMENT
| 1AS 19 revised | |
|---|---|
| 2005 restated4.417 | |
| ,858 | |
| 480 | |
| $-175$ | |
| ,305 | |
| 873 | |
| 432 | |
| b. 3 | |
| 5.94 | |
CONSOLIDATED BALANCE SHEETS
Assets
| ----- | 35,916 | 52 | .35,864 |
|---|---|---|---|
| TOTAL CURRENT ASSETSTOTAL ASSETS | 720—----- | 719 | |
| TOTAL NON-CURRENT ASSETS________________________________ | 18,196__________________________ | . . .. . | 18.145 |
| In EUR million, as at 31 December | 2005 as published | IAS 19 revised | 2005 restated |
Equity And Liabilities
| In EUR million, as at 31 December | 2005 as published | IAS 19 revised | 2005 restated |
|---|---|---|---|
| TOTAL SHAREHOLDERS' EQUITY | 17,633 | 203 | 17,430 |
| TOTAL NON-CURRENT LIABILITIES | 8,279 | 151 | 8,430 |
| of which employee benefits | 1,431 | 186 | 1,617 |
| of which deferred tax | 57 | -35 | 536. |
| TUTAL CURRENTLIABILITIES.----___----————. | 10,004______ | $- -$10,004 | |
|---|---|---|---|
| TOTAL EQUITY AND LIABILITIES-------------_______-------------. | ---------35,916_________ | 52 | 35,864 |
the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of
the control of the control of the control of $\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$ the contract of the contract of the contract of the contract of the contract of
a sa bandar a shekarar 1970 a tsaran na san a tsaran na san an san an san an san an san an san an san an san aTa an san an san an san an san an san an san an san an san an san an san an san an san an san an san an san an
and the company of $\mathcal{H}_{\mathbf{R}}$ .
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 2 - ACCOUNTING POLICIES
1) Statement of compliance
The consolidated financial statements are prepared in accordance with international standards on financial information or "International Financial Reporting Standards" ("IFRS") as adopted by the European Union.
2) Presentation of the consolidated financial statements
The consolidated financial statements are prepared in euro ("EUR"), rounded to the nearest million.
The consolidated financial statements of the Group are prepared on the basis of the historical cost convention with the exception of the following assets and liabilities which are stated at their fair values; derivative financial instruments, investments held for trading and investments available for sale. In qualifying fair value relationships, hedged assets and liabilities are stated at their fair value. with respect to the risks hedged.
Assets and liabilities held for sale are carried at lower of cost or fair value.
Assets intended to be disposed of or consumed during the Group's normal course of operations, assets held with a view to being sold in the twelve months following the year end date as well as cash and cash equivalents are considered current. All other assets are considered non-current.
Liabilities falling due during the Group's normal course of operations, or in the twelve months following the year-end date, are considered current. All other liabilities are considered non current.
3) Consolidation principles
SUBSIDIARIES
Subsidiaries are companies controlled by the Group. Control exists when the Group has direct or indirect control over the financial and operating policies of a company so as to obtain benefits derived from its activities. Control generally exists where the Group holds more than half of the voting rights.
The financial statements of the significant subsidianes are included in the consolidated financial statements from the date when effective control starts until the date when effective control ends.
Investments in non-significant subsidiaries are recorded as non-current assets. They are classified as being available-for-sale and are stated at fair value when the fair value can be reliably measured. When the fair value can not be reliably measured, they are carried at cost less impairment loss.
Gains and losses resulting from this valuation procedure are recorded in equity.
ASSOCIATED COMPANIES
Associated companies are companies in which the Group has a significant influence, but no control, over the financial and operating policies. Significant influence is generally assumed where the Group holds at least 20% or more of the voting rights.
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The financial statements of associated companies are included in the consolidated financial statements using the equity method, according to which the Group records its share in the net assets of the associated company in its balance sheet from the date when significant influence starts until the date when significant influence ends.
JOINTLY CONTROLLED ENTITIES
Jointly controlled entities are companies in which the Group holds joint control over their activities under a contractual agreement.
The financial statements of jointly controlled entities are included in the consolidated financial statements using the equity method, according to which the Group records its share in the net assets of the jointly controlled entity in its balance sheet from the date when joint control starts until the date when joint control ends.
TRANSACTIONS ELIMINATED THROUGH CONSOLIDATION
Intra-group balances and transactions, as well as unrealised gains resulting from intra-group transactions, are eliminated in the preparation of the consolidated financial statements. Unrealised losses resulting from intra-group transactions are only eliminated to the extent that there is no indication of impairment.
Unrealised gains resulting from transactions with associated companies and jointly controlled entities are eliminated to the extent of the Group's interest in such companies or entities, against the investment amount of the associated company or jointly controlled entity. Unrealised losses are only eliminated to the extent that there is no indication of impairment.
A complete listing of the main subsidiaries and the companies accounted for using the equity method, as at 31 December 2006, is shown in Note 32.
4) Business combinations
GOODWILL
A positive difference between the cost of an acquisition and the acquirer's interest in the fair value of the identifiable assets, liabilities or contingent liabilities acquired, is accounted for as goodwill and is reported as an asset. Goodwill balances are considered at each financial reporting date in order to identify a possible impairment (see paragraph 8 regarding the impairment of assets).
A negative difference between the cost of an acquisition and the acquirer's interest in the fair value of the identifiable assets, liabilities or contingent habilities (negative goodwill) acquired, is recorded directly in the result for the period.
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
STEPPED ACQUISITIONS
When an acquisition is completed by a series of successive transactions, each significant transaction is considered individually for the purpose of the determination of the fair value of the identifiable assets, liabilities and contingent liabilities acquired and hence for the goodwill associated with the acquisition.
The fair values of the identifiable assets and liabilities acquired can vary at the date of each transaction. When a transaction results in taking control over the entity the interests previously held in that entity are re-valued on the basis of the fair values of the identifiable assets and liabilities at that date. The contra posting for this revaluation is recorded directly in shareholders' equity.
Subsequent purchases, after the Group has obtained control, are treated as the acquisitions of shares from minority shareholders: the identifiable assets and liabilities of the entity are not subject to a further revaluation and the positive or negative difference between the cost of such subsequent acquisitions and the net value of the additional proportion of the company acquired is recorded directly in shareholders' equity.
MINORITY INTEREST
The interests of minority shareholders are recorded on the basis of their proportionate interest in the net value of the entity acquired. BUSINESS COMBINATIONS INVOLVING ENTITIES UNDER COMMON CONTROL
The assets and liabilities acquired through a business combination arising from transfer of interests in entities that are under the control of the shareholder that controls the Group are recognised at the carrying amount recognised previously in the Group's controlling shareholder's consolidated financial statements. Any cash paid for the acquisition is recognised directly in equity
5) Foreign currency translation
TRANSACTIONS IN FOREIGN CURRENCIES
Transactions denominated in foreign currencies are converted to EUR at the foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are converted at the foreign exchange rate ruling at that date. Foreign exchange differences arising on conversion are recognised in the income statement.
Non-monetary assets and liabilities denominated in foreign currencies, recorded at historical cost, are converted at the foreign exchange rate prevailing at the date of the transaction.
FINANCIAL STATEMENTS DENOMINATED IN FOREIGN CURRENCIES
Assets and liabilities denominated in foreign currencies, including goodwill and fair value adjustments arising on consolidation, are converted to EUR at the foreign exchange rate ruling at the balance sheet date. The revenues and expenses of foreign currency operations are converted to EUR at the average rate calculated for the period. Foreign exchange differences arising on conversion are recognised directly in shareholders' equity.
Upon the sale of an entity, any exchange differences in equity relating to that entity, are recorded through the income statement.
6) Intangible assets
RESEARCH AND DEVELOPMENT
Expenditure on research activities, undertaken with a view to acquire new scientific or technical knowledge and understanding, is recognised in the income statement as incurred.
Expenditure on development activities, where research findings are applied for the production of new or substantially improved products and processes, is capitalised if the product or the process is considered to be technically and commercially viable and the Group has sufficient resources to complete the development programme.
The expenditure thus capitalised includes the cost of materials, direct labour costs and an appropriate proportion of overheads.
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Other development expenditure is recognised in the income statement as incurred.
OTHER INTANGIBLE ASSETS
Other intangible assets, acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated goodwill is recognised in the income statement when incurred.
Intangible assets other than goodwill primarily include the cost of technology, customer relationships and licences purchased from third parties. These intangible assets are amortised on a straight-line basis over a maximum period of ten years.
SUBSEQUENT EXPENDITURE
Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits of the specific asset $\mathcal{P}_{\text{max}}^{(n)}$ to which it relates and when this cost can be measured and attributed to the asset in a reliable manner. All other expenditure is recognised
AMORTISATION
Amortisation is recognised as an expense on a straight-line basis over the estimated useful lives of intangible assets.
The estimated useful lives are as follows:
patents and trademarks capitalised development costs
customer relationships
5 years
5 years
10 years
$\sigma$ is the following the contribution of the following the contribution of $\sigma$ (Amounts in EUR million, unless otherwise stated)
7) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of an asset created by the Group includes the cost of materials, direct labour costs and an appropriate proportion of overheads. Borrowing costs on loans used to finance the construction of property, plant and equipment are capitalised as part of the cost of the asset until such time that the asset is ready for its intended use.
Property, plant and equipment are subsequently stated at cost less accumulated depreciation less any impairment losses.
Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. The cost of the penodic relining of blast turnaces is capitalised and depreciated over the expected production period.
Maintenance and repair costs are recognised as expenses in the period in which they are incurred.
Government grants that assist the Group in the acquisition of property, plant and equipment are deducted from the carrying amount of the related asset and released to the income statement on a straight-line basis over the expected useful life of the associated asset.
SUBSEQUENT EXPENDITURE
Expenditure incurred in replacing or renewing components of some items of property, plant and equipment is accounted for as the acquisition. of a separate asset and the replaced asset is written off.
Other subsequent expenditure on property, plant and equipment is only recognised as an asset when the expenditure improves the condition of the asset beyond its originally assessed standard of performance.
All other subsequent expenditure is recognised in the income statement as an expense in the period in which it is incurred.
DEPRECIATION
Depreciation is accounted for as an expense on a straight line basis over the estimated useful lives of property, plant and equipment. Land is not depreciated.
Property, plant and equipment acquired before 1 January 2001 are depreciated over their useful lives, which range from 12 to 20 years. for buildings and industrial installations and from 5 to 12 years for other property, plant and equipment.
For other property, plant and equipment the estimated useful lives are as follows:
As a consequence of the business combination between Arcelor and Mittal, remaining useful lives of tangible assets were however reassessed in the framework of the purchase accounting adjustments as at 1 August 2006. Depreciation charge was adjusted accordingly for the period between 1 August 2006 and 31 December 2006.
All property, plant and equipment except hard are depreciated over useful lives varying from 10 to 50 years for buildings and improvements and 2 to 45 years for machinery and equipment.
The cost of mining production assets is depreciated on a unit-of-production basis. The rate of depreciation is determined based on the rate of depletion of the proven developed reserves in the coal deposits mined. Proven developed reserves are defined as the estimated quantity of product which can be expected to be profitability extracted, processed and used in the production of steel under current and foreseeable economic conditions. Depletion of mineral properties is based on rates which are expected to amortise cost of the estimated tonnage of minerals to be removed.
The Group recognises the fair value of a future asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from the acquisition, construction, development, and/or normal use of the assets. The Group concurrently recognises a corresponding increase in the carrying amount of the related long-lived asset that is depreciated over the life of the asset. The key assumptions on which the fair value of the asset retirement obligations are based include the estimated future cash flows, the timing of those cash flows and the credit-adjusted risk-free rate or rates on which the estimated cash flows have been discounted. Subsequent to the initial measurement the liability is accreted over time through periodic charges to earnings. The amount of the liability is subject to remeasurement at each reporting period if there has been a change to certain of the key assumptions.
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
LEASES
Where the Group is the lessee
Leases with respect to significant assets where the Group assumes substantially all of the risks and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance leases are stated at an amount equal to the lower of the fair value and the present value of the minimum lease payments at the inception of the lease. Each lease payment is allocated between the finance charges and a reduction of the lease liability. The interest element of the finance cost is charged to the income statement over the lease period so as to achieve a constant rate of interest on the remaining balance of the liability.
The depreciation policy of capitalised leased assets is similar to that applied to owned property, plant and equipment. If there is no reasonable certainty that the lessee will obtain ownership at the end of the lease term, the asset is depreciated over the shorter of its estimated useful life or the lease term.
Where a significant portion of the risks and rewards of ownership are retained by the lessor, leases are classified as operating leases. Payments made under operating leases are recognised as an expense in the income statement of the period.
Agreements containing a lease
In accordance with IFRIC 4, the same accounting treatment applies to agreements that do not take the legal form of a lease, but convey the right to use a tangible fixed asset in return for a payment or series of payments.
Impairment of assets 8)
The carrying amounts of the Group's assets, other than inventories, deferred tax assets, and assets related to employee benefit plans, are reviewed at each balance sheet date to determine whether there is any indication of impairment. Goodwill arising on the acquisition of companies is allocated to cash generating units which may benefit from synergy effects related to the acquisition.
If any such indication exists for an asset, or for the cash-generating unit to which it belongs, the recoverable amount is estimated.
For intangible assets that are not yet available for use, their recoverable amount is estimated at each balance sheet date.
An impairment loss is recorded immediately where the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. Impairment losses are recognised as an expense in the income statement.
CALCULATION OF RECOVERABLE AMOUNT
The recoverable amount of an asset is the higher of its net selling price and its value in use. In assessing its value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
The recoverable amount of investments in held-to-maturity securities and receivables is calculated as the present value of the expected future cash flows, discounted at the original effective interest rate inherent in the asset.
Cash flows on short-term receivables are not discounted.
REVERSAL OF AN IMPAIRMENT LOSS
An impairment loss recognised in prior years is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. However, the increased carrying amount of an asset due to a reversal of an impairment loss will not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.
Impairment losses recognised for goodwill are not reversed.
9) Investments in debt and equity securities
Investments held for trading are classified as current assets and are stated at fair value, with any resulting gain or loss being recognised in the income statement. Investments with a fixed maturity date after more than one year, that the Group has the positive intent and ability to hold to maturity, are included in non-current assets and are stated at amortised cost using the effective yield method less impairment losses. Other investments held by the Group are classified as being available-for-sale and are stated at fair value when it can be reliably measured. In accordance with IAS 39 revised applicable as of 1 January 2005, any resulting gain or loss is recognised directly in shareholders' equity. The fair value of investments held for trading and investments available-for-sale is taken as the quoted bid price at the balance sheet date. For unquoted securities, a value determined from discounted future cash flows is used.
10) Trade and other receivables
Trade and other receivables are stated at cost less value adjustments for losses.
Notes to the Coractical Sirancial statements confinent (Amounts in EUR million, unless otherwise stated)
11) Inventories
CONSTRUCTION WORK IN PROGRESS
Construction work in progress is stated at contract cost increased by the related profit recognised to date less provisions for foreseeable losses and progress billings. Cost includes all expenditure directly related to the projects and an allocation of fixed and variable overheads. incurred in the Group's contract activities.
OTHER INVENTORIES
Raw materials and supplies are stated at the lower of cost (using either the average cost method or the first in first out method). or net realisable value. Finished goods and work-in-progress are stated at the lower of production cost or net realisable value.
Production cost includes direct raw material and labour costs and a portion of overhead costs, excluding general and administrative expenses. The market value of raw materials and other inventories is based on the net realisable value, including a provision for slow-moving items where appropriate.
12) Cash and cash equivalents
Cash and cash equivalents include cash and short-term investments with a maturity of less than three months from the acquisition date. Short-term investments are valued at market value at the end of each period.
13) Assets and liabilities held for sale
Assets and liabilities whose carrying amount will be recovered principally through a sale transaction rather than through continuing use are classified as held for sale and remeasured at the lower of its carrying value and fair value less costs to sell.
14) Equity
REPURCHASE OF SHARE CAPITAL
When share capital is repurchased, the amount of consideration paid, including attributable costs, is recognised as a change in equity. Repurchased / treasury shares are deducted from total shareholders' equity under the caption 'Treasury shares', until they are cancelled.
DIVIDENDS
Dividends are recorded as a liability in the period when they are approved by a general meeting of shareholders.
15) Convertible debenture loans
Debenture loans convertible into share capital at the option of the holder, where the number of shares issued does not change with fluctuations in their fair value, are accounted for as compound financial instruments, net of attributable transaction costs. The equity component of the convertible debenture loans is calculated as the excess of the issue proceeds over the present value of the future interest and principal payments, discounted at the prevailing market rate for a similar liability that does not have an associated equity component. The interest expense recognised in the income statement is calculated using the effective interest rate method.
16) Interest-bearing borrowings
Interest-bearing borrowings are recorded at initial cost, less direct attributable transaction costs. They are then recorded at amortised cost with any difference between amortised cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis.
17) Employee benefits
TYPES OF PENSION PLANS
Defined contribution plans
Defined contribution plans are those plans where the Group pays fixed contributions to an external life insurance or pension fund for certain categories of employees. Contributions are paid in return for services rendered by the employees during the period. They are expensed as they are incurred in line with the treatment of wages and salaries. No provisions are established in respect of defined contribution plans, as they do not generate future commitments for the Group.
Within the Group, defined contribution plans exclusively relate to pension plans. They are, primarily, additional pension plans that serve to complement local legal pension schemes in respect of which the Group pays contributions to social organisations and which are accounted for in the same manner as wages and salanes.
Defined benefit plans
Defined benefit plans are arrangements that provide guaranteed benefits to certain categories of employees, either by way of contractual
obligations or through a collective agreement. This guarantee of benefits represents a future commitment of the Group and, as such, a liability is calculated. The provision is calculated by estimating the benefits accumulated by employees in return for services rendered during the period and during prior periods. The calculation takes into account demographic assumptions relating to the future characteristics of the previous and current personnel (mortality, personnel tumover etc.) as well as financial assumptions relating to future salary levels or the discount rate applied to services rendered.
Benefits are discounted in order to determine the present value of the future obligation resulting from this type of plan. They are shown in the balance sheet after the deduction of the fair value of the assets that possibly serve to cover them.
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
The discount rate applied is the yield, at the balance sheet date, on AA credit rated bonds that have maturity dates similar to the terms of the Group's pension obligations. A qualified actuary performs the underlying calculations annually, using the projected unit credits method. The actuarial assumptions (both demographic and financial) are reviewed and adapted at year end, giving rise to actuarial gains or losses. As from the 1st January 2006, the Group replaced the "corridor policy" by the new option, permitted by the amendment to IAS 19, of recognising actuarial gains and losses in the period in which they occur. These actuarial gains and losses are recognised in equity.
Where the calculation results in a benefit to the Group, the recognised asset is limited to the net total of any unrecognised actuarial losses
and past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan.
When a defined benefit plan is changed, the increase in benefits earned relating to past services rendered is recognised as an expense on a linear basis in line with the average remaining period to be covered until the corresponding rights are acquired. In case the rights are immediately acquired, the expense is directly charged to the income statement.
Within the Group, defined benefit plans relate to complementary retirement schemes, departure indemnities, work medals and health insurance arrangements.
NATURE OF COMMITMENTS OF DEFINED BENEFIT PLANS
Complementary retirement schemes
These schemes are provided in addition to the legal minimal pension in respect of which Group companies contribute directly into social organisations and which are accounted for in the same manner as wages and salaries.
Termination payments
Termination payments are generally associated with collective agreements with employees under which indemnities are paid upon normal retirement as well as upon voluntary or involuntary retirement.
Work medals
Work medal programmes are sometimes established under agreements at individual company level. These arrangements represent long-term service award programmes made to employees with certain levels of seniority with their employers.
Health insurance
Health insurance schemes relate exclusively to the North American subsidiaries of the group ("post retirement medical care"). For European entities, health insurance is in place by way of obligatory contributions to state health insurance schemes. These contributions are accounted for in the same manner as wages and salaries.
ASSETS COVERING COMMITMENTS RELATING TO DEFINED BENEFIT PLANS
The commitments in respect of certain retirement plans are wholly, or in part, covered by life insurance policies or pension funds, depending on the regulations in place in the country in which the benefits are awarded (the concept of "funded obligations").
Externalised commitments are evaluated by independent specialists.
REMUNERATION BY WAY OF SHARE OPTIONS
The Group grants share option plans to certain members of senior management.
In accordance with the transitional provisions of IFRS 2, applicable since January 1 2005, the accounting treatment of these share option plans is linked to the date of grant: those granted on or before 7 November 2002 (one remaining plan of Usinor S.A. as at 31 December 2005) do not give rise to any recognition in the income statement. When the options are exercised, cash received less transaction costs are credited to subscribed capital and share premium.
Plans granted after 7 November 2002 (four plans as at 31 December 2006) are accounted for using the fair value of the option at the date of grant, the effects of which will be amortised on a straight-line basis over the period through to the exercise date giving rise to a remuneration charge. The contra entry is recorded directly in shareholders' equity of Arcelor S.A, the company granting the stock options.
18) Provisions for termination benefits
The Group recognises an obligation for termination benefits when it is demonstrably committed either to terminating an employee's contract before the normal retirement date or to encouraging voluntary redundancy. Such termination benefits do not bring future economic benefits (services rendered by employees) to the Group and are immediately recognised in the income statement.
Within the Group, provisions for termination benefits fall into two categories:
SOCIAL PROVISIONS IN THE CONTEXT OF RESTRUCTURING PLANS
Provisions are recorded when the Group has announced to the entity and the affected employees or to their representatives a social plan that is detailed and formalised in accordance with the requirements of IAS 37. Such social plans either translate into redundancy or early retirement measures.
Benefits are calculated as a function of the approximate number of people whose employment contracts will be terminated. If such benefits are claimable more than twelve months after the end of the period, they are discounted using an interest rate, which corresponds to that of AA credit rated bonds that have maturity dates approximating to the terms of the Group's obligations.
(Amounts in EUR million, unless otherwise stated)
18) Provisions for termination benefits
FARLY RETIREMENT PLANS.
Within the Group, early retirement plans primanly correspond to the practical implementation of social plans. Such early retirement plans are considered effective when the affected employees have been formally informed and when itabilities have been determined using an approphate actuarial calculation. Party retirement plaus can also be linked to collective agreements signed with certain categories of employees.
Inabilities in respect of both of the above scenanos are calculated on the basis of the effective number of employees likely to take early retirement, in accordance with IAS 19. An independent actuary performs the calculation annually, Liabilities are discounted using an interest rate which corresponds to that of AA credit rated bonds that have maturity dates approximating to the terms of the Group's obligations.
19) Other provisions
A provision is accounted for when the Group has a present obligation (legal or constructive) as a result of a past event, whose amount can be reliably estimated, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
IFCHNICAL WARRANTIES
A provision for technical warranties is recognised when the underlying products or services are sold. The provision is based on Instorical warranty data and a weighting of all possible outcomes against their associated probabilities.
RI SHRUCTURING
A provision for restructuring is accounted for when the Group has approved a detailed formal restructuring plan, and has raised a valid expectation. that it will carry out the restructuring by commencing the implementation of the plan or announcing its main features to those affected by it.
ENVIRONMENT
The Group generally estimates provisions related to environmental issues on a case by case basis, taking into account applicable legal requirements. A best estimate, based on available information, is calculated, provided that the available information indicates that the loss is probable and can be estimated in a sufficiently reliable manner.
ONI ROUS CONTRACTS
A provision for onerous contracts is recognised when the expected economic benefits to be received by the Group under a contract are lower than the unavoidable costs of meeting its obligations under it.
20) Trade and other payables
Trade and other payables are recorded at cost.
21) Deferred taxes
Deferred taxes are calculated for each taxable entity, using the balance sheet liability method, on temporary differences ansing between the tax bases of assets and liabilities, as determined in accordance with the tax rules in force in the countries in which the Group conducts its operations. and their carrying amounts in the financial statements. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the penod when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax assets and liabilities are netted when authonsed by local tax authorities.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which they can be utilised. Therefore, taking into account the cyclical nature of the business, deferred tax assets may be recognised by companies that have incurred tax losses over the previous periods.
22) Revenue recognition, interest and dividend income
SALES OF GOODS AND SERVICES
Revenue from the sale of goods is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer. Revenue from services rendered is recognised in the income statement in proportion to the stage of completion of the related transaction at the balance sheet date. The stage of completion is assessed according to the work performed. No revenue is recognised if there are significant uncertainties regarding recovery of the amount due, associated costs or the possible return of goods.
CONSTRUCTION CONTRACTS
As soon as the outcome of a construction contract can be estimated reliably, contract revenue and expenses are recognised in the income statement in proportion to the stage of completion of the contract. The stage of completion is assessed according to the work performed. Anticipated losses on a contract are recognised immediately in the income statement.
INTERLST AND DIVIDEND INCOME.
Interest income is recognised in the moome statement on a pro-rata basis, taking into account the effective yield rate.
Dividend moonte is recognised in the income statement on the date the general meeting approves the dividend payment.
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
- Financial risk management
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments, interest rate swaps and forward foreign exchange contracts to hedge its exposure to risks related to foreign exchange and interest rates and ansing from operating. financing and investment activities.
Derivative financial instruments are initially recognised at cost and subsequently restated at their fair value. Unrealised gains or losses are recognised depending on the nature of the item being hedged, for qualifying hedge relationships.
The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counter-parties.
The fair value of forward foreign exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price or forward rate.
HEDGE OF CASH FLOWS
When a derivative financial instrument hedges the variation in cash flows of a firm commitment or a forecast transaction, the effective part of any resultant gain or loss on the derivative financial instrument is recognised directly in shareholders' equity.
When the firm commitment or forecast transaction results in the recognition of an asset or a liability, the cumulative gain or loss is removed from equity and enters into the initial measurement of the acquisition cost or other carrying amount of the asset or liability.
The ineffective part of any gain or loss is recognised in the income statement. Any gain or loss arising from the time value of the derivative financial instrument is recognised in the income statement.
When a hedging instrument expires, is sold, terminated or exercised, the cumulated unrealised profit or loss on the hedging instrument is maintained in equity for as long as the expected transaction does not occur and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative net gain or loss, which had been recognised in equity, is reported immediately in the income statement.
PIEDGE OF FAIR VALUE.
Where a derivative financial instrument hedges the variability in fair value of a recognised receivable or payable, any resulting gain or loss on the hedging instrument is recognised in the income statement. The hedged item is also stated at its fair value in respect of the risk being hedged, with any gain or loss being recognised in the income statement.
The fair value of the hedged items, in respect of the risk being hedged, is their canying amount at the balance sheet date translated to EUR. at the foreign exchange rate ruling at that date.
WALLOGE OF NET INVESTMENT IN FOREIGN OPPERATION
Where a foreign currency liability hedges a net investment in a foreign operation, foreign exchange differences arising on translation of the liability to EUR are recognised directly in equity. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in equity; the gain or loss relating to the include portion is recognised immediately in the ancome statement.
Where the hedging instrument is not recognised, the related profit or loss is recognised in the income statement.
24) Emission rights
The Group's industrial sites concerned by the European Directive on CO, emission rights, effective as of 1 January 2005, are located in Germany, Belgium, Spain, France and Luxembourg
the emission nexts allotted to the Group of a no charge basis pursuari to the annual allocation play, are recorded in the balance sheet STAN VALUE AN
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New segment reporting follows Mittel Steel segment reporting. A segment is a distinguishable component of the Craw that is engaged either in providing particular products or sethces (business segment), or in providing protheces with a particular economic environment decographical segment). Which is subject to rake and rowing that are different from the segment consumers
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Seement assets are operational assets used by the sector in the context of its operating activities. They include attributable goodwill, intangible assets and property, plant and equipment, as well as current assets used in the operating activities of the sector. They do not include deferred tax assets, other investments or receivables and other non-current financial assets. Such assets are shown under the caption, Unallocated assets Sector liabilities are liabilities resulting from the activities of a sector, which can either be directly atributed to this sector or can be atributed. to it reasonably. They include current and non-current liabilities. They exclude financial debt and deferred tax liabilities. Such liabilities are shown ander the caption "Unallocated liabilities".
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NOTE 3 - SCOPE OF CONSOLIDATION
As at 31 December 2006, the scope of consolidation of the Arcelor Group includes, in addition to Arcelor S.A., 352 fully consolidated companies (31 December 2005: 371 fully consolidated companies). Furthermore, the Group accounts for 184 companies using the equity method (31 December 2005: 173 companies using the equity method). The reduction in the number of fully consolidated companies is primarily associated with a number of acquisitions and disposals, the principal transactions being as follows:
3.1. – Acquisitions and disposals
$3.1.1. - A equations$
Ewald Glebel
Arcelor finalised on 1 January 2006 the acquisition of 100% of E. Giebel (Luxembourg, Flat carbon Europe).
Laminadora Costarricense and Trefileria Colima
Arcelor, through its Brazilian subsidiary Belgo Mineira, acquired 50% of the companies Laminadora Costarricense and Trefileria Colima (Costa Rica, Long Carbon) on 31 January 2006. The 2 companies are fully consolidated since then given that Arcelor has the power to appoint a majority of members in the Board of Directors of both companies.
Dofasco
On 21 February 2006, Arcelor acquired 88.38% of Dofasco (Canada, Flat Carbon Americas) at the price of CAD 71 per share. Following the extension of Arcelor's offer until 7 March 2006, Arcelor's total ownership increased to 98.5%.On 5 April 2006, Arcelor acquired the remaining 1.5%. Dofasco is thus fully integrated in the consolidated Group accounts.
On 3 April 2006, Arcelor transferred all its shares in Dofasco to an independent Dutch foundation named "Strategic Steel Stichting"(S3) and in place for at least five years unless the S3 Board decides to dissolve it. Arcelor retains full control over Dofasco, including all decision-making power and all economic interest relating to Dofasco, with the exception of any decision to sell Dofasco.
Sonasid
On 31 May 2006, several shareholders, including Arcelor, transferred 1,631,167 shares representing 41.82% (of which 7.5% held by Arcelor) of the capital and voting rights of Sonasid (Morocco, AACIS, Tubes and Mining) to the holding company NSI ("Nouvelles Sidérurgies Industrielles").
Following this transfer, a capital increase, entirely subscribed by Arcelor, which raised its shareholding to 50% in NSI, enabled the holding company to acquire 898,177 additional shares in Sonasid. Thus NSI acquired a controlling stake of 64.86% in Sonasid.
As a result of the shareholders' agreement signed on 31 May 2006 between Arcelor and NSI ("Nouvelles Sidérurgies Industrielles"), which holds the other 50% in NSI, Arcelor acquired the power to govern the financial and operating policies of Sonasid via the holding NSI. Sonasid is thus fully consolidated in the Group accounts since 1 June 2006 at the rate of 32.43%.
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Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
| The fair value and cash flows from acquisitions are the following: | |||||||
|---|---|---|---|---|---|---|---|
| in EUR million | Dofasco: | Sonasid | Other | 2006.2005 |
|---|---|---|---|---|
| Intangible assets | 383 | 134 | 517 | |
| Property, plant and equipment | 3,560 | 176 | 76 | 3,8121,065 |
| Interests in companies accounted for using the equity method | 241 | 242 | ||
| Other investments | ||||
| Debtors and financial assets (commercial and other) | 568 | 104 | 53 | 379725 |
| Inventories | 1,050 | 83 | 44 | 1,177280 |
| Cash and cash equivalents | 120 | 60 | 12 | 192176 |
| Net deferred tax liabilities | - 740 | - 67 | - 808- 91 | |
| Interest-bearing loans | - 848 | 58 | - 906465 | |
| Provisions for pensions and similar benefits | 866 | - 867 | ||
| Other provisions | - 119. | $-9$ | 130- 58 | |
| Creditors (suppliers and others) | 315 | 94 | $-51^{\circ}$ | - 460243 |
| Minority interest | - 321 | - 253 | 15. | - 300- 589 |
| Fair value of net assets acquired | 3,002 | 138. | 58. | 3,198500 |
| Elimination of the contribution of companies | ||||
| previously accounted for using the equity method (Note 6) | 10 | - 201 | - 30- 204 | |
| Net goodwill | ${\bf 1.124}$ | $\bf 17$ | 1,145$\mathbf{11}$ | |
| Revaluation of interests previously held | $-18$ | - 18$+71$ | ||
| Total acquisition costs | 4,126 | 127 | -42. | 4,295236 |
| Cash and cash equivalents acquired | $-120^{\circ}$ | $-60^{\circ}$ | 12 | $-192$176 |
| Amounts to be paid in subsequent periods | ${\bf 11}$ | |||
| OUTFLOW (+) / INFLOW (-) RESULTING FROM ACQUISITIONS | 4,006 | -67 | 30 | $-57$4.103 |
With respect to Dofasco, the determination of the fait value of the identifiable assets and liabilities acquired was completed at the time of the full integration of Dofasco (1 March 2006). However, the fair value exercise is not complete as at 31 December 2006 and remains subject to potential modification until 28 February 2007. The fair value of the net assets acquired is EUR 3,002 million. This resulted in a goodwill of EUR 1,124 million.
in order to reconcile the cash flows associated with the acquisition, the consideration paid by the Group in 2006 associated with Dofasco was EUR 4,006 million. This is determined on the basis of the acquisition price of EUR 4,126 million and the net cash acquired th Dofasco of EUR 120 million.
With respect to Sonasid, the fair value of the identifiable assets and liabilities acquired on 1 June 2006 amounts to EUR 138 million less the acquisition price (EUR 127 million) and the amount previously accounted for under the equity method (EUR 10 million at the end of May 2006). This resulted in a goodwill of EUR 17 million as well as an equity impact of EUR 18 million due to the revaluation of the historical participation (7.5%).
In order to reconcile the cash flows associated with the acquisition, the consideration paid by the Group in 2006 associated with Sonasid was EUR 67 million. This is determined on the basis of the acquisition price of EUR 127 million and the net cash acquired Sonasid of EUR 60 million.
The total net goodwill of EUP 1,145 million includes a negative goodwill of EUP 11 million related to the acquisition of Ewald Giebel
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(Amounts in EUR million, unless otherwise stated)
3.1.2. Disposals
Traxys
On 11 January 2006 Arcelor sold 40% out of its 50% stake in Traxys (Arcelor Steel Solutions and Services, Luxembourg,) to the management of the company together with 2 investment funds.
Ugitech
On 27 April 2006, Arcelor signed an agreement tor the sale of 100% of the shares in Ugitech (Stainless steel, France) to Schmolz + Bickenbach. The sale was effective as at 30 June 2006.
Flachform Stahl
On 14 June 2006, the Group completed the sale of its steel service center Flachform Stahl GmbH (Germany, Arcelor Steel Solutions and Services) to Salzgitter's Hovelmann & Lueg GmbH.
| In EUR millionIntangible assetsTangible assets | 200693 | $\mathcal{P}(\mathsf{X})$184 |
|---|---|---|
| Interests in companies accounted for using the equity method. | 27 | |
| Other participations. | ||
| Debtors and financial assets (commercial and other). | 131 | 157 |
| Inventories | 115 | 61 |
| Cash and cash equivalents | 76 | |
| Net deferred tax asset $(+)$ liabilities $(+)$ | $-13$ | |
| Interest bearing loans. | - 39 | - 28 |
| Provisions for pensions and similar benefits | - 33 | .` |
| Other provisions | - 23 | - 5 |
| Creditors (suppliers and others). | $-124$ | $-189$ |
| Carrying amount of assets disposed of (2) | 175 | 241 |
| DISPOSAL PRICE (1) | 172 | 331 |
| PROFIT ON DISPOSAL (1)-(2) | - 3 | 90 |
| Cash and cash equivalents disposed of | - 5 | |
| INFLOW RESULTING FROM DISPOSALS | 167 | 331 |
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Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
3.2. - Acquisitions and disposals of entities under common control
$3.2.1. - Acquisltions$
Arcelor acquired Mittal Steel Gandrange on 20 November 2006. The acquisition led to the recognition of a change of EUR 155 million recognised in equity.
The carrying amount of the net assets acquired is presented below:
| Jn EUR million | 2006 |
|---|---|
| Property, plant and equipment | |
| Debtors and financial assets (commercial and other) | 99 |
| Inventones | 103 |
| Cash and cash equivalents | |
| Net deferred tax assets | |
| Interest-bearing loans | - 21 |
| Provisions for pensions and similar benefits | - 25 |
| Other provisions | |
| Creditors (suppliers and others) | - 144 |
| Carrying amount of net assets acquired | 155 |
| increase in equity $(-)$ | $-155.$ |
| Total acquisition costs | |
| Cash and cash equivalents acquired | |
| INFLOW RESULTING FROM ACQUISITIONS | |
| 3.2.2. – Disposal |
As at 15 December 2006, Arcelor sold Arcelor Germany Holding including 23 German subsidiaries and shares in other German subsidiaries to Mittal Steel Germany Holding, a wholly-owned subsidiary of Mittal Steel Company N.V. for a total price of EUR 2,617 million (of which a receivable of EUR 2,602 million) leading to a net increase in equity of EUR 1,980 million. The carrying amount of the net assets disposed of is presented below.
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|---|---|
| Intangible assets | |
| Property, plant and equipment | 51 |
| Other participations | 22 |
| Debtors and financial assets (commercial and other)بنزوي | 53 |
| Inventories | 347 |
| Cash and cash equivalents | 16 |
| Net deferred tax assets | 81 |
| Provisions for pensions and similar benefits | $-64$ |
| Other provisions | $-30$ |
| Creditors (suppliers and others) | $-311$ |
| Minority interests | |
| Carrying amount of assets disposed of (2) | 637 |
| NDISPOSAL PRICE (1) | 2,617 |
| SNET INCREASE IN EQUITY | 1,980 |
Nulas to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 4 - INTANGIBLE ASSETS
| Goodwill on acquisition. | Concessions, patents. | Other | TOTAL | |
|---|---|---|---|---|
| Th EUR million, as at 31 December 2006. | hoenses and similar rights. | |||
| Gross opening balance | 290 | 258 | 278 | 826 |
| Acquisitions | 20 | 29 | ||
| Acquisitions through business combinations | 1,156 | 258 | 259 | 1,673 |
| Disposals | - 2 | - 4 | ||
| Disposals of subsidiaries | $\blacksquare$ | |||
| Changes in scope of consolidation | - 9 | |||
| Foreign exchange differences | $-138$ | $-26$ | - 12 | - 176 |
| Transfer to assets held for sale (Note 13) | - 3 | - 3 | ||
| GROSS CLOSING BALANCE | 1,306 | 491 | 532 | 2,329 |
| Opening cumulative amortisation | - 234 | $-190$ | - 209 | $-633$ |
| Amortisation charge | - 47 | - 21 | - 68 | |
| Foreign exchange differences | ||||
| Transfer to assets held for sale (Note 13) | ||||
| CLOSING CUMULATIVE AMORTISATION | $-233$ | $-233$ | $-229$ | $-695$ |
| OPENING NET BOOK VALUE | 56 | 68 | 69 | 193 |
| CLOSING NET BOOK VALUE | 1,073 | 258 | 303 | 1,634 |
| CLOSING NET BOOK VALUE | 56 | 68 | 69 | 193 |
|---|---|---|---|---|
| OPENING NET BOOK VALUE | 23 | 59 | 75 | 157 |
| CLOSING CUMULATIVE AMORTISATION | $-234$ | $-190$ | $-209$ | $-633$ |
| Transfers and other movements | - 14 | $-14$ | ||
| Foreign exchange differences | 8 | |||
| Amortisation charge | - 29 | - 11 | - 40. | |
| Changes in consolidation scope | ||||
| Acquisitions and disposals | ||||
| Opening cumulative amortisation | - 242 | $-168$ | $-182$ | - 592 |
| GROSS CLOSING BALANCE | 290 | 258 | 278 | 826 |
| Transfers and other movements | ||||
| Foreign exchange differences | ||||
| Changes in consolidation scope | ||||
| Disposals | . | |||
| Acquisitions | 33 | 63 | ||
| Gross opening balance | 265 | 227 | 257 | 749 |
| In EUR million, as at 31 December 2005. | Goodwill on acquisition. | Concessions, patents,ticenses and similar rights. | Other | TOTAL |
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Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
ANALYSIS OF NET POSITIVE GOODWILL ON ACQUISITIONS 2006
| $\mathbb{R}$ FUR million | Net value 2005 | Change inconsolidationscope | Foreignexchangedifference | Other | Net value 2006. |
|---|---|---|---|---|---|
| $\sf Usnor /$ S3P | 8 | ||||
| Arcelor Profil | |||||
| Galtec | |||||
| Haironville Portugal | |||||
| Belgo Siderurgica / Dedini | Б. | - д | |||
| Arcelor Projects Spiral Mill | |||||
| Acesita | 29. | $\mathbf{13}$ | 16 | ||
| Asturia de Perfiles | |||||
| Acindar | |||||
| Laminadora Costarricense | |||||
| Synergie Interactive Industrielle | |||||
| Devillers Oxycoupage | |||||
| Sonasid | 17 | ||||
| Dofasco | 1,124 | 123 | 1,001 | ||
| Guille | |||||
| Industrias Zarra | |||||
| Other | |||||
| TOTAL | 56 | 1,156 | - 137 | - 24 | 1,073 |
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| Acesita | 29 | 29 | ||
| Asturia de Perfiles | З. | |||
| Other | п. | |||
| TOTAL | 23 | 33 | 56 | |
| 8. W | ||||
and the control of
$\sim 10^{-11}$
Consolidated Financial Statements
soft del la signification depend Them soft Realman solution and (Amounts in EUR million, unless otherwise stated)
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
| Land andDuildings | Plants andmachinery | Prepaymentsand fixed assets. | Mining assets | Other | Total | |
|---|---|---|---|---|---|---|
| In EUR million, as at 31 December 2006. | under construction. | |||||
| Gross opening balance | 4,186 | 16,999 | 2,086 | 815 | 24,086 | |
| Acquisitions | 64 | 165 | 1,990 | 6 | 44 | 2,269 |
| Disposals | $-1.37$ | $-397$ | $ \rightarrow$ | $-101$ | $-642$ | |
| Acquisition through business combination (Note 3) | 869 | 2,462 | -80 | 367 | 34 | 3,812 |
| Acquisition and disposal under common control (Note 3) | - 97 | $-734$ | $-19$ | 56 | $-906$ | |
| Disposal of subsidiaries outside the group (Note 3) | - 62 | $-158$ | $-10$ | - 9 | $-239$ | |
| Foreign exchange differences | $-222$ | - 941 | $-143$ | 40 | - 18 | $-1,364$ |
| Reclassification assets held for sale (Note 13) | - 51 | $-218$ | - 4 | $-15$ | $-288$ | |
| Transfers: | 430 | 1,051 | $-1.460$ | 217 | - 62 | |
| GROSS CLOSING BALANCE | 4,680 | 18,229 | 2,513 | 333 | 911 | 26,666 |
| Opening cumulative depreciation and impairment | $-1,310$ | $-8.475$ | 534 | $-10,319$ | ||
| Disposals | 96 | 341 | 81 | 518 | ||
| Acquisition and disposal under common control (Note 3) | 52 | 372 | 36 | 460 | ||
| Disposal of subsidiaries outside the group (Note 3) | 42 | 97 | 146 | |||
| Depreciation charge | $-101$ | $-1,026$ | - 20 | - 84 | - 1,231 | |
| Impairment | - 15 | - 124 | $\cdot$ 22 | - 161 | ||
| Foreign exchange differences | 83 | 427 | 12 | 523 | ||
| Reclassification assets held for sale (Note 13) | 113 | ь | 127 | |||
| Other | 103 | - 80 | 41 | |||
| CLOSING CUMULATIVE DEPRECIATION AND IMPAIRMENT | $-1,127$ | $-8,172$ | - 21 | - 19 | $-557$ | $-9,896$ |
| OPENING NET BOOK VALUE | 2,876 | 8,524 | 2,086 | 281 | 13,767 | |
| CLOSING NET BOOK VALUE | 3,553 | 10,057 | 2,492 | 314 | 354 | 16,770 |
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Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT CONTINUED
| in EUR million, as at 31 December 2005 | Land andbuildings | Plants andmachinery | Prepaymentsand fixed assetsunder construction | Other | Total |
|---|---|---|---|---|---|
| Gross opening balance | 3,510 | 15,219 | 1,024 | 736 | 20,489 |
| Acquisitions | 47 | 139 | 1,825 | 29 | 2,040 |
| Disposals | - 62 | - 263 | -5 | $ 112\rangle$ | - 442 |
| Changes in consolidation scope | 323. | 386 | 9. | $-18$ | 700 |
| Foreign exchange differences | 205. | 811 | 105 | 36. | 1,157 |
| Transfers | 163 | 707 | $-{\bf 872}$ | 144 | 142 |
| GROSS CLOSING BALANCE | 4,186 | 16,999 | 2,086 | 815 | 24,086 |
| Opening cumulative depreciation and impairment | $-1,123$ | 7,675 | $-460$ | $-9,259$ | |
| Disposals | $ 23\rangle$ | 224 | 113. | 360 | |
| Changes in consolidation scope. | 40. | 124. | $\overline{18}$ | 182. | |
| Depreciation charge | . | 96. | $+19.$ | ||
| Impairment | - 128 | 1,063 | $-75$ | 1,266 | |
| Foreign exchange differences | - 57 | $-286$ | $-19$ . | $-362$ | |
| Other | $-64$ | 105 | -92. | $-51$ | |
| CLOSING CUMULATIVE DEPRECIATION AND IMPAIRMENT | - 1,310 | $-8,475$ | $-534$ | - 10,319, | |
| OPENING NET BOOK VALUE | 2,387 | 7,544 | 1,023 | 276 | 11,230 |
| CLOSING NET BOOK VALUE | 2,876 | 8,524 | 2,086 | $ 281\rangle$ | 13,767 |
As at 31 December 2006 the gross value of capitalised finance leases is EUR 213 million (2005: EUR 178 million) and the net value of finance leases amounted to EUR 144 million (2005: EUR 120 million).
Tangble fixed assets with a carrying value of EUR $212$ million have been pledged as guarantees of financial debt (2005: EUR 279 million).
As a consequence of the extension of the remaining useful lives from 31 July 2006 orwards following the business combination between Arcelor and Mittal Steel, the depreciation charge is reduced by EUR 199 million for the period between 31 July 2006 and 31 December 2006.
The acquisitions of EUR 2,269 million in 2006 include assets with a cost of EUR 73 million with the exclusive objective of preventing.
reducing or repairing damage to the environment. These environmental investments relate primanly to the reduction of emissions to the atmosphere (dust and gas).
SA MARAKATAMARAKATAN
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Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT CONTINUED
a) Analysis by country and nature of the Investment
| Market | Product | Cost | Replacement | Environment | Professional | Industrial | Total | |||
|---|---|---|---|---|---|---|---|---|---|---|
| In EUR million | Development- - - 이 아이가 아니라 아니라 아니라 아이는 ----- 이 아이는 나무 사람들이 아니라 | Development | reduction | and restoration | a bibliografi e da casa na t-an | safety | safety | _______ | ||
| Belgium | the completed of the content of the set | ○○本 は、「『『『『『『『『『『『『』』 』 『『『『『』 『『』 『『』 『『』 『『』 | AC | _______________________________________ | 184______________________________________ | |||||
| - - - - - - - - - - - - - - - - - - - | . | --- | $\sim$ $\sim$ | . | Service | $\overline{a}$ | $\overline{a}$ | . |
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| TOTA! | 909 | 156 | 333 | 692 | 63 | 43 | 269 | |
|---|---|---|---|---|---|---|---|---|
| Other | 25 | 89 | ||||||
| Brazil | 46 | n7 | 830 | |||||
| Argentina | nл | 54 | ||||||
| Canada | n- | со | oŋ | L79 | ||||
| Germany | $\sim$ | 52 | ||||||
| Luxembourg | 59 | 134 | ||||||
| France | 126 | 29 | та с | 229 | $\sim$ | 490 | ||
| spain | ၁၁ | ᅩ | . Ста | エサエ | -- | ΨY | -- | ، ت |
| b) Analysis by country and nature of the environmental Investment | ||||||
|---|---|---|---|---|---|---|
| Protectionof ambientair and climate | Noiseand vibrationabatement(excluding theworking | Effluentmanagement | Wastemanagement | Protectionand remediation ofsoil, groundwaterand surface water | ||
| In EUR million | environment) | |||||
| Spain | ||||||
| Brazil | 12 | |||||
| Belgium | ||||||
| France | ||||||
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| _uxembourg | $\cdots$ | |||||
| Germany | ||||||
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| e de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la construcción de la constTOTAL | ||||
|---|---|---|---|---|
| NOTE 6 - INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD | ||||
| In EUR million | Value accounted for using the equity method. | |||
| BALANCE AT 31 DECEMBER 2005 | 1,415 | |||
| Acquisitions through business combinations (Note 3) | 242 | |||
| Disposals of equity investments through disposal of subsidiaries | $-54$ | |||
| Profit for the year | 363 | |||
| Dividends paid | $-119$ | |||
| Changes in the percentage of interest | $-88$ | |||
| Foreign exchange differences | $-48$ | |||
| Increase in capital | 78 | |||
| Adjustment through equity of fair value of financial assets | 14 | |||
| Reclassification to assets held for sale (Note 13) | $-10$ | |||
| BALANCE AT 31 DECEMBER 2006. | 1,793 | |||
Changes in the consolidation percentage include the change of method for Dosol Galva, Ewald Giebel, Inox Tubos, Sonasid and Cimaf Cabos which are fully consolidated as at 31 December 2006.
Arcelor Annual Report 2006 81
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 6 - INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD CONTINUED
The primary investments in associated companies and jointly controlled entities are as follows:
| % holding. | Total | Share in | , holding | Total | Share in | |||
|---|---|---|---|---|---|---|---|---|
| at year end | assets as at | profit as at | at year end | assets as at | profit as at | |||
| 31 December | 31 December | 31 December | 31 December | |||||
| In EUR million | 2006 | 2006 | 2006 | 2005 | 2005 | 2005 | ||
| Associated companies |
| FLAT CARBON EUROPE | ||||||
|---|---|---|---|---|---|---|
| DHS Group (Germany) | 51.3% | 688 | $211^{\circ}$ | 51.3% | 500 | 161 |
| Gestamp (Spain) | 35.0% | 181 | 19 | 35.0 % | 169. | 18 |
| CLN (Italy) | 35.0% | 115 | $\mathbf{2}$ , | 35.0 % | -84 | |
| Borcelik (Turkey) | 40.3% | 63 | 11 | 40.3% | 60 | |
| Cia Hispano-Brasileira de Pelotização (Brazil) | 49.1% | 30 1 | 12. | 49.1% | .30 | 22 |
| FLAT CARBON AMERICAS | ||||||
| Dosol Galva (Canada) | 20.0% | 28. | $\bf 11$ | |||
| STAINLESS STEEL | ||||||
| Acesita (Brazil) | 47 | |||||
| LONG CARBON AMERICAS AND EUROPE | ||||||
| LME (France) | 34.0% | $32 -$ | $20^{\circ}$ | 34.0% | 12 X SEANS | $-10.$ |
| Usina Hidrelectrica Guilman Amorim (Brazil) | 51.0% | $\bf{14}$ | 51.0% | 14 | 11 | |
| San Zeno Accial-Duferco (Italy) | 49.9% | 9. | ||||
| A3S (ARCELOR STEEL SOLUTIONS AND SERVICES) | ||||||
| Gonvarri Industrial (Spain) | 35.0% | 133 | 27 | 35.0% | 115 | 22 |
| Holding Gonvarri SRL (Spain) | 35.0% | 35.0% | 79. | |||
| ASIA, AFRICA, CIS | ||||||
| Société Nationale de Sidérurgie (Morocco) | 7.5%: | $\mathbf{10}$ | ||||
| OTHER ACTIVITIES | ||||||
| CFL Cargo | 33.3% | 47. | الان الم | |||
| Groupe Atic (France) | $42.4%$ | 34 | 15. | 42.4 % | 27 | |
| Soteg (Luxembourg) | 20.0% | 27 | 20.0% | 25 | ||
| Various associated companies | '49 | $-25 - 45.9$ % $,$ | -76. | |||
| Jointly controlled entities | ||||||
| FLAT CARBON AMERICAS | ||||||
| Gallatin | 50.O % | 146 | 30 o | |||
| DJ Galv | 50.O%. | 16 | ||||
| Wabush Resources | 28.6 % | 14 | -21 | |||
| Baycoat | 50.0% | 10. | ||||
| LONG CARBON AMERICAS AND EUROPE | ||||||
| Trefil ARBED Kiswire (Korea) | 50.0% | AOH | A | 50.0% | 96 | |
| A3S (ARCELOR STEEL SOLUTIONS AND SERVICES) | ||||||
| Miraxys SA (Luxembourg) | 计单位数 | EOOW | ®¥∆ | |||
| Various jointly controlled entities. | 19 | |||||
| TOTAL | 1,793 | 363 | akas | 医剪材 | ||
ang at anggo na taong ng na shutu ne kata ta Marekani ya MarekaniMarekani ya Marekani ya Marekani ya MarekaniMarekani ya Marekani ya Marekani ya Marekani ya Marekani
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
| NOTE 7 – OTHER INVESTMENTS AND FINANCIAL ASSETS AVAILABLE FOR SALE | ||||
|---|---|---|---|---|
| Shares inaffiliated companies | Participatinginterests | Other securities | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In EUR million | Grossvalue | lmp. | Net:value | Gross -value | lmp. | Netvalue | Grossvalue | .lmp. | Netvalue | Grossvalue | Imp. | Netvalue |
| BALANCE AT 31 DECEMBER 2005. | 555 | 257 | 298 | 100 | -42 | 58 | 357 | - 60 | 297 | 1,012 | - 359 | 653 |
| Acquisitions | 31 | 31 | 38 | 38 | ||||||||
| Disposals j | 28 | $23^{\circ}$ | $\bf{11}$ | 11 | - 39 | 23 | - 16 | |||||
| Increase / decrease in capital | 16 | 16. | $-5$ $-$ | - 5 | 15 | 15 | ||||||
| Changes in consolidation scope | - 31 | - 18 | - 49 | 20 | - 3. | 10 1 | - 4 | $-18$ | - 22 | |||
| Impairment | 19 1 | - 19 | $-3$ | - 3 | - 21 | - 21 | ||||||
| Foreign exchange differences | - 7 | $-2$ | ||||||||||
| Other movements | $28 -$ | - 8. | 20 | $-31.$ | 12 2 | 19 | 12 | 12 | 13 | |||
| BALANCE AT 31 DECEMBER 2006 | 571 - | $-279$ | 292 | 100 | $-32$ | 68 | 350 | - 52 | 298 | 1,021 | - 363 | 658 |
The main acquisitions of the year include a EUR 9 million investment in Group Alliance Metal and a EUR 6 million stake in Bamesa Otel (Shares in affiliated companies).
The main liquidation of the year relates to Financière Mistral (EUR 7 million, Shares in affiliated companies) and Safet (EUR 2 million, Shares in affiliated companies).
The capital increase of the year relates mainly to the companies ARCELOR Logistics Belgium (EUR 9 million, shares in affiliated companies) and ARCELOR Services and Solutions Maroc (EUR 6 million, shares in affiliated companies).
The most significant changes in the scope of consolidation are:
the disposal of non-consolidated subsidiaries of Arcelor Germany Holding to Mittal Group (impact of EUR - 24 million);
a remaining 10% stake (shares in affiliated companies for an amount of EUR 7 million) after the disposal of 40% of Traxys previously accounted for under the equity method;
- the entry of Longometal Armatures (EUR 4 million) following the acquisition and consolidation of Sonasid;
Finally, other movements include the revaluation of other investments and financial assets available for sale at fair value. The main change in fair value relates to the Erdemir shares (EUR- 20 million).
The breakdown of movements by type of portfolio (shares and participating interests at cost, shares and participating interests at fair value) is as follows:
| Dec. 31.Acq.2005 | ChangesIncreasein consolid.和 | Net.depr. | ForeignFairexchangevalue | Other | Dec. 31,2006 | |
|---|---|---|---|---|---|---|
| In EUR million | Disp | capitalscope | diff.adjustments | |||
| Shares and participating | an di S | |||||
| interests at cost | 47522. | -2815 | - 21 | В. | 470. | |
| Gross value | 834 | $-15$- 10 | 833 | |||
| Imp. | - 359$23^{\circ}$ | 18 | 21 | $\overline{12}$ | $-363$ | |
| Shares and participating | ||||||
| interests at fair value | 178 | .6. | $\sim$ $\sim$ | -2. | 188 | |
| Aços Villares | 19, | 16.BAL | 82. | $32^{\circ}$ | ||
| Erderning | 138 | -20. | 118 | |||
| Fortis | 21, | 28 2 | ||||
| Kiswire | ||||||
| Mittal Steel | ъ | О | ||||
| TOTAL | 65322 1 | - 2245 | - 21 | 658 |
The change in the revaluation reserve relating to securities available for sale is nil after tax and minority interests.
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
| NOTE 8 - RECEIVABLES AND OTHER FINANCIAL ASSET: | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| $%$ in EUR million $%$ | Gross valueImpairment | Net value |
|---|---|---|
| BALANCE AT 31 DECEMBER 2005846$-107$ | 739 | |
| Morease | 879 | 879 |
| Repayments | $-697$ | $-69$ |
| Net Impairment |
| Changes in consolidation scope | 525 | 522 | |
|---|---|---|---|
| Other movements | $-301$ | $-299$ | |
| Foreign exchange differences. | $-21$ | Э. | $-19$ |
| BALANCE AT 31 DECEMBER 2006 | 1,231 | -99. | 1,132 |
| The EUR million. | 2006 | 2005* | |
| Mittal Steel Ioans (Note 25) | 487 | ||
| Siderurgica Añon Ioans | $\overline{18}$ | ||
| Allegheny Technologies Ioans | 28 | 29 | |
| Mendes Junior credit | 37 | 37 | |
| Carsid Ioans | 22 | 36 | |
| Sodisid loans | 11 | 15 | |
| Guarantee deposits | 162 | 200 | |
| Revaluation of interest rate hedge instruments (Note 26) | 10 | 63 | |
| Revaluation of raw materials hedge instruments (Note 26). | 13 | 38 | |
| Net assets related to funded obligations (Note 18) | 22 | 14 | |
| Others | 340 | 289 | |
| TOTAL | 1,132 | 739 |
restated.
| этжене тапюл | 20062005 |
|---|---|
| Raw materials and consumables | 3,0302,869 |
| Work in progress | 1,5871,983 |
| Finished goods | 2,3753,492 |
| Contracts in progress | 98.113 |
| Spares | 463585 |
| Advances and prepayments on orders | 42127 |
| TOTAL | 7,5809,084 |
th 2006, raw materials, consumables, changes in finished goods and work in progress recognised as cost of sales amounted to EUR 881 million (2005: EUR 380 million).
The cumulated write-down made in order to value inventones at their fair value less costs to sell amount to EUR 589 million as at 31 December 2006 (2005: EUR 618 million). The reversal of write-downs was EUR 18 million for the year 2006 (2005: write-down of EUR 61 million). The carrying amount of inventones pledged as security for itabilities is EUR 37 million (2005 -)
AVOTE 10 – TRADE RECEIVAEUES
| . | ata di Li | W. | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| ELETOSS amount | |||||||||||
| 4,851 | . О | ||||||||||
| $\mathbb{Z}$ Provision for doubtful accounts $\mathbb{Z}$ | 139 | ||||||||||
| TOTAL | オ フキク | ||||||||||
| 4. I J.C | . |
sta serie 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 1990 en 199Segunda de la casa de la casa de la casa de la casa de la casa de la casa de la casa de la casa de la casa de
ia mingi di kacamatan ing kabupatèn Kabupatèn Kabupatèn Terbanggari Kabupatèn Inggris.Manah salah salah di kacamatèn Kabupatèn Bandari Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 11 - OTHER RECEIVABLES
| In EUR million | 2006 | $-2005'$ |
|---|---|---|
| Other advance payments to public authorities | 806 | 535 |
| Revaluation of foreign exchange rate hedge instruments (Note 26) | 320 | 172 |
| Revaluation of raw material hedge instruments (Note 26) | 53 | 56 |
| Mittal Steel Ioans (Note 25) | 307 | |
| Other financial loans | 566 | |
| Receivables from sale of financial assets | ||
| Prepaid expenses | 100 | 57 |
| Other receivables | 176 | 573 |
| TOTAL | 4,936 | 1.510 |
$*$ restated
The receivables from sale of financial assets include mainly the receivable related to the disposal of Arcelor Germany Holding (EUR 2,602 million).
NOTE 12 - CASH AND CASH EQUIVALENTS
| In FUR million | 2006 | 2005 | |
|---|---|---|---|
| Money market funds | contract and the state of theContract ContractContract Contract Contract | 94 | THE R. P. LEWIS CO., LANSING MICH.2,654 |
| Cash at bank and in hand | 536 | 1,481 | |
| Short-term bank deposits | $\mathbf{r}$ and $\mathbf{r}$ and $\mathbf{r}$. | 510 | |
| TOTAL___________... | 2.345_______________________________________ | .645 |
NOTE 13 - ASSETS CLASSIFIED AS HELD FOR SALE AND LIABILITIES DIRECTLY ASSOCIATED WITH NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
Following Mittal Steel's bid for Arcelor, the European commission identified competition concerns in certain steel production segments. In response, the Company announced, on 13 December 2006, that it had agreed to sell its wholly-owned subsidiary Travi e Profilati di Pallanzeno as well as its 49.9% stake in San Zeno Acciai - Duferco, to Duferco for an enterprise value of EUR 117 million. The transaction closed in January 2007. At 31 December 2006, the disposal group comprises assets of EUR 102 million and liabilities of EUR 42 million.
On 16 March 2007, Mittal Steel and Noble signed a definitive agreement for the combination of their laser-welded tailored blanks businesses. Under the terms of the transaction, Mittal Steel, will sell its laser-welded blanks business in western and eastern Europe, China, India and United States ("TBA") for aggregate consideration of USD 300 million, which will consist of approximately USD 131 million in a combination of cash, a note receivable, and assumption of certain TBA financial obligations by Noble and 9,375,000 shares of Noble common stock (with an agreed value of USD 18 per share). Upon completion, Mittal Steel will become the largest stockholder of Noble, owning approximately 40% of the issued and outstanding common shares. Arcelor will also obtain four of nine seats on Noble's board of directors. Completion of the transaction is expected to occur in June 2007, and is subject to a number of conditions, including Noble shareholder approval, receipt by Noble of not less than USD 165 million in debt financing, anti-trust clearance in the United States, Canada and Europe and other customary conditions. In addition, Arcelor and Noble will seek to include in the transaction as soon as practicable the tailored blanks business operated by Powerlasers, a subsidiary of Dofasco, Inc., for additional consideration to be determined based upon the 2006 financial performance of Powerlasers, estimated at USD 50 million. The common shares of Dofasco are held in a Dutch trust, the trustees of which control any decision to sell Dofasco assets. At 31 December 2006, the disposal group comprises assets of EUR 163 million and liabilities of EUR 36 million.
Assets classified as held for sale
| In EUR million | 2006 |
|---|---|
| Property, plant and equipment (Note 5) | 161 |
| .Investments accounted for under the equity method (Note 6) | 1С |
| .Other investments | |
| Receivables | |
| the contract of the con-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Deferred tax assets | |
| .______________________________________Inventories | |
| --------------------------------------Trade receivables-------------------------------------- | 16 |
| .administrative commence in commence and a series of the contract of the problem of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contracOther receivables | |
| TOTAL | 265 |
Liabilities classified as held for sale
| In EUR million | 2006 | ||
|---|---|---|---|
| the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company | |||
| Interest-bearing liabilitiesEmployee benefits | . | ||
| the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the companyDeferred tax habilities | the contract of the contract of thethe contract of the contract of the contract of the contract of the contract of the contract ofthe contract of the contract of the contract of the contract of the contract of the contract of the contract of | and the control of the | |
| the companies are the companies to the companies of the companies of the construction of the companies of the companies of the companies of the companies of the companies of the companies of the companies of the companiesTrade pay. | the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract o | ||
| i in nombre de Carlo de Carlo de Marquetto de Carlo II e a constante no como de la carlo de la carlo de la carOther amounts payable | . | ||
| Provisions | the contract of the contract of the contract of the contract of the contract ofthe contract of the contract of the contract of the contract of the contract of the contract of the contract ofthe contract of the contract of the contract of the contract of the contract of | ||
| TOTAL |
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE $14 -$ EQUITY
14.1 - Issued capital and share premium
At 31 December 2006, subscribed capital comprises 669,813,408 ordinary shares without face value, issued, fully paid up and representing EUR 3,349,067,040. The share premium amounts to EUR 5,818,878,442.
30,039,081 ordinary shares were issued and 11,954,087 own shares were delivered in 2006 following the conversion of 38,961,038 convertible bonds O.C.E.A.N.E. 2017. Subscribed capital increased by EUR 150,195,405 and share premium by EUR 422,274,381.
The authorised share capital comprises 1,000,000,000 shares and amounts to EUR 5,000,000,000.
| Evolution of the number of shares in issue | Number of shares |
|---|---|
| 31 December 2004 | 639,774.327 |
| $\approx$ 31 December 2005 $\approx$ | 639,774,327 |
| . Cabital increase | 30.039.081 |
| 31 DECEMBER 2006 | 669,813,408 |
14.2 - Foreign currency translation reserve
The movements in exchange differences of EUR - 808 million (2005: EUR 552 million) are primanly due to the depreciation of the US Dollar and Canadian Dollar compared to the EUR.
$\mathbf{14.3}-\mathbf{Other}$ consolidated reserves.
Other consolidated reserves amount to EUR 10,681 million (2005; EUR 6,163 million) and mainly contain the profit attributable to the equity holders of the parent company of EUR 3,007 million (2005: EUR 3,846 million).
14.4 – Share option plan
Arcelor has established four share option plans, the features of which are as follows :
| First plan. | Second plan | Third plan | Fourth plan. |
|---|---|---|---|
| established on30 June 2006 | |||
| 1,335,000 | |||
| 1,320,863 | 1,335,000 | ||
| 9.67 | 13.11 | 独も知る | 34.43 |
| 30 June 2010 | 30 June 2011 | 30 June 2012 | $30$ June 2013. |
| 9.81 | 13.35 | 37.74 | |
| 46.2 | 31.8 | 25.26 | |
| :0.4 | 0,4°, | [0.6] | $ 0.6\rangle$ |
| 3,5 | 4.1 | 2.925 | 4:145. |
| established on30 June 2003.51.396 | established on30 Ame 2004.51.3971,202,663 | established on30 Ame 200510,0001,135,50016.2235.25. |
The option pricing model used for these four plans is the binomial model.
Furthermore, the beneficiaries of the Usinor share option plan established on 7 March 2000 and covering 2,380,000 shares have the possibility of converting their Usinor shares into Arcelor shares. The maturity date of this plan is 7 April 2007. The exercise price is EUR 15.24 and the mumber of options issued as at 31 December 2006 is 37,600.
The movements in the number of outstanding share options during the year were as follows.
| Enumber of share options) | 2008. | 2005 |
|---|---|---|
| Options at the beginning of year. | 4,675,676 | esta 1994 |
| Options granted during year. | 1,385,000 | 解解 ビーズのの |
| Options forferted during wear | - 50.000 | $\sim 1000$ |
| Ciptions exercised during year | 4,495,683 | е одинско |
| Options expired during year. | - 29,600 | Soemor |
| OPTIONS AT THE END OF YEAR | 1,485,393 | 4.675.676 |
In accordance with the standard IFRS 2 Share-based payments, plans granted after 7 November 2002 are subject to specific valuations. by the Group since 1 January 2005. The charge to the result in 2006 associated with the four plans granted on 30 June 2003, 30 June 2004. 30 June 2005 and 30 June 2006 amounts to EUR 11.06 million.
To word to the Corpusicianced Financial Statements optiqued (Amounts in EUR million, unless otherwise stated)
$14.5 - Own shares$
| Number of shares | Value. | |
|---|---|---|
| (in EUR million) | ||
| Contract Contract Contract31 December 2004 | .26,802,407 | 367 |
| ..Acquisitions | 8,189,502 | 147 |
| contract the contractContractDisposalsthe contract of the con-. . | $-15,220,613$ | - 247 |
| 31 December 2005Contract Contract | 19,771,296 | 267 |
| the contract of the contract of the contract of the contract of the contract of the contract of the contract ofAcquisitions | 38,639 | Contract Contract Contract |
| ContractorDisposals | $-19,652,675$ | 266 |
| 31 DECEMBER 2006 | 157,260 |
$14.6 - Dividends$
The Board of Directors will propose a gross dividend of EUR 1.00 per share which will be paid up to 50% on 15 June 2007, 25% in September 2007 and 25% in December 2007. These financial statements do not reflect this dividend which is subject to the approval of the shareholders at the annual general meeting to be held on 27 April 2007.
14.7 – Disposal of Arcelor Germany Holding and subsidiaries
The result on disposal of Arcelor Germany Holding and 23 subsidiaries to Mittal Steel amounts to EUR 1,980 million and was recorded in equity as the transaction relates to entities under common control. Minority interests increase by EUR 87 million as a result of the disposal of some minority investments held by Arcelor Germany Holding.
14.8 - Acquisition of Mittal Steel Gandrange
The equity increase related to the acquisition of Mittal Steel Gandrange amounts to EUR 155 million.
NOTE 15 - EARNINGS PER SHARE
The basic earnings per share are calculated by dividing the net profit (Group share) by the weighted average number of shares in issue during the period, excluding the average number of ordinary shares purchased and held by the Group.
an an an a
| EARNINGS PER SHARE (IN EUR) | ||
|---|---|---|
| Weighted average number of shares used for the calculation of basic earnings per share | 638.018.465 | 614.066.599 |
| Weighted average number of own shares | - 25,707,728 | |
| Number of ordinary shares in issue | 647. | 639.774.327 |
| Net profit (Group share in EUR million) | $.00^-$ | 3.873 |
| 2006 | 2005) |
* restated
The diluted earnings per share are calculated by taking the financial instruments giving access to the capital of the Company, whether they are issued by the Company itself or by one of its subsidiaries. The dilution is calculated, instrument-by-instrument, taking into account the conditions existing at the balance sheet date, and excluding anti-diluting instruments. Furthermore, the net profit is adjusted so as to eliminate the financing charge net of tax corresponding to the diluting instruments.
When funds are collected in the context of the exercise of rights (subscription coupons and options) they are first applied to the purchase of shares at market price if this is above the exercise price of the right.
In each case, funds are taken into account on a pro-rata basis in the year of issue of the diluting instrument and on the first day of the following financial year.
| 2006 | 2005* | |
|---|---|---|
| Net profit (Group share in EUR million) | 3,007 | 3,873 |
| Elimination of interest expense, net of tax, of convertible debt instruments (O.C.E.A.N.E.) | 64 | 19 |
| Elimination of charge associated to stock option plans, net of tax | ||
| Net profit used for the calculation of diluted earnings per share (in EUR million) | 3,075 | 3.895 |
| Weighted average number of shares outstanding | 638,018,465 | 614,066,599 |
| Adjustment for assumed conversion of convertible debt instruments (O.C.E.A.N.E.) | ||
| and for assumed exercise of stock option plans | 15,115,301 | 41,051,425 |
| Weighted average number of shares in issue, used for the calculation of diluted earnings per share | 653,133,766 | 655,118,024 |
| DILUTED EARNINGS PER SHARE (IN EUR) | 4.71 | 5.94 |
* restated
Arcelor Annual Report 2006 87
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 16 - MINORITY INTERESTS
In the year ended 31 December 2006 minority interests increased by EUR 374 million. The minority share of the 2006 result contributed to an increase in the minority interest of EUR 652 million. Dividends paid to minority interests amounted to EUR 324 million.
Changes in the scope of consolidation led to an increase of EUR 139 million. Following the public offer made to the minority shareholders in Acesita, minority interests decreased by EUR 154 million as Arcelor acquired an additional 15.7% stake in the company as at 27 April 2006. The acquisition of Sonasid led to an increase of minority interests by EUR 253 million.
In the year ended 31 December 2005 minority interests increased by EUR 1,109 million, including EUR 617 million relating to changes in the consolidation scope, in particular Acesita (EUR 568 million). The minority share of the 2005 result contributed to an increase in the minority interest of EUR 432 million.
... 그리고 나는 사람들의 사람들은 그리고 그만 보다 보고 있는 것이다. 그리고 있는 것이 있는 것은 그리고 있다. 그리고 있는 그리고 그리고 있는 다음 보고 있는 것이다.그리고 그리고 그리고 그리고 있는 그리고 그리고 그리고 있는 것이다. 그리고 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있는 것이 있그리고 그리고 그리고
NOTE 17 - INTEREST-BEARING LIABILITIES
| the EUR million | 2006 | 2005 |
|---|---|---|
| Convertible debenture loans | 709 | |
| Non-convertible debenture loans | 2,290 | 2,090 |
| Amounts owed to credit institutions | 1,220 | 1,016 |
| Amounts owed to public institutions | 183 | |
| Amounts owed on fixed assets held under finance leases | 140 | 126 |
| Fair value of conversion option relating to convertible debenture loan (Note 26) | 168 | |
| Fair value of interest rate hedge instruments (Note 26) | ||
| Borrowings and other financial debt | 1,709 | 232∶ |
| of which towards Mittal Steel (Note 25) | 1,630 | |
| LONG-TERM BORROWINGS | 5,553 | 4,341 |
| Short-term element of non-convertible debenture loans | 36 | 130 |
| Amounts owed to credit institutions | 136 | 331 |
| Amounts owed to public institutions | 48 | |
| Commercial paper | 99 | 504 |
| Current bank borrowings | 276 | -92 |
| Amounts owed on fixed assets held under finance leases | 13 | 15 |
| Accrued interest payable | 74 | 62, |
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riches is the Ownediated Franciel Statenteris continued (Amounts in EUR million, unless otherwise stated)
NOTE 17 - INTEREST-BEARING LIABILITIES CONTINUED
$17.1$ – Convertible debenture loans
On 14 March 2006, Arcelor has officially irrevocably waived its option to redeem in cash the convertible bond O.C.E.A.N.E. 2017. As a consequence, the fair value (EUR 463 million or EUR 326 million after tax) of the option has been reclassified to equity, such that the conversion right will not be marked-to-market any longer.
On 6 November 2006, the 19,916,184 bonds held by Mittal Steel N.V. as a result of its offer for Arcelor securities were converted into 21,469,646 shares of Arcelor S.A.
As at 31 December 2006, all O.C.E.A.N.E. 2017 bonds were converted into Arcelor S.A. shares or repaid.
| TOTAL | 5,553 | 100 | 4,341 | 100 |
|---|---|---|---|---|
| Other | 13 | |||
| Canadian dollar | 321 | |||
| Brazilian Real | 384 | 263 | € | |
| US dollar | 51 | 568 | 13 | |
| EUR | 4,336 | 3,497 | 81 | |
| To FUR million | 2006. | 2005 |
Breakdown by currency (excluding short-term debt) $17.2 -$
17.3 - Breakdown by maturity (excluding short-term debt)
| TOTAL | 5,553 | 4,341 |
|---|---|---|
| After more than 5 years | 1,321 | 2,100 |
| $\cdots$ | 1,859 | |
| 20102011and the controlContract Contract | 909$\mathbf{r}$ | 780 |
| 2009 | 438 | 286 |
| 2008 | 1,026 | 839 |
| 2007 | 336 | |
| in FUR million. | 2006 | 2005 |
$17.4$ - Interest rates
Vanable interest rates on borrowings are primarily indexed to EURIBOR and LIBOR. When hedging instruments are in place to convert fixed to variable rates the borrowings are recorded as variable rate loans.
17.5 - Fair value of interest-bearing liabilities
| TOTAL | 7,310 | 7,359 | 5,964 | 6,117 |
|---|---|---|---|---|
| Accrued interest payable | 74 | 74 | 62 | 62 |
| Fair value of interest rate hedge instruments | ||||
| Fair value of conversion option relating to convertible debenture loan | 168 | 168 | ||
| Borrowings and other financial debt | 2,784 | 2,784 | 721 | 721 |
| Current bank borrowings | 276 | 276 | -92 | 92 |
| Commercial paper | 99 | 99 | 504 | 504 |
| Amounts owed on fixed assets held under finance leases | 153 | 153 | 141 | 141 |
| Amounts owed to public institutions | 231 | 229 | ||
| Amounts owed to credit institutions | 1,356 | 1,379 | 1,347 | 1,433 |
| Non-convertible debenture loans | 2,326 | 2,354 | 2,220 | 2,287 |
| Convertible debenture loans | 709 | 709 | ||
| In EUR million | 2005.Carrying amount | Fair value. | 2005Carrying amount | Fair value |
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Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
| $\approx$ 17.6 – Detail of main individual long-term loans | ||
|---|---|---|
| th EUR million |
Arcelor Finance
Debenture Ioan 6.385 % 2003 / 2015 (USD 120 million) Debenture Ioan 3.395 % 2004 / 2009 (EUR 100 million) Debenture loan 5.125 % 2003 / 2010 (EUR 600 million)
| Debenture loan 6.125 % 2001 / 2008 (EUR 600 million) | 607625 |
|---|---|
| Debenture Ioan 5.50 % 2004 / 2014 (EUR 100 million) | 103108 |
| Debenture loan 4.625 % 2004 / 2014 (EUR 500 million) | 495495. |
| Debenture Ioan 2005 / 2020 (USD 11 million) | |
| EURIBOR Ioan 3 months 2005 / 2011 (EUR 97 million) | 9697 |
| Loan 3.94 % 2005 / 2009 (EUR 53 million) | 5153 |
| EURIBOR Ioan 3 months 2005 / 2010 (EUR 30 million) | 30-30 |
| EURIBOR loan 3 months 2005 / 2010 (EUR 35 million) | 35 |
| Loan 4.67 % 2001 / 2011 (EUR 47 million) | 2531 |
| Loan 5.36 % 2002 / 2012 (EUR 73 million) | 4958 |
| Loan 5.01 % 2002 / 2010 (EUR 5 million) | |
| Loan 4.01 % 2003 / 2011 (EUR 5 million) | |
| Loan 5.56 % 1995 / 2009 (EUR 25 million) | |
| Loan 5.45 % 1995 / 2009 (EUR 25 million) | |
| Loan 6.4 % 2001 / 2011 (EUR 58 million) | 25-32 |
| Issue of transferable securities - EURIBOR 3 months 2003 / 2008 (EUR 80 million) | 80 |
| Loan 4.06 % 2003 / 2008 (EUR 35 million) | |
| EURIBOR loan 3 months 2000 / 2013 (EUR 100 million) | 83 |
| LIBOR 3 months 2006 / 2011 (EUR 2,000 million) | 1,600 |
| Debenture loan 5.52 % 2006 / 2013 (USD 85 million). | 55 |
| EURIBOR 3 months 2006 / 2015 (EUR 125 million) | 125 |
| LIBOR 6 months 2006 / 2008 (USD 20 million) | |
| LIBOR 6 months 2006 / 2012 (USD 69 million) | 38 |
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|---|---|---|---|---|---|---|
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Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
| 17.6 – Detail of main individual long-term loans continued. | ||
|---|---|---|
| In EUR million | 2006 | 2005 |
| Arcelor S.A.. | ||
| Convertible debenture Ioan 3 % 2002 / 2017. | ||
| Arcelor Luxembourg. The contract of the community of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contrac. | _______________________________________ | Contract Contract |
| EURIBOR Ioan 2000 / 2007 |
| TJLP debenture loan 2006 / 2018 (USD 21 million) | ||
|---|---|---|
| LIBOR 6 months 2006 / 2017 (USD 18 million) | ||
| Debenture Ioan 6 % 2006 / 2017 (USD 10 million) | ||
| Vega do Sul | ||
| . . . LIBOR Ioan 2002 / 2014 (USD 50 million) | ||
| TJLP Ioan 2002 / 2011 (BRL 280 million) | 90 | |
| Acesita | ||
| "Pre-Export" Ioan 2003 / 2010 (USD 50 million) | ||
| "Pre-Export" Ioan 2003 / 2011 (USD 50 million) | ||
| "Pre-Export" Ioan 2003 / 2007 (USD 15 million) | ||
| "Pre-Export" Ioan 2004 / 2007 (USD 10 million) | ||
| "Pre-Export" loan 2004 / 2009 (USD 14 million) | ||
| "Pre-Export" Ioan 2004 / 2007 (USD 10 million) | ||
| TJLP loan 2005 / 2010 (BRL 32 million) | ||
| TJLP loan 2006 / 2013 (BRL 23 million) | ||
| TJLP loan 2006 / 2013 (BRL 10 million) | ||
| TJLP loan 2006 / 2013 (BRL 89 million) | ||
| Acindar | ||
| Convertible debenture Ioan 2004 / 2012 (USD 47 million) | ||
| Dofasco | ||
| Debenture Ioan 7.55 % 2001 / 2008 (CAD 125 million) | 82 | |
| Debenture Ioan 4.961 % 2005 / 2017 (CAD 250 million) | 164 | |
| Debenture Ioan 9.81 % due 2009 (CAD 35 million) | 23 | |
| Revolving debenture loan 2006 / 2009 | 22 | |
| Arcelor Persebras | ||
| Loan linked to Put / Call option on repurchase of minority interests in ACB | 57 | |
| Other loans | 310 | 322 |
| TOTAL | 5,553 | 4,341 |
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Arcelor Annual Report 2006 91
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 18 - EMPLOYEE BENEFITS
${\bf 18.1}$ – Introduction
The majority of the companies included in the Arcelor consolidation scope are European, Brazilian and Canadian entities. According to the laws and regulations in effect in these countries, additional benefits can be granted to staff.
When complementary benefits provided to employees give rise to a future commitment of the Group, a provision is calculated based on actuarial valuation methodology. The Group uses independent actuaries to calculate the amounts of these commitments. Moreover, an independent firm is responsible for the coordination and supervision of all these actuarial calculations for the Group.
In order to reflect the evolution of the expected rate on debenture loan return in 2006, the Group decided to maintain its discount rate for the euro area at 4.5%.
In order to improve disclosure of the gradual externalisation of its pension commitments, the Group recognised actuarial gains or losses immediately to shareholders' equity starting 1 January 2006, in accordance with IAS 19 revised, and thus replace the corridor policy allowing deferred recognition of net actuarial gains or losses.
This change in accounting policy has affected long-term benefits granted to staff (complementary pension plans, retirement benefits and medical insurance for pensioners), with the single exception of work medals. The Group does not apply the corridor policy to work medals and their valuation is subject to a different level of uncertainty compared to the remaining long-term benefits.
First-time adoption of this new accounting policy lead to a transfer of net unrecognised actuarial gains or losses as at 1 January 2006 to shareholders' equity. The impact on balance sheet provisions is as follows:
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| Shi EUR million | Closing balance 2005Actuarial gains or lossesOpening balance 2006 |
|---|---|
| Complementary pension plans | 9792581,237 |
| Leaving indemnities | 374297 |
| Medical insurance | 30 125 |
| Work medals | 53၁၁ |
| TOTAL EMPLOYEE BENEFITS | 1.4311861,617 |
Some subsidiaries have determined to cover partly or completely their retirement obligations through contracts with external insurance providers where such hedging is compulsory (funded obligations).
External policies are evaluated by independent actuaries.
The difference between the current value of such commitments and that of the external insurance policies designed to cover such commitments (EUR 465 million in total, including all benefits) represents the net liability of the Group in relation to such benefit schemes. This does not represent an overall funding shortfall, but rather, in almost all cases, financing options entered into by the subsidiaries.
18.2 – Financial Information
18.2.1 – Detail of the provisions by type of commitment $,$
Pre-retirement plans have been reclassified to the balance sheet caption "Provisions for termination benefits" (Note 19).
Provisions for pension and other benefits are analysed as follows:
| TOTAL PROVISION FOR PENSION PLANS AND SIMILAR BENEFITS | 2,438紫绿了 |
|---|---|
| Work medals | |
| Erivate medical insurance? | 633 |
| Leaving compensation | 270 |
| Complementary pension plane | 1.478Marwo |
| A TAN LITTING SA MARA | 2006Æ |
Charges in the year associated with these additional benefits granted to staff (excluding the interest charge intent to the discounting of commitments and to the discounted return on assets) are disclosed within the caption "Staff costs" in the ricorre statement. as detailed at Note 22.
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18.2.2 Pensions
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| . | France. | -Beggum | Gennan | Luxembourg | Boazil | Canadal | Others | Inte | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ∣n ‡uR miljon | 2006 | 20OF | 2006 | 2009. | 2006 | 2000 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005) | 2006 | 20YF |
| Financial assets | ||||||||||||||||
| Opening balance | 30 | 306 | 284. | 84 | 69 | 841 | -601 | |||||||||
| -Actual return on plan assets - | 15 | $\mathbf{r}$ | 58 | 86 | 159 | $104,$ | ||||||||||
| -Actuanal (gains) $\rho$losses. | $\sim$ | $1^{\circ}$ |
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の一般
| Additional fundingBenefits paid outAcquisitions / disposals / settlementsChanges in consolidation scopeExchange differences.Closing balance | 30 | 26- 36299 | 25.306. | - 10 | 14455 | .1 113(5150411 | 32$-50$1,209- 811,196 | - 1679 | - 1071,173- 9084 2,062 | -48-437352841 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actuarial value of commitments | |||||||||||||||
| Opening balanceCurrent service costinterest cost | 55516$\overline{26}$ | 7813942 | 390$12 \overline{ }$18 | 375.1018 | 38216 | 37418 | 209 | 199.10 | 34741 | 20819 | 63 | 117 | 88 2,000 2.02588178 | 67 | |
| Actuanal (gains) / lossesStaff funding | 37 | 6. | 23 | 55. | -62 | 88 | 129. | ||||||||
| DisbursementsAcquisitions / disposals / settlements | A A- 41$\Delta \phi = 0.05$ to an about an extent$\sim$ | 278-62 | 38- 8 | $+28$ | $-26$$-27$ | -25- | $-18$ | -99 | $-17$ | - 50$-6$ 1,427 | - 4- 14 | $-194$1,371 | 37170 | ||
| Obligation transferChange in pension plan: | 16 | 18 | |||||||||||||
| Changes in consolidation scope-Exchange differences. | -23 | 3044 | - 97 | - 3 | $-105$ | 4446 | |||||||||
| Closing balance | 575 | 555. | 396 | 390. | 329 | 382. | 208 | 209. | 398 | $347 ; 1,446$ | 105 | 117 | 3,457,2,000 | ||
| Balance sheet provisionPresent value of funded obligations | 126 | 126 | 369 | 361 | 12 | 398 | 347 1,446 | 103 | 114 2,445 | 963 | |||||
| Fair value of plan assetsSub-total: Net present value of | $-32$ | $-30.$ | 299 | 306 | -9 | $-455$ | $411 - 1,196$ | -79 | $-84 - 2,062$ | 841 | |||||
| funded obligation | 94 | 96 | 70 | 55 | - 57 | 64 | 250. | 24 | 30 | 383 | 122 | ||||
| Present value of unfunded obligationsUnrecognised actuarial gains / (losses). | 449 | 429 | 27 | 29. | 329 | 370 | 205 | 206 | 3 1,012 1.037 | ||||||
| Unrecognised service costSub total: Net commitments | 543 | 525. | 97 | 84 | 329 | 373 | 207 | 208. | - 57 | 64 | 250 | 26 | 33 1,395 | -159 | |
| Not assets related to funded obligations. | 61 | 64 | 83 | 66 | |||||||||||
| Balance sheet provision. | 543 | 525. | 99 | 86 | 329 | 373 | 207 | 208. | 264 | 32 | $33 \overline{1,478}$ | 1,225 | |||
| Breakdown of charge for the periodCurrent service cost | 16 | 39 | 10 | ||||||||||||
| Interest cost | 26 | 42 | 18 | 18 | 16 | 18 | 9 | 10 | 41 | 19. | 41-63 | 88178 | 67 | ||
| Expected return on assets | $\sim 100$ | - 12 | - 52 | 27 | $-72$ | 140 | 46 | ||||||||
| Amortisation of past service cost | 16 | ||||||||||||||
| Curtailments and settlements | - 62 | - 61 | |||||||||||||
| Expenses recognised in theincome statement | 37 | 18 | -37 | 20 | 20 | 26 | 16 | 32 | -5 | 143 | 83 | ||||
| Movements in balance sheet provision | |||||||||||||||
| Opening provision | 525 | 762 | 86 | 93 | 373 | 367 | 208 | 196 | 33 | 19 1,225 | .436 | ||||
| Changes in consolidation scope | 32 | - 4 | - 23 | ||||||||||||
| Exchange differences | -16 | ||||||||||||||
| Variation of net assets relatedto funded obligations. | 14 | ||||||||||||||
| Change in equity SORIF | 35 | 8. | 19 | $^{\circ}11$ | 48 | 68 | 7. . | ||||||||
| Acquisition/Divestiture/Obligation transfer | 218 | 197 | |||||||||||||
| Disbursements | 47 | 286. | 28 | 30 | - 27 | - 27 | $-18$ | - 22 | 8 | $-32$ | - 166 | $-37%$ | |||
| Expenses recognised in the l | |||||||||||||||
| income statement. | 37 | 18 | 20 | 20 | 26. | 16 | 32 | 143 | 8: | ||||||
| Closing provision | 543 | -525. | 99 | 86. | 329 | 373 | 207 | 208 | 264 | 32 | 33 1,478 1.22 | ||||
| Main actuarial assumptionsDiscount rate $(%)$ | |||||||||||||||
| Expected return on plan assets $(%)$ | 5.00% 5.00% 3.55% 4.06% | 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 10.96% 7.12% 5.00%$-4.00%$ 4.00% 4.00% 12.76% 9.64% 7.16% | |||||||||||||
| Average rate of salary increase (%) | 2.84% 2.84% 3.37% 3.58% 2.37% 2.49% 4.57% 4.57% 6.66% 2.86% 3.40% | ||||||||||||||
| Inflation rate $(%)$ | $2.00%$ $2.00%$ | 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 4.68% 0.96% 2.50% | |||||||||||||
| Defined contribution plan | |||||||||||||||
| Contributions during the period. | - 24 | ||||||||||||||
,他们的人都是不是一个人的。""我们的人,我们的人,我们的人,我们的人,我们的人,我们的人,我们的人,我们的人,
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
| $18.2.3 - Leaving$ Indemnities | ||||
|---|---|---|---|---|
| In EUR million | France | Others | Total | |
| Financial assets | 2006:2005. | 2006 2005 | 20052006 | |
| Opening balance | 8.Β | -88 - | ||
| Actual return on plan assets | ||||
| Actuarial (gains) / losses | ||||
| Additional funding | ||||
| Benefits paid out | ||||
| Acquisitions / disposals / settlements | ||||
| Changes in consolidation scope | ||||
| Exchange differences | ||||
| Closing balance | ||||
| Actuarial value of commitmentsOpening balance | ||||
| Current service cost | 267274 | 3230 | 299304 | |
| Interest cost | ŏ11-13 | 10 | ||
| Actuarial (gains) / losses | 12 | |||
| Staff funding | ||||
| Benefit paid out | $-20 -$- 16 | D. | - 25 | |
| Acquisitions / disposals / settlements | ||||
| Changes in pension plan | - 9 | |||
| Changes in consolidation scope | $-5 -$ | - 13 | ||
| Exchange differences | ||||
| Closing balance | 254267 | 20 | 299274 | |
| Balance sheet provision | ||||
| Present value of funded obligations | 12 | 12 | ||
| Fair value of plan assets | ||||
| Sub-total: Net present value of funded obligationsPresent value of unfunded obligations. | ||||
| Unrecognised actuarial gains / (losses) | 242255. | 20-32 | 287262 | |
| Unrecognised past service costs | Г. | |||
| Balance sheet provision | 250.265 | 2032. | ||
| 297270 | ||||
| Breakdown of charge for the period | ||||
| Current service cost | 9. | -109 | ||
| Interest cost | 43 | 1512 | ||
| Amortisation of past service cost | ||||
| Curtailments and settlements | , т | |||
| Expenses recognised in the income statement | 18.18. | 21 | ||
| Movement in balance sheet provision | ||||
| Dpening provision | 265.268, | : 3230. | 297 | |
| Changes in consolidation scope | - 5. | - 8 | - 13 | |
| Change in equity - SORIE | - 86. A. | 298- 10 | ||
| Disbursements | $\sim$ 20 $_{\odot}$46. | - 5 | - 25 | |
| Expenses recognised in the Income statement | XQ18 | 21 | ||
| Closing provision | ASE250 | 20 | ||
| Main actuarial assumptions | ||||
| Discount rate | 医圣经药4.50% | |||
| Expected return on plan assetsAverage rate of salary increase | $5.75%$ $5.75%$2.97% 2.97% | 19297 |
234023430214002
一个人的人
$\frac{\partial}{\partial t}$
. . . . . . . . . . . . . . . . . . . .
.......................................
. . . . . . . . . . . . . . . . . . . .
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
18.2.4 - Other benefits (medical insurance, work medals)
| France | Belgium | Canada | Others | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In EUR million | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | -2005. |
| Financial assets$\sim 100$ km s $^{-1}$ | ||||||||||
| Opening balance | ||||||||||
| .Actuarial (gains) / losses | ||||||||||
| Actual return on plan assets | ||||||||||
| Additional funding | ||||||||||
| State StreetBenefits paid out | ||||||||||
| CONTRACTOR.Acquisitions / disposals / settlements | ||||||||||
| Changes in consolidation scope | ||||||||||
| Exchange differences | ||||||||||
| $\cdots$$\sim$ $\sim$ $\sim$Closing balance | ||||||||||
| Actuarial value of commitments.. | ||||||||||
| Opening balance. | 36 | 35 | 35 | 83 | ||||||
| Current service cost.. | 12 | |||||||||
| Interest costcontract to the contract of the. | 31 | |||||||||
| Actuarial (gains) / losses | 32 | |||||||||
| Staff funding. . Contract Contract$\cdots$ | ||||||||||
| Benefit paid out.. | $\sim$ | |||||||||
| Acquisitions / disposals / settlementsand the contract. | 605 | 605 | ||||||||
| Changes in pension plan.. | ||||||||||
| Changes in consolidation scope | ||||||||||
| Exchange differences. | ||||||||||
| ..Closing balance | 36 | 85 | ||||||||
| Contract Contract Contractthe contract of the contract of the contract of the contract of the contract of the contract of the contract of | ||||||||||
| Balance sheet provision | ||||||||||
| Present value of funded obligations | 20 | |||||||||
| Fair value of plan assets | ||||||||||
| Sub-total: Net present value of funded obligations | 25 | |||||||||
| Present value of unfunded obligations | 38 | 36 | 609 | 16 | 670 | 58 | ||||
| Unrecognised actuarial gains / (losses) | ||||||||||
| Unrecognised past service costs | ||||||||||
| Balance sheet provision | 83 | |||||||||
| Breakdown of charges for the period | ||||||||||
| Current service cost | 10 | |||||||||
| Interest cost | 31 | |||||||||
| Expected return on assets | ||||||||||
| Actuarial (gains) / losses recognised in the period | ||||||||||
| Amortisation of past service cost | - 6 | |||||||||
| Curtailments and settlements | ||||||||||
| Expenses recognised in the income statement | 37 | 12 | ||||||||
| Movement in balance sheet provision | ||||||||||
| Opening provision | 36 | 35 | 33 | -31 | 83 | 80 | ||||
| Changes in consolidation scope | 605 | -607 | ||||||||
| Exchange differences | -44 | |||||||||
| Disbursements | - 6 | $-16$ | - 26 | |||||||
| Change in equity - SORIE | 27 | 28 | ||||||||
| Expenses recognised in the income statement | 8 | 37 | 42 | |||||||
| Closing provision | 38 | 36 | 609 | 16 | 690 | 83 | ||||
| Main actuarial assumptions | ||||||||||
| ______________________________________Discount rate | 4.50% 4.50% 4.50% 4.50% 5.01% | |||||||||
| Expected return on plan assets | ||||||||||
| . | 5.00% 5.00% | |||||||||
| Average rate of salary increase | $3.11%$ 2.86% | 3.41% | ||||||||
| Health care cost trend rate | 2.03% 2.50% 7.89% | |||||||||
| Inflation rate | 2.00% 2.00% 2.00% 2.00% 2.50% |
18.3. – Financial assets
Plan assets consist of the following:
| TOTAL | 2.073 | 100% | |
|---|---|---|---|
| Others | Contract Contract-------------- | ||
| Real Estate | Contract Contract Contract Contractthe contract of the contract of the contract of the contract of the contract ofthe contract of the con-the control of the control of the control ofthe company's company's company's | ||
| Equity | .the company's company's company's andthe contract of the contract of the contract of the contract of the contract of | 76 | the contract of the contract of the contract of the$\cdots$ |
| Bonds. | .Contract ContractThe commission of the commission of the commission of the commission of the commission of the commission of the commission of the commission of the commission of the commission of the commission of the commission of the co.Contract Contract Contract | 169A 1990 FOR 1990 FOR 1990 FOR 1990 | 56%. |
| In EUR millionthe company of the company of the company of thethe contract of the contract of | the contract of the company of the contract of the contract of the contract of the contract of the contract ofthe contract of the contract of the company and company and contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the co | 2006 | Contract Contract |
and the contract of the state of
$\sim$
$\sim 10^{-1}$
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
18.4 – Other informations
Assumed healthcare cost trend rates have a significant effect on the amounts recognised in profit or loss.
A one percentage point change in assumed healthcare cost trend rates would have the following effects:
fn EUR million
Effect on the aggregate service and interest cost
One percentage One percentage point increase point decrease
10
$\vert 114 \rangle$
$(96)$
Effect on defined benefit obligation
The Group expects to pay 79M EUR in contributions to defined benefit plans in 2007.
NOTE 19 - PROVISIONS FOR TERMINATION BENEFITS
The provisions for termination benefits reflect social commitments that the Group has made in the context of its restructuring plans announced pnor to the year-end (which may subsequently become early retirement plans) or early retirement plans linked to collective agreements signed with certain categories of employees.
| In EUR million | Social provisions | Early retirement plans: | Total |
|---|---|---|---|
| Opening balance at 1 January 2006 | 411 | 471 | 882 |
| Increase in provision | 60 | 51 | 111 |
| Utilisation and reversal | .58 | 105 | $-163.$ |
| Reclassifications (social plans transformed into early | |||
| retirement plans during the year) | 21 | ||
| Other reclassifications, changes in consolidation scope | |||
| and foreign exchange variations | 29 | - 28 | - 57 |
| CLOSING BALANCE AS AT 31 DECEMBER 2006. | 363 | 410 | 773 |
Charges for the period relating to social provisions are recorded in "Other operating charges" in the income statement. Charges for the period relating to early retirement plans are recorded in "Staff costs" in the income statement as detailed in Note 22.
19.1 - Social provisions
Social provisions at the year-end include estimated indemnities under the following restructuring plans (amounts in EUR million).
Flat Carbon Steel sector (2006: 306, 2005: 324). primarily the social plan related to the reorganisation of the hot phase in Liège (2006: 176; 2005: 184) and the increase of the social provisions in Spain within the context of the ARCO project (2006: 113; 2005: 109). Stainless Steel sector (2006: 36; 2005: 59)
A3S sector (2006; 14; 2005; 17).
19.2 - Early retirement plans
An actuary reviews the early retirement plans, which are either part of restructuring measures or collective agreements. The main assumptions and the movements during the year are summarised in the following table.
| Beløurn | Germany | Luxembourg | Others | Total | |||
|---|---|---|---|---|---|---|---|
| BELR million | 2006- | 2005 | 2005:2006: | 20052006 | 2006 2005 | 2006 2005 | |
| Balance sheet provision | |||||||
| Present value of unfunded obligation | 358 | 378 | 5319. | 3138. | 410 | 471 | |
| Unrecognised actuarial gains / (losses) | |||||||
| Balance sheet provision | 358 | 378 | 5319 | 31538 | 410 | 471 | |
| Breakdown of charges for the period | |||||||
| Gurrent service gosts | 8I | 40 | |||||
| inerest cost | 15 | 18. | - 21 | ||||
| Actuarial (gains) / losses recognised in the period | 16 | 19. | 24 | 15 | |||
| Amortisation of past service cost | |||||||
| Expenses recognised in the income statement | 32 | 72 | 4014 | 51 | 81 | ||
| a televi | |||||||
| Movement in balance sheet provision | |||||||
| Opening provision | 378 | 373 | 6353 | 13 | 38.47 | 471e | ASS |
| Changes in consolidation scope | |||||||
| Exchange differences | |||||||
| Acquisition / disposal | |||||||
| Obligation transfer | 21 | 21 | |||||
| Disbursements | 73 | - 2020 | 10 | 105 | 101 | ||
| Expenses recognised in the income statement. | 32 | 72 | 1014 | $51-$ | '81 | ||
| Closing provision | 358 | 378 | 5319. | 3138 | 410 | 471 | |
| Main actuarial assumptions | |||||||
| Discount rate | 4.00% 4.03% | ||||||
| 4.11% 4.14% | 4.00% 4.00% | ||||||
| Average rate of salary increasean an an 1980 an 1970. Tha an an an am an an 1970 an 1980 an 1980 an 1980 an 1980. Tha an 1980 an 1980 an 1980 | 2.00% 2.00% 2 | 2.50% 2.51% 2.00% 2.00% | 1,769.00 | ||||
| Inflation rate | 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% | ||||||
| 2010년 12월 21일 12월 30일 31일 12월 12월 30일 4월 12월 12월 12월 12월 12월 12월 12월 12월 12월 12人名法法加尔 化磷酸铁矿 |
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 20 - OTHER PROVISIONS
| Restructuring costs | Commercial | Environnemental | Other risks | TOTAL | |
|---|---|---|---|---|---|
| In EUR million | risks. | nsks | |||
| Opening balance | 61 | 228 | 801 | 1,187 | |
| Increase in provisions | '24 | 30 | 58 | 317 | 429 |
| Utilisation and reversal | - 37 | - 35 | - 294 | $-388$ | |
| Reclassifications, changes in consolidation scope and exchange differences | - 37 | 26 | 37 | -33 | |
| CLOSING BALANCE | 76 | 277 | 861 | 1.261 | |
| the company of the company.In EUR million | 2006 | 2005. | |||
| Other long-term provisions | 972 | 943 | |||
| Other short-term provisions | 289 | 244 | |||
| TOTAL OTHER PROVISIONS | 1,261 | 1,187 |
$20.1$ – Provisions for restructuring
Provisions recorded under this heading do not include social commitments which are separately disclosed under "Provisions for termination benefits" as detailed in Note 19.
Provisions for restructuring comprise provisions established in respect of charges for the dismantling and the restoration of sites.
By sector, restructuring provisions are analysed as follows:
- Flat Carbon Europe: EUR 26 million (2005: EUR 42 million) $\bullet$
- Long Carbon America and Europe: EUR 8 million (2005: EUR 8 million) $\bullet$
- Stainless: EUR million (2005: EUR 33 million)
- $A3S : EUR 9$ million (2005: EUR 6 million)
- Other: EUR 4 million (2005: EUR 8 million)
20.2 - Commercial risks
Commercial risks primarily include litigation with customers, bad debts, losses on contracts and termination losses as well as guarantees and other items.
the control of the control of the control of the control of
and the company of the
20.3 - Environmental risks
Provisions for environmental risks, analysed by geographic zones, are as follows:
| TOTALTTP SITT WAS IMPOUNDED. | 228 | |
|---|---|---|
| Other | ||
| Canada--------------------------------------.------ | . | . |
| . . the contract of the contract of the_____________________________ | ||
| France.Contract Contract.and the contract ofthe contract of the contract of the contract of the contract of the contract of the contract of the contract of | .. | 68. |
| Belgiumthe contract of the contract of the | ΛC. . .. | Contract Contract.100 |
| in FUR millionthe control of the control of thethe contract of the contract of the contract of the con-______________________________________ | 2006and the second contract of the second contract of the second contract of the second contract of the second contract of the second contract of the second contract of the second contract of the second contract of the second__________ | 2005 |
The provisions cover the anticipated costs relating to both protection and remediation of soil, ground water and surface water (2006: EUR 184 million; 2005: EUR 135 million), waste management (2006: EUR 35 million; 2005: EUR 35 million) and other environmental measurements (2006: EUR 58 million, 2005: EUR 58 million). The provisions are calculated in accordance with local and national legal standards and regulations.
the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of the contract of
and the state of the state of the state of the state of the state of the state of the state of the state of th
the contract of the contract of the contract of the contract of the
Contract Contract Contract
the control of the control of the control
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
20.4 – Other risks Other provisions cover the following risks: In EUR million 2006 2005 Litigations 329 308 Tax risks 118 235. Social ricks
| $\sim$ and $\sim$_ ___________ _ | THE RESIDENCE OF REAL PROPERTY. | . | ||||
|---|---|---|---|---|---|---|
| Other risks. | . | -------------------------------------- | .--------------------------------------. | ------30Cაჟა | ______________________________________ | |
| --------TOTAL | . | _______-------------------- | ------------cо. | COM. | ||
| . | __________. | . | _______ |
Provisions for tax risks include provisions booked within the context of disputes with local and/or national tax authorities.
Provisions for litigations comprise non-tax related claims.
The provisions for social risks include provisions recorded which are not included under the heading of "Employee benefits".
| NOTE 21 - OTHER AMOUNTS PAYABLE | |||
|---|---|---|---|
| In EUR million | 2006 | 2005 | |
| Fixed asset and other suppliers | 422 | $-406$ | |
| Prepayments on orders | 239 | 217 | |
| Revaluation of foreign currency hedge instruments (Note 26) | 318 | 32 | |
| Revaluation of raw materials hedge instruments (Note 26) | 14 | ||
| Remuneration, tax and social security: | 1,629 | 1,334 | |
| Dividends payable | 81 | ||
| Other creditors | 482 | 451 | |
| Deferred income | 189 | 50 | |
| TOTAL | 3.374 | 2,567 | |
| Market Commercial Commercial |
| INOTE 22 – STAFF COSTS | ||
|---|---|---|
| In EUR million | 2006 | 2005* |
| Wages and salaries | 3,731 | 3,352 |
| Social charges | 1,090 | $1{,}082$ |
| Contributions to defined contribution pension schemes (Note 18) | -21 | |
| Charges for the year in respect of additional employee benefits giving | ||
| rise to provisions (not including interest charges) (Note 18) | 125 | 42. |
| Charges for the year in respect of provisions for early retirement | ||
| (not including interest charges) (Note 19). | 33 | -60 |
| Employee profit-sharing scheme | 134 | 103 |
| Cost of equity-settled share-based payments | 10 | |
| Cther | 283 | 194 |
| TOTAL | 5,418 | .858 |
| restated | ||
aka kalendar dan berketakan di bagian dan berketakan bagian dalam dan berketakan dan berketakan dalam berketakBerketakan dan berketakan dan berketakan dan berketakan berketakan dan berketakan dalam dalam dan dalam dan pe
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 23 - FINANCIAL INCOME AND EXPENSE
Recognised in profit and loss
In EUR million. 2006 $2005$ 236 Interest income 568 Interest charges 336
| Discounting interest charges | $-113$ | - 128 |
|---|---|---|
| of which interest charges relating to the discounting of employee benefits provisions (Note 18) | - 81 | - 87 |
| • of which interest charges relating to the discounting of early retirement provisions (Note 19) | - 18 | - 21 |
| Dividends received | -51 | |
| Foreign exchange result | 346 | 120 |
| Restatement to fair value of the equity conversion option relating to the O.C.E.A.N.E. 2017 debenture loan | - 295 | |
| Net change in fair value for derivatives | ||
| Impairment of financial assets | ||
| Result on the disposal of financial assets | ||
| Merger costs | ||
| Other | - 180 | |
| TOTAL | - 696 |
Interest charges include the accelerated amortisation of the O.C.E.A.N.E. 2017 debenture loan following the early redemption of the loan for EUR 64 million.
The result on foreign exchange includes a gain of EUR 354 million related to the revaluation of a foreign exchange CAD/EUR swap.
The merger costs include the break fees related to the termination of the Strategic Alliance Agreement between Arcelor and Severstal (EUR 140 million).
Other net financing costs include banking charges and commissions for EUR 64 million (2005: EUR 48 million).
Recognised in equity
the control of the control of the control of
a service control
| Foreign currency translation differences on foreign operationsTOTAL | $-808$1.575 | 552651 |
|---|---|---|
| Acquisition of Mittal Steel Gandrange (Note 14.8) | 155 | |
| Disposal of Arcelor Germany Holding and subsidiaries (Note 14.7) | 1,980 | |
| Gain on sale of own shares. . | ||
| Transfer to equity of O.C.E.A.N.E. 2017 liability component | 326 | |
| Effective portion of changes in fair value of cash flow hedge | - 119 | 75 |
| Net change in fair value of available for sale financial assets | 24 | |
| In EUR million | 2006 | 2005 |
| ---------.TOTAL______________________________________ | 119 | 75. w |
|---|---|---|
| Raw material hedgeinstruments__________ | 29_____ | -40--------------------------------------- |
| Foreignexchange rate hedge instruments | -90--- ----------- ---- | 115$\cdots$ $\cdots$. . . . |
| In EUR million. | 2006- -- -- ------ | 2005.$\mathbf{r}$ |
As a consequence of the cancellation of the cash settlement option related to the O.C.E.A.N.E. 2017 convertible debenture loan, the cumulative value of the equity conversion option was transferred from interest-bearing liabilities to equity (EUR 326 million after tax).
the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the and the company the contract of the contract of the 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 the control of the control of the control of Contract Contract
the contract of the contract of the contract of
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 24 - TAXATION
Tax Charge
Tax analysis:
In EUR million
Current tax
2006 GOE
$-53$
6
$\mathcal{L}_{\text{max}}$
in an a
537
$\sim 10^{11}$
| VVIII VIII, KAA | כטס - | - ລອດ |
|---|---|---|
| Deferred tax | 143 | 221 |
| TOTAL TAXATION | - 462 | - 175 |
| restated | ||
| Reconciliation between the tax charge and the result before tax: | ||
| In EUR million | 2006 | 2005 |
| Net profit | 3,007 | 3,873 |
| Minority interest | 652 | 432 |
| Result from companies accounted for using the equity method | $-363$ | - 317 |
| Tax charge | 462 | 175 |
| Profit before tax | 3,758 | 4,163 |
| Theoretical tax charge (34.39% in 2005, 33.80% in 2005) | $-1,292$ | $-1,407$ |
| Reconciliation: | ||
| Permanent differences | 123 | |
| Movements in unrecognised deferred tax assets | - 21 | 220 |
| Variation in tax rates | 80 | |
| Tax deduction «Adene» (Brazil) | 52 | 82 |
| Tax deduction on MJS acquisition (Brazil) | L17 | |
| Variations in deferred tax liabilities related to foreign exchange movements | ||
| on non-monetary assets and liabilities denominated in foreign currencies | ||
| Deferred tax assets related to tax losses carried forward | 385 | 574 |
| Foreign exchange loss on Canadian dollar currency swap | 75 | |
| Reversal of impairment on forests at CAF Santa Barbara | 28 | |
| Tax credits | ||
| Other taxes | 49 | |
| EFFECTIVE TAX CHARGE | - 462 | -175 |
| Permanent differences are primarily due to the following: | ||
| In EUR million | 2006, | 2005 |
| Impairment | ||
| Goodwill and surplus amortisation | ||
| Result exempt from tax | 95 | 80 |
| Other charges and income, not deductible / not taxable | 19 | 42 |
| TOTAL | 117 | 123 |
| Deferred Tax | ||
| Movements in deferred tax liabilities are analysed as follows: | ||
| In EUR million | 2006 | 2005 |
| Balance as at January $\mathbf{\mathbf{\mathcal{I}}^{\prime}}$ | 537 | 605 |
| Expense (income) for the period | - 174 | 摩羅 |
| Deferred tax assets related to losses carried forward | - 51 | - 109 |
| Variations in deferred tax liabilities related to foreign exchange movements | ||
| on non-monetary assets and liabilities denominated in foreign currencies | 171 | |
| Reclassification in Liabilities held for sale | ||
| Effects of the variations in exchange rates, consolidation scope and re-classifications | 869 | つつ |
Deferred tax booked directly to shareholders' equity
BALANCE AS AT 31 DECEMBER
$1,124$ Maria A Contractor AMA $\label{eq:2} \frac{1}{2}\sum_{i=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{1}{2}\sum_{j=1}^n\frac{$ $\label{eq:2} \frac{\partial}{\partial x}\frac{\partial}{\partial y} \left( \frac{\partial}{\partial x} + \frac{\partial}{\partial y} \frac{\partial}{\partial y} \right) = 0.$ $\label{eq:2} \begin{split} \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) = \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) \ \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) = \mathcal{L}{\text{max}}(\mathcal{L}{\text{max}}) \end{split}$ $\mathcal{L}^{\text{max}}{\text{max}}$ 1980)1980 - Carlos $\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}$ $\sim 10^{-11}$ $\label{eq:2} \frac{1}{\sqrt{2}}\sum{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1}{\sqrt{2}}\sum_{i=1}^N\frac{1$ $\hat{A}$ SALE
Notes to the Consolidated Financial Statenents continued (Amounts in EUR million, unless otherwise stated)
NOTE 24 - TAXATION CONTINUED
| Movements in deferred tax assets are analysed as follows: | ||
|---|---|---|
| In FUR million. | 2006 | -2005- |
| Balance as at 1 January | 1,378 | 1,300 |
| Income (expense) for the period | $-30$ | $-85$ |
| Deferred tax assets related to losses carried forward | 351 | 465 |
| Utilisation of deferred tax assets related to losses carried forward | $-463$ | $-226$ |
| Deferred tax asset adjustments relating to prior periods | - 17 | |
| Variations in deferred tax assets related to foreign exchange movements on non-monetary | ||
| assets and liabilities denominated in foreign currencies | ||
| Reclassification in assets held for sale | ||
| Effects of the variations in exchange rates, consolidation scope and re-classifications | - 60 | |
| Deferred tax booked directly to shareholders' equity | 26 | $-16$ |
| BALANCE AS AT 31 DECEMBER | 1,327 | 1,378 |
Origin of deferred tax assets and liabilities:
$\sim 10^{-1}$
| Assets | Liabilities. | Net | ||||
|---|---|---|---|---|---|---|
| In EUR million | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 |
| Intangible assets | 91 | - 131 | - 3 | - 40 | 6 | |
| Property, plant and equipment | 193 | 261 | $-1,585$ | $-941$ | 1,392 | $-680$ |
| $\cdots$Inventories | 170 | 120 | - 27 | 129 | 93 | |
| Financial instruments | 36 | - 117 | - 20 | $+81$ | ||
| Other assets | 99 | 267 | - 70 | $-151$ | 29 | 116 |
| Provisions: | 862 | 580 | $-274$ | $-147$ | 588 | 433 |
| of which pensions | 513 | 270 | - 16 | 11 | 497 | 259 |
| of which other social provisions | 207 | 157 | 207 | 156 | ||
| of which other provisions | 142 | 153 | - 257 | $-135$ | - 115 | 18 |
| other liabilities | 120 | 131 | - 49 | - 111 | 20 | |
| $\mathbf{r}$ , and a set of the set of $\mathbf{r}$.Tax losses carried forward | 742 | 934 | 742 | 934 | ||
| Tax credits | 123 | 123 | ||||
| Untaxed reserves | - 5 | |||||
| Other tax credits linked to Mendes Junior | - 22 | - 22 | ||||
| Deferred tax assets / (liabilities) | 2.338 | - 2.208 | - 1,497 | 203 | 841 | |
| Deferred tax assets | 1,327 | 1,378 | ||||
| Deferred tax liabilities | $-1,124$ | $-537$ | ||||
| NET BALANCE | 203 | 841 |
As at 31 December 2006, the Group's carried forward tax losses have the following maturity:
| $\cdots$the contract of the contract of the contract of the contract of the contract of the contract of the contract of.Contract Contractthe contract of the con-.the company of the company of the company of | |
|---|---|
| 20062007_______________________________________المناول المناول المناول المناول المناول المناول المناول المناول المناول المناول المناول المناول المناول المناولthe contract the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company ofthe contract of the contract of | . |
| _______________________________________.the contract of the contract ofthe company of the company of the company of--------------------------------------2008 | . . . |
| .--------------------------------------2009 | --------------------------------------- |
| ..________________________2010 | . |
| ...Contract Contract Contract2010 and | . |
| $\mathbf{u}$ and $\mathbf{u}$_268 | |
| .the contract of the contract of the.the contract of the contract of the contract ofNo matur | .5,833 |
| TOTAL | 6,230 |
| Other taxtiong-term depreciation)______________________________________ | 1,105-------------------------------------- |
the contract of the contract of the contract of
$\mathcal{L}(\mathcal{L}(\mathcal{L}))$ and $\mathcal{L}(\mathcal{L}(\mathcal{L}))$ and $\mathcal{L}(\mathcal{L}(\mathcal{L}))$ . The contribution of $\mathcal{L}(\mathcal{L}(\mathcal{L}))$
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______________________________________
Arcelor Annual Report 2006 101
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 24 - TAXATION CONTINUED
Deferred tax assets not recognised by the Group apply to the following elements as at 31 December 2006:
| Gross amount | Total deferred | Recognised deferred | Unrecognised deferred | |||||
|---|---|---|---|---|---|---|---|---|
| th EUR million | ----------- | tax assets | tax assets$\begin{tabular}{cccccccccc} \hline & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &$ | tax assets | ||||
| The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract | Tax losses carried forward | The three departments of the second second the second second second second second second second second second second second second second second second second second second second second second second second second second | . | 57R1,07C | 74. | ___ _______836 | ||
| -------------------------------------- | Tax credits | _____ALC:--- | רזוala din 4.2 | ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,4 O O---- | and the contract of the contract of the contract of the contract of the contract of the contract of the contract of |
| Other tax credits (long-term depreciation) | 378. | 57 | 57 | |
|---|---|---|---|---|
| Property, plant and equipment | 1,257 | 434 | 193 | 241 |
| Other | 4,169 | 1,429 | 1,353 | 76. |
| TOTAL | 3,621 | 2,411 | 1,210 | |
| Deferred tax assets not recognised by the Group apply to the following elements as at 31 December 2005. | ||||
| in EUR million | Gross amount | Total deferredtax assets | Recognised deferredtax assets. | Unrecognised deferredtax assets |
| Tax losses carried forward | 6,230 | 2,106 | 934 | 1,172 |
| Other tax credits (long-term depreciation) | 1,105 | 166 | $166 ,$ | |
| Property, plant and equipment | 1,381 | 476 | 261 | 215 |
| Other | 3.574 | .207 | 11.123 | AA |
NOTE 25 - RELATED PARTY DISCLOSURE
The consolidated financial statements include transactions carried out by the Group in the normal course of business with its non-consolidated entities and entities accounted for using the equity method. Transactions are booked at market prices.
At 31 December 2006, the transactions with related parties also include all transactions with the principal shareholder Mittal Steel Company N.V. and all its subsidiaries and associated companies.
25.1 – Transactions with Mittal Steel
The sales and purchases of goods and services between the Group and Mittal Steel Group amount respectively to EUR 114 million and EUR $171$ million for the financial year. As at 31 December 2006, the receivables and payables between the Group and Mittal Steel Group amount respectively to EUR 3,439 and 2,353 million.
The receivables include mainly the receivables related to the disposal of Arcelor Germany Holding and its subsidiaries (EUR 2,602 million) to Mittal Steel Germany Holding. This receivable matures on 28 February 2007 and does not include any interest. After maturity date and until final settlement, the receivable bears an interest rate based on the legal rate defined in Germany in accordance with paragraph 247 BGB plus a spread of 5%. They also include current and non-current financial loans granted by Arcelor Finance SCA to Mittal Steel Company N.V. The payables include mainly financial loans granted by Mittal Steel Company N.V. to Arcelor Finance SCA. The interest rate on such loans is floating (Euribor + spread) and the maturity is comprised between September 2007 and December 2009.
| MACUR million | 2006 |
|---|---|
| Salés | $114$ . |
| Purchases | 171 |
| Receivables | 3,439 |
| Eat which non-current financial loans (Note B) | 487 |
| Sect which current financial loans (Note 11) | 307 |
| $\mathbb Z$ of which receivable from sale of Arcelor Germany Holding and subsidiaries (Note 11). | |
| Selavables | 2,602 |
| Stof which financial loans (Note 17) | 2,353 |
| 2,072 | |
| 25.2 - Loans and guarantees given | |
| 《《梅·麦山 尺》而曲100。 | 20062005 |
| Loans (including short-term loans) to non-consolidated companies | 373:55 |
| Cuarantees granted to non-consolidated companies | 148161 |
a standardina a composito de la composición de la composición de la composición de la composición de la composLa composición de la composición de la composición de la composición de la composición de la composición de la
(Amounts in EUR million, unless otherwise stated)
NOTE 25 - RELATED PARTY DISCLOSURE CONTINUED
25.3 Purchases and sales of goods and services
In FUR million
Sales:
Purchases
$6.2$
25.4 - Remuneration of the Board of Directors and General Management
In FUR million
Board of Directors and General Management
NOTE 26 - FINANCIAL INSTRUMENTS AND DERIVATIVES
The Group uses financial instruments and derivatives to hedge its exposure to fluctuations in interest rates, exchange rates and the price of raw materials, energy and emission rights quota.
The Group manages the counter-party risk associated with these instruments by centralising its commitments and by applying procedures which specify, for each type of transaction and underlying, risk limits and/or the characteristics of the counter-party. The Group does not generally grant to or require from its counter-parties guarantees over the risks incurred. Allowing for exceptions, the Group's counter-parties are part of its financial partners and the related market transactions are governed by framework agreements (mainly of the ISDA type allowing netting in case of counter-party default).
The parent company centrally manages the risks of all the Group entities, with the exception of the North and South American companies. These entities manage their risks according to Group policy, and in agreement with the parent company.
INTEREST RATE RISK
The Group uses several types of instruments for the management of interest rate risk in order to optimise its financial expenses or income, to hedge exchange risk related to loans and borrowings in foreign currencies and to manage the split between fixed and variable rate loans.
Interest rate exchange contracts ('swaps') allow the Group to borrow long-term at variable rates, and to swap the rate of this debt either from the start or during the period of the loan. The Group and its counter party exchange, at predefined intervals, the difference between the agreed fixed rate and the variable rate, calculated on the basis of the notional amount of the swap.
Similarly, swaps may be used for the exchange of variable rates against other variable rates.
FRAs ('forward rate agreements') and futures contracts on interest rates are primarily used by the Group to hedge the rates paid on loans and variable rate financial instruments or, in particular cases, on existing or future loans. Similarly, futures contracts are used by the Group to hedge the difference in the rates between two currencies in particular cases and within the framework of exchange risk management. These contracts are either commitments to buy (or sell) a financial instrument at a future date and at an agreed price, or to receive (or pay) at a future date the difference between two given rates. Certain instruments can be settled in cash, others can be settled through delivery of the underlying asset or in cash. The Group will generally only commit itself to highly liquid term contracts, such as EURIBOR or Eurodollar futures.
Interest rate derivatives used by the Group to cover variations in the value of fixed rate loans are qualified as fair value hedges according to IAS 39. These derivatives are re-valued at the balance sheet date and have an impact on the net profit or loss. This impact is neutralised by the hedged part of the associated loans.
As at December 31, 2006, the Group does not own interest rate derivatives that are not qualified as hedging instruments according to IAS 39.
EXCHANGE RATE RISK
The Group uses forward purchases and sales of foreign currency and other derivatives to hedge foreign currency transactions of the majority of its subsidiaries.
Swaps might also be used to exchange a currency with another one, within the framework of exchange risk management.
The group is mainly exposed to variations in value arising from exchange rate fluctuations on raw materials and energy supply as well as on freight.
The common practice of the Group is to invoice clients in their own currency.
The Group also uses these instruments at consolidation level to hedge debt recorded in foreign currency or the balance sheet risk incurred on certain assets.
The general policy of the Group is to hedge exchange risk on transactions completely. However, as an exception to this general policy, for certain currencies and for risks and amounts that are clearly identified and authorised by management, the Group may either hedge in anticipation or not hedge transactional risks.
In this context, the Group has set up macro-economic management for a part of its purchases (mainly for its future raw materials and associated consumptions (iron, ore, coal and freight)), enabling it to reprocess part or all of the related variations in value to shareholders' equity This accounting treatment is allowed in order to account for cash flow hedges.
Contractor
Contractor
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 26 - FINANCIAL INSTRUMENTS AND DERIVATIVES CONTINUED
RAW MATERIAL RISK
The Group uses financial instruments (forward purchases, options and swaps on commodities) in order to reduce the volatility risk of certain raw materials and energy. The Group is exposed to risks on raw materials and energy both via the purchase of its own raw materials and via sales contracts.
EMISSION RIGHTS
Pursuant to the coming into effect of the European Directive 2003/87/EC of 13 October 2003 establishing a scheme for emission allowance trading, the Group employs several types of derivatives (cash purchase/sale, forward transactions, options) in order to implement its management policy for associated risks.
TRADING RISK
If there are open positions, duly governed by limit tracking procedures (defined by the nature of the risk: autorised nominal amount, maximum level of loss/profit, fixed maturities), the Group carries out trading operations on the basis of the risks associated with interest rates, exchange rates, raw material and energy prices, as well as with greenhouse gas emission rights. Open positions are not significant with respect to the volume of hedging operations dealt or the general rate risk.
FOLLOWING UP ON RISKS
The types of instruments, the products and currencies which may be used, as well as the maximum risk exposure are determined at management level. Each risk is monitored, on a daily basis and intra-day basis, by a dedicated and independent team, who can report directly to the Audit Committee of the Group, if necessary. In 2006 and 2005, the net profit or loss on trading operations was not significant to the Group's results.
The portfolio of assets associated with derivative financial instruments as at 31 December 2006 is as follows:
| 2006 | 2005 | |||||
|---|---|---|---|---|---|---|
| In EUR million | Notional amount | Market value | Average rate* | Notional amount | Market value | Average rate* |
| Interest rate instruments | ||||||
| INTEREST RATE SWAPS - | ||||||
| FIXED RATE BORROWINGS | ||||||
| - Foreign currency | 254 | 2.74% | ||||
| INTEREST RATE SWAPS - | ||||||
| FIXED RATE LOANS |
| 3561151,0501002002,7221111,296 | 6365 | 4.59%5.51%2.94%2.24%2.55%2.70% |
|---|---|---|
| 73 | ||
| 1,875 | 34 | |
| 172 | ||
| 26242.62120 | -6129943856* Average fixed rates are determined on the basis of the EUR and foreign currency rates. Variable rates are generally based on Euribor or Libor. |
一个人的人。""我们是一个人的人的人,我们也不会说,我们也不是一个人的人。""我们的人,我们也不会说,我们也不会 (Amounts in EUR million, unless otherwise stated)
NOTE 26 - FINANCIAL INSTRUMENTS AND DERIVATIVES CONTINUED
| 2006. | 2005 | |||||
|---|---|---|---|---|---|---|
| - In FUR milion | -Notional amount | Market value | - Ayerage rate* | -Notional amount | Market value | - Average rates. |
| Interest rate instruments | ||||||
| INTEREST RATE SWAPS - | ||||||
| FIXED RATE BORROWINGS |
| EUR | 553 | - 3 | 4.59 % | 50 | 4.24 % | |
|---|---|---|---|---|---|---|
| Foreign currency | 93 | - 1 | 4.93 % | |||
| TRA contracts sales | 250 | 3,40% | 1,000 | 2.52% | ||
| Interest rate swaps - variable / variable | 97 | $ \lambda$ | 3.14% | |||
| Cap purchases | 100 | 3.25% | 200 | 2.70 % | ||
| O.C.E.A.N.E. 2017 option | 838 | $-168$ | $4.22%$ | |||
| TOTAL LIABILITIES (NOTE 17) | - 5 | $-168$ | ||||
| Exchange rate instruments | ||||||
| Forward purchase of foreign currency | 5,638 | $-305$ | 18 | |||
| Forward sale of foreign currency | 156 | $\sim$ | 1,870 | - 17 | ||
| Currency Swap | $-2$ | |||||
| Exchange options - purchases | $-450$ | $-10$ | 275. | |||
| Exchange options - sales | 750 | |||||
| TOTAL LIABILITIES (NOTE 21) | - 318 | $-32$ | ||||
| Raw materials | ||||||
| Term contractssales | $-79$ | - 10 | 129 | - 26 | ||
| Term contracts purchases | $-167$ | - 8 | 57 | |||
| Swaps using raw materials pricing index | 8 | - 6 | ||||
| Options sales | 205 | $-35$ | ||||
| Options - purchases | 86 | |||||
| TOTAL LIABILITIES | - 20 | $-72$ | ||||
| of which current (NOTE 21) | $-14$ | $-72$ |
* Average fixed rates are determined on the basis of the EUR and foreign currency rates. Variable rates are generally based on Euribor or Libor.
The assets and liabilities associated with interest rate instruments are distributed according to the following matunty dates:
| TOTAL | 63 | |
|---|---|---|
| Liabilities associated with interest rate instruments | ||
| Assets associated with interest rate instruments | 63 | |
| TOTAL | 63 | |
| $> 5$ years | ||
| $1 - 5$ years | -55 | |
| $\leq 1$ year | ||
| th EUR million | 2006 | -2005 |
The exchange rate instruments are reported in the following currencies:
Contractor
the contract of the contract of the contract of the contract of the
| In EUR million | Purchased currencies | 2006 | $200^{\circ}$ | ||||
|---|---|---|---|---|---|---|---|
| Sold currencies | ບຣົມ | CAD | EUR | JPY | PIN | ||
| USD | CONTRACTOR CONTRACTOR | contractors and the con-Contract Contract | イワ | ||||
| EUR | -చ. | $-278$ | |||||
| the company's company's company'sthe control of the con-11.12.11.11.11.11.11.1CAD | Contract Contract | 305 | |||||
| PLN | $\sim$ | . . | |||||
| 2006 | - 31 | ||||||
| 2005 | 12 | التقاتل والمستوارد والمتالي والمراكب لتربيب المتراكب والمتنا | $\pm 4$ ( |
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Arcelor Annual Report 2006 105
2006
41
2005
$\overline{14}$
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 26 - FINANCIAL INSTRUMENTS AND DERIVATIVES CONTINUED
Raw material instruments concern the following underlying materials:
In EUR million
Base metals
Gas
$\mathbf{O}0$
| Electricity | |
|---|---|
| TOTAL | |
| Assets associated with raw material instruments | |
| Liabilities associated with raw material instruments | |
| TOTAL |
Hedging instruments concerning base metals (zinc, nickel, aluminium, pewter and copper) and oil are negotiated in USD, whereas instruments concerning gas and electricity are negotiated in GBP and in EUR.
NOTE 27 - COMMITMENTS GIVEN AND RECEIVED
Commitments detailed in this note do not include the commitments mentioned in Note 26.
Commitments givenMCEUR million and the state of the state of the state of the state of the state of the state of the state of the
| In EUR million | 20062005 |
|---|---|
| Guarantees on third-party financial loans and credit lines | 188133 |
| Other guarantees | 614704 |
| Property pledged and guarantees | 684439 |
| Discounted bills (not yet at maturity) | 266 |
| Commitments to buy or dispose of fixed assets | 896672 |
| Other commitments given | 184161 |
| TOTAL COMMITMENTS GIVEN. | 247772.164 |
| Commitments received: | |
|---|---|
| do EUR million-2006 | 2005. |
| Endorsements and guarantees received from non-consolidated companies343 | 268 |
| Nother commitments received221 | 191 |
| TOTAL COMMITMENTS RECEIVED564 | 459 |
Guarantees on third-party loans consist of guarantees hedging financial loans and credit lines granted to non-consolidated subsidianes and subsidianes accounted for using the equity method.
Other guarantees include pledges, first claim guarantees, documentary credits, letters of credit and other similar letters.
Property guarantees mainly consist of mortgages for an amount of EUR 296 million (2005: EUR 212 million).
Other commitments given comprise commitments incurred for the long-term use of goods belonging to a third party, commitments incurred under operating leases and commitments undertaken within the framework of securitisation programmes.
106 Arcelor Annual Report 2006
Consolidated Financial Statements
______________________________________
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 28 - SEGMENT REPORTING
28.1 Breakdown by Activity
______________________________________
the contract of the contract of the con-
Sales between activities are calculated at market price. The operating result is shown after eliminations. The different activities are presented in accordance with the breakdown applied by Arcelor Mittal. The comparative figures for 2005 have been restated accordingly.
| 2006(Figures in EUR million,except for the number of employees) | Flat CarbonAmericas | Flat CartionEurope | Long CarbonAmericasand Europe | Africa,Asia,CIS | Stamlesssteel | Arcelor MittalSteel Solutionsand Services | OtherActivities | -Eliminations | Total |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | 5,291 | 18,524 | .696 | 310 | 5,422 | 8.437 | 1.507 | - 6.576 | 40,611 |
| Inter-sector sales. | $-273$ | $-3.448$ | $-1,192$ | 131 | - 861 | - 671 | 6,576 | ||
| TOTAL | 5,018 | 15,076 | 6,504 | 310 | 5.291 | 7.576 | 836 | 40.611 | |
| Gross operating profit | 1.137 | 2,159 | 1,631 | 63 | 745 | 384 | 203 | 5,903 | |
| Depreciation | $-384$ | - 454 | - 192 | - 20 | - 142 | - 68 | - 38 | $-1,298$ | |
| Impairment charges | - 240 | 76 | $\overline{\phantom{a}}$ | $-162$ | |||||
| Operating profit (before goodwill) | 753 | 1.465 | 1,515 | 45 | 603 | 316 | 241 | 4,443 | |
| Negative goodwill | |||||||||
| Operating profit | 753 | 1,476 | 1,515 | 45 | 603 | 316 | 241 | $-13$ | 4,454 |
| Share of results in companies accounted | |||||||||
| for using the equity method | 33 | 255 | 34 | 32 | 363 | ||||
| Balance sheet | |||||||||
| Segment assets | 4,514 | 9,987 | 5,467 | 472 | 3,011 | 2,488 23,314 | - 9,324 | 39,929 | |
| Property, plant and equipment | 6,461 | 4,854 | 2,805 | 169 | 1,730 | 543 | 208 | $\overline{\phantom{a}}$ | 16,770 |
| Investments in companies accounted | |||||||||
| for using the equity method | 191 | 1,089 | 172 | 229 | 112 | 1,793 | |||
| Unallocated assets | $\overline{\phantom{m}}$ | 3,117 | |||||||
| TOTAL CONSOLIDATED ASSETS | 4,705 | 11,076 | 5,639 | 472 | 3,011 | 2,717 | 23,426 | $-9,324$ | 44,839 |
| Segment liabilities | 1,708 | 6,607 | 2,115 | 153 | 1,632 | 1,917 | 2,351 | $-2,242$ | 14,241 |
| Unallocated liabilities | $\overline{\phantom{a}}$ | 8,512 | |||||||
| TOTAL CONSOLIDATED LIABILITIES | 1.708 | 6,607 | 2,115 | 153 | 1,632 | 22,753 | |||
| ACQUISITIONS OF TANGIBLE AND INTANGIBLE | |||||||||
| FIXED ASSETS | 837 | 718 | 445 | 155 | 99 | 2,298 | |||
| Other information | |||||||||
| Number of employees (average) | 16,366 | 39,970 | 21,148 | 906 | 790 | 10.559 | 3.196 | 03.935 | |
| . | State Controllers | . |
. . . . . . . . . . . . . . . . . . .
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_______________________________________
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the contract of the contract of the contract of the contract of the contract of the contract of
Arcelor Annual Report 2006 107
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
Flat Carbon
Americas
Flat Carbon
Europe
Africa,
Asia,
CIS
Stainless
steel
Arcelor Mittal
Steel Solutions
and Services
Other
Activities
Eliminations
338
聊
and the company
97,695
Total
Long Carbon.
Americas
and Europe
NOTE 28 - SEGMENT REPORTING CONTINUED.
28.1 Breakdown by Activity continued 2005 (Restated) (Figures in EUR million, except for the number of employees)
Income statement
| - 88- 3,779.Inter-sector sales1,146- 84- 973$-642$6,712TOTAL1,84013,3065,4723,9447,68336632,611Gross operating profit8472,9441,371173163285,682$-177$Depreciation$-678$- 277124$-31$- 84$-1,371$Impairment charges.-3444Operating profit (before goodwill)6702,3001,093934,388244.15.Negative goodwill$\mathbf{18}$10.296702,30193.- 15l.1114,417254for using the equity method21830-4714 1317Balance sheetSegment assets3,92315,0705,5784,17131,6803,7078,944- 9.713Property, plant and equipment3,1915,3102,632$\bf 1.877$215542.13,767Investments in companies accountedor using the equity method9542032451,4156Unallocated assets2,769TOTAL CONSOLIDATED ASSETS3,92316,0245,7814,17835,8643,952- 9.7138,950Segment liabilities2216,9561,7201,7661,4762,81711,933$-3.023$Unallocated liabilities6,501TOTAL CONSOLIDATED LIABILITIES2216,956日々とり147618,4341,7662.8178.023ACOUISITIONS OF TANGIBLE AND INTANGIBLEFIXED ASSETS735.69418333488.362,070Other information4,790Number of employees (average)20,24844,41313,9083,12997,69511,20728.2 - Geographical BreakdownEuropean Union(Figures in EUR million, except for the number of employees).(EU 25)North America*South AmericaOtherTotal25,9365,9585.11140,6113,60628,8904,1916,29139,9295577.7073,2165,66218516,7703,3864401,995,-82.5,903236.2,4481,7094,454611,163and intangible assets89737eton2,29869.33512,34620,920103,935生活等效MAGE The tate ()Europeen UniverAftered in EUR million, except for the number of employees)(日) 25)North AmericanSouth AmericaCityerTor Y29,228Revenue2,955K MERIS239832,611Segment assets22,6848,17868588. L31,680Property, plant and equipment.8,18867549913)13,767Gross operating profit3,936,6814659195,682Operating profit3.042554.30327్మ4,417Acquisition of property, plant and equipment, and intangible assets | Revenue | 1,928. | 17,085. | 6,618 | 4,028 | 8,656. | 1,0086,712 | 32,611 |
|---|---|---|---|---|---|---|---|---|
| Operating profit | ||||||||
| Share of results in companies accounted | ||||||||
| 2006 | ||||||||
| Revenue | ||||||||
| Segment assets: | ||||||||
| Property, plant and equipment | ||||||||
| Gross operating profit | ||||||||
| Operating profit | ||||||||
| Acquisition of property, plant and equipment. | ||||||||
| Number of employees (average) | ||||||||
| Est North America, including Mexico | ||||||||
| 1,145 | 15 | 910 | 2,070 |
$1,118$ 20,018 76,221
$\mathcal{O}(\log n)$ , $\mathcal{O}(\log n)$
Number of employees (average)
Morth America, including Mexico
Side State
Moves to the Constable Finance: Atatements confinued (Amounts in EUR million, unless otherwise stated)
NOTE 29 - EVENTS AFTER THE BALANCE SHEET DATE
On 26 January 2006, Mittal Steel and ThyssenKrupp AG entered into letter agreement which provided that if Mittal Steel was successful in its tender offer for Arcelor and was able to exert management control "with the ability to sell Dofasco," Mittal Steel would cause Arcelor to sell Dofasco to ThyssenKrupp. During March and April 2006, Arcelor acquired 100% of the shares of Dofasco. On 3 April 2006, Arcelor transferred 89% of the shares of Dofasco to the Strategic Steel Stichting ("S3"), an independent foundation under Dutch law, thereby removing Arcelor's ability to sell or otherwise dispose of such shares without S3's consent. On 25 June 2006, Mittal Steel and Arcelor agreed to the terms of a recommended offer, pursuant to which Mittal Steel has acquired approximately 94% of the share capital of Arcelor.
On 1 August 2006, the U.S. Department of Justice (the "DOJ") announced that it had concluded that the acquisition by Mittal Steel of Arcelor was likely to substantially lessen competition in the market for tin mill products in the Eastern United States and filed in the U.S. District Court in Washington, D.C. a consent decree that Mittal Steel had previously signed with the DOJ on 11 May 2006. The consent decree required the divestiture of Dofasco or, if Mittal Steel were unable to sell Dofasco, the divestiture of either Mittal Steel's Sparrows Point Facility in Maryland or Mittal Steel's Weirton facility in West Virginia. The consent decree provided that the DOJ in its sole discretion would choose which plant would be sold. The consent decree also included a Hold Separate Stipulation and Order that provided that Dofasco would be maintained as a separate business, independent of the other businesses of Mittal Steel and Arcelor, until Dofasco was divested or the DOJ made its selection of the alternative plant to be divested.
After the consent decree was filed in court, the boards of both Mittal Steel and Arcelor requested the directors of S3 to dissolve the foundation in order to allow the sale of Dofasco. On 10 November 2006, however, S3's directors unanimously decided not to dissolve the foundation and to retain the Dofasco shares, thereby continuing to prevent their sale.
On 22 December 2006, ThyssenKrupp initiated summary legal proceedings against Mittal Steel in the District Court in Rotterdam alleging that Mittal Steel had breached the letter agreement by failing to cause Arcelor to initiate litigation against S3 to force S3 to transfer the Dofasco shares to Arcelor so as to permit their sale to ThyssenKrupp. The suit sought, among other things, a court order directing Mittal Steel to cause Arcelor to commence summary proceedings in the Dutch courts to force S3 to return the Dofasco shares to Arcelor. On 23 January 2007, the District Court in Rotterdam denied ThyssenKrupp's petition for an order.
On 20 February 2007, the DOJ informed Mittal Steel that the DOJ has selected the Sparrows Point steel mill located near Baltimore, Maryland for divestiture under the consent decree filed by the DOJ in August 2006. According to the decree, any such divestiture must take place within ninety days from 20 February 2007, subject to possible extensions by the Department of Justice. The selection of Sparrows Point by the DOJ ended the period during which Arcelor Mittal must hold Dofasco separate from its operations.
On 25 September 2006, the Comissão de Valores Mobiliários (the "CVM"), the Brazilian securities regulator, ruled that, as a result of Mittal Steel's acquisition of Arcelor, Mittal Steel was required to carry out a public offer to acquire all the outstanding shares in Arcelor Brasil not owned by Arcelor or any other affiliate of Mittal Steel. Arcelor Brasil is a majority owned subsidiary of Arcelor. On 26 October 2006, Mittal Steel filed with the CVM a request for registration with respect to such offer, and filed an amended request on 11 January 2007. As per the amended request for registration filed by Mittal Steel, the value to be offered per Arcelor Brasil share is EUR 12.12 (which may be accepted in the form of cash or a mixture of cash and shares, at the option of the holder), for a total value of approximately EUR 2.6 billion for all Arcelor Brasil shares.
On 12 February 2007, the CVM issued a letter stating that, according to the CVM's interpretation of the applicable rules, the value Mittal Steel should offer per Arcelor Brasil share should be EUR 4.57 in cash and 0.3942 Arcelor Mittal common shares, subject to a number of adjustments.
The decision of the CVM is subject to administrative appeal and appeal before the Brazilian courts. Mittal Steel is presently evaluating its options in respect of such decision.
NOTE 30 - EMISSION RIGHTS
For the year 2006, the total volume of the rights available to the Group is 59 million tonnes. Emission volumes rose to 53,4 million tonnes as at 31 December 2006.
4 million tonnes out of the 5,6 million surplus of available rights were sold on the market in 2006, for a total amount of EUR 101 million. This surplus is partially linked to the closing of a certain number of continental factory sites and, on a more general note, to the voluntary reduction in production volumes during the year.
the control of the control of the control of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of the contract of
the contract of the contract of the contract of the contract of
Arcelor Annual Report 2006 109
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 31 - SIMPLIFIED GROUP ORGANISATION CHART
| ArcelorLong Carbon | Arcelor Steel Solutions | |||||
|---|---|---|---|---|---|---|
| Flat Carbon Europe | Flat Carbon Americas | Americas and Europe | Asia, Africa, CIS | Stainless | and Services (A3S) | Other Activities |
| Arcelor Atlantique | $\vdash$ CST | Arcelor Profil | Soc.Nat. | Ugine & Alz | Arcelor | Arcelor |
| & Lorraine | Brazil | Luxembourg | Siderurg. | Belgium | Distribution | Luxembourg |
| France | IG 100.00% | (ex ProfilARBED) | (Sonasid) | Belgium | France | (ex ARBED) |
| IG 100.00% | (67.41): | Luxembourg | Morocco | IG 100.00% | IG 100.00% | Luxembourg . |
| (100,00) | |||
|---|---|---|---|
Arcelor Méditerranée Kex Sollac Méditeranée) France 1G 100.00% $(100.00)$
Arcelor Steel Belgium (ex SIDMAR) Belgium IG 100.00% $(99.82)$
Arcelor Bremen (ex STAHLwerke Bremen) :Germany IG 70.00%
Cockerill Sambre Belgium
Vega do Sul Brazil IG 100.00 $(67.41)$ Dofasco Canada IG 100.00% $(100.00)$
IG 100.00% IG 64,86% $(99.82)$ $(32.34)$ Travi e Profilati Italy IG 100.00% $(100.00)^\circ$ Aceralia Largos Perfiles Spain IG 100.00% $(99.72)$ LME (Lam.March. Europ.) France EQ 34.00% $(27.10)$ Arcelor Huta Warszawa Poland IG 100.00% $(100.00)$
$(99.82)$ $(100.00)$ Ugine & Alz PUM Service Acier France France France IG 100.00% IG 100.00% $(100.00)$ $(100, 00)$ Arcelor Acesita Brazil International IG 95.00% Luxembourg $(57.32)$ IG 100.00% $(99.82)$ Imphy Atloys Arcelor France IG 100,00% Construction $(100,00)$ France IG 100.00% Imphy Ugine $(100.00)$ Précision Arcelor Projects France. IG 100.00% Spiral Mill $(100.00)$ Netherland IG 100.00% Meusienne de $(99.82)$
IG 99.82% $(99.82)$ Arcelor France (ex Usinor) France
IG 100.00% $(100.00)$ Arcelor Brasil Brazil $IG 67.41%$ $(67.41)$
Arcelor Finance Luxembourg IG 100.00% (99.82)
Paul Wurth Luxembourg IG 48.10% $(48.01)$
Circuit Foil Luxembourg
IG 89.98%
$(89.82)$
IG 100.00% $(100.00)$
(67.76)
Øģ,
Arcelor España (ex Arceralia Corp. Siderurgica) Spain IG 99.72% $(99.72)$
Aceria Compacta Bizkaia Spain IG 80.00% (79.78)
Arcelor Packaging International France IG 100.00% (100.00)
Industeel Belgium Belgium IG 100.00% Belgo Siderurgia Brazil
IG 100.00% $(67.41)$
Acindar Argentina IG 66.33% $(44.38)$
Arcelor Bissen (ex:TrefilARBED: Bissen) Luxembourg IG 100.00% $(99.82)$
Arcelor Bettembourg (ex TrefilARBED Bettembourg) Luxembourg 1G 100,00% $(99.82)$
Arcelor Pine Bluff
Construction France IG 100.00% $(100.00)$
Aceralia Transformados Spain
IG 100.00% $(99.72)$
Laminados Velasco Spain
IG 100.00% $(99.72)$
$(100.00)$ Industeel France France IG 100.00% (100.00) DHS
Germany
EQ 51.25% (51.25)
(ex TrefilARBED) Arkansas)
USA IG 100.00% $(79.74)$
Mittal Steel
Gandrange France
IG 100.00% $(100.00)$
Legend
$-$ percentages of shareholdings $\mathcal{E}$
in the $%$ $&$ interest rates in ()
- consolidation method: IG (Global)
integration), EQ (Equity method)
Notes to the Consolidated Financial Statements continued
the company of the company company and company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the com
statement and contemporary was controlled to the new problem of an experimental context of the
$\sim$
the control of the control of the
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006
Consolidation scope:
. . . . . . . . . . . . . . . . . . .
352 companies fully consolidated (in addition to Arcelor S.A.) 184 companies consolidated using the equity method
CONTRACTOR
Company name
. . . . . . . . . . . . . . . . . . .
Country1
ستوفي وبالمعارف
$\sim 1000$ km s $^{-1}$
$\cdots$
$\sim 10^{-11}$
. The contract is a second contract of the contract of the contract $\mathcal{A}$ , and
the contract of the contract the contract of the contract we consider the component of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the con
and the state of
| Flat Carbon Americas Segment | |||
|---|---|---|---|
| CST sub-group comprising the following entities: | |||
| - Companhia Siderúrgica de Tubarão SA (CST), Serra | Full consolidation | Brazil | 100.000000 |
| - CST Comercio Exterior SA, Vitória | Full consolidation | Brazil | 100.000000 |
| - CST Corporation BV, Amsterdam | Full consolidation | Netherlands | 100.000000 |
| the contract of the con-- CST Overseas Ltd, Grand Cayman | Full consolidation | Cayman Islands | 100.000000 |
| - Skadden Consultadoria e Servicos Lda, Funchal Madeira | Full consolidation | Portugal | 100.000000 |
| Dofasco Inc., Hamilton, sub-group comprising 44 entities | Full consolidation | Canada | 100.000000 |
| Sol Coqueria Tubarão SA, Serra | Full consolidation | Brazil | 99.000000 |
| Solcan Fininvest Inc., Burlinton | Full consolidation | Canada | 100.000000 |
| Tailor Steel America Llc, New York | Full consolidation | United States | 70.602704 |
| Vega do Sul SA, São Francisco do Sul | Full consolidation | Brazil | 99.999996 |
Flat Carbon Europe Segment
| ACB sub-group comprising the following entities: | |||
|---|---|---|---|
| - Acería Compacta de Bizkaia SA, Sestao | Full consolidation | Spain | 80.004286 |
| Acb, Acr Decapado Aie, Sestao | Full consolidation | Spain | 100.000000 |
| Aceros URS SA, Viladecans | Equity method | Spain | 45.024739 |
| Arcelor Ambalaj Celigi Sanayi ve Ticaret AS, Levent-Istanbul | Full consolidation | Turkey | 74.999931 |
| Arcelor Atlantique et Lorraine Sas, Saint Denis | Full consolidation | France | 100.000000 |
| Arcelor Bremen GmbH, Bremen | Full consolidation | Germany | 70,000000 |
| Arcelor Commercial FCSE SA, Luxembourg | Full consolidation | Luxembourg | 100.000000 |
| Arcelor Dudelange SA, Dudelange | Full consolidation | Luxembourg | 100.000000 |
| Arcelor España SA, Gozón | Full consolidation | Spain | 99.589962 |
| Arcelor Méditerranée Sas, Saint Denis | Full consolidation | France | 100.000000 |
| Arcelor Packaging SA, Saint Denis | Full consolidation | France | 99.999801 |
| Arcelor Packaging Belgique SA, Saint-Nicolas | Full consolidation | Belgium | 100.000000 |
| Arcelor Packaging España SL, Gozón | Full consolidation | Spain | 100.000000 |
| Arcelor Packaging Italia Srl, Canossa | Full consolidation | Italia | 100.000000 |
| Arcelor Piombino sub-group comprising the following entities: | |||
| - Arcelor Piombino Spa, Firenze | Full consolidation | Italia | 99.79194 |
| - Societa Mezzi Portuali Piombino Spa, Piombino | Equity method | Italia | 50.000000 |
| Arcelor Planos Sagunto SL, Valencia | Full consolidation | Spain | 99.999998 |
| Arcelor Research SA, Saint Denis | Full consolidation | France | 99.779191 |
| Arcelor Steel Belgium NV, Bruxelles | Full consolidation | Belgium | 100.000000 |
| Arcelor Tailored Blank Bremen GmbH, Bremen | Full consolidation | Germany | 100.000000 |
| Arcelor Tailored Blank Genk NV, Genk | Full consolidation | Belgium | 100.000000 |
| Arcelor Tailored Blank Liège SA, Liège | Full consolidation | Belgium | 100.000000 |
| Arcelor Tailored Blank Lorraine SA, Uckange | Full consolidation | France | 99.984252 |
| Arcelor Tailored Blank Zaragoza SA, Pedrola | Full consolidation | Spain | 100.000000 |
| Borcelik Celik Sanyii Ticaret AS, Istanbul | Equity method | Turkey | 40.466215 |
| Bre.M.A Warmwalz GmbH & Co KG, Bremen | Full consolidation | Germany | 88.888889 |
| Bregal Bremer Galvanisierungs-GmbH, Bremen | Full consolidation | Germany | 75.050000 |
| Cía Hispano-Brasileira de Pelotizacao SA, Vitoria | Equity method | Brazil | 49.111101 |
| Cockerill Sambre SA, Seraing | Full consolidation | Belgium | 100.000000 |
| Coils Lamiere Nastri Spa, Caselette, sub-group comprising 20 entities | Equity method | Italia | 35.000000 |
| Comercial de Hojalata y Metales SA, San Adrian | Equity method | Spain | 22.999561 |
| Cortes y Aplanados Siderúrgicos SA, Barcelona | Full consolidation | Spain | 100.000000 |
| Daval Sas, Saint Denis | Full consolidation | France | 100.000000 |
| Dermach SA, Madrid | Full consolidation | Spain | 100.000000 |
| DHS-Dillinger Hütte Saarstahl AG, Dillingen, sub-group comprising 15 entities | Equity method | Germany | 51.250000 |
| Ewald Giebel-Luxemburg SA, Dudelange | Full consolidation | Luxembourg | 100.000000 |
| Ferramentas e Accessorios Industriais Lda, Agueda | Equity method | Portugal | 39.999864 |
| Gestamp Automocion SL, Abadiano, sub-group comprising 58 entities | Equity method | Spain | 34.999996 |
and the company of the
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
Company name
Industeel Belgium sub-group comprising the following entities:
Consolidation Country method
Percentage of capital held control (%)
$\mathcal{O}_{\mathcal{O}}$
$\sim 10^{11}$ m $^{-1}$
$\mathcal{L}{\text{max}}$ and $\mathcal{L}{\text{max}}$ and $\mathcal{L}_{\text{max}}$
| Industeel Belgium SA, Charleroi | Full consolidation | Belgium | 100.000000 |
|---|---|---|---|
| Aval Metal Center SA, Charleroi | Full consolidation | . Reignin | 100.000000 |
| Charleroi Déroulage SA, Charleroi | Euli consolidation | Belgium | 100.000000 |
| Industeel France sub-group comprising the following entities: | |||
| Industeel France SA, Saint Denis | Rill consolider ton | 有效的的 | 99.999400 |
| Industeel Creusot Sas, Saint Denis | Rifficial office ton | an di Kabupatén | 100,000000 |
| Industeel Loire Sas, Saint Denis | JEUI consolidation | TENNIS | 100.000000 |
| Metalúrgica Asturiana SA, Mieres | Foll consolidation | 100.000000 | |
| Ocas - Onderzoekscentrum voor Aanwending van Staal NV, Zelzate | Full consolidation | Belgium | 100.000000 |
| R. Bourgeois SA, Besancon | ETHIOLIAN S | 第一章 爱好的 | 29.996667 |
| Sidstahl NV, Gent | Ediscopolitica | Belgum | 100.000000 |
| Usinor Auto SA, Saint Denis | RUILCONSORGACITY | a a Nico | 99.969510 |
| Long Carbon Americas and Europe Segment | |||
| Aceralia Redondos Comercial SA, Azpeitia | Linkconsolidation | ar gasanganangPartis kalila | 100.000000 |
| Acindar sub-group comprising the following entities: | |||
| Acindar Industria Argentina de Aceros SA, Buenos Aires | Full consolidation | Argentina | 66,330000 |
| Acindar do Brasil Ltda, São Paulo | Full consolidation | Brazil | 99.999999 |
| Acindar Pymes SA, Buenos Aires | Eduty method | Argentura | 50,000000 |
| Acindar Uruguay Indústria Argentina de Aceros SA, Montevideo | Full consolidation | Uruguay | 100.000000 |
| Agrinsa - Agro Industrial SA, La Rioja | FULL extra plutation | Argentina | 100.000000 |
| Comercial Bagual Ltda, Santiago | EMREODSORVEILON | ich le | 100.000000 |
| Eco Oil SA, Buenos Aires | S STILLING ON STATE | Argenting | 16.666667 |
| Elmec SA, Buenos Aires | ETIME ATEC UTTILE IN | Algeriana | 99.999950 |
| I.P.H. Saicf, Buenos Aires | Let Pier Beaumont | Artician | 32.999950 |
| Performa SA, Buenos Aires | te iteratoria ton | Anterna | 100.000000 |
| Arcelor Bettembourg SA, Bettembourg | SELLON SORATOR | Lixe plansing | 100,000000 |
| Arcelor Bissen SA, Bissen | PUNCTION TELEST | Timenhorm | 100.000000 |
| Arcelor Comercial Barras SL, Azpeitia | Full consolidation | 经营销额的利润2020年1月 | 100.000000 |
| Arcelor Commercial RPS Sari, Esch s/Alzette | Full consolidation | Abben bourg | 100.000000 |
| Arcelor Commercial Sections SA, Esch s/Alzette | Hull consolidation | Lixemburg | 100.000000 |
| Arcelor Dommeldange Sarl, Luxembourg | Full sonsolidation | LEVERT TRANSPORT | 100.000000 |
| Arcelor Fürstenfeld AG, Fürstenfeld | Jank on solidarie n | 96.502722 | |
| Arcelor Huta Warszawa Spzoo, Warszawa | ENTECPEDITE CAR | The Land | 99.999487 |
| Arcelor Laminados Zaragoza SA, Zaragoza | SEREN | 100.000000 | |
| Arcelor Perfiles sub-group comprising the following entities: | |||
| Arcelor Comercial Perfiles España SL, Madrid | A TILADIRA HALLARA | ||
| Arcelor Bergara SA, Bergara | SECURED AND MEMBERS | 100.000000 | |
| Arcelor Commercial Sections Rayleigh Ltd, Rayleigh | 经理理United Kingdom | 100.000000 | |
| Arcelor Long Commercial Bordeaux SA, Merignac | Aul consolutionsski i konsektiva od na | 100.000000 | |
| Arcelor Long Commercial Torino Srl, Torino | a mara | 98.000000 | |
| Arcelor Madrid SL, Madrid | EALL CHARGE CHARGE | 2007年3月17日2011年1月11日2012年10月12日 | 100.000000 |
| Arcelor Olaberria SL, Olaberria | SATIES ON STRIP TO THE | E JAMES | 100.000000 |
| ETILGOREA IA EUS A | R-MAR) | 100.000000 | |
| Aristrain Hispano Trade GmbH, Düsseldorf | JENI corsolication | Germany | 100.000000 |
| Fercome Trading SL, Valencia | Etheonsoldance | 29 P.W | 100,000000 |
| Ilsacer 2000 SL, Zaragoza | ESTINALLE MODE | ENTRE | 50.000000 |
| Kramer and Sons Trading Co, Detroit | ALAR INANCIATA | 有的关系是一个人的事情,不过是 | 50.000000 |
| Servicios Complementarios del Norte SL, Bilbao | 1944 | 49.000000 | |
| Sobrinos De Manuel Cámara SA, Renteria | STANDAR TALLA | 3-121 | 50.000000 |
| Triturados Férricos SL, Madrid | E HOMEN TOO | 第一章 经债务 | 33,300000 |
| Arcelor Pine Bluff Inc, Pine Bluff | an Kada ta Kanada | Mindres free | 62.962963 |
| Arcelor Profil Luxembourg SA, Esch s/Alzette | E MIXO I DICERCIE | Line ribotte | 100.000000 |
| Arcelor Rodange SA, Rodange | Anticonspiration | gen en mang | 80.467895 |
| Arcelor Sheffield Ltd, Sheffield | Filliconsciolation | United Kingdom | 100.000000 |
| Arcelor Zumárraga SA, Zumárraga | A BILLOOMSONG ALOT | 2001 12:00 | 100.000000 |
| Asbrn Sarl, Luxembourg | TAI XOR-ANGEROP | Linembourg | 100.000000 |
| Belgo Bekaert Arames Ltda, Contagem | A II ISOD SONG TISH | n Eroza | 55.000000 |
Notes to the Constable ated Finance! Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
| Company name | Consolidationmethod | Country | Percentageof capital heldcontrol (%) |
|---|---|---|---|
| Belgo Bekaert Nordeste SA, Feira de Santana | Full consolidation | Brazil | 99.031811 |
| Belgo Siderurgia SA, Belo Horizonte | Full consolidation | Brazil | 99.999816 |
| Belgo-Mineira Participação Indústria e Comércio SA, Belo Horizonte | Full consolidation | Brazil | 100.000000 |
| Belgo-Mineira Uruguay SA, Montevideo | Full consolidation | Uruguay | 100.000000 |
| BelgoPar Ltda, Belo Horizonte | Full consolidation | Brazil | 100.000000 |
| Bemex international Ltd, Hamilton | Full consolidation | Bermuda | 100.000000 |
| Bmb Belgo-Mineira Bekaert Artefatos de Arame Ltda, Vespasiano | Full consolidation | Brazil | 55.499970 |
| Bmf Belgo-Mineira Fomento Mercantil Ltda, Belo Horizonte | Full consolidation | Brazil | 100.000000 |
| Caf Santa Bárbara Ltda, Belo Horizonte | Full consolidation | Brazil | 100.000000 |
| Cimaf Cabos SA, Osasco | Full consolidation | Brazil | 100.000000 |
| Industrias Zarra SA, Galdacano | Full consolidation | Spain | 100.000000 |
| Laminadora Costarricense SA, San José | Full consolidation | Costa Rica | 50.000000 |
| LME Laminés Marchands Européens SA, Trith Saint Léger, | |||
| sub-group comprising 3 entities | Equity method | France | 33.999260 |
| Mittal Steel Gandrange SA, Gandrange | Full consolidation | France | 99.999957 |
| Newco Sàrl, Luxembourg | Full consolidation | Luxembourg | 100.000000 |
| Newco Sarl & Cie Secs, Luxembourg | Full consolidation | Luxembourg | 100.000000 |
| Redalsa SA, Valladolid | Equity method | Spain | 26.000000 |
| San zeno acciai - Duferco Spa, San Zeno Naviglio | Equity method | Italia | 49.900001 |
| Travi e Profilati di Pallanzeno Spa, Pallanzeno | Full consolidation | Italia | 100.000000 |
| TrefilArbed Hungary Kft, Szentgotthárd | Full consolidation | Hungary | 100.000000 |
| TrefilArbed Kiswire Ltd, Kyung-Nam | Equity method | Rep. of South Korea | 50.000000 |
| Trefilería Colima SA, San José. | Full consolidation | Costa Rica | 50.000000 |
| Usina Hidrelétrica Guilman-Amorim SA, Belo Horizonte | Equity method | Brazil | 51.000000 |
$\mathcal{A}=\mathcal{A}(\mathcal{A})$ , and $\mathcal{A}=\mathcal{A}(\mathcal{A})$ , and
. . . . . . . . . . . . . . . . . . .
$\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$
Stainless Segment
- Acesita sub-group comprising the following entities:
- -- Acesita SA, Belo Horizonte
- Acesita Argentina SA, Buenos Aires
contract to the contract of the con-
- Acesita Centros de Serviços Ltda, Timóteo
- Acesita Energética Ltda, Belo Horizonte
- Acesita Export and Trade Ltd, Grand Cayman
- Acesita International Ltd, Grand Cayman
- Acesita Serviços Com. Ind. e Part. Ltda, Timóteo
- AP Participacoes SA, Belo Horizonte Inox Tubos Part. SA, Ribeirão Pires
- Preservar Madeira Reflorestada Ltda, Ipatinga
- Stainless Overseas Ltd, Grand Cayman
- AL Fin NV, Genk
- Alinox Srl, Milano
Arcelor Stainless International SA, Saint Denis Arcelor Stainless Processing Lic, New York Arcelor Stainless USA Lic, New York Haven Genk NV, Genk Imphy Alloys SA, Saint Denis Imphy Mill Sas, Saint Denis Imphy Service Snc, Saint Denis
Imphy Ugine Précision SA, Saint Denis
| Full consolidation | Brazil | 94.998913 |
|---|---|---|
| Full consolidation | Argentina | 98.000000 |
| Full consolidation | Brazil | 100.000000 |
| Full consolidation | Brazil | 100.000000 |
| Full consolidation | Cayman Islands | 100.000000 |
| Full consolidation | Cayman Islands | 100.000000 |
| Full consolidation | Brazil | 100.000000 |
| Full consolidation | Brazil | 100.000000 |
| Equity method | Brazil | 43.850000 |
| Equity method | Brazil | 50.000000 |
| Full consolidation | Cayman Islands | (SPf) |
| Full consolidation | Belgium | 99.996377 |
| Full consolidation | Italia | 100.000000 |
| Full consolidation | France | 99.997909 |
| Full consolidation | United States | 100.000000 |
| Full consolidation | United States | 100.000000 |
| Full consolidation | Belgium | 50.000000 |
| Full consolidation | France | 99.999829 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 99.999916 |
______________________________________
Longtain Aciers Spéciaux et Inoxydables SA, Strepy-Bracquegnies Full consolidation Belgium 100.000000 100.000000 Switzerland Matthey et Cie SA, Apples Full consolidation 100.000000 Matthey France Sas, Ancerville Full consolidation France 100.000000 Full consolidation Switzerland Matthey Holding SA, Apples 100.000000 Full consolidation Czech Republic Matthey Sro, Usti nad Labem 100.000000 Mecagis Snc, Saint Denis Full consolidation France 100.000000 Meusienne Italia Srl, Milano Full consolidation Italia RCC & Weha sub-group comprising the following entities: 100.000000 RCC & Weha GmbH, Erkrath Germany Full consolidation 100.000000 Full consolidation Ugine & Alz Deutschland GmbH, Erkrath Germany
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 – LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
| Company name | Consolidation | Country | Percentage | ||||
|---|---|---|---|---|---|---|---|
| method | of capital held | ||||||
| control (%) | |||||||
| Société Meusienne de Constructions Mécaniques SA, Ancerville | ※ 、 | IT THE REAL | 99.911328 | ||||
| Société Savoisienne de Métaux Sas, Annecy | ELIFCONSORO COMPUTE | an de Commercial | 100.000000 |
| Ugine & Alz SA, Saint Denis | Full consolutions | e transferanten | 99.851852 |
|---|---|---|---|
| Ugine & Alz Belgium NV, Genk | LEINSON SONGEROP | i till forbe | $100.000000$ . |
| Ugine & Alz France SA, Saint Denis | ENERGY CONSOLUTIONS | NIAMARKIN | 99.999978 |
| Ugine & Alz France Service Sas, Gonesse | Full consejuation | g transpor | 100.000000 |
| Ugine & Alz Iberica SL, Viladecans | LE LAS CASTA LA LA LA | HARA | 99.999480 |
| Ugine & Alz Italia Srl, Milano | ATHEROLLANDS | FRANCISCO | 100.000000 |
| Ugine & Alz Luxembourg SA, Rodange | THE CONSTRUCTION | Elverboord | 100.000000 |
| Uginox Sanayi ve Ticaret AS, Gebze Kocaeli - | SEATSLE ORD MARINE | a tin kuwa | 65.000000 |
| Arcelor Steel Solutions and Services (A3S) Segment | |||
| A3S Purchasing Sas, Reims | Jackson Martin | e termen | 100,000000 |
| Aceralia Color Acero SL, Mutilva Alta | EALIKAALE OLI PARTISEN | Serenga ya Kasa | 100.000000 |
| Aceralia Construcción Obras SL, Pamplona | Euliconsolidate | en 1989 | 100.000000 |
| AMD Sud-Ouest Sas, Langon | Full corports that's | STRATORE | 100.000000 |
| Arcelor Auto Processing Benelux SA, Flémalle | LA INSTRUCTION AND | y tyrkining | 100.000000 |
| Arcelor Auto Processing France Sas, Montataire | FAN LANDES KOMME DEN M | a de Conte | 100.000000 |
| Arcelor Auto Processing UK Ltd, Willenhall | ATIRAODES IR ATIVAS | UNICERNIAL TAN | 100.000000 |
| Arcelor Avis SSC Ltd, Manchester | Full consolidation | United Kingdom | 100.000000 |
| Arcelor Centre Logistique Européen SA, Pétange | Etiliconsolidation | Luxemberge | 100.000000 |
| Arcelor Construcción España SL, Berrioplano | Füllconsolidation | Start Comment | 100.000000 |
| Arcelor Construction France SA, Rueil Malmaison | SEUROODED ROOM | ISLANDING KATALOGSILANDING KATALOG | 99.999059 |
| Arcelor Construction UK Ltd, St Helens | A RATI RESPETSED PORT | ATAR BECCHING THREE TO HE | 100.000000 |
| Arcelor Distribution Sas, Reims | ER ELECTRO CHE COMPANY COMPANY | 100.000000 | |
| Arcelor Distribution Luxembourg SA, Esch s/Alzette | ALLEY ARE STRUCK AND ALL | 100.000000 | |
| Arcelor International SA, Luxembourg | ATANG KETAWATAN YA | ||
| Arcelor International America Llc, New York | 这个文化的人生,不是一个人的人生,但是一个人生的人生,不是一个人的人生的人生,但是一个人生的人生,但是一个人生的人生的人生,但是一个人生的人生,但是一个人生的人第244章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第245章 第24 | 100.000000 | |
| Arcelor International Antwerp SA, Antwerpen | a provincia de la Regna de La Caractería de la componencia de la composición de la Caractería de la CaracteríaLa caractería de la Regna de la Caractería de la caractería de la caractería de la Caractería de la caractería | 100.000000 | |
| Arcelor International Canada Inc., Burlington | 992 - 51 1994 | 100.000000 | |
| ALANDARA PRESERVE L'ESPART L'ALAND | 100.000000. | ||
| Arcelor International Export SA, Luxembourg | E ROLLEN MARINE AND DE | A REGISTRA | 100.000000 |
| Arcelor International Singapore sub-group comprising the following entities: | |||
| Arcelor International Singapore Plc, Singapore | ATLANDIN | 100.000000 | |
| Arcelor International Malaysia Sdn. Bhd., Kuala Lumpur | e protestante de la construcción de la construcción de la construcción de la construcción de la construcción | 100.000000 | |
| Arcelor Profil Sas, Yutz | 100,000000 | ||
| Arcelor Projects NV, Overpelt | TO CONFIDENTIAL CONTINUES IN THE CONFIDENTIAL CONTINUES OF THE CONFIDENTIAL CONTINUES. | 100.000000 | |
| Arcelor Projects BV. Moerdijk | a da sensa da sensa da sensa da contra contra contra contra contra contra contra contra contra contra contra c | 100.000000 | |
| Arcelor Projects International BV, Rotterdam | ing for the state of the second contract the contract of the state of the state of the second contract of theInternal state of the state of the state of the state of the state of the state of the state of the state of tC | 100.000000 | |
| Arcelor Projects Spiral Mill sub-group comprising the following entities: | |||
| Arcelor Projects Spiral Mill BV, Heijningen | ATANGAL MENYAKAN | 100.000000 | |
| Byard Netherlands BV, Heijningen | A MIRSHALL II AN AN SANAS | 100.000000 | |
| De Boer Spiral Mill BV, Heijningen | ATTALANTING TRANS | 100.000000 | |
| De Boer Spiral Mill Vof, Heijningen | ARTICLE STATE OF BUILDING | RANCE COMMUNICATION | 100.000000 |
| Arcelor SSC Benelux NV, Geel | 100.000000 | ||
| Arcelor SSC Development France Sas, Saint Priest | REAL PROPERTY AND THE REAL PROPERTY | 100.000000 | |
| Arcelor SSC España SA, Mutilva Alta | 100.000000 | ||
| Arcelor SSC España Salvatierra SL, Salvatierra | FRIESCHEL DER KORP | 100.000000 | |
| Arcelor SSC France Sas, Reims | 100.000000 | ||
| Arcelor SSC Italia Srl, Milano | 的复数西班牙利亚河流通公司 的复数美国美国美国美国美国美国美国美国美国美国美国美国美国美国美国美国美国美国美国 | 100.000000 | |
| Arcelor SSC Polska Spzoo, Bytom | NE DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTINELLE DI CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTITUTION DE LA CONSTI | 100.000000 | |
| Arcelor SSC Sverige AB, Karlstad | STAR DIE DEUTSCHE DER DEUTSCHE EINER DER DEUTSCHE EINER DEUTSCHE EINER DER DEUTSCHE EINER DER DEUTSCHE EINER D | 100.000000 | |
| Arcelor SSC UK Ltd, Willenhall | ALLE IN STRUCTURE IN THE RESIDENCE OF THE RESIDENCE OF THE RESIDENCE OF THE RESIDENCE OF THE RESIDENCE OF THE | 100.000000 | |
| Arcelor SSC UK Barking Ltd, Barking | 100.000000 | ||
| Arcelor Steel Coat France Sas, Reims | A TA MARKA YA KUTOKA TA 1999, KWA 1999, KWA 1999, KWA 1999, KWA 1999 | 100.000000 | |
| Arcelor Steel Service Centres Sas, Saint Ouen l'Aumone | THE REPORT OF THE REPORT OF THE STATE OF THE REPORT OF THE REPORT OF THE REPORT OF THE PARTY OF THE REPORT OFTHE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OT | 100.000000 | |
| Ask Mac Gowan Ltd, Halesowen | a se destruída de la constitución de la constitución de la constitución de la constitución de la constitución | 90.000000 | |
| Asturiana de Perfiles SA, Langreo | de de la componentación de la componentación de la componentación de la componentación de la componentación deDescritos de la componentación de la componentación de la componentación de la componentación de la componenta | 100.000000 | |
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
| Company name | Consolidationmethod | Country | Percentageof capital heldcontrol (%) |
|---|---|---|---|
| Baechler Sas, Thionville | Full consolidation | France | 100.000000 |
| Bedon Sicard Produits Métailurgiques Sas, Avignon | Full consolidation | France | 100.000000 |
Derton Sicard Froudits Metallurgiques Sas, Ovignon C.S.T.R. Sas, Reims Chaillous Sas, Nantes Cima Sas, Bertrichamps Cofrastra SA, Fribourg Color Profil NV, Geel Devillers Oxycoupage Sas, Hericourt Dikema & Chabot Holding BV, Rotterdam Dikema Staal Nederland sub-group comprising the following entities: Dikema Staal Nederland BV, Rotterdam Dikema Projecten BV, Born $\mathbf{r}(\mathbf{r})$ Disteel NV, Machelen Etablissement Alfred André Sas, Harfleur Etablissements Jean Letierce et Cie Sas, Bolbec Etilam SA, Saint Dizier Eucosider Commercial SA, Pétange Europerfil SA, L'hospitalet Europese Staal Prefabricatie NV, Geel Ferrometalli-Safem Spa, Milano Financieringsmaatschappij Dikema BV, Rotterdam Galva Service Sas, Bazeilles Gonvarri Industrial SA, Madrid, sub-group comprising 18 entities Haironville Austria GmbH, Neuhofen Haironville Guyane Sas, Cayenne
Full Full Full Full Full Full Full Full Full Full Full Full Full Full . . . . . . . . . . Full Full $Full$ Full Ful Ful
Ful
Ful
Ful
Ful
Ful
Ful
and the manufacturers are
| Full consolidation | France | 100.000000 |
|---|---|---|
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Switzerland | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 99.989231 |
| Full consolidation | Luxembourg | 100.000000 |
| Equity method | Spain | 50.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Italia | 98.39789 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | France | 100.000000 |
| Equity method | Spain | 29.850431 |
| Full consolidation | Austria | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Portugal | 99.988462 |
| Equity method | Spain | 35.000140 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Greece | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Portugal | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Equity method | Spain | 50.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 90.000000 |
| Full consolidation | Spain | 90.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | France | 100.00000 |
| Equity method | Portugal | 38.6665(H) |
| Haironville Metal Profil SA, Herstal |
|---|
| Haironville Portugal SA, Cartaxo |
| Holding Gonvarri Srl, Bilbao |
| Jean Guille Sas, Yutz |
| Konti Steel Hellas AE, Marousi |
| Laminados Velasco sub-group comprising the following entities: |
| - Laminados Velasco SL, Basauri |
| - Aceralia Distribución SL, Basauri |
| - Arcelor Distribuçao Portugal Spq, Ribatejo |
| Arcelor Distribución Levante SL, Valencia$\cdots$ |
| - Arcelor Distribución Mediterraneo SL, Parets del Valles |
| Calibrados Pradera SA, Miravalles |
| Grupo Velasco Desarrollo SL, Basauri |
| Laminados Comavesa SA, Basauri$\epsilon$ |
| - Laminados Gonvelsa SL, Lugo de Llanera |
| -- Laminados Siderúrgicos Duero SA, Basauri |
| Laminados Siderúrgicos Orense SA, San Ciprian de Viñas |
| - Laminados Siderúrgicos Sevilla SA, Alcalá de Guadaira |
| SA Productos Empresas Metalúrgicas, Salvatierra |
| Lardier et compagnie Sas, Blois |
| Laserflash SA, Eupen |
| Lille Aciers Sas, Lomme |
| Megaço Jma Comercio Siderúrgico Spq, Palmela |
Montan Staal BV, Den Haag Mosacier SA, Liège Oriental Sheet Piling sub-group comprising the following entities: Oriental Sheet Piling Sdn Bhd, Kuala Lumpur Oriental Sheet Piling Pte Ltd, Singapore $\equiv$ Parements Métalliques d'Architecture Sas, Cerons Plaques et Découpes France SA, Reims Produits d'Usines Métallurgiques Pum-Station Service Acier SA, Reims Produits Métallurgiques des Ardennes Sas, Donchery Produits Sidérurgiques de la Moselle Sas, Yutz
100.000000 Full consolidation Netherlands 100.000000 Belgium Full consolidation 60.000000 Malaysia Full consolidation 100.00000 Singapore Full consolidation 100.00000 Full consolidation France 99.998 Full consolidation France 99.9836. France Full consolidation 100.00000 France Full consolidation 100.00000 France Full consolidation
Arcelor Annual Report 2006 115
$\mathcal{F}_{\mathcal{A}}$
$\sim 10^{-1}$
$\frac{1}{2} \frac{d^2 \phi}{d\phi^2}$
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
| Company name | Consolidationmethod | Country | Percentageof capital heldcontrol (%) |
|---|---|---|---|
| Profil du futur Sas, Horbourg Wihr | Full consolidation | France | 100.000000 |
| Profilage de Guadeloupe Sas, Baie Mahault | Full consolidation | France | 100.000000 |
| Profilage de la Martinique Sas, Fort-de-France | Full consolidation | France | 100.000000 |
| Profilage de la Réunion SA, Le Port | Full consolidation | France | 94.203612 |
| ProfilArbed Staalhandel sub-group comprising the following entities: | |||
| ProfilArbed Staalhandel BV, Born | Full consolidation | Netherlands | 100.000000 |
| AND-Steel NV, Schoten | Full consolidation | Belgium | 100.000000 |
| Borotrans Born BV, Born | Full consolidation | Netherlands | 100.000000 |
| Bouwstaal Nederland BV, Born | Full consolidation | Netherlands | 100.000000 |
| Demanet-Cassart Aciers SA, Sombreffe | Full consolidation | Belgium | 100.000000 |
| Leduc Trading NV, Schoten | Full consolidation | Belgium | 100.000000 |
| Limbustaal BV, Meersen | Full consolidation | Netherlands | 100.000000 |
| Lommaert/Montan Wapeningsstaal BV, Nijmegen | Full consolidation | Netherlands | 100.000000 |
| Lommaert Walserijprodukten BV, Born | Full consolidation | Netherlands | 100.000000 |
| ProfilArbed Staalhandel Nederland BV, BornSteelexpress NV, Schoten | Full consolidation | Netherlands | 100.000000 |
| Profilsteel SA, Bouffioulx | Full consolidation | Belgium | 100.000000 |
| Pum Paris-Normandie Sas, Savigny le Temple | Full consolidationFull consolidation | Belgium | 100.000000 |
| Pum Sud Est Sas, Lyon | Full consolidation | France | 100,000000100.000000 |
| Robert Smith Steels Ltd, Mersyside | Full consolidation | FranceUnited Kingdom | 100.000000 |
| Sipm Sas, Denain | Full consolidation | France | 100.000000 |
| S2I (Synergie Interactive Industrielle) Sas, Hericourt | Full consolidation | France | 68.683329 |
| Savoie Métal Toiture Sas, Saint Jorioz | Full consolidation | France | 100.000000 |
| JH Group Sci, Yutz | Full consolidation | France | 100.000000 |
| Sirus Sas, Saint Ouen l'Aumone | Full consolidation | France | 100.000000 |
| Skyline Steel sub-group comprising the following entities: | |||
| Skyline Steel Llc, Parsippany | Full consolidation | United States | 100.000000 |
| Arkansas Steel Processing Llc, Parsippany | Full consolidation | United States | 100.000000 |
| Arkansas Steel Processing Llc, Bessemer | Full consolidation | United States | 100.000000 |
| Associated Pile and Fitting Lic, Clifton | Full consolidation | United States | 100.000000 |
| Casteel Lic, Belpre | Full consolidation | United States | 100.000000 |
| Midwest Steel & Tube Lic, Chicago | Full consolidation | United States | 100.000000 |
| PA Pipe Llc, Cartersville | Full consolidation | United States | 100.000000 |
| Sheeting Solutions Lic, Parsippany | Full consolidation | United States | 100.000000 |
| Skyline (Php) Canada Ltd, St Bruno | Full consolidation | Canada | 100.000000 |
| Skyline Canada Holding Inc., Parsippany | Full consolidation | United States | 100.000000 |
| Skyline Steel Pipe Llc, Luka | Full consolidation | United States | 100.000000 |
| SIpm Atlantique Sas, Saint Nazaire | Full consolidation | France | 100.000000 |
| Société Belge d'Oxycoupage SA, Liège | Full consolidation | Belgium | 100.000000 |
| Société de transports de produits d'usines Métallurgiques Sas, Reims | Full consolidation | France | 100.000000 |
| Société Industrielle Métallurgique et d'entreprise Sas, La Chapelle Saint Luc | Full consolidation | France | 100.000000 |
| Sotracier Sas, Pontcharra | Full consolidation | France | 100.000000 |
| Stalobrex Spzoo, Poreba | Full consolidation | Poland | 89.000000 |
| Steel Coat Service Centres SA, Alleur | Full consolidation | Belgium | 100.000000 |
| Upac Sas, Saint Ouen l'Aumone | Full consolidation | France | 100.000000 |
| Africa, Asia, CIS Segment | |||
| Nouvelles Sidérurgies Industrielles SA, Casablanca | Full consolidation | Morocco | 50.000000 |
| Société Nationale de Sidérurgie SA, Al Aaroui | Full consolidation | Morocco | 64.860000 |
| Other Activities Segment | |||
| ARCELOR SA, Luxembourg | Luxembourg | ||
| 4313267 Canada Inc., Montréal | Full consolidation | Canada | 100.000000 |
| Arbed Americas sub-group comprising the following entities: | |||
| Arbed Americas Llc, New York | Full consolidation | United States | 100.000000 |
| Arcelor Internacional México SA, Tlalnepantla | Equity method | Mexico | 100.000000 |
| Arcelor Aços Especiais do Brasil Ltda, São Paulo | Full consolidation | Brazil | 99.999976 |
| Arcelor Brasil SA, Belo Horizonte | Full consolidation | Brazil | 66.72905 |
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
$\sim 100$ km s $^{-1}$ km s $^{-1}$
......................................
| Company name | Consolidationmethoc | Country | Percentageof capital heldcontrol (%) |
|---|---|---|---|
| . ...Arcelor Constructalia SL, Berrioplano | .Full consolidation | Spain | റററററ |
| Arcelor Finance and Services Belgium SA, Bruxelles._______________________________________ | ull consolidation | Belgium | , 999998 |
Arcelor Finance Sca, Luxembourg Arcelor Finanziara Srl, Piombino Arcelor France SA, Saint Denis the contract of the companies of Arcelor Holding Sàrl, Luxembourg Arcelor Investment SA, Luxembourg Arcelor Investment Services SA, Luxembourg Carl Carl Carl Carl Arcelor Italy Holding Srl, Piombino Arcelor Luxembourg SA, Luxembourg Arcelor Mittal Belgium Holding SA, Antwerpen Arcelor Mittal Purchasing Sas, Saint Denis Arcelor Netherlands BV, Amsterdam Arcelor Persebrás SL, Azpeitia المناسب المناطقين سالم والمتمر وسنتمرأ الفسير المناد Arcelor Real Estate France SA, Hayange Arcelor Recycling Sas, Saint Denis Arcelor Spain Holding Srl, Madrid Arcelor Steel Trading Netherlands BV, Rotterdam Arcelor Systems Belgium SA, Flemaile Arcelor Systems France Sas, Saint Denis Arcelor Technologies France Sas, Saint Denis Arcelor Treasury Snc, Saint Denis Arcelor USA Holding Inc., New York Atic Services SA, Paris, sub-group comprising 21 entities Cfl Canada Investment Inc., Granby
| Full consolidation | Luxembourg | 99.999998 |
|---|---|---|
| Full consolidation | Italia | 100.000000 |
| Full consolidation | France | 99.999976 |
| Full consolidation | Luxembourg | 100.000000 |
| Full consolidation | Luxembourg | 100.000000 |
| Full consolidation | Luxembourg | 100.000000 |
| Full consolidation | Italia | 100.000000 |
| Full consolidation | Luxembourg | 99.824701 |
| Full consolidation | Belgium | 100,000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | France | 99.999703 |
| Full consolidation | France | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Netherlands | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | France | 100.000000 |
| Full consolidation | United States | 100.000000 |
| Equity method | France | 43.513975 |
| Full consolidation | Canada | 100.000000 |
| Equity method | Luxembourg | 33.333401 |
| Full consolidation | Canada | 100.000000 |
| Full consolidation | Luxembourg | 89.979841 |
| Equity method | Luxembourg | 49.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Spain | 100.000000 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Belgium | 50.000000 |
| Full consolidation | France | 99.940000 |
| Full consolidation | France | 99.908537 |
| Full consolidation | Belgium | 100.000000 |
| Full consolidation | Luxembourg | 100.000000 |
| Full consolidation | France | 99.671593 |
| Equity method | Luxembourg | 50.000000 |
| Full consolidation | United States | 100.000000 |
| Full consolidation | United States | 100.000000 |
| Full consolidation | Luxembourg | 48.097230 |
| Full consolidation | Belgium | 99.999979 |
| Full consolidation | Belgium | 97.430000 |
| Full consolidation | France | 100.000000 |
$\mathcal{L}(\mathcal{L}(\mathcal{L}))$ and the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set of the set o
| CFL Cargo SA, Esch s/Alzette | |
|---|---|
| Circuit Foil America Secs, Granby | |
| Circuit Foil Luxembourg Sarl, Wiltz | |
| Circuit Foil Service SA, Weidingen/Wiltz | |
| Cockerill Forges and Ringmill SA, Seraing | . |
| Cockerill Mécanique Prestations SA, Seraing | |
| Daf Group NV, Gent | |
| Esperbras SL, OlaberriaALCOHOL: YES | |
| Finindus NV, Bruxelles | the second control of the control of the control of the control of the control of the control of the control of |
| Finocas NV, Gent | |
| Gecs SA, Saint Denis | |
| Groupement de l'Industrie Sidérurgique SA, Saint Denis | |
| Groupement Immobilier Scrl, Seraing | |
| Immobilière Schlassgoart (Groupe Arbed) Senc, Luxembourg | |
| Imphy SA, Saint Denis | |
| InvestAR Sàri, Luxembourg | |
| July Products sub-group comprising the following entities: | |
| - July Products Llc, New York | |
| J&L Speciality Steel International Sales Inc., Christiansted | |
| Paul Wurth SA, Luxembourg | |
| Sidarfin NV, Gent | |
| Sidarsteel NV, Gent | |
| Sodisid Sas, Hayange | |
and the company of
and the company
| Sofinus SA, Saint Denis | Full consolidation | France | 99.997244 |
|---|---|---|---|
| Sogepass SA, Hayange | Full consolidation | France | 99,800000 |
| Soteg Société de Transport de Gaz SA, Luxembourg | Equity method | Luxembourg i | 20,000000 |
| Sotel SC, Esch s/Alzette | Full consolidation | Luxembourg | 75.000000 |
| Sotel Réseau et Cie Secs, Esch s/Alzette | Full consolidation | Luxembourg | 100.000000 |
| Usinor Belgium SA, Seraing | Full consolidation | Belgium | 100.000000 |
,他们的人都不能不能不能不能不能不能不能不能不能不能不能不能不能不能不能不能不能不能不能
1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 10001000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000 - 1000
$\mathcal{L}(\mathcal{L}(\mathcal{L}))$ and $\mathcal{L}(\mathcal{L}(\mathcal{L}))$ and $\mathcal{L}(\mathcal{L}(\mathcal{L}))$ . The contribution of $\mathcal{L}(\mathcal{L})$
And the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contr
Arcelor Annual Report 2006 117
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED Entities not included in the consolidation
Company name
- Non-consolidated subsidiaries (346 entities)
A.M.T. Sas, Trévoux
Country Percentage of capital held control (%)
LATH
100.000000
| IIII | 100.000000 | |
|---|---|---|
| A.S. Build SA, Liège | TANANA | 100.000000 |
| A'Tol Sas, La Ravoire | Senator Contractor | 100.000000 |
| Acdo Lic, New-York | KANG PROTOKAL | 100.000000 |
| Aceralia Construcciones SL, Sestao | 100.000000 | |
| Aciers Solcan Inc., Burlinton | 100.000000 | |
| Agifep, Arbed Group Investors for Electronic Purchasing SA, Luxembourg | THXCHOODIA | 100.000000 |
| Agifesa, Arbed Group Investors for Electronic Sales SA, Luxembourg | Alkembar | 100.000000 |
| Airdix SA, Luxembourg | RETTAILED I PLAN | 100.000000 |
| Ais Finance (Groupe Arbed) Snc, Luxembourg | 100.000000 | |
| Alpha Profil SA, Yutz | TI ATTER | 99.760000 |
| Amsa Steel Service Centre Ltd, Johannesburg | 65.000000 | |
| Arbed Building Concepts SA, in process of business discontinuance, Esch s/Alzette | READY REPORT | 100,000000 |
| Arc-Air SA, Luxembourg | Altxentings | 100.000000 |
| Arc Detal Spzoo, Ostrowiec | Manufacture | 67,000000 |
| Arcelor Acelkereskedelmi Kft, Kecskemét | RAISHER | 99.967208 |
| Arcelor Asia Management Services (Shanghai) Co. Ltd, Shanghai | 100.000000 | |
| Arcelor Assekuranz Vermittlungs-GmbH, in process of business discontinuance, Bremen | 100.000000 | |
| Arcelor Auto Brasil Ltda, São Paulo | 99.999882 | |
| Arcelor China holding (Luxembourg) Sarl, Luxembourg | s at de grece de l'albe | 100,000000 |
| Arcelor Commercial Benelux FCSE BV, Rotterdam | ANTI DEL PORTE | 100.000000 |
| Arcelor Commercial Benelux FCSE NV, Merelbeke | La Constantino | 99.960000 |
| Arcelor Commercial FCSE Greece Epe, Kifissia | 99.666667 | |
| Arcelor Commercial Finland FCSE OY, Helsinki | $\frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \right) \frac{1}{2} \right) \right) \right) \right) \right) \right) \right) + \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( \frac{1}{2} \left( $ | 100.000000 |
| Arcelor Commercial France FCSE SA, Saint Denis | E STATISTICI | 99.966666 |
| Arcelor Commercial Italy FCSE Srl, Milano | 100.000000 | |
| Arcelor Commercial Long Finland OY, Helsinki | 100.000000 | |
| Arcelor Commercial Long Polska Spzoo, Katowice | 100.000000 | |
| Arcelor Commercial Poland FCSE Spzoo, Poznan | 100,000000 | |
| Arcelor Commercial Rebar SA, Rodange | 100.000000 | |
| Arcelor Commercial Sections Benelux BV, Rotterdam | 100.000000 | |
| Arcelor Commercial Sections France SA, Saint Denis | 99.990000 | |
| Arcelor Commercial Sections Italia Srl, Torino | 100.000000 | |
| Arcelor Commercial Sweden FCSE AK, Stockholm | 100.000000 | |
| Arcelor Commercial Switzerland FCSE AG, Wettingen | ARRANGSHAMER SERIES SERIES | 99.916667 |
| Arcelor Commercial UK FCSE Ltd. Solinull-West | A PIELER A BARCARA DE LA PIELERA PIELER A BARCARA | 100.000000 |
| Arcelor Commercial Wire Drawing CZ Sro, Jesenice u Chebu | Comment Research Comment Comment | 100.000000 |
| Arcelor Commercial Wire Drawing UK Ltd, Nantwich | 100.000000 | |
| Arcelor Construcción Iberia Srl, Madrid | 100.000000 | |
| Arcelor Construction Baltic Uab, Vilnius | 100,000000 | |
| Arcelor Construction Nederland BV, Tiel | 100.000000 | |
| Arcelor Construction Norge AS, Klofta | 100.000000 | |
| Arcelor Consultants SA, Saint Denis | 99.840000 | |
| Arcelor Distribuce - CZ Sro. Praha | 100.000000 | |
| Arcelor Distribúcia Slovensko Sro, Kosice | 100.000000 | |
| Arcelor Distribucija Doo, Beograd | 100.000000 | |
| Arcelor Distribucija Doo, Cakovec | ||
| Arcelor Distributie Srl, Pantelimon | 100.000000 | |
| 100.000000 | ||
| Arcelor Distribution Bulgaria Eood, SofiaArcelor Distribution France Sas, Nantes | 100.000000 | |
| 100.000000 | ||
| Arcelor Distribution Négoce Sas, Reims | 100.000000 | |
| Arcelor Distribution Steel Solutions Sas, Reims | 100.000000 | |
| Arcelor Dystrybucja Polska Spzoo, Katowice | 100.000000 | |
| Arcelor FCS Commercial Austria GmbH, Steyt | 100.000000 | |
| Arcelor FCS Commercial CZ Sro, Praha | 100.000000 |
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED Entities not included in the consolidation
$\sim$ $\sim$
the control of the control of the
Company pame
$\sim 100$ km s $^{-1}$
| Company name | Country | Percentage of capital-held control $(%)$ |
|---|---|---|
| Arcelor FCS Commercial Denmark A/S, Kobenhavn | .Denmark | 100.000000 |
| Arcelor FCS Commercial Hungary Kft, Budapest | Hungary | 100.000000 |
| .Arcelor FCS Commercial Iberica SL, Madrid | Spain | 99.999999 |
| Arcelor FCS Commercial Luxembourg SA, Dudelange | Luxembourg | 100.000000 |
| Arcelor FCS Commercial Norway AS, Oslo | Norway | 100.000000 |
| Arcelor FCS Commercial Portugal Sul, Cascais | Portugal | 100.000000 |
| Arcelor FCSE Celik Ticaret AS, Istanbul | Turkey | 99.998400 |
| Arcelor Holding Mexico SA, Mexico DF | Mexico | 100.000000 |
| Arcelor Inoxidables de Mexico SA, Mexico DF | Mexico | 99.999971 |
| Arcelor Insurance Belgium NV, Gent | Belgium | 100.000000 |
| .Arcelor Insurance Consultants SA, Luxembourg | .uxembourg | 100.000000 |
| .Arcelor Interest France Sas, Saint Denis | .France | 100.000000 |
| Arcelor International (Proprietary) Ltd, Sandton | South Africa | 100.000000 |
| Arcelor International Africa SA, Casablanca | Morocco | 99.966102 |
| Arcelor International Algérie Eurl, Alger | Algeria | 100.000000 |
| Arcelor International Baltics OU, Tallinn | . .Estonia | 100.000000 |
| Arcelor International Celik Dis Ticaret AS, Istanbul | Turkey | 99.999999 |
| Arcelor International Nordic AS, Oslo | -------Norway | 100.000000 |
| Arcelor International Steel Trading Shanghai Co. Ltd, Shanghai | China | 100.000000 |
| Arcelor International Ukraine Tob, Kyiv | Ukraine. | 100.000000 |
| .Arcelor Investeel France Sas, Saint Denis | France | 100.000000 |
| Arcelor IT & IS Italia Srl, Piombino | Italia | 100.000000 |
| Arcelor Italia Srl, Piombino | Italia | |
| .Arcelor Logistics Belgium NV, Antwerpen | Belgium | 100.000000 |
| Arcelor Logistics Brazil Ltda, São Paulo | Brazil | 90.000000 |
| Arcelor Logistics France SA, Saint Denis | France | 99.935135 |
| .Arcelor Logistics Italia Srl, Milano | Italia | 100.000000 |
| Arcelor Logistics USA Llc, New York | States | 100.000000 |
| Contract ContractArcelor Long Commercial Austria GmbH, Salzburg | Austria | 100.000000 |
| Arcelor Long Commercial Denmark AS, Kobenhavn | Denmark | 100.000000 |
| Arcelor Long Commercial Norway AS, Oslo | Norway | 100.000000 |
| Arcelor Long Commercial Sweden AB, Stockholm | Sweden$\cdots$ | 100.000000 |
| Arcelor Metal Endüstri Ve Ticaret AS, Istanbul | ||
| Arcelor Mittal Global Finance SA, Bruxelles | Belgium | , AA AAAAAA_00.000000 |
| Arcelor Négoce Distribution - Europe Est SA, Luxembourg | Luxembourg | 100.000000 |
| Arcelor Négoce Distribution China Holding Ltd, Wanchai. | China | 100.000000 |
| Arcelor Packaging Imprimerie Florange Sas, Saint Denis | France | 100.000000 |
| Arcelor Packaging Ukraina Tob, Belgorod | Ukraine | 100.000000 |
| Arcelor Projects Pte Ltd, Singapore | Singapore | 90.000000 |
| Arcelor Projects UK Ltd, Oil Kent | United Kingdom | 100.000000 |
| Arcelor Real Estate Belgium SA, Bruxelles | Belgium | 100.000000 |
| Arcelor Research Liège Scrl, Liège | Belgium | 99.000000 |
| Arcelor RPS Italia Srl, Torino | Italia | 100.000000 |
| Arcelor RPS UK Ltd, Solihull | United Kingdom | 100.000000 |
| Arcelor Russia Holding (Luxembourg) Sarl, Luxembourg | Luxembourg | 100.000000 |
| Arcelor Sections Commercial Austria GmbH, Salzburg.Arcelor Sections Commercial Schweiz AG, Basel | Switzerland | 100.000000 |
| ..Arcelor Sections Commercial UK Ltd, Birmingham | United Kingdom | 100.000000 |
| Arcelor Services et Solutions Aciers Maroc SAs, Casablanca | Morocco | 100.000000 |
| Arcelor Servicios SA, Queretaro | Mexico | 99,000000 |
| .Arcelor Siderail SA, Gozón | Spain | 100.000000 |
| $\cdots$ . The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the c.Arcelor SSC Development Italia Srl, Avigliana | .Italia | 100.000000 |
| .Arcelor SSC Slovakia Sro, Senica | .Slovakia | 100.000000 |
| Arcelor Stainless (China) Company Ltd, Tsim Sha Tsui | .China | 99.900000 |
| Arcelor Stainless Australia Pty Ltd, Southport | Australia | 100.000000 |
| .Arcelor Stainless Baltics Oü, Tallinn.. | Estonia | 100.000000 |
| Arcelor Stainless Canada Inc., Burlingtonthe company of the company of the company of the | Canada | 100.000000 |
| Arcelor Stainless India Private Ltd, Mumbai$\bullet$ | India | |
| Arcelor Stainless International - Korea Branch BO, SeoulContract Contract | Rep. of South Korea |
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| Arcelor FCS Commercial Iberica SL, Madrid | Spain | 99.999999 |
|---|---|---|
| Arcelor FCS Commercial Luxembourg SA, Dudelange | Luxembourg | 100.000000 |
| Arcelor FCS Commercial Norway AS, Oslo | Norway | 100.000000 |
| Arcelor FCS Commercial Portugal Sul, Cascais | Portugal | 100.000000 |
| Arcelor FCSE Celik Ticaret AS, Istanbul | Turkey | 99.998400 |
| Arcelor Holding Mexico SA, Mexico DF | Mexico | 100.000000 |
| Arcelor Inoxidables de Mexico SA, Mexico DF | Mexico | 99.999971 |
| Arcelor Insurance Belgium NV, Gent | Belgium | 100.000000 |
| Arcelor Insurance Consultants SA, Luxembourg | Luxembourg | 100.000000 |
| .Arcelor Interest France Sas, Saint Denis | .France | 100.000000 |
| Arcelor International (Proprietary) Ltd, Sandton | South Africa | 100.000000 |
| Arcelor International Africa SA, Casablanca | Morocco | 99.966102 |
| .Arcelor International Algérie Eurl, Alger | .Algeria | 100.000000 |
| Arcelor International Baltics OU, Tallinn | .Estonia | 100.000000 |
| Arcelor International Celik Dis Ticaret AS, Istanbul | .Turkey | 99.999999 |
| Arcelor International Nordic AS, Oslo | .-------Norway | 100.000000 |
| China | 100.000000 | |
| Arcelor International Steel Trading Shanghai Co. Ltd, Shanghai | ||
| Arcelor International Ukraine Tob, Kyiv | Ukraine | 100.000000 |
| Arcelor Investeel France Sas, Saint Denis | France | 100.000000 |
| Arcelor IT & IS Italia Srl, Piombino | Italia | 100.000000 |
| Arcelor Italia Srl, Piombino. | Italia | 100.000000 |
| Arcelor Logistics Belgium NV, Antwerpen | Belgium | 100.000000 |
| Arcelor Logistics Brazil Ltda, São Paulo | Brazil | 90.000000 |
| Arcelor Logistics France SA, Saint Denis | France | 99.935135 |
| Arcelor Logistics Italia Srl, Milano | Italia | 100.000000 |
| Arcelor Logistics USA Llc, New York | StatesUnited | 100.000000 |
| Arcelor Long Commercial Austria GmbH, Salzburg | Austria | 100.000000 |
| Arcelor Long Commercial Denmark AS, Kobenhavn | Denmark | 100.000000 |
| Arcelor Long Commercial Norway AS, Oslo | Norway | 100.000000 |
| Arcelor Long Commercial Sweden AB, Stockholm | Sweden | 100.000000 |
| Arcelor Metal Endüstri Ve Ticaret AS, Istanbul | Turkey | 100.000000 |
| Arcelor Mittal Global Finance SA, Bruxelles | Belgium | 100,000000 |
| Arcelor Négoce Distribution - Europe Est SA, Luxembourg | Luxembourg | 100.000000 |
| Arcelor Négoce Distribution China Holding Ltd, Wanchai | China | 100.000000 |
| Arcelor Packaging Imprimerie Florange Sas, Saint Denis | France | 100.000000 |
| Arcelor Packaging Ukraina Tob, Belgorod | Ukraine | 100.000000 |
| Arcelor Projects Pte Ltd, Singapore | Singapore | 90.000000 |
| Arcelor Projects UK Ltd, Oil Kent | United Kingdom | 100.000000 |
| Arcelor Real Estate Belgium SA, Bruxelles | Belgium | 100.000000 |
| Arcelor Research Liège Scrl, Liège | Belgium | 99.000000 |
| Arcelor RPS Italia Srl, Torino | Italia | 100.000000 |
| Arcelor RPS UK Ltd, Solihull | United Kingdom | 100,000000 |
| Arcelor Russia Holding (Luxembourg) Sarl, Luxembourg | Luxembourg | 100.000000 |
| Arcelor Sections Commercial Austria GmbH, Salzburg | Austria | 100,000000 |
| Arcelor Sections Commercial Schweiz AG, Basel | Switzerland | 100.000000 |
| Arcelor Sections Commercial UK Ltd, Birmingham | United Kingdom | 100.000000 |
| Arcelor Services et Solutions Aciers Maroc SAs, Casablanca | Morocco | 100.000000 |
| Arcelor Servicios SA, Queretaro | Mexico | 99.000000 |
| the product of a series of the series of the contract of thethe company of the company ofArcelor Siderail SA, Gozón | Spain | 100.000000 |
| the company of the company of the company ofArcelor SSC Development Italia Srl, Avigliana | Italia | 100.000000 |
| .Arcelor SSC Slovakia Sro, Senica | Slovakia | 100.000000 |
| Arcelor Stainless (China) Company Ltd, Tsim Sha Tsui | China | 99.900000 |
| Arcelor Stainless Australia Pty Ltd, Southport | Australia | 100.000000 |
| .Arcelor Stainless Baltics Oü, Tallinn | Estonia | 100.000000 |
| the commission of the commission of thethe contract of the contract of the contract of the | 100.000000 | |
| Arcelor Stainless Canada Inc., Burlington | Canada | 99.999633 |
| Arcelor Stainless India Private Ltd, MumbaiThe company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the companyArcelor Stainless International - Korea Branch RO, Seoul | Indiathe contract of the contract of the contract of the contract of the contract ofRen of South Korea | 100.000000 |
and the control
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 32 – LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUEDEntities not included in the consolidation Entities not included in the consolidationCompany nameCompany name
| Company nameCountr. | Percentage of capital |
|---|---|
| held control (%) | |
| Arcelor Stainless Singapore Pte Ltd, SingaporeSingapore | 100.000000 |
| Arcelor Syców Spzoo, SycówPoland | 100.000000 |
| Arcelor Systems España SL, Gozón | Spain | 100.000000 |
|---|---|---|
| Arcelor Tailored Blank Gent NV, Gent | Belgium | 100.000000 |
| Arcelor Tailored Blank Senica Sro, Senica | Slovakia | 100.000000 |
| Arcetor Technologies Belgium SA, Flémalle | ABGRUAN | 100.000000 |
| Arcelor Technologies España SL, Gozón | ASTRA | 95.655994 |
| Arcelor Top Sas, Reims | Etance | 100.000000 |
| Arcelor Turkey Holding (Luxembourg) Sarl, Luxembourg | Linembourg | 100.000000 |
| Arcelor Wire Drawing Sarl, Bissen | Luxembourg | 100.000000 |
| Arceo SA, Flémalle | S-ekimi | 65.163934 |
| Armar Prestacão de Serviços Ltda, São Paulo | a Tana | 99.999996 |
| Armasteel SA, Wavre | 上考察的 | 100,000000 |
| Armatures SA, Pontpierre | Liverbourg | 100.000000 |
| Association Coopérative Zélandaise de Carbonisation BV, in liquidation, Terneuzen | Netherlands | 100.000000 |
| Assuraciers Snc, Saint Denistic | a Brazilia | 100.000000 |
| Auxiliaire de Regroupement Financier d'Arcelor Sas, Saint Denis | hte press | 100.000000 |
| Beijing Arcelor Shougang Steel Construction Co. Ltd, Beijing | 美丽的名 | 70.000000 |
| Belgo Trade SA, Luxembourg | Luxembourg | 100.000000 |
| Bernex Belgo-Mineira Cornercial Exportadora SA, Belo Horizonte | Karati | 100.000000 |
| Blahove BV, Amsterdam | Netherlands | 97.500000 |
| Bme Belgo-Mineira Engenharia Ltda, Belo Horizonte | 海底科 | 100.000000 |
| Bms Belgo-Mineira Sistemas SA, Belo Horizonte | I-KII | 100.000000 |
| Brema Warmwalz GmbH, Bremen | Company | 100.000000 |
| C3S Sart, Saint Denis | ,,,,,,,,,,,,, | 100.000000 |
| CDSA SA, Buenos Aires | SAN SERIES DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTIODE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA PRODUCTION DE LA | 100.000000. |
| Cfa Management Inc., Granby | E o Tintara | 100.000000 |
| Changzhou Uginox Products Company Ltd, Jiang Su | SOUTH | 92.330000 |
| Circuit Foil Asia Pacific (Hongkong) Ltd, Kwai Chung | SING CONTRACT | 75.000000 |
| Circuit Foil Asia Pacific (Zhangjiagang) Ltd, Zhangjiagang | ATRANA | 100.000000 |
| Circuit Foil Engineering Sarl, Weidinger/Wiltz | TERMINAL | 100.000000 |
| Circuit Foil Trading USA Inc., Glenside | United States | 100.000000 |
| Cofralux SA, Differdange | ATYOTAL ATEL | 100.000000 |
| Coinvest Spzoo, Warszawa | E ROSA PARA | 100.000000 |
| ColorProfil Ltd, Moscou | AN LAIREAN DE CRAINE | 100.000000 |
| Considar Private Ltd, Singapore | 100.000000 | |
| Contisteel Ltd, Barking | e: Britten (1916) | |
| Contisteel (Holdings) Ltd, Barking | E RICH EN PRODUCTTO THE MOTHER OF THE SAME OF THE | 100.000000 |
| Contisteel (Southern) Ltd, Barking | 100.000000 | |
| Cordelia SA, Saint Denis | Mandor Kongonia | 100.000000 |
| Corea SA, Semiingerberg | e tiktor | 99.998000 |
| Corporations Efficency Growth Through Information Systems Scri, Ougrée | 100.000000 | |
| Crois-sens Scri, Ougrée | 132 EUN | 88.362069 |
| Csn Chrome SA, Liège | a przezemne | 99.733333 |
| Daval Nederland BV, Amsterdam | letter na | 100.000000 |
| Dencrest Limited Plc. Nicosia | A TELEVISION | 100,000000 |
| e Arbed Distribution SA, Esch s/Alzette | Ketter | 100.000000 |
| EBT - Electron Beam Technology GmbH, Bremen | BELLINGTON | 100.000000 |
| STRATEGIST | 100.000000 | |
| Efoam SA, LuxembourgEkosto NV, Sint Gillis Waas | a Kabupatén Grégoria | 100.000000 |
| S CHINE | 100.000000 | |
| Electro Holding Company SA, Luxembourg | Expression and | 100.000000 |
| Euro Cubage Services Sas, in liquidation, Ennery | 2 000 0000 | 100.000000 |
| 调段C. Sas, Montelier。 | extrace | 100.000000 |
| Fabest Sas, Ludres | TIMM | 100.000000 |
| Ferrometalli Plaques et Découpes Srl, Calderara di reno | 總接機 | 100.000000 |
| Fers et Maintenance Industriels Sarl, Hayange | E TROSSE | 100.000000 |
| Fersthal Sagi, Lugano | READERS | 99.000000 |
| 邪 2000 Sas, Limas: | Y Jacques | 100.000000 |
| Finansider SA, Saint Denis | January | 99.999004 |
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
Entities not included in the consolidation
| Company name | Country | Percentage of capital |
|---|---|---|
| held control (%) | ||
| Frecolux SA.Luxembourg | .IYAMwurg – | --------------------------------------QQ,999915 |
| PaulGalva. Réunion-Sas.SaintlService.... | France | ററ |
| والمستوفي المستعاري والمستحدث والمستول |
Contract
| Geopar SA, in liquidation, Couillet | Belgium | 50.950604 |
|---|---|---|
| Gepor Sas, Illange | France | 100.000000 |
| Geprolux SA, Luxembourg | Luxembourg | 100.000000 |
| Gie Primus®fonte, Luxembourg | Luxembourg | 100.000000 |
| Groupe Alliance Métal SA, Arnas | France | 66.018226 |
| $H & E$ SA, Rombas | France | 99.993600 |
| H & E Wallonie SA, Flémalle | Belgium | 100.000000 |
| .Haidon Hubin SA, Liège | Belgium | 100.000000 |
| المنقول والمستحقق والمستند والمستند والمستند والمستند والمستند والمستقل والمستند والمستحق والمستند والمستند والمستندHaironville Bohemia Sro, Ceske Budejovice | Czech Republic | 100.000000 |
| Haironville Danmark AS, Rodovre | Denmark | 100.000000 |
| Haironville do Brasil Industria e Comercio Lta, São Paulo | Brazil | 100.000000 |
| Haironville Hungaria Kft, Budapest | Hungary | 100.000000 |
| Haironville Nederland BV, Tiel | Netherlands | 100.000000 |
| Haironville Poiska Spzoo, Poznan | Poland | 100.000000 |
| Haironville Slovensko Sro, Bratislava | Siovakia | 100.000000 |
| Haironville Sverige AB, Karlstad | Sweden | 100.000000 |
| Hughes and Spencer Steel Ltd, Willenhall | United Kingdom | 99.992672 |
| Huta Serwis Spzoo, Warszawa | Poland | 100.000000 |
| Icpe Immob.du Centre Polyv.de l'Enfance Sàrl, Luxembourg | 100.000000 | |
| Imhua Special Metal Co. Ltd, Foshan | LuxembourgChina | 65.000000 |
| Immobilière Campus Sàrl, Luxembourg | Luxembourg | 100.000000 |
| Immobilière Cité Judiciaire 2025 Sàri, Luxembourg | Luxembourg | 100.000000 |
| Immobilière Contourdiff Sàrl, Luxembourg | Luxembourg | 100.000000 |
| Immobilière Drai Eechelen Sàrl, Luxembourg | Luxembourg | 100.000000 |
| Immobilière Justicia 2026 Sàrl, Luxembourg | Luxembourg | 100,000000 |
| Immobilière Tudor Sàrl, Luxembourg | Luxembourg | 100.000000 |
| Impeco SA, San Luis | Argentina | 99.999898 |
| Imphy Alloys Nevada Inc., New Yorkthe continues of the property continues to the continues of the continues of the continues of the continues of | United States | 100.000000 |
| Imphy Deutschland GmbH, Erkrath | Germany | 100.000000 |
| Imphy Far East Co. Ltd, Kowloon | China | 99.993103 |
| Imphy Italiana Srl, Torino | Italia | 100.000000 |
| Imphy Ugine Precision BV, Amsterdamthe contract of the contract of the contract of | Netherlands | 100.000000 |
| Imphy Ugine Precision Espana SA, Viladecans | Spainthe company of the company of the | 100.000000 |
| Imphy Ugine Precision Suisse SA, Préverenges | Switzerland | 94.000000 |
| Imphy Ugine Precision UK Ltd, Buckinghamshire | United Kingdom | 100.000000 |
| Industeel Canada Inc., Montréal | Canada | 100.000000 |
| Industeel Deutschland GmbH, Grevenbroich | Germany | 100.000000 |
| Industeel Benelux NV, Malines | Belgium | 100.000000 |
| Industeel Italia Srl, Milano | Italia | 100.000000 |
| Industeel UK Ltd, Worcester | United Kingdom | 100.000000 |
| Inspection, Protective Survey and Certification Bureau - Insurec SA, Bruxelles | Belgium | 100.000000 |
| Instituto Técnico de la Estructura del Acero SL, Villafranca de Ordizia | Spain | 69.750000 |
| Intersteel BV, Rotterdam | Netherlands | 100.000000 |
| Isc Holdings Inc., New York | United States$\mathcal{F}_{\mathbf{M}}$ . | 100.000000 |
| Itaúna Siderúrgica Ltda, Itaúna | Brazil | 100.000000 |
| IUP Deutschland GmbH, Erkrath | Germany | 100.000000 |
| K.I.V. I NV, Genk | Belgium | 99.998951 |
| Kontirom Trade Spa, Pantalimon | Romania | 99.999642 |
| Krisper Doo, Kranj | Slovenia | 100.000000 |
| L'équipement par l'acier inoxydable SA, Saint Denis | France | 99.833000 |
| Lapandry Acier Sàrl, Casablanca | Morocco | 100.000000 |
| Laser Welded Blanks Ltd, London | United Kingdom | 100.000000 |
| Lasram Technology Kft, Szentendre | Hungary | 100,000000 |
| Le Fer à Béton Sas, Yutz | France | 100.000000 |
| 100.000000 | ||
| Luxembourg Steel (Si Chuan) Co. Ltd, Chengdu | China | 100.000000 |
| Matthey Iberica Comercial Tubo Inoxidable SL, Barcelona | Spain | |
| Matthey UK Ltd, Dudley | United Kingdom | 100.000000 |
$\sim 100$ km s $^{-1}$
$\sim$
$\sim 10^{-11}$
Consolidated Financial Statements
Notes to the Consolidated Financial Statements continued
(Amounts in EUR million, unless otherwise stated)
| NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED | ||
|---|---|---|
| Entities not included in the consolidation |
| Company name | Country | Percentage of capitalheld control (%) |
|---|---|---|
| Matthey US Lic, New York | United States | 100.000000 |
| Mecachim SA, Lusignan | France | 99.833333 |
| Memnous SA, Saint Denis | France | 99.842932 |
| Metaalzetterij de Betuwe BV, Tiel | Netherlands | 100.000000 |
| Metal Presse Sàrl, Saint Denis | France | 99.800000 |
| Metalimphy Precision Alloys Inc., Collegeville | United States | 100.000000 |
| Midi Aciers Profils Génie Civil SA, Beauzelle | France | 99.995872 |
| Mittal Steel Marketing France SA, Amnéville | France | 99.986882 |
| Nango SA, Saint Denis | France | 99.842932 |
| Norsteel Corp. Inc., New York | United States | 100.000000 |
| Orsane SA, Saint Denis | France | 99.837838 |
| Osirus SA, Saint Denis | France | 99.760000 |
| P.P.Z. Crapex Spzoo, Krakow | Poland | 100.000000 |
| P.P.Z. Silscrap Spzoo, Bielsko Biala | Poland | 100.000000 |
| Palfroid SA, Carignan | France | 99.993879 |
| Paul Wurth AS, Ostrava | Czech Republic: | 100.000000 |
| Paul Wurth Inc., Canonsburg | United States | 100.000000 |
| Paul Wurth Ltd, Burlington | Canada | 100.000000 |
| Paul Wurth Belgium SA, Bruxelles | Belgium | 100.000000 |
| Paul Wurth de Chile Ltda, Santiago | Chile | 100.000000 |
| Paul Wurth de Mexico SA, Monclova | Mexico | 99,000000 |
| Paul Wurth do Brasil Tecnologia e Equipamentos Para Metalurgia Ltda, Belo Horizonte | Brazil | 100,000000 |
| Paul Wurth Iberica Srl, Gijón | ||
| Paul Wurth India Plc, New Delhi | Spain | 100.000000 |
| Paul Wurth International SA, Luxembourg | India | 100.000000 |
| Luxembourg. | 100.000000 | |
| Paul Wurth Italia Spa, Genova | Italia | 100.000000 |
| Paul Wurth Kovrov Ltd, Kovrov | Russian Federation | 55.000000 |
| Paul Wurth Metal Technology Co. Ltd, Beijing | China | 100.000000 |
| Paul Wurth Refractory & Engineering GmbH, Wiesbaden | Germany | 100.000000 |
| Paul Wurth Umwelttechnik GmbH, Essen | Germany | 100.000000 |
| PB Transfer Spol Sro, Bohutin | Czech Republic | 100.000000 |
| Perfilor SA, São Paulo | Brazil | 50.997505 |
| Perry Investments Ltd, Willenhall | United Kingdom | 100.000000 |
| Philaeus SA, Saint Denis | France | 99.842932 |
| Plaques et Découpes Services SA, Eupen | Belgium | 100.000000 |
| Pliage Midi Pyrenees Sas, La Magdeleine sur Tam | France | 100.000000 |
| Plima Sas, Mallemort | France | 100.000000 |
| Pre-Finished Steels Ltd, Willenhall | United Kingdom | 100.000000 |
| Prekon Spzoo, Starachowice | Poland | 100.000000 |
| Primorec SA, Differdange | Luxembourg | 100.000000 |
| Profilage de Saint-Martin Sas, Saint Martin | France | 100.000000 |
| Profilage Dominicana SA, Santo Domingo | Dominican Republic | 87.025547 |
| Rahns Specialty Metals Inc., Collegeville | United States | 100.000000 |
| Reca Metal Srl, Bucarest | Romania | 100.000000 |
| Retrimeuse Scri, Seraing | Belgium | 76.000000 |
| Rwm Rohrwerke Muldenstein GmbH, in bankruptcy, Muldenstein | Germany | 100.000000 |
| Safem Distribuzione Srl, Tavagnacco | Itaka | 100.000000 |
| Sci des 1 et 3 de la place Max Rousseaux, Reims | France | 100.000000 |
| Sci Espace Saint Léonard, Nantes | France | 100.000000 |
| Sci Kuntzig, Yutz | France | 100.000000 |
| Sci Marly, Yutz | France | 100.000000 |
| Sibral Participações Ltda, Belo Horizonte | Brazit | 100.000000 |
| Sidlease NV, Gent | Belgium | 100.000000 |
| Sidmar Finance (Groupe Arbed) SA, Luxembourg | Luxembourg | 100.000000 |
| Sitek Srl, Torino | Italia | 100.000000 |
| Skyline Comercial de Mexico SA, Mexico DF | Mexico | 100.000000 |
| SLP - Société Lorraine de Plaques SA, Yutz | ||
| Sobesteel SA, Wavre | France | 99.760000 |
| Société Carolorégienne de Cokéfaction SA, in liquidation, Liège | Belgium | 100.000000 |
| Belgium | 85.785133 |
and the control of the control of the control of the control of the control of the control of the control of th
Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED
Entities not included in the consolidation
| Company name | Country | Percentage of capitalheld control $(%)$ |
|---|---|---|
| Société Civile Immobilière du 3 rue de l'industrie à Basse-Yutz, Yutz | France | 100.000000 |
| Société de Gestion pour la Protection Sociale SA, Saint Denis | France | 99.800000 |
| Société des Mines d'Ottange II Sàrl, in process of business discontinuance, Yutz | France | 99.966667 |
| Société des Mines de Sacilor - Lormines SA, Saint Denis | France | 100.000000 |
| Société du Train Universel de Longwy SA, Hayange | France | 99.999994 |
| Société Immobilière Audunoise SA, Audun le Tiche | France | 99.955057 |
| Société Immobilière du Fort Thüngen Sàrl, Luxembourg | Luxembourg | 60.000000 |
| Société Métallurgique de Revigny Snc, Revigny sur Ornain | France | 100,000000 |
| Société Nouvelle de Participation dans les Produits Plats SA, Saint Denis | France | 99.760000 |
| Société pour la Réalisation d'Etudes Techn, et Econom, en Sidérurgie Sàrl, Saint Denis | France | 76.300000 |
| Sollac Acos SA, Lisboa | Portuga | 99.200000 |
| Somef SA, Liège | Belgium | 60.000000 |
| Steel Finance Center NV, Geel | Belgium | 100.000000 |
| Steelhold Pic, St Albans | United Kingdom | 99.999997 |
| Steelinter (UK) Ltd, St Albans. | United Kingdom | 100.000000 |
| Société du Train à Fil de Schifflange SA, Esch s/Alzette | Luxembourg | 100.000000 |
| Sylar SA, Saint Denis | France | 99.837838 |
| Tailor Steel Deutschland GmbH. Bremen | Germany | 100.000000 |
| France | 100.000000 | |
| Terrier Sas, Arnas | France | 100.000000 |
| Tôlerie Industrielle et Agricole du Centre Sas, HerbaultTradeArbed España SA, Madrid | Spair | 100.000000 |
| . | France | 99.900000 |
| TradeArbed France SA, ParisTrans Ocean Logistics BV, Ijssel | Netherlands | 100.000000 |
| TrefilArbed Benelux BV, s'Hertogenbosch | Netherlands | 100.000000 |
| TrefilArbed CR Sro, Cheb | Czech Republic | 80.000000 |
| ______________________________________TrefilArbed France SA, Vincennes | France | 99.828571 |
| TrefilArbed Greenhouse SA, Bissen | Luxembourg | 80.000000 |
| TrefilArbed Grembergen SA, in process of business discontinuance, Luxembourg | Luxembourg | 100.000000 |
| TrefilArbed Italia Srl, in liquidation, Milano | Italia | 100.000000 |
| Belgium | 100,000000 | |
| Uci SA, Fleurus. | France | 100.000000 |
| Uf Aciers - Groupe Industeel Sas, Saint Denis | Austria | 100.000000 |
| Ugine & Alz Austria GmbH, Ansfelden | Sweden | 100.000000 |
| Ugine & Alz Nordic AB, Eskilstuna | Poland | 100.000000 |
| Ugine & Alz Polska Spzoo, Bytom | Czech Republic | 100.000000 |
| Ugine & Alz Praha Sro, Praha | Switzerland | 100.000000 |
| Ugine & Alz Suisse SA, Niederhasli | 100.000000 | |
| Ugine & Alz UK Ltd, Nottingham | United Kingdom | 100.000000 |
| Ugine Nederland BV, in liquidation, Amsterdam | Netherlands | 98.000000 |
| Ugine Portugal Spq, Lisboa. . | PortugalVietnam | 70.000000 |
| Uginox Vietnam Company Ltd, Hung Yen Province | 64.000000 | |
| Uniba SA, Saint Denis | France | |
| Unikonti Steel Llc, Beograd | Serbia | 100.000000 |
| Union des Consommateurs de Ferrailles de France SA, Saint Denis. . . | France$\cdots$ | 99.960000 |
| United Continental Steels Ltd, Hatfield | United Kingdom | 100.000000 |
| Usinor Industeel (Iberica) SA, St. Cugat del Valles | Spain | 100.000000 |
| Usinor Industeel (USA) Inc., Wilmington | Jnited StatesA | 100.000000 |
| Usinor Industeel Nordic AB, Vastra Frolunda | Sweden | 100.000000 |
| Usinor UK Ltd, St Albans. . | United Kingdom | 100.000000 |
| Valacier Sas, Reims | France | 100,000000 |
| .Verwaltungsgesellschaft RAG-Beteiligung mbH, Essen | Germany | 65.000000 |
|---|---|---|
| Vikam Praha AS, Praha | Czech Republic. | |
| --------------------------------------Vulcain Holding SA, Seraing | Belgium | LOOOOOC |
| Ymos Belgium SA, Seraing | Belgium. | 100.000000 |
| Zeeland Participatie BV, Terneuzen. | therlands. | 100.000000 |
| 2) Associated companies not consolidated (63 entities). . | ||
| A.S.C. Praha Spo.r.o., Praha | Czech Republic | |
| Actinvest Sc, Arnas | France | |
| .Adfad Cockerill Ltd, Lagos | Nigeria | OOOOOC |
| ..______________________________________Alberteum Aedes Scientiae SA, in liquidation,Bruxelles | Belgium | 45 000000 |
the contract of the contract of the contract of the
Consolidated Financial Statements Notes to the Consolidated Financial Statements continued (Amounts in EUR million, unless otherwise stated)
NOTE 32 - LISTING OF GROUP COMPANIES AS AT 31 DECEMBER 2006 CONTINUED Entities not included in the consolidation Antonio (Maria Continua de Castella) (1949)Colombia (Maria de Continua de Castella)
Company name
ANG MARKATAN
A REAL PROPERTY
Arcelor Construction Magreb SA, Ben Arous Arcelor Neel Tailored Blank Private Ltd, New Delhi
| Bamesa Celik Servis Sanayii Ticaret AS, Orhangazi | ANDREW AND AND AND AND AND AND AND AND AND AND | 39.990700 |
|---|---|---|
| Barnesa Otel Spa, Bucarest | Romania | 40.000000 |
| Cisc "Severgal" Ltd, Cherepovets | Russian Federation | 25.010000 |
| Compagnie des Fers Sari, en sommeil, Lyon | 公平安全的 | 50.000000 |
| Comptoir Belge des Cokes Scrl, in liquidation, Bruxelles | Eel Dum | 20.130000 |
| Considar do Brasil Ltda, Belo Horizonte | 886 - 1988 - 1989 - 19 | 20.000000 |
| Dikema Steel Sdn Bhd, Kuala Lumpur | Malaksia | 30.000000 |
| Enersid SA, Paris | I KARANGI | 49.800000 |
| Ensilectric SA, Llanera | SOCKA | 40.000000 |
| Erzkontor Ruhr GrnbH, Essen | Gemman | 33.333023 |
| Espra Sas, Saint Denis | VIONNAM | 35.000000 |
| Euratool SA, Raismes | ARTHUR ANDREW | 24.901639 |
| Forges Profil AG, Kirchdorf | Switzerland | 25.000000 |
| Fti Faserbetontechnik GmbH, St.Florian a/Inn | Maria Maria B | 33.333333 |
| Global Facilities SA, Luxembourg | Luxembourg | 33.333333 |
| Immobilière 2007 Sarl, Luxembourg | Linembourg | 50.000000 |
| Innovative Gasverwertungs-GmbH, in process of business discontinuance, Bremen | Germany | 50.000000 |
| IUP Jindal Metals & Alloys Ltd, New Delhi | fricia | 27.000000 |
| Kanzen Stainless Processors Sdn Bhd, Kuala Lumpur | Malaysia | 30.000000 |
| Kr Wertstoffaufbereitungs-GmbH, Bremen | Germany | 25.100000 |
| La Filière Bois Scri, Ougrée | Belgum | 33.333333 |
| La Revue de Métallurgie SA, Saint Denis | 有效的。 | 43.044000 |
| Les Haultes Trixhes Scri, Flémalle | eerma10000000000000000000000000000000000000 | 22.860838 |
| Luxcontrol SA, Esch s/Alzette | Liventacure | 22.000000 |
| Nord-Chrome Snc, Grande Synthe | 2010年10月10日 | 50.000000 |
| Pbm Picchioni BM Distr. de Tit. e Val. Mobil. SA, Belo Horizonte | E KIX | 48.999991 |
| Phenix Rousies SA, Rousies | Ataloe | 25.565161 |
| Portal NV, in liquidation, Bruxelles | Peloun | 39.999988 |
| Profilage Océan Indien SA, Riche Terre | Mauritius | 49.000000 |
| Promopanel Srl, Piombino | 8,73151 | 50.000000 |
| Retrival Scrl à finalité sociale, Couillet | Belgium | 33.311111 |
| Rolanfer Recyclage SA, Yutz | K. Stan | 40.000000 |
| Shanghai Baosteel & Arcelor Tailor Metal Co. Ltd, Shanghai | 的复数人名英格兰人名英格兰人名英格兰人名英格兰人名英格兰人名英格兰人名英 | 25,000000 |
| Société de développement AGORA Sàrl, Esch s/Alzette | LINGTHONIC | 50.000000 |
| Société de développement AGORA Sàrl et Cie. Esch s/AlzetteSociété de Pose Armatures Travaux Publics Sàrl, Marignane | i a Trojini se se poz | 49.964589 |
| ESTATE | 37.500000 | |
| Société des Arquebusiers de la Ville de Luxembourg SA, in liquidation, LuxembourgSociété du Canal des Mines de Fer de la Moselle Sas, Metz | i Traggerian | 33.391710 |
| Société du Port Fluvial de Mertert SA, Mertert | SI TANGGARA | 25.913497 |
| Société Liègeoise de Gestion Foncière SA, Liège | Luxembourg | 40.000000 |
| Sodie SA, Pans | a tantanan | 50.000000 |
| Sorepark SA, Hagondange | 44.999333 | |
| Steel 24- 7 NV, Drogenbos | i men | 26.295794 |
| Steeltrack SA, Saint Denis | E BORDE | 50.000000 |
| Telindus SA, Stassen | BEATH | 33.296296 |
| $\text{IMT}$ . Tapping Measuring Technology GmbH, Slegen | ARKORDONE | 35,307000 |
| TMT - Tapping Measuring Technology Sarl, Luxembourg | A LATING | 50.000000 |
| TradeArbed Mexico SA, in process of business discontinuance, Mexico DF | KERSTAL DAT INDUSTRIARead International | 50.000000 |
| Tramway Sart, in liquidation, Saint Julien lès Metz | 10 - 10 - 12 - 12 - 12 - 12 - 12 - 1315 - 15 - 15 - 15 - 16 - 17 - 1815 - 18 - 18 - 18 - 18 - 18 - 18 - 18 - | 49,00000022.857143 |
| Union pour la promotion des industries de l'Appertisé Sàrl, Paris | E MARINE | 33.333333 |
| Union pour le service de l'électricité SA, in liquidation, Briey | SE XXXXXXX | 43.300000 |
| United Slitting Services Ltd, Halesowen | Conservation | 39.000000 |
| Wansey Limited Pic, Limasol | TARA BARA | 50.000000 |
| and its subsidiary Ooo TA Rus Ltd. Orel | AL PERSONAL PROPERTY | 19.800000 |
| Weserport GmbH, Bremen | e internation | 49.000000 |
| ELECTRON COMPANY | 33.333333 | |
| WKS Pty. Ltd. Wollongong | ||
| WSA - Warehouses Service Agency Sarl, Sanem | ALL DEX UNIONS | 25,000000 |
the control of the control of
and the control of the control of the control of the control of the control of the control of
24, 625
124 Arcelor Annual Report 2006
Consolidated Financial Statements Auditor's Report
To the shareholders of Arcelor S.A. Luxembourg
REPORT OF THE RÉVISEUR D'ENTREPRISES
Report on the Consolidated Financial Statements
Following our appointment by the General Meeting of the Shareholders dated 28 April 2006, we have audited the accompanying consolidated financial statements of Arcelor S.A. and its subsidiaries ("the Group"), as set out on pages 56 to 123, which comprise the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Board of Directors' responsibility for the consolidated Financial Statements
The board of directors is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d'Entreprises
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2006, and of its financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
Report on Other Legal and Regulatory Requirements
The consolidated management report, as set out on pages 22 to 49, which is the responsibility of the Board of Directors, is in accordance with the consolidated financial statements.
Luxembourg, 23 March 2007
KPMG Audit S.à r.l. Réviseurs d'Entreprises
Eric Damotte
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Annual Accounts Arcelor S.A.
Balance sheet as at 31 December 2006 Profit and loss account for the year ended 31 December 2006 Proposed appropriation of the result for the year Notes to the annual accounts
Note $1:$ General
| Note $2:$ | Accounting policies |
|---|---|
| Note 3: | Statement of intangible fixed a |
| Note $4:$ | Statement of tangible fixed as: |
| Note $5:$ | Statement of financial fixed as |
| Note 6: | Residual term of debtors |
| Note 7: | Prepayments |
| Note $8:$ | Capital and reserves |
| Note 9: | Provisions for liabilities and ch |
| Note 10 : Financial debt | |
| Note 11: Residual term of creditors | |
| Note 12: Operating charges | |
| Note 13: Financial result | |
| Note 14 : Tax on profit | |
| Note 15 : Off-balance sheet items | |
| Note 16: Staff | |
| Note 17: Directors' remuneration | |
| Note 18 : Stock option plans | |
| Note 19: Other information | |
| Auditor's report |
Annual Accounts Arcelor S.A. Balance Sheet - Arcelor S.A.
(Amounts in EUR million, unless otherwise stated)
| In EUR million | 31 December 2006 | 31 December 2005 |
|---|---|---|
| C. FIXED ASSETS | 15,782 | 11,863 |
| (Intangible assets (Note 3)1832 | ||
| 2. Concessions, patents, licences and similar rights | ||
| II. Tangible assets (Note 4) | ||
| 1. Land and buildings | ||
| 3. Other fixtures, fittings, tools and equipment | ||
| 4. Payment on account and tangible assets in the course of construction | p,m. | |
| III. Financial assets (Note 5) | 15,776 | 11,858 |
| 1. Shares in affiliated undertakings | 15,713 | 11,822 |
| 5. Securities held as fixed assets. | 36 | - 6 |
| 6. Other loans | 27 | |
| D. CURRENT ASSETS | 195 | |
| Debtors (Note 6)ĦŦ | 73 | 87. |
| 1. Trade debtors | ||
| 2. Amounts owed by affiliated undertakings | 65 | Eleja |
| 3. Amounts owed by undertakings in which the Company has a participating interest | p.m. | p.m |
| 4. Other debtors | ||
| III. Transferable Securities | ||
| 2. Own shares | 4 | |
| IV. Cash at bank, cash in postal cheque accounts, | ||
| cheques and cash in hand | p.m. | |
| E. PREPAYMENTS (NOTE 7) |
The accompanying notes form an integral part of these parent company annual accounts.
H.
12,064
Arcelor Annual Report 2006 127
Annual Accounts Arcelor S.A. Balance Sheet - Arcelor S.A. continued (Amounts in EUR million, unless otherwise stated)
| Liabilities | |
|---|---|
| In EUR million | 31 December 200531 December 2006 |
| A. CAPITAL AND RESERVES (NOTE 8) | 14,59911,248 |
| $4.$ Subscribed capital $\sim$ | 3,3493,199 |
| II. Share Premium account | 5,8195,397 |
| IV. Reserves | 79178 |
| INSPELIES | 10 L$\blacksquare$ |
|---|---|
| 1. Legal Reserve | 17474 |
| 2. Reserve for own shares | |
| $N_{\rm e}$ Profit brought forward | 5671,289 |
| VI. Profit for the financial year | 2,0063,964 |
| B. PROVISIONS FOR LIABILITIES AND CHARGES (NOTE 9) | $22$16 |
| 1. Provisions for pensions and similar obligations. | |
| 3. Other provisions | 1521 |
| C. CREDITORS (NOTES 10 AND 11) | 1,243794 |
| 1a. Convertible debenture loans | 750 |
| 2. Amounts owed to credit institutions | p.m. |
| 4. Trade Creditors | 1918 |
| 6. Amounts owed to affiliated undertakings | 1,20615 |
| 7. Amounts owed to undertakings in which the Company has a participating interest | p.m.p.m. |
| 8. Tax and social security debts | |
| 9. Other creditors | 18 |
| D. DEFERRED INCOME | |
| TOTAL CAPITAL AND RESERVES AND LIABILITIES | 12,06415,862 |
The accompanying notes form an integral part of these parent company annual accounts.
an di Kabupatén Jawa Jawa Tenggarutan Propinsi JawaPangalangan Propinsi Jawa Tenggarutan Propinsi Jawa Tenggarutan 1970 M.
Andrew Marian1980 - Andrew Maria1980 - Andrew Maria
Annual Accounts Arcelor S.A.
Profit and Loss Account for the year ended 31 December 2006
(Amounts in EUR million, unless otherwise stated)
| In EUR million | 31 December 2006 | 31 December 2005 |
|---|---|---|
| A. CHARGES | ||
| Operating charges (Note 12) | 514 | 170 |
| 3. Staff costs | 66 | 42 |
| a) Wages and salaries | 5. | 35 |
| b) Social security costs accruing by reference to wages and salaries | ||
| c) Complementary pensions | ||
| d) Other social security costs | ||
| 4. a) Value adjustments in respect of formation expenses and tangible and intangible fixed assets | ||
| 5. Other operating charges | 445 | 126 |
| Financial charges (Note 13) | 740 | 35 |
| 6. Value adjustments in respect of financial assets and of transferable securities held as current assets | 271 | |
| 7. Interest payable and similar charges | 469 | 35 |
| a) Concerned affiliated undertakings | 75 | |
| b) Other interests payable and charges | 394 | 24 |
| RESULT FOR THE PERIOD | ||
| 13. Profit for the financial year | 3,964 | 2,006 |
| TOTAL CHARGES | 5,218 | 2,211 |
the contract of the contract of the contract of the contract of the contract of
$\sim$
The accompanying notes form an integral part of these parent company annual accounts.
the contract of the contract of the contract of the contract of the contract of the contract of the
and the state of the state of the state of the state of the state of the state of the state of the state of th
the contract of the contract of the contract of the
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Annual Accounts Arcelor S.A. Profit and Loss Account for the year ended 31 December 2006 continued
(Amounts in EUR million, unless otherwise stated)
the control of the control of the
| 31 December 2006In EUR millionB. INCOME105SALES AND SERVICES1054. Other operating income5,113FINANCIAL INCOME (NOTE 13)2,7395. Income from participating interests2,739a) Derived from affiliated undertakings6. Income from other transferable securities and from loans forming part of the fixed assetsp.m.p.m.b) Other income2,3747. Other interest receivable and similar income2,331a) Derived from affiliated undertakingsb) Other interest receivable and similar income5,218TOTAL INCOMEThe accompanying notes form an integral part of these parent company annual accounts. | ||||
|---|---|---|---|---|
| 31 December 2005 | ||||
| 120 | ||||
| -1201 | ||||
| 2,091 | ||||
| 2,085 | ||||
| 2,085 | ||||
| 2,211 | ||||
Annual Accounts Arcelor S.A. Proposed Appropriation of the result for the year
(Amounts in EUR million, unless otherwise stated)
| (2006 m EUR | 2005 In EUR TOHKIN | |
|---|---|---|
| Result for the financial year. | 3,964,380,389.42 | 2,006.0 |
| Retained earnings | 1,288,288,528.54 | 572.8 |
| Transfer from / (to) the reserve for own shares | 913,358.90 | 253 |
| Result available for distribution | 5,253,582,276.86 | 2573.5 |
| Allocation to the legal reserve | 160,979,923.89 | 100.3 |
| Allocation to other reserves | ||
| Board of Directors' remuneration | 1,600,000.00 | 1.6 |
| Gross dividend of EUR 1.00 per share for the financialyear 2006 paid on 669 813 408 shares (*). | 669,813,408.00 | |
| Gross dividend of EUR 1.85 per share for the financialyear 2005 paid on 639 774 327 shares (*) | 1,183.6 | |
| Result to be carried forward. | 4,421,188,944.97 | 1,288.0 |
(*) Total number of shares in issue as at 31 December 2006 and as at 31 December 2005
ATA TAGA
Annual Accounts Arcelor S.A. Notes to the Annual Accounts
(Amounts in EUR million, unless otherwise stated)
NOTE 1: GENERAL.
Arcelor S.A. was incorporated under Luxembourg Law on 8 June 2001 for an unlimited period.
The registered office of the Company is in Luxembourg City and the Company is registered at the Register of Trade and Commerce of Luxembourg under the number B 82.454.
The accounting period starts on 1 January and ends on 31 December each year.
The Company publishes consolidated accounts in accordance with the requirements of Luxembourg laws and regulations.
The Company is included in the consolidated accounts of Mittal Steel Company N.V. forming the largest body of undertakings of which the company forms a part as a subsidiary undertaking. These consolidated accounts are available at the registered office of Mittal Steel Company N.V., Hofplein 20, 3032 AC Rotterdam, The Netherlands.
NOTE 2: ACCOUNTING POLICIES
The annual accounts are prepared in Euro (EUR) and in accordance with Luxembourg laws and regulations and generally accepted accounting principles.
INTANGIBLE AND TANGIBLE FIXED ASSETS
Intangible and tangible fixed assets are recorded in the balance sheet at cost, including ancillary costs, or at production cost. Depreciation is calculated on a straight-line basis.
FINANCIAL FIXED ASSETS
Investments are recorded in the balance sheet at acquisition cost, plus associated costs.
At the end of each accounting period, all investments are subject to an impairment review. Where a permanent diminution in value is recognised, this diminution is recorded in the income statement as a value adjustment. A reversal of a value adjustment is recorded to the extent that the factors, which caused the initial recording of the value adjustment, have ceased to exist.
Debts and other loans receivable are recorded in the balance sheet at their nominal value. At the end of each accounting period, value adjustments are recorded on debts which appear to be partly or wholly irrecoverable.
DEBTORS.
Debtors are recorded in the balance sheet at their nominal value. At the end of each accounting period specific value adjustments are recorded on debts which appear to be partly or wholly irrecoverable.
VALUATION OF TRANSFERABLE SECURITIES.
Transferable securities are valued at the lower of cost or market. A value adjustment is recorded when the market price is lower than the acquisition price. Value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.
PROVISIONS FOR LIABILITIES AND CHARGES
Provisions are made for liabilities and charges where the crystallisation of a liability considered is probable, based on past or current events. in line with legal requirements.
Provisions for pensions and similar obligations: The Company participates in the financing of an incremental retirement scheme (defined benefit scheme) for the benefit of employees made available by Arcelor Luxembourg (formerly Arbed). Commitments arising from this scheme are covered by appropriate provisions.
The Company's own employees, who are not made available to other Arcelor subsidiaries, are covered by a defined contribution scheme. The Company pays contributions in respect of this scheme to an assurance provider. This scheme does not give rise to a commitment and annual contributions are taken to the profit and loss account, following the same treatment adopted for wages and salaries.
CREDITORS
Creditors are recorded in the balance sheet at their nominal value. Convertible debenture loans are disclosed at their issue value, increased by the interest to be capitalised on 31 December of each accounting year.
TRANSLATION OF FOREIGN CURRENCY ITEMS
Where applicable, items expressed in foreign currency are valued as follows:
- Tangible fixed assets, creditors due after more than one year and off-balance sheet commitments are translated at historic exchange rates. Unrealised losses incurred as a result of this policy are recorded in the profit and loss account for the period.
- Other balance sheet items are translated at the year-end exchange rate and related foreign exchange differences are recorded in the profit and loss account for the period.
132 Arcelor Annual Report 2006
Annual Accounts Arcelor S.A.
(Amounts in EUR million, unless otherwise stated)
NOTE 3 - STATEMENT OF INTANGIBLE FIXED ASSETS
Acquisition cost
Concessions, patents, $\lceil \alpha \rangle_{\text{eff}}$ (iii) LUR million) ficences and similar rights. Opening balance Acquisitions during the period C. C.
| wednomens annual me henom | ||
|---|---|---|
| Disposals and transfers during the period | . | |
| CLOSING BALANCE. | ||
| ______________________________________ | _________________ |
Value adjustments
| (in EUR million). | Concessions, patents,hoences and similar agints. | lota- |
|---|---|---|
| Opening balance | ||
| Charge for the period | 0.111. | p.m. |
| Closing balance | $\mathbf{D}.\mathbf{m}$ . | p.m. |
| OPENING NET BOOK VALUE | ||
| CLOSING NET BOOK VALUE |
NOTE 4 - STATEMENT OF TANGIBLE FIXED ASSETS
Acquisition cost
| $\langle$ (ii) $F$ UR millions. | Land and Bookings. | Other fixtures.fatungs, toolsand equipment. | Payments on account.- and tangible assets.an the course ofconstruction. | [0, 0] |
|---|---|---|---|---|
| Opening balance | 10 | |||
| Acquisitions during the period | ||||
| Disposals and transfers during the penod | ||||
| CLOSING BALANCE |
| CLOSING BALANCE |
|---|
a sa kabilang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawangMga kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang sa kalawang s
| Charge for the periodClosing balance | ||||
|---|---|---|---|---|
| $\blacksquare$ | ||||
| $\langle \text{on UIR} \rangle$Opening balance | - 2 | and equipment. | in the course of- construction | |
| Land and Buildings | Other fixtures.fittings, tools | Payments on account.and tangible assets. | Total. |
Contract Contract
and the company
and the company
Arcelor Annual Report 2006 133
Annual Accounts Arcelor S.A. Notes to the Annual Accounts continued
(Amounts in EUR million, unless otherwise stated)
NOTE 5 - STATEMENT OF FINANCIAL FIXED ASSETS
Acquisition cost
| (in EUR million) | Shares inaffiliated undertakings | Securities heldas fixed assets | Other loans | Total |
|---|---|---|---|---|
| Opening balance | 11,822 | 36 | 11,858 | |
| Acquisitions and increases during the period | 4,943 | 38 1 | 4981 | |
| Disposals and decreases during the period | - 781 | 11 | $-792$ | |
| CLOSING BALANCE | 15,984 | 36 | 27 | 16,047 |
| Value adjustments | ||||
| (in EUR million) | Shares inaffiliated undertakings | Securities heldas fixed assets | Other loans | Total |
| Opening balance | ||||
| Charge for the period | 271 | $-271$ | ||
| Closing balance | $-271$ | - 271 | ||
| OPENING NET BOOK VALUE | 11,822 | 36 | 11,858 | |
| CLOSING NET BOOK VALUE | 15,713 | 36 | 27. | 15,776 |
| The principal holdings at 31 December 2006 are listed below: | ||||
| Percentage of capital held | Result for 2006 | Shareholders' equity(including result | ||
| EUR million | for $2006$ ) | |||
| Name and registered office | EUR million | |||
| Arcelor Luxembourg SA, | ||||
| Luxembourg (Luxembourg) | 99,82 | 630 | 2,278 | |
| Arcelor Holding SARL, | ||||
| Luxembourg (Luxembourg) | 100.00 | 2,310 | ||
| Arcelor Mittal Belgium Holding SA, | ||||
| Anvers (Belgium) | 100.00 | |||
| Arcelor Italy Holding SRL, | ||||
| Piombino (Italy) | 100.00 | 12 2 | 62 | |
| Arcelor Spain Holding SL, | ||||
| Madrid (Spain) | 100.00 | 287 | 1,603 | |
| Arcelor Finance and Services Belgium SA, | ||||
| Brussels (Belgium) | 33.68 | $150$ (**) | 7,546(**) | |
| Arcelor France SA, | ||||
| Saint Denis (France) | 99.04 | 1,082 | 1,970 | |
| 4313267 Canada Inc. | ||||
| Montreal / Quebec (Canada) | 10.89 | $-100$ | 1.326 | |
| 90 Depositary receipts 4313267Canada Inc., representing 89.11%of the shares in the capital of 4313267 Canada Inc |
$(**)$ As per closing on 30 June 2006
By the end of Arcelor's public cash offer to acquire all the outstanding ordinary shares of the Canadian steel producer Dofasco Inc., Arcelor had acquired 98.50% of Dofasco's ordinary shares. These shares have been kept at the company 4313267 Canada Inc., at that time an affiliated undertaking at the exclusive ownership of Arcelor. On 3 April 2006 Arcelor transferred 90 shares of the 101 shares making the total capital of 4313267 Canada Inc., to a dutch foundation named "Strategic Steel Stichting" (3S) against the receipt of 90 depositary receipts.
Other movements on financial assets consisted mainly of intragroup transactions on the shares of Arcelor Spain Holding, Arcelor Finance and Services Belgium and particularly the shares of Arcelor Germany Holding which have been transferred to Arcelor Mittal Belgium Holding
in the framework of the creation of the Arcelor Mittal group.
Annual Accounts Arcelor S.A. Notes to the Annual Accounts continued
(Amounts in EUR million, unless otherwise stated)
NOTE 6 – RESIDUAL TERM OF DEBTORS
| 31 December 2006 | 31 December 2005 | ||||||
|---|---|---|---|---|---|---|---|
| $(in$ EUR million) | Up to 1 year. | 1 to 5 years | Total | Up to $1$ year | 1 to 5 years | Tota | |
| Trade debtors | |||||||
| Amounts owed by affiliated undertakings | 168 | 168 | |||||
| Amounts owed by undertakings in which |
| / has a participatinginterestthenanv | s. | - - - -. | ---------------------------------------.M.II. |
|---|---|---|---|
| _ ____ _________________________$\overline{\phantom{a}}$ . The property definition is considered in the formTtherMANTOR | |||
| TATALIVIAL. | _____ | _ | .-----______________________________________ |
| ----- |
ITEMS COVERED BY SEVERAL HEADINGS
At 31 December 2006 amounts owed by affiliated undertakings as well as amounts owed by undertakings in which the Company has a participating interest are made up of trade receivables and receivables in relation with the tax integration.
NOTE 7 - PREPAYMENTS
Prepayments at the end of 2006 primarily comprise the deferred charges relating to the financial contribution to three Chinese development programmes.
NOTE 8 - CAPITAL AND RESERVES
8.1 - Share capital and share premium
(*) includes shares held under self-control.
At 31 December 2006, the subscibed share capital is made up of 669,813,408 ordinary shares, fully paid up and amounting to EUR 3,349,067,040.
To the knowledge of the Board of Directors the following parties hold the Company's issued share capital: At 31 December 2006
Mittal Steel Company N.V.
Other shareholders $(*)$
5.9%
94.1%
TOTAL
100.0 %
30,039,081 shares were issued in 2006, with a par value of EUR 5 each, due to the exercise of the conversion option into shares by holders of Arcelor 2017 O.C.E.A.N.E.
8.2 – Legal reserve
$\label{eq:2.1} \frac{1}{2} \int_{-\infty}^{\infty} \frac{1}{2} , \mathrm{d} x , \mathrm{d} x$
In accordance with Luxembourg legal requirements, the Company must appropriate annually at least 5% of its net profits to a legal reserve up to a minimum of 10% of the subscribed capital. The legal reserve is not available for distribution.
8.3 - Reserve for own shares
In accordance with legal requirements, the Company set up a non-distributable reserve of an amount equal to the book value of own shares held by the Company. This reserve was set up using retained profits.
Arcelor Annual Report 2006 135
Annual Accounts Arcelor S.A. Notes to the Annual Accounts continued
(Amounts in EUR million, unless otherwise stated)
NOTE 9 - PROVISIONS FOR LIABILITIES AND CHARGES
| Pensions and similar obligationsOther provisions(in EUR million) | Total |
|---|---|
| Opening balance | __________________ |
| The Communication of the Communication of the Communication of the Communication of the Communication of the Communication of the Communication of the Communication of the Communication of the Communication of the CommunAllocation | |
| _______________________Utilisation | |
| .------ |
PENSION OBLIGATIONS
By virtue of an agreement governing the provision of staff by Arcelor Luxembourg (formerly Arbed) to Arcelor, the obligations in relation to additional retirements benefits available to the Arcelor Luxembourg (formerly Arbed) staff have been specifically provided for. The Company's share of the allocation for the year is determined by applying the actuarial financing rate to the total salaries of all Arcelor Luxembourg (formerly Arbed) staff made available. An independent actuary calculates this rate.
For the Company's own employees a defined contribution plan is in place. The Company makes annual contributions to an assurance provider in respect of this plan. The plan does not give rise to commitments and the annual contributions are recorded in the profit and loss account following the same treatment as the one adopted for wages and salaries.
OTHER PROVISIONS
Other provisions are linked to German tax consequences resulting from the creation and organisation of Arcelor Group.
NOTE 10 - FINANCIAL DEBT
CONVERTIBLE DEBENTURE LOANS
In June 2002, Arcelor issued 38,961,038 bonds which are convertible into and/or exchangeable for new or existing shares in Arcelor (O.C.E.A.N.E.) for a nominal amount of EUR 750 million.
These O.C.E.A.N.E. Arcelor 2017 were issued at EUR 19.25 with an original maturity date of 27 June 2017 and with an annual interest rate. of 3%. Following the new issue of capital of July 2004, the share attribution rate had been modified from one share for one bond to 1.027 Arcelor share per O.C.E.A.N.E. 2017. As a result of the dividend payment for the financial year 2005 the share attribution rate has been adjusted to 1.078 Arcelor share against one bond with effect for any conversion/exchange request received on or after 29 May 2006.
In the absence of anticipated conversion or amortisation, these bonds were repayable at maturity for a par value of EUR 19.25.
In 2006, 38,958,576 O.C.E.A.N.E. Arcelor 2017 have been converted into 41,993,168 Arcelor shares by using 11,954,087 treasury shares and by issuing 30,039,081 new shares.
As the number of outstanding O.C.E.A.N.E. became less than 10% of the total O.C.E.A.N.E. issued at the origin, the non-converted O.C.E.A.N.E., i.e. 2,462 bonds, have been settled by an anticipated reimbursement in cash on 15 December 2006.
NOTE 11 - RESIDUAL TERM OF CREDITORS
| NOTE 11 - RESIDUAL TERM OF CREDITORS | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 December 2006 | 31 December 2005 | |||||||
| $(n)$ EUR million) | Up to 1 year | $1 \text{ to } 5$years | 5 yearsor more | Total | Up to 1 year | $1 \text{ to } 5$years | 5 yearsor more | Total |
| Convertible debenture loans | 750, | 750 | ||||||
| Amounts owed to credit institutions | p.m. | p.m. | ||||||
| Trade creditors | 18 | 18 | 19 | 19 | ||||
| Amounts owed to affiliated undertakings | 1,206 | 1,206 | 15 | :15 | ||||
| Amounts owed to undertakings in whichthe Company has a participating interest. | p.m. | p.m. | p.m. | ျားကား | ||||
| Tax and social security debt | ||||||||
| a) Tax debt | p.m. | p.m. | $\langle \mathsf{p}.\mathsf{m}\rangle$ | p.m. | ||||
| b) Social security debt | ||||||||
| Other creditors | 18 | 18 | 9 | |||||
| TOTAL | 1,243 | 1,243 | 44 | 750 | 794 |
The Company has not granted any form of tangible security in respect of the debts analysed above.
ITEMS COVERED BY SEVERAL HEADINGS
Amounts owed to affiliated undertakings and amounts owed to undertakings in which the Company has a participating interest include trade debts for an amount of EUR 19 million. The balance is mainly made up of the funding at Arcelor Treasury SNC.
Annual Accounts Arcelor S.A.
(Amounts in EUR million, unless otherwise stated)
NOTE 12 - OPERATING CHARGES
In 2006, operating charges primarily comprise expenses up to an amount of LUR 271 million in connection with Mittal Steel's public mixed cash. and exchange offer to the holders of Arcelor shares and convertible bonds.
NOTE 13 - FINANCIAL RESULT
| an 1 OR malien). | $-000$ | $\geq$ OeV. |
|---|---|---|
| Dividends received | 2,739 | 2.085 |
| Net result on the disposal of financial assets | 2,289 | |
| Horeign exchange result. | 41 | $(0.03)$ . |
| Impairment of financial assets | - 271 | |
| Result on the conversion O.C.F.A.N.F. 2017. | $-252$ | |
| Result on the exercise of stock options. | - 84 | |
| Result on the disposal and attribution of treasury shares | ||
| within the Arcelor employee share ownership plan (Af SOPE). | - 42 | |
| Net interest and other | $-47$ | 29. |
| TOTAL | 4,373 | 2.056 |
Income from investments primanly composes dividends received from Arcelor Luxembourg SA, Arcelor France SA. Arcelor Spain Holding SL, Arcelor Germany Holding GmbH, and Arcelor Italy Holding SRL.
Capital gains on the disposal of financial assets are mainly related to the sale of the shares of Arcelor Germany Holding GmbH to Mittal Steel Germany Holding GmbH in the framework of the creation of the Arcelor Mittal group.
Foreign exchange result mainly relates to the financing of the Canadian investment whereas the impairment of financial assets corresponds. to the value adjustment on the Arcelor France SA shares due to the share premium reimbursement done by Arcelor France SA in the framework. of its dividend distribution for the financial year 2005.
NOTE 14 - TAX ON PROFIT
Arcelor is the parent company of a fiscal integration scope compusing 16 companies.
Companies included in the fiscal integration scope are put into the situation in which they would have been in the absence of fiscal integration.
NOTE 15 - OFF-BALANCE SHEET ITEMS
Guarantees given
$\sim 10^{-1}$
| 三部 打得 再抽的话 | (00) | 0.R)5. |
|---|---|---|
| - Guarantees issued on debts - | ボウ | |
| - Forward sale and purchase of foreign currency. | $.42^{\circ}$ | |
| -Other commitments - | ||
| TOTAL | 55 | |
Forward sale and purchase of foreign currency are related to the commitments in CAD in the context of the financing of the acquisition of Dofasco Inc.
| Avenage reardier of stuffi- | - 1905 | $\downarrow$ OOS. |
|---|---|---|
| Employees | 258 | 214 |
| Workers. | ||
| TOTAL | 258. | 214. _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
$\sim 10^{-1}$
NOTE 17 - DIRECTORS' REMUNERATION
Members of the Board of Directors, the Audit Committee and the Nominations and Remuneration Committee are entitled to a fotal of EUR 2.5 million for the year 2006.
Arcelor Annual Report 2006 137
Annual Accounts Arcelor S.A. Notes to the Annual Accounts continued (Amounts in EUR million, unless otherwise stated)
NOTE 18 - STOCK OPTIONS PLANS
The international stock option plan (2003/2007) confers rights to certain employees to acquire or subscribe for shares in the Company. The period of exercise is different according to the specific countries within the plan and has a maximum duration of four years.
Allocated share options at 31 December 2006 are detailed as follows :
| Number of options | Exercise price (in EUR) | Mac | |
|---|---|---|---|
| Plan 2003 | 306. | ---_— . . | ANGIOS COMPANY.. |
| 2004Plan | ______________________________ | ________________________30/06/20.51,397.and a short of the second second the second second the second second the second second the second second second the second second second second second the second second second second second second second second second secoالمستراري والمستحدث والراجي المستحدث والمتنازل المتمسانية المتمل والمتناسب |
|---|---|---|
| Plan 2005 | Andrej Allien alle son se se se se se s______________________________________ | 10.000-30/06/201-4. 71 G$\mathbf{L} \mathbf{V} \cdot \mathbf{L}$.AL APLALABLAIL LE DE TETTUT DE TAL BET |
| Plan 2006. | ാവരഭഗവ-225 AOO.34.43$\sim$ . The set of $\sim$ |
The movements in the number of outstanding share options during the year were as follows:
| Number of share options | 20052006 |
|---|---|
| Options at the beginning of the year | 2,549,2243,658,526 |
| Options granted during year | 1,135,0001,335,000 |
| Options forfeited accepted during year | 25,698$-20,000$ |
| Options exercised during year | - 3,525,733 |
| Options expired during year | |
| Options at the end of the year | 3.658.5261,447,793 |
The beginning of the exercise period for the options granted prior to 25 June 2006 has been advanced to 1 July 2006.
NOTE 19 - OTHER INFORMATION
The company is jointly and severally liable for the following entities: Arcelor Finance SCA, Luxembourg (Luxembourg) Arcelor Treasury SNC, Saint Denis (France).
138 Arcelor Annual Report 2006
Annual Accounts Arcelor S.A.
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To the shareholders of Arcelor S.A.
19, avenue de la Liberté L 2930 Luxembourg
REPORT OF THE RÉVISEUR D'ENTREPRISES
Report on the annual accounts
Following our appointment by the General Meeting of the Shareholders dated 28 April 2006, we have audited the accompanying annual accounts of Arcelor S.A., which comprise the balance sheet as at 31 December 2006 and the profit and loss account for the year then ended and a summary of significant accounting policies and other explanatory notes.
Board of Directors' responsibility for the annual accounts
The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of annual accounts that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d'Entreprises
Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the judgement of the Réviseur d'Entreprises, including the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assessments, the Réviseur d'Entreprises considers internal control relevant to the entity's preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Director as well as evaluation the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the annual accounts give a true and fair view of the financial position of Arcelor S.A. as of 31 December 2006, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts.
Report on other legal and regulatory requirements
The management report, which is the responsibility of the Board of Directors, is in accordance with the annual accounts.
Luxembourg, 23 March 2007
KPMG Audit S.a.r.l. Réviseurs d'Entreprises
Eric Damotte
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Arcelor Informe Anual 2006 55
- 56 Cuenta de Pérdidas y Ganancias Consolidada
- 57 Balance de Situación Consolidado
- 59 Estado de Flujos de Tesorería Consolidado
- 60 Estado de Cambios en los Fondos Propios Consolidados
- 61 Notas a los Estados Financieros Consolidados
- 124 Informe de Auditoría
126 Balance de Situación de Arcelor S.A.
- Cuenta de Pérdidas y Ganancias Correspondiente 128 al Ejercicio Finalizado a 31 de diciembre de 2006
- Propuesta de Distribución del Beneficio del Ejercicio 130
- Notas a las Cuentas Anuales 131
- 138 Informe de Auditoría
Coenta de Perdidas y Ganancias Consolidada de portes en millones de euros, salvo indicación de lo contrario)
| Localistan, de euros | 2006 | 2005* |
|---|---|---|
| Cifra de negocio (Note 28) | 40.611 | 32.611 |
| Otros ingresos de explotación | 760 | 707 |
| Existencias de producción inmovilizadas y variación de existencias de productos acabados y semiproductos | 81 | 352 |
| Consumo de materias primas y mercancías | - 22.692 | - 15.991 |
| Otros gastos externos | $-6.648$ | - 6.761 |
| Gastos de personal (Nota 22) | $-5.418$ | - 4.858 |
| Amortización y depreciación | - 1.460 | $-1.294$ |
| Diferencias negativas de adquisición | 29 | |
| Otros gastos de explotación | $-791$ | $-378$ |
| Resultado de explotación (Nota 28) | 4.454 | 4.417 |
| Gustos financieros netos (Nota 23) | - 696 | $-254$ |
| Participación en resultados de sociedades consolidadas por puesta en equivalencia (Nota 6) | 363 | 317 |
| RESULTADO ANTES DE IMPUESTOS | 4.121 | 4.480 |
| Impuesto sobre sociedades (Nota 24) | - 462 | $-175$ |
| RESULTADO DEL EJERCICIO | 3.659 | 4.305 |
| Resultado neto, parte atribuida al Grupo | 3.007 | 3.873 |
| Resultado neto, socios externos | 652 | 432 |
| Beneficio por acción, en euros (Nota 15) | ||
| antes de dilución | 6.31 | |
| después de dilución | 4.71 | 5.94 |
(*) Los datos comparativos correspondientes a 2005 han sido reformulados al objeto de reflejar los cambios en los principios contables aplicados (Nota 1)
Las notas adjuntas forman parte integrante de las cuentas anuales consolidadas.
.Protestant
Estados Financieros Consolidados
Extra de Situación ConsolidadoEntance de Situación ConsolidadoEmportes en millones de euros, salvo indicación de lo contrario)
| lasots | ||
|---|---|---|
| Se avitanes de euros, a 31 de diciembre | 2006 | 2005* |
| Setivo no circulante | ||
| movilizado inmaterial (Nota 4) | 1.634 | 193 |
| mnovilizado material (Nota 5) | 16.770 | 13.767 |
| Participaciones consolidadas por puesta en equivalencia (Nota 6) | 1.793 | 1.415 |
| Otras participaciones y activos financieros mantenidos para la venta (Nota 7) | 658 | 653 |
| Cuentas a cobrar y otros activos financieros (Nota 8) | 1.132 | 739 |
| Activos por impuestos diferidos (Nota 24) | 1.327 | 1.378 |
| YOTAL ACTIVO NO CIRCULANTE | 23.314 | 18.145 |
| Activo circulante | ||
| Lustencias (Nota 9) | 9.084 | 7.580 |
| Clientes (Nota 10) | 4.712 | 3.716 |
| Superávit fiscal del ejercicio | 183 | -268 |
| Duras cuentas a cobrar (Nota 11) | 4.936 | 1.510 |
| Tesorería y equivalentes de tesorería (Nota 12) | 2.345 | 4.645 |
| Activos clasificados como mantenidos para la venta (Nota 13) | 265 | |
| TOTAL ACTIVO CIRCULANTE | 21.525 | 17.719 |
| TOTAL ACTIVO | 44.839 | 35.864 |
.{*) Los datos comparativos correspondientes a 2005 han sido reformulados al objeto de reflejar los cambios{} en los principios contables aplicados (Nota 1)
BR
that any de Stiezenen Conselldade continuación Importes en millones de euros, salvo indicación de lo contrario)
| Fondos Propios y Pasivo | ||
|---|---|---|
| Lo cultones de euros, a 31 de diciembre | 2006 | 2005* |
| Fondos propios | ||
| Capital suscrito | 3.349 | 3.199 |
| Primas de emisión | 5.819 | 5.397 |
| Reservas consolidadas | 10.681 | 6.163 |
| Diferencias de conversión | - 659 | 149 |
| Fondos propios, atribuido al Grupo (Nota 14) | 19.190 | 14.908 |
| Socios externos (Nota 16) | 2.896 | 2.522 |
| TOTAL FONDOS PROPIOS | 22.086 | 17.430 |
| Pasivo no circulante | ||
| Linpréstitos con interés (Nota 17) | 5.553 | 4.341 |
| Provisiones para pensiones y obligaciones similares (Nota 18) | 2.438 | 1.617 |
| Provisiones para indemnizaciones por rescisión de contrato de trabajo (Nota 19) | 762 | 852 |
| Otras provisiones a largo plazo (Nota 20) | 972 | 943 |
| Pasivos por impuestos diferidos (Nota 24) | 1.124 | 537 |
| Otros acreedores | 72 | 140 |
| TOTAL PASIVO NO CIRCULANTE | 10.921 | 8.430 |
| Pasivo circulante | ||
| Proveedores | 6.128 | 5.228 |
| Empréstitos con interés (Nota 17) | 1.757 | 1.623 |
| Impuestos a pagar | 195 | 312 |
| Otras deudas a pagar (Nota 21) | 3.374 | 2.567 |
| Provisiones para indemnizaciones por rescisión de contrato de trabajo (Nota 19) | 11 | -30 |
| Otras provisiones (Nota 20) | 289 | 244 |
| Activos clasificados como mantenidos para la venta (Note 13) | 78 | |
| TOTAL PASIVO CIRCULANTE | 11.832 | 10.004 |
| TOTAL FONDOS PROPIOS Y PASIVO | 44.839 | 35.864 |
(*) Los datos comparativos correspondientes a 2005 han sido reformulados al objeto de reflejar los cambios en los principios contablesaplicados (Nota 1)
Las notas adjuntas forman parte integrante de las cuentas anuales consolidadas.
Estado de Flujos de Tesorería Consolidado
(Importes en millones de euros, salvo indicación de lo contrario)
| En millones de euros | 2006 | 2005* |
|---|---|---|
| Actividades de explotación | ||
| Resultado del ejercicio después de impuestos | 3.659 | 4.305 |
| Resultado de sociedades consolidadas por puesta en equivalencia, neto de dividendos | - 244 | $-222$ |
| Amortización, depreciación y diferencias negativas de adquisición | 1.449 | 1.265 |
| Dotación a provisiones | $-25$ | $-148$ |
| Resultado neto de enajenación de activos | $-241$ | - 63 |
| Dividendos recibidos | 70 | 51 |
| Variación en el fondo de maniobra | $-186$ | 615 |
| Otras partidas | - 202 | $-109$ |
| TESORERÍA PROCEDENTE DE ACTIVIDADES DE EXPLOTACIÓN ** | 4.280 | 4.464 |
| Actividades de Inversión | ||
| Adquisición de inmovilizado material e inmaterial | $-2.298$ | $-2.070$ |
| Adquisiciones de filiales, netas de la tesorería adquirida (Nota 3) | $-4.102$ | 57 |
| Adquisición de inmovilizado financiero | - 330 | 331 |
| Enajenación de inmovilizado material e inmaterial | 348 | 82 |
| Enajenación de filiales, netas de la tesorería enajenada (Nota 3) | 151 | 331 |
| Enajenación de inmovilizado financiero | 150 | 120 |
| Ingresos y reembolsos de créditos | $-188$ | 205 |
| TESORERÍA PROCEDENTE DE ACTIVIDADES DE INVERSIÓN | $-6.269$ | $-1.606$ |
| Actividades de financiación | ||
| Otras aportaciones a fondos propios | 8 | -12 |
| Dividendos distribuidos | $-1.473$ | 560 |
| Ingresos de préstamos | 7.158 | 499 |
| Reembolso de préstamos | - 6.384 | 2.086 |
| Reembolso de fondos de pensiones | $-254$ | |
| TESORERÍA PROCEDENTE DE ACTIVIDADES DE FINANCIACIÓN | - 691 | $-2.389$ |
| Efecto de las fluctuaciones de tipos de cambio sobre la tesorería | 380 | 133 |
| Aumento neto de tesorería y equivalentes de tesorería | $-2.300$ | 602 |
| TESORERÍA Y EQUIVALENTES DE TESORERÍA AL INICIO DEL EJERCICIO | 4.645 | 4.043 |
| TESORERÍA Y EQUIVALENTES DE TESORERÍA AL FINAL DEL EJERCICIO | 2.345 | 4.645 |
Los datos comparativos correspondientes a 2005 han sido reformulados al objeto de reflejar los cambios en los principios $(2)$ contables aplicados (Nota 1)
(**) Incluidos impuestos abonados por un importe de 482 millones de euros (2005: 405 millones de euros)e intereses netos abonados por un importe de 195 millones de euros (2005: 107 millones de euros)
Estado de Cambios en los Fondos Propios Consolidadosdisportes en millones de euros, salvo indicación de lo contrario)
| En millones de euros | Capitalsuscritode Arcelor | Prima deemisiónArcelor | propias | Acciones Revalorizaciónde reservasrelativas amstrumentosderivados(Nota 25) | Revalorizaciónde reservasrelativas atítulosmantenidospara la venta(Nota 7) | Otrasreservasconsolidadas | Diferenciasdeconversión | Fondos propiosatribuidos alGrupo(Nota 13) | Fondospropios.sociosexternos | lotasForvionPropios |
|---|---|---|---|---|---|---|---|---|---|---|
| 31 DE DICIEMBRE DE 2004 | 3.199 | 5.397 | 364 | 28 | 2.955 | 403 | 10.812 | 1.415 | 12.227 | |
| PÉRDIDAS Y GANANCIAS | ||||||||||
| Resultado del ejercicio 2005 | 3.846 | 3.846 | 432 | 4.278 | ||||||
| Cobertura de flujos de tesorería | 75 | 75 | -75 | |||||||
| Títulos mantenidos para la venta (Nota 7) | 24 | 24 | 24 | |||||||
| Diferencias de conversión | 552 | 552 | 236 | 788 | ||||||
| DISTRIBUCIONES DE | ||||||||||
| BENEFICIOS Y TRANSACCIONES CON | ||||||||||
| LOS ACCIONISTAS | ||||||||||
| Dividendos distribuidos | - 399 | 399 | ||||||||
| Adquisición de Acesita | 42 | $\frac{1}{2}$42 | 161 | 560 | ||||||
| Resultado de la venta de acciones propias | $\overline{97}$ | 97 | 42 | |||||||
| Coste de fondos propios --transacciones | 97 | |||||||||
| con pagos basados en acciones | Δ | 4 | ||||||||
| Adquisiciones y recompra de | ||||||||||
| participaciones minoritarias | 602 | 602 | ||||||||
| Otros ajustes | 56 | 56 | 56 | |||||||
| 31 DE DICIEMBRE DE 2005 | 3.199 | 5.397 | 267 | 103 | 24 | 6.504 | 149 | 15.109 | 2.524 | 17.633 |
| Adopción de NIC 19 revisada | 201 | $-201$ | 2 | 203 | ||||||
| 1 DE ENERO DE 2006 | 3.199 | 5.397 | 267 | 103 | 24 | 6.303 | 149 | 14.908 | 2.522 | 17.430 |
| PÉRDIDAS Y GANANCIAS | ||||||||||
| Resultado del ejercicio 2006 | 3.007 | 3.007 | 652 | 3.659 | ||||||
| Cobertura de flujos de tesorería (Nota 23) | 119 | 119 | - 119 | |||||||
| Títulos mantenidos para la venta (Nota 7) | 4 | 4 | ||||||||
| Opción de conversión relativa a | ||||||||||
| obligaciones O.C.E.A.N.E. 2017 (Nota 17) | 326 | 326 | 326 | |||||||
| Diferencias de conversión | 808 | 808 | - 97 | - 905 | ||||||
| DISTRIBUCIONES DE | ||||||||||
| BENEFICIOS Y TRANSACCIONES | ||||||||||
| CON LOS ACCIONISTAS | ||||||||||
| Dividendos distribuidos | 1.149 | $-1.149$ | 324 | $-1.473$ | ||||||
| Adquisición de Mittal Steel | ||||||||||
| Gandrange (Nota 3) | 155 | 155 | 155 | |||||||
| Enajenación de la sociedad holding | ||||||||||
| Arcelor Germany y sus filiales (Nota 3) | 1.980 | 1.980 | 87 | 2.067 | ||||||
| Resultado de la venta de acciones propias | 265 | 41 | 306 | 306 | ||||||
| Coste de fondos propios -transacciones | ||||||||||
| con pagos basados en acciones | 11 | 11 | 11 | |||||||
| Ampliación de capital | 150 | 422 | 572 | 572 | ||||||
| Adquisiciones y recompra de | ||||||||||
| participaciones minoritarias | 52 | 52 | ||||||||
| Pérdidas / ganancias actuariales | -72 | $-72$ | $-72$ | |||||||
| Otros ajustes | 73 | 73 | 73 | |||||||
| 31 DE DICIEMBRE DE 2006 | 3.349 | 5.819 | $-2$ | $-16$ | 24 | 10.675 | - 659 | 19.190 | 2.896 | 22.086 |
Las rotas adjuntas forman parte integrante de las cuentas anuales consolidadas.
$\overline{\rho}$
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
| Nota 1: | General |
|---|---|
| Nota 2: | Principios contables |
| Nota 3: | Perímetro de consolidación |
| Nota 4: | Inmovilizado inmaterial |
| Nota 5: | Inmovilizado material |
| Nota 6: | Participación en sociedades puestas en equivalencia |
| Nota 7: | Otras inversiones y activos financieros mantenidos para la venta |
| Nota 8: | Cuentas a cobrar y otros activos financieros |
| Nota 9: | Existencias |
| Nota 10: | Clientes |
| Nota 11: | Otras cuentas a cobrar |
| Nota 12: | Tesorería y equivalentes de tesorería |
| Nota 13: | Activos clasificados como mantenidos para la venta y pasivos directamente asociadoscon activos no circulantes clasificados como mantenidos para la venta |
| Nota 14: | Fondos propios |
| Nota 15: | Beneficios por acción |
| Nota 16: | Socios externos |
| Nota 17: | Pasivos con interés |
| Nota 18: | Compromisos con los empleados |
| Nota 19: | Provisiones para indemnizaciones por rescisión de contrato |
| Nota 20: | Otras provisiones |
| Nota 21: | Otras deudas a pagar |
| Nota 22: | Gastos de personal |
| Nota 23: | Ingresos y gastos por actividades financieras |
| Nota 24: | Impuesto sobre las ganancias |
| Nota 25: | Informaciones a revelar sobre partes relacionadas |
| Nota 26: | Instrumentos financieros y derivados |
| Nota 27: | Compromisos entregados y recibidos |
| Nota 28: | Información financiera por segmentos |
| Nota 29: | Acontecimientos posteriores a la fecha del balance |
| Nota 30: | Derechos de emisión |
| Nota 31: | Organigrama simplificado del grupo |
| Nota 32: | Listado de las sociedades del grupo |
Notas a los Estados Financieros Consolidados
denortes en millones de euros, salvo indicación de lo contrario)
De conformidad con lo dispuesto en el Reglamento (CE) núm. 1606/2002 de 19 de julio de 2002, los estados financieros consolidados del Grupo Arcelor para el ejercicio finalizado el 31 de diciembre de 2006 han sido preparados de conformidad con las Normas Internacionales de Información Financiera (en a delante, NIIF) vigentes en la Unión Europea el 31 de diciembre de 2006.
La no aplicación de determinadas disposiciones relativas a la contabilidad de cobertura, derivadas de la adopción de la NIC 39 por la Unión Europea, no tiene ningún impacto sobre los estados financieros consolidados del Grupo.
NOTA 1 - GENERAL
Arcelor S.A. (la Sociedad) es una sociedad de derecho luxemburgués, constituida el 8 de junio de 2001 con duración indefinida en el marco de la propuesta de fusión entre Aceralia, Arbed y Usinor, completada el 28 de febrero de 2002. Mittal Steel Company N.V. concluyó la adquisición de Arcelor S.A. el 1 de agosto de 2006 y, a 31 de diciembre de 2006, posee el 94,24% de las acciones de Arcelor S.A. en circulación.
Los resultados del grupo Arcelor están incluidos en los estados financieros consolidados de Mittal Steel Company N.V., que constituye el mayor grupo de empresas del que forma parte el grupo Arcelor. La sede social de la compañía está situada en Hofplein 20. planta 15, 3032 AC Rótterdam, Holanda, donde se encuentran disponibles las cuentas consolidadas.
Los estados financieros consolidados al 31 de diciembre de 2006 presentan la situación financiera de la Sociedad y sus sociedades dependientes (en adelante, "el Grupo"), así como las participaciones del Grupo en empresas asociadas o en entidades bajo control conjunto.
El Consejo de Administración aprobó los estados financieros consolidados correspondientes al ejercicio 2006 el día 21 de febrero de 2007, y autorizó la publicación de los mismos el 23 de marzo de 2007, los cuales serán definitivos una vez que sean aprobados por la Junta General Anual de Accionistas.
Los estados financieros consolidados han sido elaborados conforme a las NIIF, tal como se han adoptado por la Unión Europea. Ello implica que el Grupo realiza ciertas estimaciones y supuestos que tienen efectos sobre el balance de situación y la cuenta de resultados del periodo en cuestión. De cambiar ciertos hechos o circunstancias, el Grupo podría proceder a revisar tales estimaciones.
En aras de una mayor transparencia en lo que respecta a la progresiva externalización de sus compromisos en materia de pensiones, el Grupo contabiliza, a partir del 1 de enero de 2006, las pérdidas y ganancias actuariales de forma inmediata en fondos propios, de conformidad con la norma NIC 19 revisada. Anteriormente, las pérdidas y ganancias actuariales netas se contabilizaban aplicando la corridor policy.
La adopción de esta nueva política contable conllevó la transferencia a fondos propios de las pérdidas y ganancias actuariales netas no contabilizadas a finales del ejercicio cerrado a 31 de diciembre de 2005. La siguiente tabla muestra el efecto de la aplicación de esta nueva política en el balance y en la cuenta de pérdidas y ganancias:
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
CUENTA DE PÉRDIDAS Y GANANCIAS CONSOLIDADA
| En mikines de euros | 2005 (datos publicados) | NIC 19 revisada | 2005 (reformulado) |
|---|---|---|---|
| Resultado de explotación | 4.376 | 41 | 4.499 |
| del cual, gastos de personal | 4.899 | 41 | 749.69 |
| RESULTADO ANTES DE IMPUESTOS | 4.439 | 41. | 4490 |
| Impuesto sobre sociedades | $-161$ | $-14$ | 6 H.N. |
| RESULTADO DEL EJERCICIO | 4,278 | 27 | 4.305 |
| Resultado neto, atribuido al Grupo | 3.846 | 27 | 3.873 |
| Resultado neto, socios externos | 432 | 482 | |
| Beneficio por acción (en euros) | |||
| - antes de dilución | 6.26 | 6,31 | |
| - después de dilución. | 5,90 | 5,94 |
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BALANCE CONSOLIDADO
Leither.
| En millones de euros, a 31 de diciembre 2005 (datos publicados) NIC 19 revisada 2005 (reformulado) | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TOTAL ACTIVO NO CIRCULANTE | 18.196 | 18.145 | |||||||||||||||||||||||||||||||
| TOTAL ACTIVO CIRCULANTE | 17.720 | 17.719 | |||||||||||||||||||||||||||||||
| TOTAL ACTIVO | 35.916 | - 52 | 35.864 |
a nennini
| 2005 (datos publicados)En millones de euros, a 31 de diciembre. | NIC 19 revisada | 2005 (reformulado). |
|---|---|---|
| 17.633TOTAL FONDOS PROPIOS | - 203 | 17.430 |
| 8.279TOTAL PASIVO NO CIRCULANTE | 151 | 8,430 |
| 1.431del cual, obligaciones con empleados | 186 | 1.617 |
| 571del cual, impuestos diferidos | - 35 | $-536$ |
| 10.004TOTAL PASIVO CIRCULANTE | 10.004 | |
| 35.916TOTAL FONDOS PROPIOS Y PASIVO | - 52 | 35.864 |
Notas a los Estados Financieros Consolidados
druportes en millones de euros, salvo indicación de lo contrario)
NOTA 2 - PRINCIPIOS CONTABLES
1) Declaración de conformidad
Los estados financieros consolidados han sido preparados de conformidad con las Normas Internacionales de Información Financiera (en adelante, "NIIF") tal como fueron adoptadas por la Unión Europea.
2) Presentación de los estados financieros consolidados
Los estados financieros consolidados se han formulado en euros, redondeando las cifras al millón más próximo.
Los estados financieros consolidados del Grupo han sido elaborados aplicando el criterio del coste histórico, salvo en el caso de los activos y pasivos enumerados a continuación, que se han contabilizado a sus valores razonables: instrumentos financieros derivados, inversiones de la cartera de negociación, e inversiones mantenidos para la venta. Al determinar las relaciones de valor razonable, los activos y pasivos objeto de cobertura se han registrado a su valor razonable en relación con los riesgos cubiertos.
Los activos y pasivos mantenidos para la venta se registran al coste o valor razonable, cualquiera que sea el menor de ellos.
Se consideran activos circulantes aquellos que vayan a ser enajenados o utilizados en el curso normal de las operaciones del Grupo, los activos que se mantienen con vistas a su enajenación en los doce meses siguientes a la fecha de cierre del ejercicio y la tesorería y equivalentes de tesorería. Los activos restantes se consideran no circulantes.
Se consideran pasivos circulantes aquellos cuyo vencimiento se produce en el curso normal de las operaciones o en los doce meses siguientes a la fecha de cierre del ejercicio. Los pasivos restantes se consideran no circulantes.
3) Principios de consolidación
SOCIEDADES DEPENDIENTES
Las sociedades dependientes son sociedades controladas por el Grupo. Existe una situación de control cuando el Grupo tiene poder para dirigir and concerned approximative on observance concerned per or analysis and annualism of control campo or analysism pure units and any Generalmente, se presume que existe una situación de control cuando el Grupo posee más de la mitad de los derechos de voto.
Los estados financieros de las sociedades dependientes significativas se incluyen en los estados financieros consolidados desde la fecha en que comienza la situación de control y hasta el momento en el que cesa dicho control.
Las inversiones en sociedades dependientes no significativas se contabilizan en la partida de activos no circulantes a su valor razonable. Se clasifican como mantenidos para la venta y se contabilizan a su valor razonable cuando dicho valor puede determinarse de forma fiable. En caso contrario, se contabilizan por su coste menos las pérdidas de valor.
Las ganancias y pérdidas resultantes de este método de valoración se registran en la cuenta de fondos propios.
EMPRESAS ASOCIADAS
Las empresas asociadas son aquellas en las que el Grupo mantiene una influencia significativa sobre las decisiones financieras y operativas, pero no el control. Generalmente, se presume una influencia significativa cuando el Grupo posee, al menos, el 20% o más de los derechos de voto.
Los estados financieros de las empresas asociadas se incluyen en los estados financieros consolidados mediante el procedimiento de puesta en equivalencia, según el cual, el Grupo registra su participación en los activos netos de la empresa asociada dentro de su balance a partir de la fecha en que comienza a tener una influencia significativa sobre la misma y hasta el momento en el que cesa tal influencia.
ENTIDADES BAJO CONTROL CONJUNTO
Se denominan así aquellas entidades en las que el Grupo ejerce conjuntamente el control sobre las actividades desarrolladas, en virtud de un
Los estados financieros de entidades bajo control conjunto se incluyen en los estados financieros consolidados por el método de puesta en equivalencia, según el cual, el Grupo registra su participación en los activos netos de la entidad bajo control conjunto dentro de su balance desde la fecha en la que comienza el control conjunto y hasta el momento en el que cesa tal control conjunto.
TRANSACCIONES ELIMINADAS EN CONSOLIDACIÓN
Los saldos y transacciones entre sociedades del grupo, así como los beneficios no realizados resultantes de dichas transacciones, se eliminan a la hora de elaborar los estados financieros consolidados. Las pérdidas no realizadas resultantes de las transacciones entre sociedades del grupo sólo se eliminan en la medida en que no haya indicios de provisiones por pérdidas de valor.
Los beneficios no realizados resultantes de las transacciones con empresas asociadas y entidades bajo control conjunto se eliminan hasta el importe de la participación del Grupo en dichas empresas o entidades, deduciéndose de la inversión. Las pérdidas no realizadas sólo se eliminan en la medida en que no haya indicios de provisiones por pérdidas de valor.
La Nota 32 recoge la relación de las principales sociedades dependientes y empresas consolidadas por el método de la participación, al 31 de diciembre de 2006.
4) Combinaciones de negocios
DIFERENCIA DE CONSOLIDACIÓN
La diferencia positiva entre el coste de adquisición y la participación del adquirente en el valor razonable de los activos, pasivos y pasivos contingentes identificables adquiridos se contabiliza como diferencia de consolidación en el activo del balance. El saldo de la diferencia positiva de consolidación debe ser revisado en cada fecha de presentación del balance a fin de identificar posibles deterioros de su valor (véase la Sección B sobre pérdida de valor de activos).
La diferencia negativa entre el coste de adquisición y la participación del adquirente en el valor razonable de los activos, pasivos y pasivos contingentes kientificables adquiridos (diferencia negativa de consolidación) se lleva directamente a resultados del periodo.
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
ADOUISICIONES ESCALONADAS
Cuando una adquisición este formada por una serie de transacciones sucesivas, cada transacción significativa se considerará de manera individual a los efectos de determinar el valor razonable de los activos, pasivos y pasivos contingentes identificables adquiridos y, por consiguiente, de la diferencia de consolidación asociada a la adquisición.
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Los valores razonables de los activos y pasivos identificables adquiridos pueden variar a la fecha de cada transacción. Cuando una transacción otorea al Grupo control sobre la entidad. La participación que éste mantenia hasta entonces es objeto de una nueva valoración en base a los valores razonables de los activos y pasivos identificables a esa fecha. La contrapartida de esta nueva valoración se contabiliza directamente en fondos Dronios
Las adquisiciones posteriores, una vez que el Grupo ha obtenido el control, reciben el tratamiento de adquisiciones de acciones en poder de minoritarios: es decir, los activos y pasivos identificables de la entidad no deben ser nuevamente valorados, y la diferencia positiva o negativa entre el coste de dichas adquisiciones y el valor neto de la proporción adicional adquirida de la sociedad se contabiliza directamente en fondos propios.
SOCIOS EXTERNOS
Los socios externos se refleian en base a su participación proporcional en el valor neto de la entidad adquirida.
COMBINACIONES DE NEGOCIOS QUE INCLUYAN ENTIDADES BAJO CONTROL CONJUNTO
Los activos y pasivos adquiridos a través de una combinación de negocios resultante de la transmisión de participaciones en entidades que se encuentren bajo el control del accionista que controla el Grupo se contabilizan por el valor neto contable contabilizado anteriormente en los estados financieros consolidados del accionista de control del Grupo. Todo importe abonado en efectivo para la adquisición se contabiliza directamente en fondos propios.
5) Diferencias de conversión
TRANSACCIONES EN MONEDA EXTRANJERA
Las transacciones en moneda extrajera se convierten a euros aplicando el tipo de cambio vigente en la fecha de la transacción,
La conversión de los activos y pasivos monetarios denominados en moneda extraniera en la fecha del balance se efectúa con arregio al tipo de cambio vigente en tal fecha. Las diferencias de cambio que puedan surgir en el proceso de conversión se recogen en la cuenta de resultados. Los activos y pasivos no monetarios denominados en moneda extranjera y contabilizados a su coste histórico se convierten aplicando el tipo de cambio vigente el día de la transacción.
ESTADOS FINANCIEROS DENOMINADOS EN MONEDA EXTRANJERA
Los activos y pasivos denominados en moneda extranjera, incluidas la diferencia positiva de consolidación y los ajustes relativos a la determinación del valor razonable en la consolidación, se convierten a euros al tipo de cambio vigente en la fecha del balance. Los ingresos y gastos de las operaciones en moneda extranjera se convierten a euros al tipo de cambio medio calculado para dicho periodo. Las diferencias de cambio que surjan en el proceso de conversión se contabilizan directamente en el epígrafe de fondos propios.
Al producirse la venta de una entidad, toda diferencia de cambio en los fondos propios relativos a dicha entidad se contabiliza en la cuenta de pérdidas y ganancias.
8) Immovilizado inmaterial
INVESTIGACIÓN Y DESARROLLO
Los gastos en actividades de investigación, desarrolladas con el fin de adquirir nuevos conocimientos científicos o técnicos, se contabilizan como gasto en la cuenta de resultados en el momento de incurrirse en ellos.
Los gastos en actividades de desarrollo, en las que los resultados de la investigación realizada se aplican a la producción de nuevos productos y desarrollo de nuevos procesos o mejorar de forma significativa los ya existentes, se capitalizan si el producto o el proceso se considera técnica y comercialmente viable, y si el Grupo dispone de los recursos necesarios para completar el programa de desarrollo.
los gastos capitalizados comprenden el coste de los materiales, la mano de obra directa y una parte proporcional adecuada de los gastos generales. En gastos en actividades de desarrollo capitalizados se contabilizan a su coste menos la amortización acumulada y las provisiones por pérdidas de valor. Los restantes gastos en actividades de desarrollo se imputan a la cuenta de resultados en el momento de incurrirse en ellos.
DTRO INMOVILIZADO INMATERIAL
Otro inmovilizado inmaterial adquirido por el Grupo se contabiliza a su coste, menos la amortización acumulada y las provisiones por perdidas de valor. Los gastos relativos a diferencia de consolidación generada internamente se imputan a la cuenta de resultados en el momento de incumida m ellos
e resto del inmovilizado inmatenal, al margen de la diferencia de consolidación, incluye principalmente el coste de adquisición de la tecnología e ligencias adquindas a terceros. Este inmovilizado inmatenal se amortiza linealmente en un período máximo de diez años.
LASTOS POSTERIORES
Las gastos posteriores en inmovilizado inmaterial se capitalizan únicamente cuando incrementan los beneficios económicos futuros del activo esfico al que se refleren y cuando este coste puede ser cuantificado y atribuido al activo de manera fiable. Cualquier otro gasto se contebiliza n el momento de incurrirse en él.
MORTIZACIÓN
comprización se reconoce como gasto en base a un método lineal determinado según la vida útil estimada del las inmovilizado inmeterial.
Wida útil estimada que se aplica es la siguiente:
Patentes y marcas registradas:Costes de actividades de desarrollo capitalizados: 5 años 5 años 10 anos Relaciones con clientes:
Notas a los Estados Financieros Consolidados
(Importes en millones de curos, salvo indicación de lo contrario)
7) Inmovilizado material
El inmovilizado material se contabiliza a su coste, minorado por la amortización acumulada y las provisiones por pérdidas de valor. El coste de un activo producido por el Grupo comprende el coste de los materiales, la mano de obra directa y una parte proporcional adecuada de un activo producido por or drupo comprendo or coolo ao no matemalos, la mano de cora anceta y una parte proporcional deceduda.de los gastos generales. Los gastos derivados de los créditos recibidos para financiar la co como parte del coste del activo hasta el momento en que dicho activo pueda utilizarse con la finalidad para la que ha sido concebido.
Posteriormente, el inmovilizado material se registra a su coste menos la amortización acumulada y las provisiones por pérdidas de valor. Cuando un elemento del inmovilizado material está formado por varios componentes con distintas vidas útiles, dichos componentes
se contabilizan por separado.
El coste derivado de la remodelación periódica de los homos altos se capitaliza y amortiza durante el periodo de producción previsto.
Los costes de mantenimiento y reparación se registran como gasto en el ejercicio en el que se incurre en ellos.
Las subvenciones públicas concedidas al Grupo para la adquisición de inmovilizado material se deducen del valor contable del activo correspondiente y se llevan a la cuenta de resultados linealmente en función de la vida útil prevista del activo,
GASTOS POSTERIORES
Conserva es sentimente.Los gastos relativos a la sustitución o renovación de componentes de determinados elementos de inmovilizado material se contabilizan cuando se adquiere un nuevo activo y el activo sustituido es eliminado.
Los demás gastos posteriores en inmovilizado material sólo se incluyen en el activo cuando el gasto se traduce en una mejora de las condiciones del activo, confiriéndole un nivel de prestaciones superior al que tenía originalmente.
Todos los demás gastos posteriores se imputan a la cuenta de resultados como gasto en el ejercicio en que se incurre en ellos.
AMORTIZACIÓN
racerra.La amortización se contabiliza como gasto en base a un método lineal determinado según la vida útil estimada del inmovilizado material. Los terrenos no se amortizan.
El inmovilizado material adquindo con anterioridad al 1 de enero de 2001 se amortiza en función de su vida útil, que oscila entre 12 y 20 años para construcciones e instalaciones industriales y entre 5 y 12 años para otros elementos del inmovilizado material.
La vida útil de otros elementos del inmovilizado material es la siguiente:
A raíz de la combinación de negocios entre Arcelor y Mittal, se reevaluó la vida útil remanente del inmovilizado material en el marco de los ajustes relativos a la contabilización de la adquisición a 1 de agosto de 2006. Los gastos de amortización se ajustaron consiguientemente para el período comprendido entre el 1 de agosto de 2006 y el 31 de diciembre de 2006.
La amortización de todo el inmovilizado material, excepto los equipos informáticos, se calcula considerando una vida útil que oscila entre 10 y 50 años para las construcciones y reformas y entre 2 y 45 años en el caso de maquinaria y equipos.
La amortización de los costes de activos de producción minera se determina en función de la unidad de producción. La tasa de amortización se determina en función de la tasa de agotamiento de las reservas probadas desarrolladas en los yacimientos de carbón explotados. Las reservas probadas desarrolladas se definen como la cantidad de producto que se estima poder extraer, procesar y utilizar para la producción de acero de forma rentable en el marco de las condiciones económicas actuales y previsibles. El agotamiento de activos mineros se basa en tasas que previsiblemente deberían amortizar el coste del volumen estimado de minerales a extraer.
El Grupo contabiliza el valor razonable de una obligación futura de retirada de activos en el pasivo en el período en que incurra en una obligación legal asociada a la retirada de activos materiales de larga vida útil resultante de la adquisición, construcción, desarrollo y/o utilización normal de los activos. El Grupo contabiliza en el mismo período el correspondiente incremento en el valor neto contable del correspondiente activo de larga vida útil, que se amortiza a lo largo de la vida útil del mismo. Los supuestos claves aplicados para determinar el valor razonable de las obligaciones de retirada de activos incluyen los flujos de tesorería futuros estimados, el periodo en que dichos flujos de tesorería se generen y la tasa o tasas libre(s) de riesgo ajustada(s) al crédito aplicada(s) para descontar los flujos de tesorería estimados. Con posterioridad a la determinación inicial del valor, se aumenta el valor del pasivo con el paso del tiempo a través de gastos periódicos aplicados con cargo a la serementación micro del casivo está sujeto a reevaluación en cada penodo contable, en caso de que produzcan variaciones en determinados
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
CONTRATOS DE ARRENDAMIENTO
.El Grupo como arrendatario
Anuellos arrendamientos de activos importantes en los que el Grupo asume la mayor parte de los riesgos y ventaias inherentes a la propiedad de los mismos se clasifican como arrendamiento financiero. El inmovilizado material adquirido a través de arrendamientos financieros se contabiliza al menor entre el valor razonable y el valor actual de los pagos mínimos en concepto de arrendamiento en la fecha de inicio del contrato de arrendamiento. Cada cuota satisfecha se divide en gastos financieros y amortización del principal. La parte de intereses del coste de financiación se imputa a la cuenta de resultados a lo largo del penodo de arrendamiento con el fin de obtener un tipo de interés constante sobre el saldo restante de la deuda.
La política de amortización de los activos arrendados capitalizados es similar a la aplicada al inmovilizado material propio. Si no existe la certeza razonable de que el arrendatario acabará obteniendo el título de propiedad al finalizar el contrato de arrendamiento, el activo se amortiza en el periodo más corto entre la vida útil estimada y la duración del contrato de arrendamiento.
Aquellos contratos de arrendamiento en los que el arrendador conserve una parte considerable de los riesgos y ventajas inherentes a la propiedad se clasifican como contratos de arrendamiento operativo. Los pagos realizados en el marco de un contrato de arrendamiento operativo se reflejan como gasto en la cuenta de resultados del ejercicio.
Acuerdos con un arrendamiento implícito
De conformidad con la interpretación IFRIC 4, se aplicará el mismo tratamiento contable a aquellos acuerdos que desde el punto de vista jurídico no constituvan formalmente un arrendamiento, pero concedan el derecho a utilizar un activo fijo a cambio del pago de una o vanas cuotas.
8) Pérdida de valor de los activos
El valor contable de los activos del Grupo, distintos de existencias, activos por impuestos diferidos y activos asociados a las prestaciones a los empleados, se revisa en cada fecha del balance de situación para determinar si existen indicios de pérdida de valor. La diferencia positiva de consolidación procedente de la adquisición de empresas se imputa a las unidades generadoras de tesorería en base a los beneficios estimados previstos una vez consideradas las sinergias derivadas de la adquisición.
Si se aprecia la existencia de algún indicio de pérdida de valor para un activo, o para la unidad generadora de tesorería a la que éste pertenece, se estimará el valor recuperable.
En el caso de inmovilizado inmaterial que aún no esté disponible para su uso, la estimación del valor recuperable se realiza en cada fecha del balance de situación.
Las provisiones derivadas de pérdidas en el valor de un activo se contabilizan siempre que el valor contable del activo o unidad generadora de tesorería sobrepase su valor recuperable. Las provisiones por pérdidas de valor de un activo se registran como gasto en la cuenta de pérdidas y ganancias.
CÁLCULO DEL VALOR RECUPERABLE
El valor recuperable de un activo es el mayor entre el precio neto de venta y el valor de uso. Para determinar su valor de uso, se calcula el valor actual de los flujos de tesorería futuros estimados aplicando un tipo de descuento antes de impuestos que refleja la valoración actual de mercado del valor temporal del dinero y los riesgos específicos del activo en cuestión. En el supuesto de que el activo no genere entradas de tesorería independientes en gran medida de las de otros activos, su valor recuperable se determina en función de la unidad generadora de tesorería a la que pertenece dicho activo.
El valor recuperable de inversiones en títulos y efectos a cobrar mantenidos hasta su vencimiento equivale al valor actual de los flujos de tesorería futuros previstos, descontados al tipo de interés efectivo original inherente al activo.
No se descuentan los flujos de tesorería asociados a efectos a cobrar a corto plazo.
REVERSIÓN DE PROVISIONES POR PÉRDIDAS DE VALOR
Las provisiones por pérdidas de valor de un activo contabilizadas en años anteriores serán objeto de reversión unicamente si se ha producido un cambio en las estimaciones empleadas en el cálculo del valor recuperable del activo desde la última contablización de la pérdida de valor. Sin embargo, el nuevo valor contable resultante tras la reversión de una provisión por pérdidas de valor no podrá sobrepasar el valor contable (neto de amortizaciones y depreciación) que se habría determinado de no haberse contabilizado dicha pérdida en ejercicios anteriores.
Las provisiones por pérdidas de valor sobre una diferencia positiva de consolidación no son objeto de reversión.
9) Inversiones en títulos de deuda y renta variable
Las inversiones mantenidas como cartera de negociación se consideran activos circulantes y se contabilizan a su valor razonable, imputándose las ganancias o pérdidas resultantes a la cuenta de resultados. Aquellas inversiones con vencimiento fijo superior a un año que el Grupo tenga intención y capacidad de mantener hasta la fecha de vencimiento, se incluyen dentro del activo no circulante y se contabilizan a su coste de amortización aplicando el método de la rentabilidad efectiva menos las provisiones por pérdidas de valor
Otras inversiones mantenidas por el Grupo se clasifican como "mantenidos para la venta" y se contabilizan a su valor razonable cuando se pueden cuantificar con cierta precisión. De conformidad con la NIC 39 revisada, que entró en vigor el 1 de enero de 2005, cualquier ganancia o pérdida resultante se registra directamente en fondos propios.
Para determinar el valor razonable de las inversiones mantenidas como cartera de negociación y de aquellas mantenidas para la venta, se emplea el valor de cotización a la fecha del balance de situación. Para títulos no cotizados, se utiliza el valor determinado a partir del descuento de flujos de tesorería futuros.
10) Clientes y otras cuentas a cobrar
Los clientes y otras cuentas a cobrar se contabilizan a su coste de adquisición, minorado por las provisiones para deudas incobrables.
Notas a los Estados Financieros Consolidados
toportes en millones de euros, salvo indicación de lo contrario)
11) Existencias
CONSTRUCCIONES EN CURSO
Las construcciones en curso se valoran al coste del contrato, aumentado por los beneficios asociados a los mismos y contabilizados hasta la fecha, y minorado por las provisiones dotadas para pérdidas previsibles y facturaciones en curso. Los costes incluyen todos los gastos directamente imputables a los proyectos y la parte proporcional de los gastos generales, fijos y variables, incurridos en el marco de la actividad del Grupo.
OTRAS EXISTENCIAS
Las materias primas y los suministros se contabilizan al menor entre el coste (calculado a través del método del coste medio o el método FIFO) y el valor neto realizable. Los productos terminados y los productos en curso se contabilizan al menor entre el coste de producción y el valor neto
Los costes de producción incluven los gastos directamente relacionados con las materias primas o la mano de obra y una parte proporcional de los gastos generales, excluyendo los gastos de administración. El valor de mercado de las materias primas y otras existencias se basa en el valor neto realizable, incluyendo una provisión para productos de lenta rotación si resulta aplicable.
12) Tesorería y equivalentes de tesorería
La tesorería y equivalentes de tesorería comprende tesorería e inversiones a corto plazo con un vencimiento inferior a tres meses desde la fecha de adquisición. Las inversiones a corto plazo se contabilizan a valor de mercado al final de cada ejercicio.
13) Activos y pasivos mantenidos para venta
Los activos y pasivos cuyo valor neto contable será recuperado principalmente a través de una venta en lugar de a través de su uso continuado, se clasifican como mantenidos para la venta y su valor se reajusta al inferior de entre el valor neto contable y el valor razonable menos el coste de venta.
14) Fondos propios
RECOMPRA DE ACCIONES PROPIAS
Cuando el Grupo recompra sus propias acciones, la contraprestación pagada, incluidos los costes imputables, se contabiliza como una variación de los recursos propios. Las acciones recompradas/autocartera se deducen del total de los fondos propios en el epígrafe "Acciones Propias" hasta su amortización.
DIVIDENDOS
Los dividendos se contabilizan en el pasivo del balance en el período en que son aprobados por la Junta General de accionistas.
15) Obligaciones convertibles
Las obligaciones convertibles en acciones a pétición del portador, en las que el número de acciones emitidas no varía en función de las fluctuaciones de su valor razonable, se contabilizan como instrumentos financieros híbridos, netos de los costes de transacción imputables. El componente de «fondos propios» de la obligación convertible equivale al excedente de los ingresos obtenidos con la emisión sobre el valor actual de los pagos futuros del nominal e intereses descontados al tipo de mercado aplicable a una deuda similar que carezca de componente de «fondos propios» asociado. El gasto por intereses cargado en la cuenta de resultados se calcula aplicando el método del tipo de interés efectivo.
16) Pasivos con interés
Los pasivos con interés se contabilizan a su coste inicial, menos los costes directos de transacción imputables. Con posterioridad, se registran al coste de amortización, recogiéndose las eventuales diferencias entre el coste de amortización y el valor de reembolso en la cuenta de resultados durante la vida del préstamo aplicando el método del tipo de interés efectivo.
17) Compromisos con los empleados
IIPOS DE PLANES DE PENSIONES
Planes de aportaciones definidas
Los planes de aportaciones definidas son aquellos en los que el Grupo realiza aportaciones fijas a un seguro de vida o a un fondo de pensiones oxterno para determinadas categorías de empleados. Las aportaciones se realizan como contrapartida a los servicios prestados por los empleados durante ese periodo. Se registran como gasto a medida que se incurre en ellos, en línea con el tratamiento que tienen los sueldos y salarios. No se realizan provisiones respecto a los planes de aportaciones definidas, ya que no generan compromisos futuros para el Grupo.
Dentro del Grupo, los planes de aportaciones definidas se refieren exclusivamente a planes de pensiones. Se trata principalmente de planes de pensiones adicionales que sirven como complemento al sistema público de pensiones legal de cada país, en virtud de las cuales el Grupo efectúa aportaciones a las organizaciones sociales y se contabilizan del mismo modo que los sueldos y salarios.
Planes de beneficios definidos
40s planes de beneficios definidos garantizan una serie de prestaciones a determinadas categorías de empleados, ya sea por medio de obligaciones contractuales o mediante un convenio colectivo. Esta prestación garantizada representa un compromiso futuro para el Grupo y como fal, se computa como un pasivo. La provisión se calcula estimando el total de prestaciones acumuladas por los empleados por el trabajo digrarrellado durante ese ejercicio y los ejercicios anteriores. En dicho cálculo se tienen en cuenta hipótesis demográficas relativas a la evolución futura de los empleados en activo y retirados (mortalidad, rotación del personal, etc.) así como hipótesis financieras relativas a los niveles initravidade en el futuro o a la tasa de descuento aplicada al trabajo desarrollado para la empresa.
Las prestacarses se déscuentan con el fin de determinar el valor actual de la obligación futura derivada de este tipo de planes. Éstas se reflejan 1934 el fallance majoradas por el valor razonable de los activos que sirven para cubrirlas.
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
Tripo de descuento aplicado es la rentabilidad -a la fecha del balance- de los bonos con un rating crediticio AA y vencimientos similare los de las obligaciones por pensiones contraídas por el Grupo. Un actuario cualificado realiza anualmente los calculos correspondientes in el método de la unidad de crédito proyectada.
Amelor interna Ar
las hipótesis actuariales (tanto demográficas como financieras) son revisadas y ajustadas al firial de cada ejercicio, dendo lugar a ganancias a perdidas actuariales.
.1989 del 1 de enero de 2006, el Grupo ha sustifuido la comdor policy por la nueva opción, derivada de lo dispuesto en la modificación de la11249, que consiste en contabilizar las ganancias o pérdidas actuanales directam se el resultado de los cálculos realizados arroja un beneficio para el Grupo, el activo correspondiente sólo se reconoce por valor mporte neto total de las pérdidas actuariales y costes por servicios pesados no contabilizadas y el valor actual de futuros reembolsos
epleir o reducciones en las aportaciones futuras al mismo.
rante un plan de beneficios definidos es modificado, el incremento de las prestaciones devengadas en virtud del trabajo desarrollado hasta se se reconoce como gasto en base a un método lineal de acuerdo con el plazo medio de servicio que resta hasta adminir plenamente rechos correspondientes. En caso de que los derechos se adquieran immediatamente, el gasto se carga directamente a la cuenta de
agio del Grupo, los planes de beneficios definidos se refieren a planes de jubilación complementanos, indemnizaciones por resolsión de rate, premios de vinculación y acuerdos de seguros médicos.
FURALEZA DE LOS COMPROMISOS DE LOS PLANES DE BENEFICIOS DEFINIDOS
res de jubilador complementarios
lares se suman a las ponsiones minimas legalmente establecidas por las que las sociedades del Grupo realizan aportaciones directas diones sociales y que se contabilizan del mismo modo que los sueldos y salantes.
dones por resolsión de contrato.
programadores por rescisión de contrato normalmente van asociadas a aduerdos colectivos con los empleados en virtud de los cuales cinas indemnizaciones tanto en la fecha de la jubilación normal como en el caso de baja voluntaria o involuntaria.
e vinculación
derras de premios de vinculación a veces se establecen a partir de acuerdos a nivel de cada sociedad individual. Estos acuerdos sirven dinocer los servicios prestados a largo plazo y están destinados a empleados con determinados modes de antigüedad en la empresa.
s de seguro médico afectan exclusivamente a las filiales estadounidenses del Grupo (vouldado médico tras la jubilación»). Para las es europeas, el seguro medico se obtiene mediante contribuciones obligatorias a los planes públicos de la Seguridad Social. Estas fones se contabilizan del mismo modo que los sueldos y salarios.
ERJE CUBREN LOS COMPROMISOS DERIVADOS DE LOS PLANES DE BENEFICIOS DEFINIDOS
romisos relativos a determinados planes de pensiones están cubiertos total o parcialmente por polizas de seguros de vida o fondos dires, dependiendo de la normativa vigente en el país en el que se conceden las prestaciones (el concepto de «obligación financiada»). promisos externalizados son evaluados por especialistas independientes.
SERACIÓN MEDIANTE OPCIONES SOBRE ACCIONESEs puerta con planes de opciones sobre acciones para determinados consejeros.
pon les disposiciones transtionas de la NIIF 2, que entró en vigor el 1 de enero de 2005, el tratamiento compole de estos planes de stre acciones está vinculado a la fecha de su concesión: aquellas opciones concedidas antes del 7 de moviembre de 2002 o em den restante de Usinor S.A. a 31 de diciembre de 2005) no registeren comabilizar ningún coste en la openta de resultados. Cuando alpalón, los recursos obtenidos menos los costes de transacción se abonan a la cuerta de cap s doncedidos después del 7 de noviembre de 2002 (cuatro planes a 34 de diciembre de 2006) se contabilizan según el valor razonEn a la facha de su concesión, y los afectos que se denven de ellas seren amortizados linealmen recesido, provocando un gasto por remuyeración, La contrapartida se registra directamente en fondos propios de Arcelor S.A.Estorgante de las opciones sobre agrienes:
iones para indemnizaciones por rescisión de contrato
abiliza una indernaización por resosión de contrato cuando tiene intención de resoludir el contrato de un empleado antes d guniación establecida o de promover su baja voluntaria (jubilación anticipada), Estas indemnizaciones por rescisión de co e prestaciones económicas futuras para el Grupo (servicios prestados por los empleados) y se contabilizan de mediato enengentrados
Grupo, las provisiones para las indermizaciones por rescisión de contrato pueden pertenecer a una de estas dos catego
SOCIALES EN EL MARCO DE PLANES DE REESTRUCTURACIÓN.
CARL AND
jes se contabilizan una vez que el Grupo haya anunciado a la fotalidad de los empleados afectados o a sus represent Hado y formalizado de acuerdo con lo dispuesto en la NIC 37. Estos planes sociales se traducen en despidios o en englandos de acuerdo con lo dispuesto en la NIC 37. Estos planes sociales se traducen en despidios de la engl
Notas a los Estados Financieros Consolidados
dimportes en millones de euros, salvo indicación de lo contrario)
18) Provisiones para indemnizaciones por rescisión de contrato CONTINUACIÓN
PLANES DE PREJUBILACIÓN
Dentro del Grupo, los planes de prejubilación se corresponden principalmente con la puesta en práctica de planes sociales. Se considera que estos planes de prejubilación adquieren efectos cuando los empleados afectados han sido informados formalmente y cuando los pasivos se han determinado empleando un cálculo actuarial adecuado. Los planes de prejubilación también pueden estar asociados a convenios colectivos firmados por determinadas categorías de empleados.
Los pasivos relacionados con los dos escenarios mencionados se calculan tomando como base el número efectivo de empleados susceptibles de prejubilarse, en virtud de la NIC 19. Un actuario independiente realiza el cálculo anualmente. Los pasivos se descuentan utilizando un tipo de interés que se corresponde con el de los bonos con un rating crediticio AA y vencimientos similares a los de las obligaciones contraídas por el Grupo.
19) Otras provisiones
Se contabiliza una provisión cuando, como resultado de un acontecimiento pasado, el Grupo tiene una obligación en el presente (jurídica o implícita) cuyo importe puede ser estimado con fiabilidad y cuando es probable que su extinción implique la salida de recursos.
GARANTÍAS TÉCNICAS
se contabiliza una provisión para garantías técnicas cuando se venden productos o servicios con una garantía técnica. Esta provisión se calcula a partir de datos históricos relativos a la garantía, así como valorando todos los posibles escenarios y la probabilidad de que se produzcan.
REESTRUCTURACIÓN
Se contabiliza una provisión para reestructuración cuando el Grupo ha aprobado formalmente un plan de reestructuración detallado, y parece razonablemente comprometido con la ejecución del mismo al haber iniciado su puesta en marcha o anunciado sus principales características a las partes interesadas.
MEDIO AMBIENTE
mado constanto.En general, el grupo estima las provisiones por cuestiones medioambientales analizando caso por caso y observando las disposiciones legales pertinentes. Se realiza la mejor estimación posible a partir de la información disponible, siempre que dicha información sugiera que la pérdida tiene un carácter probable y pueda ser estimada de manera suficientemente fiable.
CONTRATOS DEFICITARIOS
se contabiliza una provisión para contratos deficitarios cuando los beneficios económicos que el Grupo espera recibir en virtud de los mismos sean inferiores a los costes inevitables en los que habrá de incurrir para hacer frente a las obligaciones contractuales.
20) Acreedores comerciales y otras cuentas a pagar
Los acreedores comerciales y otras cuentas a pagar se valoran a su coste.
21) Impuestos diferidos
Los impuestos diferidos se calculan para cada entidad fiscal, utilizando el método del pasivo del balance, centrado en las diferencias temporales que surgen entre los valores fiscales de los activos y pasivos -definidos con arregio a lo dispuesto en la legislación fiscal vigente en los países en los que el Grupo desarrolla sus actividades- y su valor contable en los estados financieros. Los activos y pasivos por impuestos diferidos se calculan según el tipo impositivo previsto para el ejercicio en el que el activo será realizado o el pasivo liquidado, sobre la base de los tipos impositivos que hayan sido adoptados o que casi estén adoptados al cierre.
Los activos y pasivos por impuestos diferidos se compensan cuando las autoridades fiscales locales lo autorizan.
Los activos por impuestos diferidos se contabilizan en función de la probabilidad de que existan beneficios fiscales futuros con los que puedan compensarse. En consecuencia, teniendo en cuenta la naturaleza cíclica del negocio, los activos por impuestos diferidos podrán ser contabilizados por compañías que hayan sufrido pérdidas fiscales en periodos anteriores.
22) Cifra de negocio e ingresos en concepto de intereses y dividendos
VENTAS DE BIENES Y PRESTACIÓN DE SERVICIOS
Los ingresos derivados de la venta de bienes se reflejan en la cuenta de resultados cuando se transfieren al comprador los riesgos y ventajas más significativos inherentes a la propiedad de tales bienes. Los ingresos obtenidos en concepto de servicios prestados se reconocen en la cuenta de resultados con arregio al grado de ejecución del servicio prestado en la fecha de cierre de balance. El grado de avance se valora en función del trabajo ya desarrollado. No se reconoce ingreso alguno si existen dudas significativas respecto a la recuperación de la cantidad debida, los costes asociados o una eventual devolución de los bienes.
CONTRATOS DE CONSTRUCCIÓN
Los ingresos y gastos derivados de un contrato de construcción se contabilizan en la cuenta de resultados tan pronto como se pueda estimar mizonablemente el resultado de dicho contrato, de manera proporcional al grado de avance del mismo. El grado de avance se valora en función del trabajo ya desarrollado. Las pérdidas previsibles en un contrato de construcción se reflejan inmediatamente en la cuenta de resultados.
INGRESOS POR INTERESES Y DIVIDENDOS
Los ingresos en concepto de intereses se registran en la cuenta de resultados prorrateados, aplicando el tipo de rentabilidad efectivo.
Los ingresos por dividendos se registran en la cuenta de resultados en la fecha en que la Junta General aprueba el pago del dividendo.
AT ANGEL ANG KABUPAT
Estados Financieros Consolidados
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
di Gestión del riesgo financiero
TRUMENTOS FINANCIEROS DERIVADOS
Endo emplea instrumentos financieros derivados, avans de tipos de interás y contratos de guos de cambio a plazo para cubrir1944 en asociados a la variación de tipos de cambio y upos de Interés que se denven del desamblo d ras o de inversión.
a situimentos financieros derivados se contabilizan en un principio al coste de arquisición y posteriormente son reevaluados a su y soprable. Las pérdidas y ganancias no realizadas que se derivan de ellos se contabilizan en tunción del tipo de elemento cubierto, en el ganoVivos físituimentos que pueden considerar contabiemente como relaciones de cober
lor razonable de los swaps de tipos de interés es el importe estimado que el Grupó recibida o pagada para detrar el swap correspondienNotas del balance, teniendo en cuenta los tipos de interés actuales y el nesgo credidoj
oloj raconable de los contratos de tapo de cambio a plazo es iguales y el nesgo credidato de las contrauartes del sego.Tempo e plazo o tipo de cambio a plazo. Sansk
iserfura DE FLUJOS DE TESORIERIA.dado los instrumentos financieros denvados cubren la exposición a vanadiones en los Nujos de tesorería de un compromiso firme o unapasadón prevista, la parte efectiva de la pérdida o gana Terrios propris
ecompagnia filme o la transposión prevista cubierta lleva a compagnizar un activo um paraco las periodas o germacas acumuladas seHarande for fordos propios y se integran en la evaluación molal del trois de actualeción a s
LINA DEL VALOR RAZONABLE
a visente en la fecha del palarica
URA DE UNA INVERSION NETA EN UNA OPERACIÓN EN DIVISA
un pesho en quesa extrangra cubre ana inversión hetá en una operación en divisa, los diferencias de cambio entre la tivisa y eCan directamente en los fóndos propios. Cuando el instrumento de cobertura es un derivallo, la plan a nsulador - 1988 - 1989 - 198
e complaise e insouriento de cobertura, los ganarinas o elegidos aconsoladas es a cinera en si durante de asorcio
chos de emisión
aconoce industriales del Gruno afectadas por la Directiva Europea sobre tensobas de emblosi de CO2, que emblo en veys el 3 de eneroSe embleman afitadas en Alemania, Bélgica, España, Frances y Liverningen.Seus de emsión a
.De la venta en el mercado de los exondantes de derechos de emisiones pe exmusicida en la cuenta de resultadosLivemo de derechos se registran a su coate.
lon por segmentos
nformación por segmentos sigue el sistema de información por sugmentos de Milital Stael. Un seguento es un contaTo del Enuro, dedicado a ofrecer productos o proxeix servicios (segmento de acibidad) o a proporcional produc Landels and a
atics brimance del grupo se conocen como «seguentos de scrividad» y los secuenterros, como «seguento»S de un segmento son activos operativos utilizados por el sector en el marca de sis actividades de consolidadeCon del s
s de un sector son los pasivos demados de las actividades de dicho sector, que pueden adiacional.Lelos se molvien los pasivos circularites y no circularites, poro no así la devida financiale y xeriarita enAgen en el epig
Notas a los Estados Financieros Consolidados
droportes en millones de euros, salvo indicación de lo contrario)
NOTA 3 - PERÍMETRO DE CONSOLIDACIÓN
A 31 de diciembre de 2006, el perimetro de consolidación del Grupo Arcelor incluye, además de Arcelor S.A., 352 sociedades consolidadas por integración global (frente a 371 sociedades consolidadas por integración global a 31 de diciembre de 2005). Asimismo, el Grupo incorpora en sus cuentas 184 sociedades consolidadas por el método de puesta en equivalencia (frente a 173 sociedades consolidadas por el método de puesta en equivalencia a 31 de diciembre de 2005). La reducción del número de empresas consolidadas por integración global se debe principalmente a una serie de adquisiciones y enajenaciones, entre las que cabe destacar las siguientes:
3.1. - Adquisiciones y enajenaciones
$3.1.1. - Adquisiciones$
Ewald Giebel
El 1 de enero de 2006 Arcelor finalizó la adquisición del 100% de E. Giebel (Luxemburgo, Productos Planos Europa).
Laminadora Costarricense y Trefilería Colima
El 31 de enero de 2006, Arcelor, a través de su filial brasileña Belgo Mineira, adquirió una participación del 50% en las sociedades Laminadora Costarricense y Trefilería Colima (Costa Rica, Productos Largos). Ambas sociedades se consolidan por integración global desde dicha fecha, dado que Arcelor posee la facultad de designar a la mayoría de los miembros del Consejo de Administración de ambas sociedades.
Dofasco
El 21 de febrero de 2006, Arcelor adquirió una participación del 88,38% en Dofasco (Canadá, Productos Planos América) al precio de 71 dólares canadienses (CAD) por acción. Al término de la ampliación de la oferta de Arcelor hasta el 7 de marzo de 2006, la participación total de Arcelor aumentó hasta un 98,5%. El 5 de abril de 2006, Arcelor adquirió el 1,5% restante de las acciones de Dofasco. Por lo tanto, Dofasco se consolida por integración global en las cuentas consolidadas del Grupo.
El 3 de abril de 2006. Arcelor transfirió la totalidad de sus acciones de Dofasco a una fundación independiente de derecho neerlandés denominada *Strategic Steel Stichting" (S3), constituida por un período mínimo de 5 años salvo decisión de su disolución por el Consejo de S3. Arcelor conserva íntegramente el control de Dofasco, incluyendo todas las facultades de toma de decisión y la totalidad de los intereses económicos relativos a Dofasco, con la excepción de cualquier decisión relativa a la venta de Dofasco.
Sonasid
El 31 de mayo de 2006, diversos accionistas, incluyendo Arcelor, transfirieron 1.631.167 acciones representativas de 41,82% (incluyendo una participación del 7,5% pertenciente a Arcelor) del capital y de los derechos de voto de Sonasid (Marruecos, AACIS, Tubos y Minería) a la sociedad holding NSI ("Nouvelles Sidérurgies Industrielles").
Tras dicha transferencia, se llevó a cabo una ampliación de capital, íntegramente suscrita por Arcelor, que aumentó así su participación en NSI hasta un 50%. Esta ampliación de capital permitió a la sociedad holding adquirir 898.177 acciones de Sonasid adicionales. Con esta operación, NSI obtuvo una participación mayoritaria (64,86%) en Sonasid.
En virtud del pacto entre accionistas suscrito el 31 de mayo de 2006 por Arcelor y NSI ("Nouvelles Sidérurgies Industrielles"), que posee el otro 50% de NSI, Arcelor obtuvo la facultad de dirigir las políticas financieras y operativas de Sonasid a través de la sociedad NSI. Por lo tanto, Sonasid se consolida por integración global en las cuentas consolidadas del Grupo a partir del 1 de junio de 2006 en un porcentaje equivalente al 32,43%.
Notas a los Estados Financieros Consolidados
(tenortes en millones de euros, salvo indicación de lo contrario).
| A continuación se muestra el valor razonable y los flujos de tesorería resultantes de las adquisiciones: | |||||
|---|---|---|---|---|---|
| En millones de euros | Dofasco | Someid | Otros. | 2006 | 2005 |
| Inmovilizado inmaterial | 383 | 134 | 517 | 14 | |
| Inmovilizado material | 3.560 | 176 | 76 | 3.812 | 1.065 |
| Participaciones en sociedades consolidadas por puesta en equivalencia | 241 | 242 | |||
| Otras inversiones | 27 | ||||
| Deudores y activos financieros (comerciales y otros) | 568 | 104 | 53 | 725 | 379 |
| Existencias | 1.050 | 83 | 44 | 1.177 | 280 |
| Tesorería y equivalentes de tesorería | 120 | 60 | 12 | 192 | 176 |
| Pasivos por impuestos diferidos netos | $-740$ | - 67 | 808 | - 91 | |
| Empréstitos con interés | - 848 | 58 | 906 | - 465 | |
| Provisiones para pensiones y obligaciones similares | - 866 | 867 | |||
| Otras provisiones | -119 | - 9 | 2 | 130 | $-58$ |
| Acreedores (proveedores y otros) | $-315$ | 94 | 51 | 460 | - 243 |
| Socios externos | $-32$ | - 253 | 15 | 300 | - 589 |
| Valor razonable de los activos adquiridos | 3.002 | 138 | ક્ષસ | -3.198 | 500 |
| Ajuste de contribución de sociedades anteriormente consolidadas | |||||
| por puesta en equivalencia (Nota 6) | - 10 | - 20 | -30 | - 204 | |
| Diferencia de consolidación neta | 1.124 | 17 | Л | 1.145 | 11 |
| Revalorización de participaciones mantenidas anteriormente | $-18$ | 18 | $-71$ | ||
| Total coste de adquisición | 4.126 | 127 | '42 | 4.295 | 236 |
| Tesorería y equivalentes de tesorería adquiridos | $-120$ | - 60 | 12 | 192 | $-1.76$ |
| Importes a pagar en periodos posteriores | $-117$ | ||||
| SALIDAS DE EFECTIVO (+) / ENTRADAS DE EFECTIVO (-) | |||||
| DERIVADAS DE ADQUISICIONES | 4.006 | 67 | 30 | 4.103 | - 57 |
En lo que respecta a Dofasco, la determinación del valor razonable de los activos y pasivos identificables adquentos se completó en la fecha de la consolidación por integración global de Dofasco (1 de marzo de 2006). No obstante, el ejercicio de determinación del valor razonable no había concluido a 31 de diciembre de 2006 y seguía estando sujeto a posibles modificaciones hasta el 28 de febrero de 2007. El valor razonable de los activos adquiridos asciende a 3.002 millones de euros. Esto dio lugar a una diferencia de consolidación por valor de 1.124 millones de euros.
Al objeto de conciliar los flujos de tesorería asociados a la adquisición, el desembolso realizado por el Grupo en 2006 en contraprestación por las acciones de Dofasco adquiridas se establece en 4.006 millones de euros. Este valor se determina tomando como base el precio de adquisición. 4.126 millones de euros, y la tesorería neta adquirida en Dofasco, 120 millones de euros.
En lo que respecta a Sonasid, el valor razonable de los activos y pasivos identificables adquiridos el 1 de junio de 2006 asciende a 138 millones. de euros menos el precio de adquisición (127 millones de euros) y el valor anteriormente contabilizado por el metodo de puesta en equivalencia (10 millones de euros a finales de mayo de 2006). Esto dio lugar a una diferencia de consolidación por valor de 17 millones de euros y a una variación en la partida de fondos propios por valor de 18 millones de euros, debida a la recvaluación de la participación histórica (7,5%).
Al objeto de conciliar los flujos de tesorería asociados a la adquisición, el desembolso realizado por el Grupo en 2006 en contraprestación por la participación adquirida en Sonasid se establece en 67 millones de euros. Este valor se determina tomando como base el precio de adquisición, 127 millones de euros, y la tesorería neta adquirida en Sonasid, 60 millones de euros.
Las diferencias de consolidación netas ascienden a un total de 1.145 millones de euros, e incluven una diferencia negativa de consolidación de 11 millones de euros relativa a la adquisición de Ewald Giebel.
Notas a los Estados Financieros Consolidados
dimportes en millones de euros, salvo indicación de lo contrario)
3.1.2. - Enajenaciones
Traxys
El 11 de enero de 2006, Arcelor, que poseía una participación del 50% en Traxys (Arcelor Steel Solutions and Services, Luxemburgo) en en la participación del 40% en esta sociedad a los directivos de la misma y a dos fondos de inversión.
Ugitech
El 27 de abril de 2006, Arcelor firmó un acuerdo para la venta del 100% de las acciones de Ugitech (Acero Inoxidable, Francia) a Schmolz+Bickenbach. La venta tuvo efecto el 30 de junio de 2006.
Flachform Stahl
El 14 de junio de 2006, el Grupo finalizó la venta de su centro de servicios del acero Flachform Stahl GmbH (Alemania, Arcelor Steel Solutions and Services) la sociedad Hövelmann & Lueg GMBH perteneciente a Salzgitter.
El valor contable de los activos netos enajenados fue el siguiente:
| En millones de euros | ||
|---|---|---|
| Inmovilizado inmaterial | 2006 | 2005 |
| Inmovilizado material | ||
| Participaciones en sociedades consolidadas por puesta en equivalencia | 93 | 184 |
| Otras participaciones | 27 | |
| Deudores y activos financieros (comerciales y otros) | ||
| Existencias | 131 | 157 |
| Tesorería y equivalentes de tesorería | 115 | 61 |
| 76 | ||
| Activos (+) / pasivos (-) por impuestos diferidos netos | 12 | - 13 |
| Empréstitos con interés | $-39$ | $-28$ |
| Provisiones para pensiones y obligaciones similares | - 33 | |
| Otras provisiones | - 23 | |
| Acreedores (proveedores y otros) | - 5 | |
| Valor contable de activos enajenados (2) | $-124$ | - 189 |
| PRECIO DE VENTA (1) | 175 | 241 |
| 172 | 331 | |
| RESULTADO DE LA ENAJENACIÓN (1)-(2) | - 2 | 90 |
| Tesorería y equivalentes de tesorería enajenados | $-5$ | |
| ENTRADAS DE EFECTIVO DERIVADAS DE ENAJENACIONES | 167 | 331 |
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
3.2. - Adquisiciones y enajenaciones de entidades bajo control conjunto
3.2.1. - Adquisiciones
El 20 de noviembre de 2006, Arcelor adquirió la sociedad Mittal Steel Gandrange. Esta adquisición dio lugar a la contabilización de una variación de los fondos propios por valor de 155 millones de euros.
A continuación se presenta el valor contable de los activos netos adquindos:
| En millones de euros | ||||
|---|---|---|---|---|
| 100 0000000000000000000000000000000000Inmovilizado material | $\cdots$ $\cdots$ | . | ||
| the company's company's com-the contract of the con-Deudores y activos financieros (comerciales y otros) | a construction of the contract of the con- | |||
| Existencias | A 22 82 830 931 931 | 1.11111111111111111111111111111111111 | ||
| .Tesorería y equivalentes de tesorería | ||||
| the company's company'sPasivos por impuestos difendos netos | ||||
| contract the contract of the con-.Empréstitos con interés | ||||
| Annual College Contractor and AmericanProvisiones para pensiones y obligaciones similares | ||||
| Otras provisiones | . | |||
| $-100$ $-100$ $-100$ $-100$ $-100$ $-100$ $-100$ $-100$Acreedores (proveedores y otros) | - 144 | |||
| Valor contable de activos netos adquiridos | . | |||
| Aumento en fondos propios (-) | . | - 155 | ||
| Total coste de adquisición | 1000000000000000000000000000000000000 | . | ||
| .Tesorería y equivalentes de tesorería adquiridos | ||||
| ENTRADAS DE EFECTIVO DERIVAD/ | The company's company's company's company's | $1.1$ and $0.00000000000000000000000000000000000$ | . |
$\bullet$
$3.2.2. - Enalenaciones$
El 15 de diciembre de 2006, Arcelor vendió la sociedad Arcelor Germany Holding, incluyendo 23 filiales alemanas y participaciones en otras filiales alemanas, a la sociedad Mittal Steel Germany Holding, filial participada a de 2.617 millones de euros (incluyendo una cuenta a cobrar por valor de 2.602 millones de euros), lo que dio lugar a un incremento neto de los fondos propios por valor de 1.980 millones de euros.
A continuación se presenta el valor contable de los activos vendidos:
| n millones de eurosThe the company of the first state of the | 2006 |
|---|---|
| The company's company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of thInmovilizado inmaterial | |
| ContractContract Contractthe contract of the contract of theInmovilizado material | 517 |
| .Otras participaciones | 22 |
| CALL ASSESSED--------------------------------------Deudores y activos financieros (comerciales y otros) | -53 |
| Existencias | 347 |
| The contract of the company of the contract of the contract of the contract of the contract of the contract ofTesorería y equivalentes de tesorería | 16 |
| CONTRACTORPasivos por impuestos difendos netos | 呂 |
| .Provisiones para pensiones y obligaciones similares | (34) |
| Otras provisiones | -30 |
| contract to the contractAcreedores (proveedores y otros) | 311 |
| the state of the contract and a state of the state and state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of th.The companies of the ac-The State Commission of the Con-Socios externos | |
| The contract of the company of the con-CALL 2015Valor contable de activos enajenados (2) | 637 |
| PRECIO DE VENTA (1) | 2.617 |
| The state of the con-INCREMENTO NETO DE FONDOS PROPIOS (1)-(2)$1.000000000000000000000000000000000000$ | 1.980 |
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 4 - INMOVILIZADO INMATERIAL
| Diferencia de adquisición | Concesiones.patentes, licencias | Otros | TOTAL | |
|---|---|---|---|---|
| En millones de euros, a 31 de diciembre de 2006 | y derechos similares | |||
| Saldo bruto inicial | 290 | 258 | 278 | 826 |
| Adquisiciones | 20 | 29 | ||
| Adquisiciones resultantes de la integración de negocios | 1.156 | 258 | 259 | 1.673 |
| Enajenaciones | - 4 | |||
| Enajenaciones de empresas filiales | $-7$ | |||
| Variaciones en el perímetro de consolidación | - 9 | |||
| Diferencias de cambio | $-138$ | - 26 | - 12 | $-176$ |
| Transferencia a activos mantenidos para la venta (Nota 13) | - 3 | |||
| SALDO BRUTO FINAL | 1.306 | 491 | 532 | 2.329 |
| Amortización acumulada inicial | - 234 | - 190 | - 209 | $-633$ |
| Dotación a la amortización | - 47 | $-21$ | - 68 | |
| Diferencias de cambio | ||||
| Transferencia a activos mantenidos para la venta (Nota 13) | ||||
| AMORTIZACIÓN ACUMULADA FINAL | $-233$ | - 233 | - 229 | - 695 |
| VALOR CONTABLE NETO INICIAL | 56 | 68 | 69 | 193 |
| VALOR CONTABLE NETO FINAL | 1.073 | 258 | 303 | 1.634 |
| Diferencia de adquisición | Concesiones.patentes, licencias | Otros | TOTAL | |
|---|---|---|---|---|
| En millones de euros, a 31 de diciembre de 2006 | y derechos similares | |||
| Saldo bruto inicial | 265 | 227 | 257 | 749 |
| Adquisiciones | 33 | 21 | 63 | |
| Enajenaciones | $-6$ | |||
| Variaciones en el perímetro de consolidación | 14 | 20 | ||
| Diferencias de cambio | ||||
| Transferencias y otros movimientos | ||||
| SALDO BRUTO FINAL | 290 | 258 | 278 | 826 |
| Amortización acumulada inicial | - 242 | - 168 | - 182 | - 592 |
| Adquisiciones y enajenaciones | ||||
| Variaciones en el perímetro de consolidación | ||||
| Dotación a la amortización | - 29 | - 40 | ||
| Diferencias de cambio | ||||
| Transferencias y otros movimientos | - 14 | $-14$ | ||
| AMORTIZACIÓN ACUMULADA FINAL | - 234 | - 190 | - 209 | - 633 |
| VALOR CONTABLE NETO INICIAL | 23 | 59 | 75 | 157 |
| VALOR CONTABLE NETO FINAL | 56 | 68 | 69 | 193 |
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
ANÁLISIS DE LA DIFERENCIA POSITIVA NETA DE ADQUISICIÓN EN 2006
| oter retor | Variacion en el | Britanniel | One. | Parker and | |
|---|---|---|---|---|---|
| 2005 | permetro de | de canáno. | $1.19 - 11.$ | ||
| En miliones de euros. | consultda rón | ||||
| Usinor / S3P | 8 | $\cdots$ | N | ||
| Arcelor Profil | ÷ | ||||
| Galtec | |||||
| Haironville Portugal | |||||
| Belgo Siderurgica / Dedini | |||||
| Arcelor Projects Spiral Mill | |||||
| Acesita | 29 | 13 | 11. | ||
| Asturia de Perfiles | З | ÷, | |||
| Acındar | |||||
| Laminadora Costarricense | 5 | ||||
| Synergie Interactive Industrielle | |||||
| Devillers Oxycoupage | |||||
| Sonasid | |||||
| Dofasco | 1.124 | $-123$ | 1.001 | ||
| Guille | |||||
| Industrias Zarra | |||||
| Otros | |||||
| TOTAL | 56 | 1.156 | $-137$ | - 2 | 1.073 |
$\mathcal{F}$
ANÁLISIS DE LA DIFERENCIA POSITIVA NETA DE ADQUISICIÓN EN 2005
| Tin indicries de euros. | Valor neto 2004 | Admissiones | Valor richi, 3005.$\cdots$ |
|---|---|---|---|
| Usinor / S3P | 8 | 24 | |
| Arcelor Profil | -5 | ||
| Galtec | ALC | ||
| Haironville Portugal | $\sim$ $,$ | ||
| Belgo Siderurgia / Dedini | э | 1.11111111111111111111111111111111111 | |
| Arcelor Projects Spiral Milf | $1 - 11 - 1$ | ||
| Acesita | 29. | geep | |
| Asturiana de Perfiles | 2012/03/10 | ||
| Otros | |||
| TOTAL | 23 | 33 | 56 |
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 5 - INMOVILIZADO MATERIAL
| refrenosy edificios | cuupos ymaguinaria | ragua amuupuuuse inmovilizadomaterial en curso | de minería | |||
|---|---|---|---|---|---|---|
| En millones de euros, a 31 de diciembre de 2006 | 16.999 | 2.086 | 815 | 24.086 | ||
| Saldo bruto inicial | 4.186 | 1.990 | 6 | 44 | 2.269 | |
| Adquisiciones | 64 | 165 | 101 | - 642 | ||
| Enajenaciones | $-137$ | - 397 | - 7 | 367 | 34 | 3.812 |
| Adquisición mediante combinación de negocios (Nota 3) | 869 | 2.462 | 80 | - 906 | ||
| Adquisición y enajenación bajo control común (Nota 3) | - 97 | - 734 | - 19 | - 56 | ||
| Enajenación de filiales fuera del Grupo (Nota 3) | - 62 | - 158 | - 10 | - 9 | $-239$ | |
| Diferencias de cambio | $-222$ | - 941 | 143 | - 40 | $-18$ | $-1.364$ |
| Reclasificación de activos mantenidos para la venta (Nota 13) | $-51$ | $-218$ | - 4 | - 15 | - 288 | |
| Traspasos | 130 | 1.051 | $-1.460$ | 217 | $-62$ | |
| SALDO BRUTO FINAL | 4.680 | 18.229 | 2.513 | 333 | 911 | 26.666 |
| Amortización y pérdida de valor acumulada inicial | 1.310 | - 8.475 | - 534 | - 10.319 | ||
| Enajenaciones | 96 | 341 | 81 | 518 | ||
| Adquisición y enajenación bajo control común (Nota 3) | 52 | 372 | 36 | 460 | ||
| Enajenación de filiales fuera del Grupo (Nota 3) | 42 | 97 | 146 | |||
| Dotación a amortización | - 101 | 1.026 | 20 | - 84 | $-1.231$ | |
| Pérdida de valor | - 15 | $-124$ | -22 | - 161 | ||
| Diferencias de cambio | 83 | 427 | 12 | 523 | ||
| Reclasificación de activos mantenidos para la venta (Nota 13) | 9 | 113 | 5 | 127 | ||
| Otros | 17 | 103 | - 80 | 41 | ||
| AMORTIZACIÓN Y PÉRDIDA DE VALOR | ||||||
| ACUMULADA FINAL | $-1.127$ | - 8.172 | - 21 | - 19 | - 557 | $-9.896$ |
| VALOR NETO CONTABLE INICIAL | 2.876 | 8.524 | 2.086 | 281 | 13.767 | |
| VALOR NETO CONTABLE FINAL | 3.553 | 10.057 | 2.492 | 314 | 354 | 16.770 |
Total
$\overline{\mathbf{a}}$
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
| 5 - INMOVILIZADO MATERIAL COMTINUACIÓN | ||
|---|---|---|
| RespondsCERTIFICALLY | Region and chromos | Little | en sien.K | |
|---|---|---|---|---|
| Contractor of 31 de timentre de 2006 | y concess.Ariatzulitzako | State of the Contract Onlymaterial est careo | ||
| Record Concept | 3.51015-210 | ako 21 | 796 | 20,489 |
| i e internationeCommunication and | 郷340 | 13.775 | -29 | 2.040 |
| SINGHAM | 26223 | r S | 542 | $-442$ |
| nationals en el perimetro de consolidaciónCOCO KINGING | 234803 | G | 700 | |
| 205Π| 485 | e.Ma | 1.157 | |
| DOOBRUTOXERAN | EI.669 | $-212$ | u | 142 |
| Circación y perdida de valor acumulada inicial | 39 G61. CO (S)EBCAnton | 22056 | CD. | 24.086 |
| . | e di繧 | 6128 | $-9.259$ | |
| radiones en el perimetro de consolidación | X. | 563 | 360 | |
| Literate Smortzación | ä. | 92-19 | 18277 | |
| CONSTRUCTION | 22.y Kajir | $-1.266$ | ||
| TERRIS OF CARDIO | 54 | 緊 | 362 | |
| SO53. | æ | - 51 | ||
| ORTIZACIÓN Y PERDIDA DE VALOR ACUMULADA FINAL | PL310 | 83 | $-10.319$ | |
| LOR NETO CONTABLE INICIAL:LOR NETO CONTABLE FINAL | 2.38788.DO | 58172 | 記す方 | 11.230 |
| 2.8768324 | 2.636 | 2003 | 13.767 |
- Le disemble de 2006, el valor buito de los arendamientos financieros contralizados parende a 213 milliones de euros (176 milliones3. Le disemble de 2006, el valor buito de los arrendamientos financieros contralizados p
Notas a los Estados Financieros Consolidados
en peatent en millones de euros, salvo indicación de lo contrario).
NOTA 5 - INMOVILIZADO MATERIAL
a) Analisis por país y por naturaleza de las inversiones
| the milkones de euros. | Desarroup.de menaus | Desemberde nonducton. | Researchtic opacy. | Seast Entranceich assaulto c | MexicoAuduction. | SOE SRIPEspringsurers. | ांत हो हो पश्चित ।and islaple | ISSA |
|---|---|---|---|---|---|---|---|---|
| $\cdots$Reigica$\cdots$ | -6 | 47 | 57 | -49 | 12 | 8 | 184 | |
| l spamal1.1.1.1 | -33 | 12 | 27 | 141 | 22. | 10 | ----------257 | |
| Trancia | 126 | 29 | 72 | 229 | 9 | 16 | 490 | |
| Tuxemburgo | $\ddot{\phantom{1}}$ | 3 | 47 | 59 | 4 | 10 | 134 | |
| Alemania. | 9 | 3 | 22 | 14 | 52 | |||
| Canadá | 33 | -52 | 82 | Ð | 179 | |||
| Argentina | -39 | 6. | 54 | |||||
| Brasil | 641 | 21 | 46 | 87 | 11 | 830 | ||
| Otros | $\Lambda$ 1 | 25 | 89 | |||||
| TOTAL________ | 909 | 156 | 333 | 692 | 73 | 63 | 43 | 2.269 |
b) Análisis por país y por naturaleza de las inversiones medioambientales
| 3 | . . . | ||||
|---|---|---|---|---|---|
| 8 | 9 | ||||
| 6 | 12 | ||||
| 12 | 17 | ||||
| 14 | 4 | 3 | 22 | ||
| 340 SUBRATE FO | |||||
| Octospany. | $\lambda$ -why digitals. | ||||
| SANDESSMAPS | |||||
| ीती क | |||||
| ProteccionAID BREATinferiruança i | ResistanceOUT tombies de-зая минастине-appropriations. UKB. | Gestiers.AG 27 MBA | Gentleit.der resolders. | ${h(0) \in C(0,0)}$ yTeggento de IOSTsier satello has appare- |
NOTA 6 - INVERSIONES EN SOCIEDADES PUESTAS EN EQUIVALENCIA
| Thi millones de euros | Alaksi en residentes parostas en ponívalentos. |
|---|---|
| SALDO A 31 DE DICIEMBRE DE 2005 | 1.415 |
| Adquisiciones a través de combinaciones de negocios (Nota 3) | 242 |
| Unajonación de participaciones puesta en equivalencia a través de la venta de filiales | $-54$ |
| Resultado del ejercicio | 363 |
| Dividendos pagados | $-119$ |
| Otras variaciones en el porcentaje de participación. | $-88$ |
| Diferencias de cambio | $-48$ |
| Ampliación de capital | $-78$ |
| A, uste del valor razonable de activos financieros en fondos propios | 14 |
| Reclasificación de activos mantenidos para la venta (Nota 13). | $-10$ |
| SALDO A 31 DE DICIEMBRE DE 2006 | 1.793 |
fors variaciones en el porcentaje de consolidación incluyen el cambio en el método para Dosol Galva, Ewald Giebel, Inox Tubos. tionarado y Cimaf Cabos, contabilizadas por el metodo de consolidación por integración global a 31 de diciembre de 2006.
$\mathbf{u}$
地震器
- JI
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
IGTA 6 - INVERSIONES EN SOCIEDADES PUESTAS EN EQUIVALENCIA COM NUDORES EN 2008 EN 2008
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Notas a los Estados Financieros Consolidados dimportes en millones de euros, salvo indicación de lo contrario)
NOTA 7 - OTRAS INVERSIONES Y ACTIVOS FINANCIEROS MANTENIDOS PARA VENTA
| Participaciones enempresas asociadas | Titulos con finesde inversión | Otros títulos | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Firmalones de euros | Valorhruto | Deprec. | Valorneto | Valorbruto | Deprec. | Valorneto | Valorbruto | Deprec. | Valorneto | Valorbruto | Deprec. | Valorneto |
| BALANCE AT 31DECEMBER 2005 | 555 | - 257 | 298 | 100 | - 42 | 58 | 357 | - 60 | 297 | 012 | $-359$ | 653 |
| Acquisitions | 31 | 31 | . | 38 | 38 | |||||||
| Disposals | 28 | 23 | - 5 | 39$\overline{\phantom{a}}$ | 23 | - 16 | ||||||
| Increase / decrease in capital | 16 | 16 | - 5 | л. | 15 | 15 | ||||||
| Changes in consolidation scope | - 31 | - 18 | -49 | 20 | - 3 | 10 | 18 | 22 | ||||
| Impairment | 19 | - 19 | - 21 | - 21 | ||||||||
| Foreign exchange differences | - 2 | - 2 | ||||||||||
| Other movements | 28 | 20 | - 31 | 12 | - 19 | 4 | 12 | $12 ,$ | 13 | |||
| BALANCE AT 31 DECEMBER 2006 | 571 | - 279 | 292 | 100 | - 32 | 68 | 350 | - 52 | 298 | 1.021 | - 363 | 658 |
Entre las principales adquisiciones del ejercicio, se encuentran una inversión de 9 millones de euros en Group Alliance Metal y una participación de 6 millones de euros en Bamesa Otel (participación en empresas asociadas).
La mayor enajenación del ejercicio correspondió a Financière Mistral (7 millones de euros, participación en empresas asociadas) y Safet (2 millones de euros, participación en empresas asociadas).
Las principales aumentos del capital del ejercicio correspondieron a las sociedades ARCELOR Logistics Belgium (9 millones de euros, participación en empresas asociadas) y ARCELOR Services and Solutions Maroc (6 millones de euros, participación en empresas asociadas).
Los cambios más destacables en el perímetro de consolidación fueron:
- la enajenación de filiales no consolidadas de Arcelor Germany Holding en favor de Mittal Group (impacto de - 24 millones de euros);
una participación remanente del 10% (participación en empresas asociadas por un importe de 7 millones de euros) tras la venta del 40% de Traxys, anteriormente contabilizada por el método de puesta en equivalencia;
- la entrada de Longometal Armatures (4 millones de euros) a raíz de la adquisición y consolidación de Sonasid;
Finalmente, en el apartado sobre Otros Movimientos se incluye la revalorización a su valor razonable de otras inversiones y activos financieros mantenidos para venta. El principal cambio en valor razonable corresponde a las acciones de Erdemir (- 20 millones de euros).
A continuación se detallan los movimientos distinguiendo según el tipo de cartera al que se refieren (acciones y participaciones a coste histórico, acciones y participaciones a valor razonable):
| En millones de euros | 31dediciembrede 2005 | AdquisicionesEnajenacionesde consulidación | Aumentodel capital | en elperimetro | Variaciones Amortizaciónneta | Ajuste valorrazonable | Diferenciasde cambio | Otros | 31 dediciembrede 2006 |
|---|---|---|---|---|---|---|---|---|---|
| Acciones y participaciones | |||||||||
| a coste histórico | 475 | 22 | - 28 | - 21 | 470 | ||||
| Valor bruto | 834 | .5 | - 10 | 833 | |||||
| Pérdida de valor | - 359 | 23 | - 18 | .- 21 | 12 | $-363$ | |||
| 1.144444Acciones y participaciones | |||||||||
| a valor razonable | 178 | 188 | |||||||
| Acos Villares | 19 | 16 | - 2 | 32 | |||||
| Erdemir | 138 | 20 | 118 | ||||||
| Fortis | 18.11 | 28 | |||||||
| Kiswire | |||||||||
| Mittal Steel | |||||||||
| TOTAL | 653 | 22 | 15 | $-22$ | - 21 | 658 |
La variación en la reserva de revalorización relativa a títulos mantenidos para venta es nula tras impuestos y socios minoritarios.
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTES - CUENTAS A COBRAR Y OTROS ACTIVOS FINANCIEROS
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(Importes en millones de euros, salvo indicación de lo contrario)
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Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 14 - FONDOS PROPIOS
14.1.- Capital emitido y prima de emisión
A 31 de diciembre de 2006, el capital suscrito comprende 669.813.408 acciones ordinarias, sin valor nominal, emitidas, totalmente desembolsadas representativas de un total de 3.349.067.040 euros. La prima de emisión asciende a 5.818.878.442 euros. En 2006, a raíz de la conversión de 38.961.038 obligaciones convertibles O.C.E.A.N.E. 2017, se emitieron 30.039.081 acciones ordinarias
y se entregaron 11.954.087 acciones propias. El capital suscrito aumentó en 150.195.405 euros y la prima de emisión en 422.274.381 euros. El capital social autorizado equivale a 1.000.000.000 acciones con un valor total conjunto de 5.000 millones de euros.
| Evolución del número de acciones en circulación | Número de acciones |
|---|---|
| 31 de diciembre de 2004 | 639.774.327 |
| 31 de diciembre de 2005 | 639.774.327 |
| Ampliación de capital | 30.039.081 |
| 31 DE DICIEMBRE DE 2006 | 669.813.408--------- |
14.2 - Diferencias de cambio
Los movimientos en diferencias de cambio de - 808 millones de euros (552 millones de euros en 2005) se deben fundamentalmente a los efectos de la depreciación del dólar estadounidense y del dólar canadiense frente al euro.
14.3. - Otras reservas consolidadas
Otras reservas consolidadas representaron 10.681 millones de euros (6.163 millones de euros en 2005), en su mayor parte procedentes del beneficio atribuible a los accionistas de la sociedad matriz por valor de 3.007 millones de euros (3.846 millones de euros en 2005).
14.4. - Plan de opciones sobre acciones
Arcelor cuenta con cuatro planes de opciones sobre acciones, cuyas principales características son las siguientes:
| Primer plan | Segundo plan | Tercer plan | Cuarto plan | |
|---|---|---|---|---|
| establecido | establecido | establecido | establecido | |
| el 30 de junio | el 30 de junio | el 30 de junio | el 30 de junio | |
| de 2003 | de 2004 | de 2005 | de 2006 | |
| Número de acciones en circulación a 31 de diciembre de 2006 | 51.396 | 51.397 | 10.000 | 1.335.000 |
| Número de acciones concedidas por tipo de plan | 1.320.863 | 1.202.663 | 1.135.500 | 1.335.000 |
| Precio del ejercicio (en euros) | 9.67 | 13.11 | 16.17 | 34.43 |
| Fecha de vencimiento | 30 de junio de 2010 | 30 de junio de 2011 | 30 de junio de 2012 | 30 de junio de 2013 |
| Precio del subvacente a la fecha de concesión | ||||
| (en euros) | 9,81 | 13,35 | 16.22 | 37.74 |
| Volatilidad histórica (en %) | 46.2 | 31,8 | 35.25 | 25.26 |
| Dividendos (en euros) | 0.4 | 0.4 | 0.6 | 0,6 |
| Tipo de interés (en %) | 3.5 | 4,1 | 2.925 | 4.145 |
El modelo utilizado para la determinación del precio de las opciones en estos cuatro planes es el modelo binomial.
Además, los beneficiarios del plan de opciones sobre acciones de Usinor, que se constituyó el 7 de marzo de 2000 y que comprende un total de 2.380.000 acciones, tienen la posibilidad de convertir sus acciones de Usinor en acciones de Arcelor. La fecha de vencimiento de este plan es el 7 de abril de 2007. El precio de ejercicio es de 15,24 euros y el número de opciones emitidas es 37.600 a 31 de diciembre de 2006. Los movimientos en el número de opciones sobre acciones en circulación durante el periodo fueron los siguientes:
| (Número de opciones sobre acciones) | 2006 | 2005 |
|---|---|---|
| Opciones al inicio del ejercicio | 4.675.676 | 4 723 824 |
| Opciones concedidas durante el ejercicio | 1.385.000 | 1.145.000 |
| Renuncia a opciones aceptadas durante el ejercicio | $-50.000$ | $-10.000$ |
| Opciones ejercitadas durante el ejercicio | - 4 495 683 | - 974.950 |
| Opciones vencidas durante el ejercicio | Contract Contract Contract29.600 | $-208.198$ |
| OPCIONES AL FINAL DEL EJERCICIO | 1.485.393 | 4.675.676 |
De acuerdo a la NIIF 2 - Pagos basados en acciones, todos los planes adjudicados con posterioridad al 7 de noviembre de 2002 están sujetos a valoraciones específicas por el Grupo desde el 1 de enero de 2005. El impacto sobre el resultado de 2006 derivado de los cuatro planes, adjudicados el 30 de junio de 2003, 30 de junio de 2004, 30 de junio de 2005 y 30 de junio de 2006, asciende a 11,06 millones de euros.
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
14.5. - Autocartera
| iumero de acciones | Valor | |
|---|---|---|
| _______________________________________the contract of the contract of the contract of... | $\cdots$----- ----- | (en millones de euros).. |
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| .Contract Contract | 15 220 613 | the company's company's and$-0.00000000000000000000000000000000000$ |
| 31 dediciembre de 2005$1.11 - 1.11$ . The continuum compared to the continuum compared with $1.11 - 1.11$ | ----------19.771.296 | .STATE OF A REAL PROPERTY267 |
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| 31 DE DICIEMBRE DE 2006 | ||
14.6. - Dividendos
El Consejo de Administración propondrá el reparto de un dividendo bruto de 1,00 euro por acción, pagadero hasta el 50% el 15 de junio de 2007, el 25% en septiembre de 2007 y el 25% en diciembre de 2007. Estos estados financieros no reflejan dicho dividendo, al estar pendiente de aprobación por los accionistas en la Junta General fijada para el 27 de abril de 2007.
14.7. - Enajenación de Arcelor Germany Holding y filiales
El resultado de la venta de Arcelor Germany Holding y 23 filiales a Mittal Steel asciende a 1.980 millones de euros y ha sido contabilizado en fondos propios dado que la transacción afecta a entidades bajo control conjunto. Los socios externos aumentan en 87 millones de euros como resultado de la enajenación de determinadas inversiones minoritarias mantenidas por Arcelor Germany Holding.
14.8. - Adquisición de Mittal Steel Grandange
El aumento en los fondos propios relacionado con la adquisición de Mittal Steel Grandange asciende a 155 millones de euros.
NOTA 15 - BENEFICIO POR ACCIÓN
El beneficio por acción básico se calcula dividiendo el beneficio neto (atribuible al Grupo) por el número de acciones en circulación medio ponderado durante el periodo, excluyendo el número medio de acciones ordinarias compradas y mantenidas por el Grupo.
| BENEFICIO POR ACCIÓN (EN EUROS) | 638.018.465 | 614.066.5996.31 |
|---|---|---|
| Número de acciones propias medio ponderadoNúmero de acciones medio ponderado usadas para el cálculo del beneficio por acción básico | $-9.359.037$ | - 25.707.728 |
| Número de acciones ordinarias en circulación | 647.377.502 | 639.774.327 |
| Beneficio neto (atribuible al Grupo en millones de euros) | 3.007 | 3.873 |
| 2006 | 2005* |
(*) Datos reformulados
El beneficio por acción diluido se calcula tomando el total de instrumentos financieros que dan acceso al capital social de la sociedad matriz, tanto si han sido emitidos por la propia compañía como por cualquiera de sus filiales. La dilución se calcula, instrumento por instrumento, teniendo en cuenta las condiciones existentes a la fecha del balance, excluyendo los instrumentos antidilución. Además, el beneficio neto es ajustado con el fin de eliminar los gastos financieros después de impuestos correspondientes a los instrumentos dilutivos.
Cuando se perciban fondos como consecuencia del ejercicio de derechos (como en el caso de la suscripción de cupones y opciones), éstos se imputan en primer lugar a la compra de acciones a precio de mercado, siempre y cuando éste sea superior al precio de ejercicio del derecho. En cualquier caso, dichos fondos son tenidos en cuenta de forma prorrateada en el ejercicio de emisión de los instrumentos dilutivos y en el primer día de los ejercicios fiscales futuros.
| 2006 | 2005* | |
|---|---|---|
| Beneficio neto (atribuíble al Grupo en millones de euros) | 3.007 | 3.873 |
| Eliminación del gasto por intereses, neto de efecto fiscal, de instrumentos de deuda convertible (O.C.E.A.N.E) | 64 | 19 |
| Eliminación del cargo asociado a los planes de opciones sobre acciones, neto de efecto fiscal | ||
| Beneficio neto usado para el cálculo del beneficio por acción diluido (en millones de euros) | 3.075 | 3.895 |
| Número medio ponderado de acciones en circulación | 638.018.465 | 614.066.599 |
| Ajuste para conversión asumida de instrumentos de deuda convertibles (O.C.E.A.N.E.) | ||
| y para ejercicio asumido de planes de opciones sobre acciones | 15.115.301 | 41.051.425 |
| Número de acciones medio ponderado en circulación, usadas para el cálculo del beneficio por acción diluido | 653.133.766 | 655.118.024 |
| BENEFICIO POR ACCIÓN DILUIDO (EN EUROS) | 4.71 | 5.94 |
(*) Datos reformulados
Importes en millones de euros, salvo indicación de lo contrario)
NOTA 16 - SOCIOS EXTERNOS
En el ejercicio cerrado a 31 de diciembre de 2006, los socios externos aumentaron en 374 millones de entera la participa a conservación en establecer ca el resultado de 2006 propició un aumento de la partida de socios externos por importe de 652 millones de cance. Terra estado provider a los socios externos ascendieron a 324 millones de euros.
Las variaciones en el permetro de consolidación supusieron un incremento de 139 millones de euros. Tras la oterta publica e autorada a las accionistas minoritanos en Acesita, la partida de socios externos se redujo en 154 millones de euros al adquirir Arcelor una parte que se adicional del 15,7% en dicha compañía a techa de 27 de abril de 2006. La adquisición de Sonasid supuso un incremento en lo causa de terra de la causa de 253 millones de euros.
En el ejercicio cerrado a 31 de diciembre de 2005, los socios externos aumentaron en 1.109 millones de euros, de los cuales o la militar de euros corresponden a variaciones en el perimetro de consolidación, en particular a Acesita (568 millones de euros). La particular en el de los minoritarios en el resultado de 2005 propició un aumento de la partida de socios externos por importe de 432 millones de euro
NOTA 17 - PASIVOS CON INTERÉS
| La millones de euros | 2000 | |
|---|---|---|
| Obligaciones convertibles | ł۶ | $\mu \in \mathbb{R}^{n}$ ). |
| Obligaciones no convertibles | 2.290 | 2002/01/13 |
| Saldos acreedores con Entidades Financieras | 1.220 | $1 + 1 + 1 + $ |
| Saldos acreedores con Entidades Públicas | 183 | |
| Saldos acreedores por elementos de inmovilizado material mantenidos en arrendamiento financiero | 140 | 1.95 |
| Valor razonable de las opciones de conversión relativas a obligaciones convertibles (Nota 26) | 16站 | |
| Valor razonable de los instrumentos de cobertura de tipos de interés (Nota 26) | 5 | |
| Préstamos y otras deudas financieras | 1.709 | 930° |
| de los cuales, para con Mittal Steel (Nota 25) | 1.630 | |
| DEUDAS A LARGO PLAZO | 5.553 | 4.341 |
| Elementos a corto plazo de obligaciones no convertibles | 36 | 430 |
| Saldos acreedores con Entidades Financieras | 136 | 331 |
| Saldos acreedores con Entidades Públicas | 48 | |
| Descuento comercial | 99 | 504 |
| Líneas de crédito bancario | 276 | 332 |
| Saldos acreedores por elementos de inmovilizado material mantenidos en arrendamiento financiero | 13 | 11 1 |
| Gastos tinancieros periodificados | 74 | $\mathbf{G}$ |
| Préstamos y otras deudas financieras | 1.075 | -1200 |
| de los cuales, para con Mittal Steel (Nota 25) | 442 | |
| DEUDAS A CORTO PLAZO | 1.757 | 1.623 |
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 17 - PASIVOS CON INTERÉS CONTINUACIÓN
17.1 Obligaciones convertibles
El 14 de marzo de 2006, Arcelor renunció oficialmente, de forma irrevocable, a su opción de amortización de las acciones convertibles O.C.E.A.N.L. 2017, En consecuencia, el valor razonable de la opcion (463 millones de euros, equivalente a 326 millones de curos después de impuestos) se transfirió a la partida de fondos propios, dejando de estar el derecho de conversión ajustado al valor del mercado. El 6 de noviembre de 2006, las 19.916.184 obligaciones en poder de Mittal Steel N.V. a raíz de la oferta de adquisición de títulos de Arcelor se convirtieron en 21.469.646 acciones de Arcelor S.A.
A 31 de diciembre de 2006, la totalidad de las obligaciones O.C.L.A.N.E. 2017 han sido convertidas en acciones de Arcelor S.A. o amortizadas.
17.2. - Desglose por divisa (excluyendo deuda a corto plazo)
| 100 | |||
|---|---|---|---|
| 3.497 | |||
| 2006 | |||
| 4.33651138432.5.553 | 100 | . 1X) 55682634.34 4 |
Desdose por vencimiento (excluvendo deuda a corto plazo) $172$
| TOTAL | ||
|---|---|---|
| A mas de 5 anos | 5.553 | 4,341 |
| 1.321 | 2.100 | |
| 2011 | ||
| 2010 | 1.859 | |
| 909 | 780 | |
| 2009 | ||
| 2008 | 438 | 286 |
| 2007 | 1.026 | 839 |
| 336 | ||
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17.4. Tipos de interés
El interés de la deuda con tipo de interés variable está vinculado principalmente a los tipos EURIBOR y LIBOR. Cuando se utilizan instrumentos de cobertura para convertir los tipos fijos en vanables, los prestamos se consideran préstamos a tipo vanable.
17.5. Valor razonable de los pasivos con interés
| TOTAL | 7.310 | |||
|---|---|---|---|---|
| Gastos financieros periodificados | 7.359 | 5,964 | 6.117 | |
| Valor razonable de los instrumentos de cobertura de tipos de interés | 74 | 74 | 62 | $^{112}$ |
| relativas a obligaciones convertibles. | 5 | 5 | ||
| Valor razonable de las opciones de conversion | 168 | 168. | ||
| Prestamos y otras deudas financieras | 2.784 | 2784 | 721 | 721 |
| Lineas de crédito bancano | 276 | 276 | -92 | -92 |
| Descuento comercial | 99. | -99 | 504 | 504. |
| mantenidos en arrendamiento financiero. | 1!33 | 153 | 141 | 141 |
| Saldos acreedores por elementos de inmovilizado material | ||||
| Saldos acroedores con Entidades Publicas | 231 | - 229 | ||
| Saldos acreedores con Entidades Emancieras | 1.356 | 1.379 | ||
| Obligaciones no convertibles | 2.326 | 1.347 | 1.433 | |
| Obligaciones convertibles | 6 | 2.354 | 2.220 | 2.287 |
| In milone, de outro. | valor contactive | t) | 709. | 709 |
| 1000 | Valia solo abiti | アイトリートvagy and title | अ ल्लाम का का बागे प |
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
| 17.6. – Detaile de los principales préstamos a largo plazo | |||
|---|---|---|---|
| 2000 | 2008. | |
|---|---|---|
| Arcelor Finance | ||
| Obligaciones al 6,385 % 2003 / 2015 (120 millones de USD) | 91 | $\mathcal{L}(\mathbf{e}) \leq \frac{1}{2}$ |
| Obligaciones al 3,395 % 2004 / 2009 (100 millones de euros) | 100 | RE S |
| Obligaciones al 5,125 % 2003 / 2010 (600 millones de euros) | 596 | GIL |
| Obligaciones al 6,125 % 2001 / 2008 (600 millones de euros) | 607 | $G_{\mathcal{A}}$ |
| Obligaciones al 5,50 % 2004 / 2014 (100 millones de euros) | 103 | 903 |
| Obligaciones al 4,625 % 2004 / 2014 (500 millones de euros) | 495 | 495 |
| Obligaciones 2005 / 2020 (11 millones de USD) | 8 | |
| Prestamo al tipo EURIBOR a 3 meses 2005 / 2011 (97 millones de euros) | 96 | 97 |
| Préstamo al 3.94 % 2005 / 2009 (53 millones de euros) | 51 | isel, |
| Préstamo al tipo EURIBOR a 3 meses 2005 / 2010 (30 millones de euros) | 30 | 30 |
| Préstamo al tipo EURIBOR a 3 meses 2005 / 2010 (35 millones de euros) | 35 | 35 |
| Préstamo al 4,67 % 2001 / 2011 (47 millones de euros) | 25 | 34 |
| Prestamo al 5,36 % 2002 / 2012 (73 millones de euros) | 49 | 58 |
| Préstamo al 5,01 % 2002 / 2010 (5 millones de euros) | з | |
| Préstamo al 4,01 % 2003 / 2011 (5 millones de euros) | з | $\Delta$ |
| Préstamo al 5,56 % 1995 / 2009 (25 millones de euros) | 6 | Đ |
| Préstamo al 5,45 % 1995 / 2009 (25 millones de euros) | 6 | - 9 |
| Préstamo al 6,4 % 2001 / 2011 (58 millones de euros) | 25 | 32, |
| Emisión de títulos transmisibles - EURIBOR a 3 meses 2003 / 2008 (80 millones de euros) | 80 | 79 |
| Préstamo al 4,06 % 2003 / 2008 (35 millones de euros) | 14 | |
| Préstamo al tipo EURIBOR a 3 meses 2000 / 2013 (100 millones de euros) | 71 | 83 |
| Préstamo al tipo UBOR a 3 meses 2006 / 2011 (2.000 millones de euros) | 1.600 | |
| Obligaciones al 5,52 % 2006 / 2013 (85 millones de USD) | 55 | |
| Préstamo al tipo EURIBOR a 3 meses 2006 / 2015 (125 millones de euros) | 125 | |
| Préstamo al tipo LIBOR a 6 meses 2006 / 2008 (20 millones de USD) | ||
| Préstamo al tipo LIBOR a 6 meses 2006 / 2012 (69 millones de USD) | 38 | |
| Otros préstamos | 20 | 36. |
| SUB-TOTAL | 4.328 | 2.631 |
or informa f
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Notas a los Estados Financieros Consolidados(Importes en millones de euros, salvo indicación de lo contrario)
| 200683620Belgo Siderurgia2313Préstamo TJLP 1998 / 2010 (109 millones de BRL) - BMP5Préstamo TJLP 1997 / 2009 (13 millones de BRL)$\overline{7}$2Préstamo TJLP 1997 / 2009 (26 millones de BRL)56Préstamo IGPM 1999 / 2018 (22 millones de BRL)CST.6548Préstamo TJLP 2000 / 2010 (270 millones de BRL)2324Préstamo TJLP 2003 / 2012 (101 millones de BRL)6242Préstamo al tipo LIBOR 2005 / 2017 (81 millones de USD)57509Préstamo al tipo LIBOR 2005 / 2017 (11 millones de USD)1514Préstamo al 8 % 2005 / 2014 (19 millones de USD)144Préstamo TJLP 2006 / 2018 (405 millones de BRL)16Préstamo TJLP 2006 / 2018 (21 millones de USD)9Préstamo al tipo LIBOR a 6 meses 2006 / 2017 (18 millones de USD)4Vega do Sul$\overline{27}$35Préstamo al tipo LIBOR 2002 / 2014 (50 millones de USD)8254Préstamo TJLP 2002 / 2011 (280 millones de BRL)Acesita36Préstamo "Pre Export" 2003 / 2010 (50 millones de USD)$\overline{27}$41Préstamo "Pre-Export" 2003 / 2011 (50 millones de USD)9Préstamo "Pre-Export" 2003 / 2007 (15 millones de USD)8Préstamo "Pre-Export" 2004 / 2007 (10 millones de USD)12$\overline{12}$Préstamo "Pre-Export" 2004 / 2009 (14 millones de USD)8Préstamo "Pre-Export" 2004 / 2007 (10 millones de USD)97Préstamo TJLP 2005 / 2010 (32 millones de BRL)8Préstamo TJLP 2006 / 2013 (23 millones de BRL)зPréstamo TJLP 2006 / 2013 (10 millones de BRL)$\overline{31}$Préstamo TJLP 2006 / 2013 (89 millones de BRL)Acindar416Obligación convertible 2004 / 2012 (47 millones de USD)Dofasco82Préstamo al 7,55 % 2001 / 2008 (125 millones de CAD)164Préstamo al 4,961 % 2005 / 2017 (250 millones de CAD)23Préstamo al 9,81 % con vencimiento 2009 (35 millones de CAD)22Préstamo renovable 2006 / 2009Arcelor Persebras57Préstamo vinculado a opción Put / Call sobre recompra de intereses minoritarios en ACB310322Otros préstamos4.3415.553TOTAL | 17.6. - Detalle de los principales préstamos a largo plazo (Continuación) | ||
|---|---|---|---|
| En millones de euros | 2005 | ||
| Arcelor S.A. | |||
| Obligaciones convertibles al 3 % 2002 / 2017 | |||
| Arcelor Luxembourg | |||
| Préstamo al tipo EURIBOR 2000 / 2007 | |||
| Préstamo al tipo LIBOR 2005 / 2016 (70 millones de USD) | |||
| Préstamo al 6 % 2006 / 2017 (10 millones de USD) | |||
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
NOTA 18 - COMPROMISOS CON EMPLEADOS
18.1. - Introducción
La mayoría de las empresas incluidas en el perímetro de consolidación del Grupo Arcelor son entidades europeas, brasileñas o canadienses. Según la normativa y regulación vigentes en estos países, los empleados pueden recibir prestaciones complementarias.
-Cuando de estas prestaciones complementarias concedidas a los empleados se derive una obligación futura para el Grupo, se calcula una provisión siguiendo un método de valoración actuarial. El Grupo utiliza actuarios independientes para calcular el importe de estos compromisos. Además, una empresa independiente se encarga de la coordinación y supervisión de todos estos cálculos actuariales por cuenta del Grupo. Para reflejar la evolución de la tasa prevista de rentabilidad de las obligaciones en 2006, el Grupo ha decidido mantener su tipo de descuento para la zona euro al 4,5%.
En aras de una mayor transparencia en lo que respecta a la progresiva externalización de sus compromisos en materia de pensiones, el Grupo en dias de una mayor unisporciona en la que respectu una progressia estermaneación de sus compromisos en materia de periodence, en argecontabiliza, a partir del 1 de enero de 2006, las pérdidas y ganancias actuariales de la norma NIC 19 revisada. Anteriormente, las pérdidas y ganancias actuariales netas se contabilizaban aplicando la corridor policy.
Este cambio en los principios contables aplicados afecta a los compromisos a largo plazo concedidos a los empleados (planes de pensiones adicionales, indemnizaciones por jubilación, seguros médicos para pensionistas) con la única excepción de los premios de vinculación. El grupo no aplica la corridor policy a dichos premios de vinculación, por lo que su valoración está sujeta a un nivel de incertidumbre diferente en comparación con las restantes prestaciones a largo plazo.
La adopción de esta nueva política contable conllevó la transferencia a fondos propios de las pérdidas y ganancias actuariales netas no contabilizadas a 1 de enero de 2006. La siguiente tabla muestra el efecto de la aplicación de esta nueva política en el balance y en la cuenta de pérdidas y ganancias:
| En miliones de euros | Saldo de cierre 2005 | Beneficios o pérdidas actuariales | Saldo de apertura 2006 |
|---|---|---|---|
| Planes de pensiones adicionales | 979 | 258 | 1.237 |
| Indemnizaciones de prejubilación | 374 | 297 | |
| Seguro médicoPremios de vinculación | 30 | ||
| 53 | |||
| TOTAL COMPROMISOS CON LOS EMPLEADOS | 1.431 | 186 |
Algunas de las filiales han optado por cubrir parcial o totalmente sus obligaciones de jubilación mediante contratos con compañías aseguradoras externas en los casos en los que dicha cobertura es obligatoria («obligación financiada»).
Estas pólizas externas son evaluadas por actuarios independientes.
La diferencia entre el valor actual de tales obligaciones y el de las pólizas externas destinadas a cubrirlas (465 millones de euros en total, incluyendo todos los beneficios) representa la obligación neta del Grupo respecto a tales beneficios. La diferencia no representa un déficit de financiación general, sino más bien, en la mayoría de los casos, decisiones de financiación tomadas por las filiales.
18.2. - Información financiera
18.2.1 - Detalles de las provisiones por tipo de obligación
Los planes de jubilación anticipada se han reclasificado al epígrafe del balance «Provisiones para indemnizaciones por rescisión de contratos de trabajo» (Nota 19).
Las provisiones para pensiones y otras obligaciones similares se desglosan como sigue:
| 2.438 | 1.431 | |
|---|---|---|
| TOTAL PROVISIÓN PARA PLANES DE PENSIONES Y OBLIGACIONES SIMILARES | 53 | |
| Premios de vinculación | 633 | 25 |
| Seguro médico privado | 270 | 374 |
| Indemnizaciones de prejubilación | 1.478 | 979 |
| Planes de pensiones adicionales | 2005 | |
| En millones de euros | 2006 |
Los gastos correspondientes al ejercicio relacionados con estos beneficios concedidos a los empleados (excluyendo los gastos por intereses derivados de la actualización de los compromisos y de la rentabilidad actualizada sobre los activos) se presentan bajo el epígrafe "Gastos de personal" en la cuenta de pérdidas y ganancias, tal y como se detalla en la Nota 22.
Estados Financieros Consolidados ESIGIOS FINANCIEROS CONSOLIDAdOSNotas a los Estados Financieros Consolidados(Importes en millones de euros, salvo indicación de lo contrario)
18.2.2 - Planes de pensiones
| LECTRONS | The Case20062005. | EMPORTANT2006 2005 | S. Alemany2006 2005 | Manufacture2006 2225 | 2006922X-1 | Concentration2006 | $\alpha$ , $\alpha$2006 20002.73.7 | 2006. 2008 |
|---|---|---|---|---|---|---|---|---|
| vos financieroso meal | 30 | 306 284194 | 9 | 1 | 411 44 5 | |||
| tablidad real sobre activos del plan | - 2 | 11 32 15 | tin.× | 58 | 87386 | 846. | 緩感841601159ΘОΝ | |
| lidas / (ganancias) actuarialestaciones adicionais. | 16. | 126.经理论 | 13 | - 214 | ЛÓ.32 | 3.6 | 85 | |
| taciones pagadasisiciones / enalenaciones/ liquidaciones | - 1 | 36鵎ు9శ公司 | - 171 | 3850 | - 4 | 107÷. | ||
| rciones on al perimetro | $-10$ | 1.209 | 16 | 1.173 | ||||
| onsolutioid serencias de cambro | 9段 | 63R.- 81 | ||||||
| oyan ne | 32 魏德K. | 299-185 | ٦P | 455 | 412 1.196 | 791 | - 90 - 5284 2.062 841 | |
| ir actuarial de los compromisos | ||||||||
| o inicialo por servicios prestaura a ser | 555交通'16 | 39020123912.88. | 3824 | 209- 774214.26 | 347 3928 37 | 41 | 117.2 | 88 2.000 2.02588 |
| o por interesesidas / (ganancias) achtariaidh. | 26$\mathbb{Z}^{n}$- 483. | 18636ter. | 16з | ŭ∭e9- 2 | 4123 | a.63EG 362 | 5圈 | 17842. 2488 |
| nciación para empleados. | 5. | 1 | 6 | |||||
| ETTLOSSORsiciones / enajerociones / Irondeciones | $-41.248$$-7$ $\frac{1}{20}$ | 38W.- 83 | 2627 | 2418 | 17.Ł. | 5895058.1427 | - 4- 14 | - 1941.371 |
| sferencia de obligacionesciones en planes de pensional | - 2 | 16 | T | - 2 | ||||
| ciones en el perimetro de consolidadem | 32SS 16 | $-3.5602$ | 23 | З. | 23 | 1- 3 | 18ŲŚ.9 | |
| encias de cambio24 J 24 25 | 575Best | 390396 | 329 | 20 S.D20833-1815 | - 81398. | 44.- 97347 1.446 | 105 | 24 105447 3.457 2.000 |
| isión de balanca | ||||||||
| actual de las obligaciones financiales.trazonable de actives del plant | 12666. R | 369 361$-32 - 30 - 299 - 306$ | 22з海虫 | 398 2247 1.446 | 103 214 2.445 2.553 | |||
| Make Containing Company | $-1.58$ | 455 3414 1.196 | $-79.18462.062$ | |||||
| aciones figanciaciossa shekara an ganan a | :9496 | 70.63 | KW.2 | - 57 赤谷鶴4 | 250 | 24 25 30 | 383$ | |
| Danciados | 449.$\mathcal{L}(\mathcal{O},\mathcal{O})$ | 27 29 | 329 洋海銀 | 205 206 | 21 | 3 1.012 3.337 | ||
| MASONAL DENGAL DESalizativa | ||||||||
| os por servicios no realizadosotal: Valor neto de compromisos. | 543 3525 | 97 234. | 329 | 207 + 208213. | - 57) | 82250 | ||
| meto de activos asociados a las | 26 3 3 4 1 3 9 5 15 16 | |||||||
| aciones financiadassion de balance | 543 黍9. PAS | 99.7. | 329 822 3 | 207 200 | 61.4 | $\mathbb{R}^{n \times d}$-14264 | 632. | 831.478 1.478 |
| dose del gasto en el periodo. | ||||||||
| por servicios prestados.por interesses | 16 222 2326SALA | $12 ,$18 1g S∵ | 416 | 6988 T | 7.41. | 41 | 2 | 88 |
| abilidad previsita de activos : | $-1$Communication | - 10. | - 52 28 | 63.凝結72y y j | 55 | 178140 | ||
| ización de gastos por servicios prestadosCCIONES y figuidadiones | زعرباء$-4$525672 | 161 | 1 | 12 | 18ು | |||
| contabilizados en la cuenta de recursos | 37 37 45 | 37§P. OR | 20 ≩ | 16. | - 42 | 32) | 5 | 143 |
| clon de la provisión en el talssión inicial en | 525 762 | 86 32 54 | 373.美文学 | 208 114 | ||||
| iones en el permetro de consolidad di | 32 53 44 | - 23 | з, | - 3. | 33 33 34 1.225 424 33Э | |||
| mclas de cornunones en el valor nelo de tempes | 1. 1. 1. 1 | - 16 | $-15$ | |||||
| toos a les obligaciones tiremunica$900$ en fondos propios - SORIE | 第の | 48 | - 3 | 14 | 6. | 17 | ||
| Littles (plote increases) (in the cases | - 4 | CA 53 (5) | з$-17$ | - 2$\overline{\phantom{a}}$ | 19.一個 | 48218 | 4 | 68197 |
| contabilizados en la calendario residente | $-47$ 22637 X- 48 | - 2835.5720371 | - 2720 | - 18$\sim 10$20 A B16563و به | - 942- 43332 | - 3232 | 55 | - 166يتونو بالجيا |
| 10.0 Co | 543 525 | 99.a as | 329- 373 | 207 208 | 4 | 264 | 32. | 143家務1.478 2000 |
| Ipales hipotesis actuariana | ||||||||
| e descuento (Mil.bilidad prevista de activos de plan (%) | 5,00% $ $ $ $ 3,55% $ $ $ $ $ | 4,50% 3,50% 4,50% 4,50% 4,50% 3,50% 4,50% 4,50% 4,50% 5,00%$-4.00%$ 4,00% 4,00% 12,76% 5,64% 7,16% | $\sim 100$ | |||||
| vedia de incremento salarial (18) -a intecking when | 2,84% 2.34% 3.37% 3.37% 2.37% 2.37% 4.57% 4.57% 3.66% 2.3 3.40%2,00% 2,00% 2,00% 2,00% 2,00% 2,00% 2,00% | 4,68% 2,50% | MAGE | |||||
| de aportación denmités: | ||||||||
| A stational de la companya de la companya de la companya de la companya de la companya de la companya de la c | 4 新生物 | 只需 | SEP 2001 |
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
| 18.2.3 – Indemnizaciones de prejubilación | ||||
|---|---|---|---|---|
| France | Others | Texal | ||
| SELIA rullion | 2006 2005 | 2006 2005 | 2006 2006 | |
| Activos financieros | at i St | Z CHAR | RAMA | |
| Saido inicial | 8. 8 | - 5533 | 8 2 8 | |
| Rentabilidad real sobre activos del plan | 1 >$\mathcal{L} \subset \mathcal{L}$ | $ \frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2$ | $1$ where | |
| Beneficios) / Pérdidas actuarialesAportaciones adicionales | $\sim$ $\sim$ | - 2222 | - Magic | |
| Prestaciones pagadas | - FORZES | $= \begin{pmatrix} 1 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \end{pmatrix}$ | - 201974 | |
| Adquisiciones / enajenaciones / liquidaciones | $- 758083381$ | - 232236 | $-335933$ | |
| Variaciones en perímetro de consolidación | - 43.7489 | - SIMBO | - 35523 | |
| Diferencias de cambio | - 1999. P | - 2022, 202- 883 | - SASAN | |
| inini ebisa | $-1.0013888888$ | 25 | - 1955 - | |
| 9 S. B. | $-11.11$ | $9 \times 8$ | ||
| Valor actuarial de compromisos | SAN SIN77. STA | |||
| Saldo inicial | $267 - 274$ | |||
| Gasto por servicios prestados | 88 F | 32 301.322.33 | 299 3049 10 | |
| Gasto por intereses | 11:13. | |||
| (Beneficios) / Pérdidas actuariales | $-78.4$ | 13000-1/222 | $12 - 15$-8882 | |
| operaciones de los trabajadores | - 523,34 | - 3278 | $\bullet$ 66 | |
| Prestaciones pagadas | - 20 - 16 - | -5883 | $-25 - 19$ | |
| Adquisiciones / enajenaciones / liquidaciones | - 273233 | - Triniti | - 35264 | |
| variaciones en plan de pensiones | - 822 - 53 | - 1940 | 39.95 | |
| variaciones en perimetro de consolidación | - 51$\sim 1$ | - 8 - 1999 - | $-13$ . $-1$ | |
| Diferencias de cambio | - WATAWA | $\sim$ $\sim$ $\sim$ $\sim$ | - Series | |
| Bodo final | 254257 | 20 32 | 274 299 | |
| west. | PARTIES | 1739 | ||
| Provisiones de balance | Service States | 春樂 | was de | |
| alor actual de obligaciones financiadas | $12 \div 12$ | - 3400 | $12 - 12$ | |
| falor razonable de activos del plan | -9888 | - 24 | - 9 ≋ ⊱8 | |
| Sub-total: Valor actual neto de obligaciones financiadas | ಜಿನದ | 3 4 | 134$-182$ | 3 . |
| falor actual de obligaciones no financiadas | 242255 | 20 32 | 262.287 | |
| Sanancias / (pérdidas) actuanales no realizadas | $\mathbb{R}^n$S. | ٠ | ||
| Sastos por servicios pasados no realizados | 5Ľ. | $-2.9$ | 5 8 6 | |
| tovisiones de balance. | 250 .좋지 않 | $20 - 32$ | 270 297 | |
| esglose del gasto en el periodo | ||||
| asto por servicios prestados | 8%39 B | 1. 2230200 | 98-10 | |
| asto por intereses | $11%$家民贸 | P.1 2 | 12-15 | |
| imortización de gastos por servicios prestados | $-1$ and $\sim$ | $-$ 72Ø. | - 1※523-11 | |
| Reducciones y liquidaciones-80 | 7.X 9$-35$ | 1 82 | - 31 | |
| fastos contabilizados en la cuenta de resultados. | 18感動 | $3^{\circ}$ $3^{\circ}$ | 2121 | |
| بجوابهم والمتنا | START COMPANY | SIMBO STA | ||
| arlación de la provisión en el balance | ದಿನ ಅನ್ನಡ | DAMA S | ||
| wwsión inicialanaciones en perimetro de consolidación | 265 - 234 3 | 32 230 | 297 298 | |
| atlación en fondos propios - SORIE | - 54 | - 8.33366 | - 13Q. S | |
| - 8 33 33 | - 2 2 3V. | $-10$- 2 | ||
| ACSBITIDOISCSeistos contabilizados en la cuenta de resultados | $-20 - 13$ | - 5 M + 3 I | $-25 - 19$ | |
| rowsión final | $18 \times 18$ | $3 - 2$ | $21 \times 21$ | |
| 250 265 | $20 - 32$ | 270.297 | ||
| rincipales hipótesis actuariales | SARAK | |||
| tho de descuento and the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the | ing | |||
| tentabilidad prevista de activos del plan | 4,50% 4,50% | 2433 | ||
| asa media de incremento salarial | 5,75% 5,75%2,97% 2,97% | - SAN | ||
| asa de inflación:197113424216. 9-35-29나는 1000년 1000년 10000000000000000000000000 | 2,00% 2,00% | - 12329- 1250 | - 12,3143 | |
Notas a Ins Batadox Financiame: Octas Adades (Importes en millones de euros, salvo indicación de lo contrario)
18.2.4 Otras prestaciones (seguro médico, premios de vinculación) Canadá Otros Total Francia Bélgica 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 En nationes de euros Activos financieros $\overline{2}$ 3 Saldo inicial $-1$ Pérdidas / (ganancias) actuariales Rentabilidad real sobre activos del plan $\overline{2}$ ٦ Aportaciones adicionales $\frac{1}{2}$ ī Prestaciones pagadas Adquisiciones / enaienaciones / liquidaciones Vanaciones en el perímetro de consolidación Diferencias de cambio $\overline{2}$ $\overline{\mathbf{2}}$ $\overline{2}$ 2 Saldo final Valor actuarial de los compromisos $\overline{14}$ 85 83 $\overline{36}$ 35 $\overline{35}$ 34 $14$ Saldo inicial $\overline{10}$ 7 $\overline{12}$ $\overline{c}$ $\overline{1}$ Gasto por servicios prestados $\overline{31}$ $\overline{5}$ ī $\overline{2}$ 1 27 Gasto por intereses $\overline{4}$ $\overline{\mathbf{1}}$ วริ $\overline{32}$ $\overline{5}$ Pérdidas / (ganancias) actuanales Financiación para empleados 26 $11$ $\overline{2}$ - 16 $\overline{2}$ 5 $\overline{6}$ Ŀ. Prestaciones pagadas 605 605 Adquisiciones / enajenaciones / liquidaciones $\overline{1}$ - 7 $\overline{\bf 8}$ Variaciones en planes de pensiones $\overline{2}$ ヮ Variaciones en el perimetro de consolidación $\overline{44}$ $\overline{44}$ Diferencias de cambio $14$ 690 85 $\overline{27}$ 609 $\overline{16}$ $\overline{38}$ 36 35 Saldo final Provisión de balance 20 27 $\overline{20}$ 27 Valor actual de las obligaciones financiadas - 2 $\overline{\cdot 2}$ $\cdot$ 2 -2 Valor razonable de activos del plan 78 18 25 25 Subtotal: Valor actual neto de las obligaciones financiadas $\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$ 8 609 $\overline{16}$ 14 670 58 $\overline{38}$ 36 Valor actual de las obligaciones no financiadas Ganancias / (pérdidas) actuariales no realizadas $\sim$ 7 $\overline{2}$ Gastos por servicios pasados no realizados 690 83 $\overline{27}$ 609 $\overline{16}$ $\overline{38}$ 36 33 14 Provisión de balance Desglose del gasto en el periodo $\overline{12}$ $\overline{2}$ 7 1 Gasto por servicios prestados $\overline{31}$ $\bar{\bar{2}}$ 5 $\overline{\mathbf{1}}$ ī Gasto por intereses Rentabilidad prevista de activos ā 4 $\overline{4}$ Pérdidas / (ganancias) actuariales contabilizadas en el período 3 ï $\overline{6}$ $\overline{1}$ Amortización de gastos por servicios prestados Reducciones y liquidaciones $\overline{42}$ $\overline{\mathbf{2}}$ $12$ $\overline{\mathbf{g}}$ $\overline{\cdot 5}$ $\overline{37}$ 2 2 я Gastos contabilizados en la cuenta de resultados Variación de la provisión en el balance $\overline{33}$ $\overline{14}$ $\overline{83}$ 80 $\overline{36}$ 31 14 35 Provisión inicial 605 $\overline{2}$ 607 Variaciones en el perímetro de consolidación $-44$ $\overline{44}$ Diferencias de cambio $\overline{2}$ $11$ 2 $-26$ $-6$ $\overline{2}$ - 2 $-16$ Desembolsos $\cdot$ 27 $\overline{28}$ $\mathcal{D}$ $\mathbf{1}$ Variación en fondos propios SORIE ぅ 5 $\overline{37}$ 2 $42$ $12$ $\overline{\mathbf{8}}$ $\mathbf{8}$ 5 Gastos contabilizados en la cuenta de resultados $\overline{16}$ 33 609 14 690 83 $38$ 36 27 Provisión final Principales hipótesis actuariales 4,50% 4.50% 4,50% 4,50% 5,01% Tipo de descuento 5,00% 5,00% Rentabilidad prevista de activos del plan $3.41%$ 3,11% 2,86% Tasa media de incremento salanal 2,03% 2,50% 7,89% lasa de evolución de costes en materia de prestaciones sanitanas 2,00% 2,00% 2,00% 2,00% 2,50% Tasa de inflación
18.3 Activos financieros
The languiente tabla se muestran los activos financieros como siguiente:
| TOTAL$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ | 2.073. | 100% |
|---|---|---|
| $-4.133$ and $-1.1$ | 152 | 7% |
| Professional. The constraint constraints are a set of $\mathcal{A}^{\mathcal{A}}$ , $\mathcal{A}^{\mathcal{A}}$ , $\mathcal{A}^{\mathcal{A}}$ | ||
| ABLE0% | ||
| $\begin{array}{cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc$- Ltuios de tenta variable - | 767 | 37% |
| the Country | 2006 |
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
18.4 - Otras Informaciones
Las hipótesis relativas a la evolución de los costes en materia de prestaciones sanitanas miluyen de forma significama en los importes contabilizados como pérdidas o ganancias.
A CONTRACTO DE LA CARDINA
Una variación de un punto porcentual en la hipótesis de evolución de los costes de prestadores sanitarias tendra los efectos siguientes:
ter 1944September
| En malores de euros.SEX MORE AND A | CONGERRY | Authentic de un punto : Disminución de un cumus | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Efecto sobre el coste total de servicios e intereses | |||||||||||||||||
| Efecto sobre la obligación definida en materia de prestaciones | (96) |
NOTA 19 - PROVISIONES PARA INDEMNIZACIONES POR RESCISIÓN DE CONTRATO
.Las provisiones para indemnizaciones por rescisión de contratos de trabajo reflejan compromisos sociales que el Grupo ha establecido en el contexto de los planes de reestructuración anunciados en el año (que posteriormente podrán convertirse, o no, en planes de prejubilación) o ages de prejubilación asociados a convenios colectivos firmados con determinadas categorías de empleados.
| Commence by europy | |
|---|---|
| Provisiones socialesPlanes de tirelubilidades | Total |
| Saldo Inicial a 1 de enero de 2006医蛋白AM | 882 |
| Aumenta de provisiones.38.83 | 111 |
| Ablicadas a su finalidad y recuperadas.-10. | 163 |
| Reclasificaciones (planes sociales transformados en planes de prejubilación durante el ejercidos勝久 | |
| Otras reclasificaciones, variaciones en el permetro de consolidación y diferencias de cambio323$-25$ | -57 |
| SALDO FINAL A 31 DE DICIEMBRE DE 2006.363ATO | 773 |
el periodo en concepto de provisiones sociales se recoge en el epigrafe "Otros gastos de explotación" de la cuenta de re to del periodo en concepto de planes de prejubilación se recoge en el epigrafe "Gastos de personal" en la cuenta de perdutas y ganancias o se detalla en la Nota 22. $\mathbb{Z}_{\mathbb{Z}}$
Provisiones sociales
unes sociales al final del año incluyen indemnizaciones estimadas en relación con los siguientes planes de reestructuración millones de euros):
os Planos (2006: 306; 2005: 324); principalmente el plan social relativo a la reorganización del proceso productivo de cabecera (2006; 176; 2005; 184) y el aumento de las provisiones sociales en España debido al plan ARCO (2006; 113; 2005; 109).
exidable (2006: 36; 2005: 59)
DOC: 14, 2005; 17)
Tanes de prejubilación
no revisa los planes de prejubilación que forman parte de medidas de reestructuración o de conventos colectivos. En la tabla serviente et las principales hipótesis y las variaciones durante el año.
| 2002 T. T. Park | 2006 | 9. OK 22 | 22010002005 | 200622 O.A | 203.8% | 2005 | 20,45 | $\mathcal{C}$ , $\mathcal{C}$ , $\mathcal{C}$ |
|---|---|---|---|---|---|---|---|---|
| donde balance | ||||||||
| presente de las obligaciones no financiadas | 358 | 89658 | 19 o$-53$ | æ | 34 | SERNAL | 410 | STARK |
| nciasi/ (perdidas) actuariales no realizadas | ||||||||
| slón de balance. | 358. | 378 | 19SS. | 284 | 31 8 | 38 | 410 | 1444 |
| bse del gasto en el periodo | ||||||||
| spor servicios prestados | S. | 34- 2008 | ||||||
| Box Interests | 15 | V. | 2,- 2 | 18 | 30 | |||
| cias/ (perdidas) actuariales realizadas durante el periodo | 16 | 实验 | 24) | $\geqslant$X. | ||||
| pricion ponservicios prestados pasados | 2. | 2. | -5 | ž. | ||||
| a en la cuenta de resultados | 32 3 | 727 | 30.14% | $2 - 2$ | 12) | 51 | 经验 | |
| Monten la provisión de balance | ||||||||
| 378 | 373 | 5363 | $2 - 13$ | 38% | $-478$ | 471 | 2795 | |
| da la el perimetro de consolidación | -4 | |||||||
| A READER | ||||||||
| La les / chalchaciones | - 27 | $-27$ | ||||||
| d transferida | 21 | æ. | 21 | |||||
| .73 | 868 | $\overline{20}$:20 ∛ | 2物質 | 10. | ŞD. | 105 . 104 | ||
| A Processo de resultados | 32 | 14 340. | 21- 21 | З | 51.88753 | |||
| Albert | 358 | 378 | 6319 . | 21ж. | 31.38.36 | 410 - 474 | ||
| Des hipotesis actuariales | ||||||||
| TAN KUGNUN | 4,11% 4,14% 4,00% 4,13% 4,00% 4,00% | |||||||
| Edeuncremento salanal | 2,00% 2,00% 2,50% 2,51% 2,00% 2,00% | |||||||
| 2,00% 2,00% 2,00% 2,00% 2,00% 2,00% | ||||||||
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
NOTA 20 - OTRAS PROVISIONES
| Costes de | Riesgos | Riesgos | Otros | TOTAL | |
|---|---|---|---|---|---|
| En millones de curos | reestructuración | comerciates. | medioambientales | ries.gos | |
| Saldo inicial | 97 | 61$\cdots$ | 228 | 801 | 1.187 |
| Aumento de provisiones | 24 | 30 | 58 | 317 | 429 |
| Aplicadas a su finalidad o recuperadas | - 37 | - 22 | 35 | $-294$ | $-388$ |
| Reclasificaciones, variaciones en el perímetro de consolidación | |||||
| y diferencias de cambio | - 37 | 26 | 33 | ||
| SALDO FINAL | 47 | 277 | 861 | 1.261 | |
| TOTAL OTRAS PROVISIONES | 1.261 | 1.187 |
|---|---|---|
| the state of the company of the company of the state of the state of the state of the state of the state of theCONTRACTOROtras provisiones a corto plazo | 289 | 244 |
| $\sim$ $\sim$ $\sim$.Otras provisiones a largo plazo | 972HOME ARE A 1.000 | 943 |
| En millones de euros | 2006 | 2005 |
20.1. - Provisiones por reestructuración
Las provisiones contabilizadas en este apartado no incluyen los compromisos sociales que se reflejan en «Provisiones para indemnizaciones por rescisión de contratos de trabajo» tal y como se detalla en la Nota 19.
Las provisiones por reestructuración comprenden las provisiones establecidas respecto a los gastos por el cierre y la restauración de instalaciones que actualmente está bajo reestructuración.
Por sectores, las provisiones por reestructuración se desglosan como sigue:
· Productos Planos Europa: 26 millones de euros (2005: 42 millones de euros)
· Productos Largos América y Europa: 8 millones de euros (2005: 8 millones de euros)
• Acero Inoxidable: - millones de euros (2005: 33 millones de euros)
• A3S : 9 millones de euros (2005: 6 millones de euros)
· Otros: 4 millones de euros (2005: 8 millones de euros)
20.2. - Riesgos comerciales
Los riesgos comerciales comprenden principalmente los litigios con los clientes, insolvencias, pérdidas en pedidos y pérdidas por cancelaciones, así como garantías y otros.
20.3. - Riesgos medioambientales
Las provisiones para riesgos medioambientales, analizadas por áreas geográficas, son las siguientes:
20.3 - Riesgos medioambientales
Las provisiones para riesgos medioambientales, analizadas por áreas geográficas, son las siguientes:
| TOTAL_______________________________________ | 228 | |
|---|---|---|
| LuxemburgrCanadáOtrosContract ContractThe contract of the approximation of the contract of the contract of the contract of the contract of the contract ofCOLLECTION.Contract Contract Contract | ||
| a component and component ofALCOHOL: 2001CALL AND REAL.2010/01/12 12:00Service CommunityContract | -61 | 53Service |
| $\sim$the company's company's company'sthe company of theContract ContractFrancia1.11 | 66 | 68 |
| ALLASthe company's company's company's company'sBélgica$\sim$ | 108 | 100 |
| in EUR million. | 2006 | 2005 |
Las provisiones cubren los gastos que se derivarán de los trabajos de protección y limpieza del terreno, aguas subterráneas y aguas de superficie (184 millones de euros en 2006 y 135 millones de euros en 2005), el tratamiento de residuos (35 millones de euros en 2006 y 35 millones de euros en 2005) y otras medidas medioambientales (58 millones de euros en 2006 y 58 millones de euros en 2005). Las provisiones se calculan conforme a las normas y medidas legales locales de cada país.
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
20.4. - Otros riesgos
Otras provisiones cubren los siguientes riesgos:
| 861 | 801 | |
|---|---|---|
| TOTAL | ||
| Otros riesgos | 393 | |
| Riesgos sociales | $\sim$ | |
| 118 | 235 | |
| Riesgos fiscales | 111000-0000 | |
| Litigios | 329 | 308 |
| 2006 | 2005 | |
| En millones de euros |
Las provisiones de riesgo fiscal incluyen provisiones contabilizadas como litigios con las autoridades fiscales locales y/o nacionales.
Dentro de las provisiones para litigios se incluyen las contabilizadas en el marco de litigios de carácter no fiscal.
Las provisiones para riesgos sociales incluyen provisiones contabilizadas que no figuran bajo el epígrafe "Prestaciones a los empleados".
NOTA 21 - OTRAS DEUDAS A PAGAR En millones de euros
| 3.374 | 2.567 | |
|---|---|---|
| Pérdidas y ganancias diferidasTOTAL | 189 | 50 |
| 482 | 451 | |
| Otros acreedores | ||
| Dividendos a pagar | ||
| Remuneración, impuestos y Seguridad Social | 1.629 | .334 |
| Revalorización de instrumentos de cobertura de materias primas (Nota 26) | ||
| Revalorización de instrumentos de cobertura del riesgo de tipo de cambio (Nota 26) | 318 | 32 |
| 239 | 217 | |
| Pagos anticipados en pedidos | ||
| Proveedores de inmovilizado | 422 | 406 |
| LITTLE READS | 2006 | 2005 |
NOTA 22 - GASTOS DE PERSONAL
| 134283 | 194 |
|---|---|
| 103 | |
| 60 | |
| 42 | |
| 21 | |
| 1.090 | 1.082 |
| 3.731 | 3.352 |
| 2006 | 2005* |
| 12533 |
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 23 - INGRESOS Y GASTOS POR ACTIVIDADES FINANCIERAS
Contabilizados en pérdidas y ganancias
| En mitlones de euros | 2006 | 2005 |
|---|---|---|
| Ingresos por intereses | 236 | 229 |
| Gastos por intereses | $-568$ | $-336$ |
| Gastos por intereses derivados de actualizaciones | $-113$ | $-128$ |
| · relativos al descuento de provisiones por compromisos con los empleados (Nota 18) | - 81 | - 87 |
| · relativos al descuento de provisiones por planes de prejubilación (Nota 19) | - 18 | - 21 |
| Dividendos recibidos | 70 | 51 |
| Resultados derivados de diferencias de cambio | 346 | 120 |
| Ajuste a valor razonable de la opción de conversión de fondos propios relativa a las obligaciones O.C.E.A.N.E. 2017 | $-295$ | - 44 |
| Variación neta en el valor razonable de instrumentos derivados | - 12 | |
| Pérdidas de valor de activos financieros | - 17 | |
| Resultado en la enajenación de activos financieros | 28 | |
| Costes derivados de la fusión | $-271$ | |
| Otros | - 78 | - 180 |
| TOTAL | - 696 | $-254$ |
Los gastos por intereses incluyen la amortización anticipada del empréstito suscrito mediante emisión de obligaciones O.C.E.A.N.E. 2017, tras el reembolso anticipado de dicho empréstito por valor de 64 millones de euros.
Los resultados derivados de diferencias de cambio incluyen una ganancia de 354 millones de euros relativa a la revalorarización de una operación de swap sobre cambio de divisa CAD/euros.
Los costes derivados de la fusión incluyen la indemnización relativa a la rescisión del Acuerdo de Alianza Estratégica suscrito entre Arcelor y Severstal (140 millones de euros).
Otros gastos financieros netos incluyen gastos y comisiones bancarias por valor de 64 millones de euros (2005: 48 millones de euros).
Contabilizados en fondos propios
| En millones de euros | 2006 | 2005 |
|---|---|---|
| Variación neta en el valor razonable de activos financieros mantenidos para la venta | 24 | |
| Parte efectiva de las variaciones en el valor razonable de los instrumentos de cobertura de flujos de tesorería | - 119 | 75 |
| Transferencia a fondos propios del componente del pasivo O.C.E.AN.E. 2017 | 326 | |
| Beneficio resultante de la venta de acciones propias | Д. | |
| Enajenación de Arcelor Germany Holding y filiales (Nota 14.7) | 1.980 | |
| Adquisición de Mittal Steel Gandrange (Nota 14.8) | 155 | |
| Diferencias de cambio en transacciones realizadas en moneda extranjera | $-808$ | 552 |
| TOTAL | 1.575 | 651 |
La variación en la cobertura de flujos de tesorería por tipo de instrumento derivativo es la siguiente:
| TOTAL------. | ----119 | 76 |
|---|---|---|
| Instrumentosde cobertura demateriasprimas----------- | oc. | 40. |
| Instrumentos de cobertura del riesgo de tipo de cambio$\mathbf{r}$ and $\mathbf{r}$ | 90 | 115 |
| En millones de euros_____________ | 2006 | 2005 |
A raíz de la cancelación de la opción de pago en efectivo relativa al empréstito mediante emisión de obligaciones convertibles O.C.E.A.N.E. 2017, el valor acumulativo de la opción de conversión en acciones se trasfirió de la partida de pasivos con interés a la partida de fondos propios (326 millones de euros después de impuestos).
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
NOTA 24 - IMPUESTO SOBRE LAS GANANCIA
| ANSIE MACES | ||||||
|---|---|---|---|---|---|---|
| Implesios a paezas | ||||||
| Impuestos diferidos | ||||||
| TOTAL SERVICE | ||||||
Silbates reformulation and a
es de la constat de 15 carga 15cal con los resultados antes de Transideral23 cargo - CippoAnteleses immortande
Resultado de sociedades contabilizadas por el metodo de puesta en edulvals para alimenta
Carea de Saludos de Impuestos concelhos en el melodo de puesta en contrabal el carea de Saludos de Impuestosde Francisco de ImpuestosConcelhos de Conca (34,39% en 2006, 33,38% en 2008)por perdes permateurs
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r erunus purunturem as de cambro relatives de CAFS and Banara| Reversion de pérdidas en plamaciones de CAFS and Banara| Creditos inspires
CARGA FISCAL EFECTIVA AND A STATE AND A STATE AND A STATE AND A STATE AND A STATE OF A STATE OF A STATE OF A S
arang sa kalalahan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatanKacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacamatan di kacama Directions de consolidaden y exceso de amount de la conservación de la conservación de la conservación de la cBastilhados de enajenaciones exemen fiscalmentes.Otros gastos e ingresos no deducibles / exemtos fiscalmentes TOTALS IN THE RESIDENCE OF THE RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE OF A RESIDENCE O
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SALDO A 31 DE DICIEMBRE DE LA CARACTER DE LA CARACTER DE LA CARACTER DE
| ø | 605 |
|---|---|
| 143. | |
| ã | 462. |
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| 3.007 鬣 | ||
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| â | 652 | |
| W | ||
| X. | 363 | |
| è | 462 | |
| 3.758 | ||
| U. | 1.292 | |
| g, | 117 | |
| 21 | Ł | |
| W | 80 | |
| 52 | ||
| 77 | ||
| A) | 385 | |
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| ļ | 28 | |
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Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 24 - IMPUESTO SOBRE LAS GANANCIAS (CONTINUACIÓN)
| Las variaciones en los activos por impuestos diferidos fueron los siguientes; | ||
|---|---|---|
| En millanes de euros | 2006 | 2005 |
| Saldo a 1 de Enero | 1.378 | 1.300 |
| Ingreso / (gasto) del periodo | - 30 | $-25$ |
| Activos por impuestos diferidos derivados de pérdidas fiscales de periodos ariteriores | 351 | 465 |
| Aplicación de activos por impuestos diferidos derivados de pérdidas fiscales de periodos artieriores | - 463 | 223 |
| Ajustes de activos por impuestos diferidos relativos a periodos anteriores. | - 1 | |
| Variación de los activos por impuestos diferidos debida a variaciones en los tipos de cambio | ||
| en activos y pasívos no monetarios denominados en divisa | ||
| Reclasificación de activos mantenidos para la venta. | ||
| Impacto de las fluctuaciones en los tipos de cambio, permetro de consolidación y reclasificación. | ||
| Activos y pasivos por impuestos diferidos llevados directamente a fondos propios | 26 | |
| SALDO A 31 DE DICIEMBRE | 1.327 | 1.378 |
Origen de los activos y pasivos por impuestos diferidos:
| Action | Passing. | Alberta | ||||
|---|---|---|---|---|---|---|
| en milienes de euros. | 2006 | 2002 | 2000 | 2005 | 2096 | |
| Inmovilizado inmaterial | 91 | $-131$ | $\sim 25$ | - 40 | ||
| Inmovilizado material. | 193 | 26 £ | 1.585 | $-941$ | 1.392 | |
| Existencias | 170 | 120 | - 41 | $-27$ | 129 | |
| Instrumentos financieros | 11 | Section | - 31 | -44 | -20 | |
| Otros activos: | 99 | 262 | - 70 | 151 | 29 | |
| Provisiones: | 862 | 590 | :274 | $\mathcal{L}(2)$ | 588 | |
| Para pensiones: | 513 | 270 | 16 | - 12 | 497 | |
| Para otras provisiones sociales | 207 | 1574 | - 1. | 207 | ||
| Para otras provisiones | 142 | 153 | - 257 | $-135$ | $-115$ | |
| Otros pasivos | 120 | 132 | - 49 | 711 | 71 | |
| Pérdidas fiscales de ejercicios anteriores | 742 | -934 | 742 | |||
| Créditos fiscales. | 123 | 123 | ||||
| Reservas no fiscales | ۰5 | 5 | ||||
| Otros créditos fiscales relacionados con Mendes Junior | 22 | 22 | ||||
| Activos / (pasivos) por impuestos diferidos | 2.411 | 2.338 | - 2.208 | 83 M O 73 | 203 | |
| Activos por impuestos difendos | 1.327 | |||||
| Pasivos por impuestos diferidos | 1.124 | |||||
| SALDO NETO S | 203 |
Zen. San Sa A 31 de diciembre de 2006, el Grupo dene pendiente de utilizar pendidas fiscales con las siguientes techas de vencimiento
$\mathcal{L}$
| GALLARIAKA ROBA LIGA KULHURA | 82.UK | |
|---|---|---|
| ROCK | ||
| 2008 | ||
| SOB | ||
| 2010 y siguientes | ||
| 2011 y siguientes | 268 | |
| Sin fecha de vencimiento | ||
| TOTAL® | 4.771 | |
| Otros créditos fiscales (depreciación a largo plaza) | ||
146 æ.
Notas a los Estados Financieros Consolidados (Importes en millones de euros, salvo indicación de lo contrario)
NOTA 24 - IMPUESTO SOBRE LAS GANANCIAS (CONTINUACIÓN)
Los activos por impuestos diferidos no reconocidos por el Grupo afectan a los siguientes elementos a 31 de diciembre de 2006:
| En millones de euros | Importe bruto | Total activos porimpuestos diferidos | Activos por impuestosdiferidos reconocidos | Activos por impuestimdiferidos no reconocidos |
|---|---|---|---|---|
| Pérdidas fiscales de ejercicios anteriores | 1.578 | 742 | 836 | |
| Créditos fiscales | 123 | 123 | 123 | |
| Otros créditos fiscales (depreciación a largo plazo) | 378 | 5 | ||
| Inmovilizado material | 1.257 | 434 | 193 | 241 |
| Otros | 4.169 | 1.429 | 1.353 | |
| TOTAL | 3.621 | 2.411 | 1.210 |
Los activos por impuestos diferidos no reconocidos por el Grupo afectan a los siguientes elementos a 31 de diciembre de 2005:
| Importe bruto | Total activospor impuestosdiferidos | Activos porimpuestos diferidosreconocidos | Activos porimpuestos difendosno reconocidos |
|---|---|---|---|
| 6.230 | 2.106 | 934 | 1.172 |
| 1.105 | 166 | 166 | |
| 1.381 | 476 | 261 | 215 |
| 3.574 | 1.207 | 1.143 | 64 |
| 3.955 | 2.338 | 1.617 | |
NOTA 25 - INFORMACIONES A REVELAR SOBRE PARTES RELACIONADAS
Los estados financieros consolidados incluyen operaciones llevadas a cabo por el Grupo en el curso normal de su actividad con sus entidades no consolidadas y contabilizadas por el método de puesta en equivalencia. Las operaciones se contabilizan a precio de mercado. A 31 de diciembre de 2006, las transacciones con partes relacionadas incluyen también todas las transacciones con el accionista principal, Mittal Steel Company N.V., y todas sus filiales y empresas asociadas.
25.1. - Transacciones con Mittal Steel
Las ventas y compras de bienes y servicios correspondientes al ejercicio entre el Grupo y el grupo Mittal Steel ascienden a 114 y 171 millones de euros respectivamente. A 31 de diciembre de 2006, las cuentas a cobrar y deudas entre el Grupo y Mittal Steel equivalen 3.439 y 2.353 millones de euros respectivamente.
Las cuentas a cobrar incluyen principalmente aquellas relacionadas con la venta de Arcelor Germany Holding y sus filiales (2.602 millones de euros) a Mittal Steel Germany Holding. Esta cuenta tiene como fecha de vencimiento el 28 de febrero de 2007 y no está sujeta interés alguno. Posterior a dicha fecha de vencimiento y hasta que se produzca la cesión definitiva, se aplicará a esta cuenta a cobrar un tipo de interés en base al tipo definido en Alemania de acuerdo con las disposiciones de la sección 247 de Código Civil Alemán (BGB) más un diferencial (spread) del 5%. Incluyen asimismo activos financieros circulantes y no circulantes concedidos por Arcelor Finance SCA a Mittal Steel Company N.V. Las cuentas a pagar incluyen principalmente préstamos financieros otorgados por Mittal Steel Company N.V. a Arcelor Finance SCA. A dichos préstamos se les aplica un tipo de interés variable (Euribor + diferencial), con fechas de vencimiento comprendidas entre septiembre de 2007 v diciembre de 2009.
| En millones de euros | 2006 |
|---|---|
| Ventas | 114 |
| Compras | 171 |
| Cuentas a cobrar | 3.439 |
| de las cuales, activos financieros no circulantes (Nota 8) | -487 |
| de las cuales, activos financieros circulantes (Nota 11) | 307 |
| de las cuales, procedentes de la venta de Arcelor Germany Holding y filiales (Nota 11) | 2.602 |
| Cuentas a pagar | 2.353 |
| de las cuales, préstamos financieros (Nota 17) | 2.072 |
| 25.2. - Préstamos y avales concedidos2008 | 2005 |
| Es millonne de ourse. |
| _______________________________________ | the following commercial parties of the parties are the total control of the following the | |
|---|---|---|
| 55 | ||
| a empresas no consolidadas.n (incluidos préstamos a corto plazo) concedidos a l | . | |
| Préstamos. | the contract experimental experiment of the California and contract to a contract of | |
| ---- -- | 161 | |
| a empresas no consolidadas. | 14E | |
| . concedidosAvales. | who david he of drive can approach that a data and the most of the state with series | |
| . |
Notas a los Estados Financieros Consolidados diagortes en millones de euros, salvo indicación de lo contrario)
NOTA 25 - INFORMACIONES A REVELAR SOBRE PARTES RELACIONADAS
25.3. - Compras y ventas de bienes y servicios
| En millones de euros.. | 2006 | 2005 |
|---|---|---|
| Ventas$1.000000000000000000000000000000000000$ | -91 | 444 |
| Compras. | 809 | 758. |
| 25.4. - Retribución de los miembros de los órganos directivos | ||
| En millones de euros.$\sim$ | 2006 | 2005 |
| Consejo de Administración y Dirección General. | 6.2 | 8.9 |
NOTA 26 - INSTRUMENTOS FINANCIEROS Y DERIVADOS
El Grupo utiliza instrumentos financieros derivados para cubrir su riesgo frente a las fluctuaciones de los tipos de interés, los tipos de cambio o el precio de las materias primas, la energía y los derechos de emisión.
El Grupo gestiona el riesgo de contrapartida asociado a estos instrumentos centralizando sus compromisos y aplicando métodos que especifican, para cada tipo de transacción y subyacente, límites de riesgo y/o las características de la contrapartida. Normalmente el Grupo no concede ni solicita garantías a las contrapartidas por los riesgos asumidos. Salvo contadas excepciones, las contrapartidas del Grupo son parte de sus socios financieros, y las operaciones de mercado llevadas a cabo con ellas se rigen por acuerdos marco (principalmente del tipo ISDA, que permiten el neteo en caso de impago de la contrapartida).
Los riesgos asociados a todas las sociedades del Grupo están sujetos a una gestión centralizada por parte de la Sociedad matriz, con la única excepción de las sociedades del Grupo en Norteamérica y Sudamérica. Estas compañías gestionan sus riesgos de acuerdo a la política del Grupo, y en coordinación con la Sociedad matriz.
RIESGO DE TIPO DE INTERÉS
El Grupo utiliza varios tipos de productos para la gestión del riesgo de tipos de interés con el fin de optimizar sus ingresos y gastos financieros, cubrir el riesgo de divisa asociado a préstamos en moneda extranjera y gestionar el reparto de sus pasivos entre préstamos a tipo fijo y a tipo variable.
Los swaps de tipos de interés permiten al Grupo tomar prestado a largo plazo a un tipo de interés variable e intercambiar el tipo de esta deuda, bien desde el principio o durante la vida del préstamo. El Grupo y su contrapartida intercambian, a intervalos predeterminados, la diferencia entre el tipo fijo acordado y el tipo variable, tomando como base para el cálculo la cantidad nocional del swap.
Análogamente, los swaps pueden ser utilizados para intercambiar tipos variables por otros tipos variables diferentes.
Los FRA's (forward rate agreements) y los contratos a plazo sobre tipos de interés son usados principalmente por el Grupo para cubrir los tipos a pagar en los préstamos y en los productos de financiación a tipo variable o, en casos determinados, en préstamos existentes o futuros. Análogamente, el Grupo utiliza, en casos determinados, los contratos de futuros para cubrir la diferencia de tipos entre dos divisas dentro del ámbito de gestión del riesgo de cambio. Estos contratos obligan bien a comprar (o vender) un producto financiero en una fecha futura y a un precio acordado, o a recibir (o pagar) en una fecha futura la diferencia entre dos tipos dados. Mientras que determinados instrumentos financieros se liquidan en metálico, otros pueden liquidarse mediante entrega del activo subyacente o en metálico. El Grupo generalmente sólo contraerá compromisos en contratos a plazo de elevada liquidez, tales como los futuros Euribor o Eurodólar
Los derivados sobre tipos de interés utilizados por el Grupo para cubrir variaciones en el valor de los préstamos a tipo fijo se admiten como coberturas de valor razonable a los efectos de la NIC 39. Estos derivados se revalorizan en el balance y tienen efectos en las pérdidas y ganancias netas. Dicho impacto es neutralizado por una revalorización similar en la parte cubierta de los préstamos,
A 31 de diciembre de 2006, el Grupo no posee derivados sobre tipos de interés que no se admiten como instrumento de cobertura según ta NIC 39.
RIESGO DE TIPO DE CAMBIO
El Grupo utiliza compras y ventas a plazo de moneda extranjera y otros derivados para cubrir transacciones en divisas de la mayoría de sus sociedades dependientes.
Los swaps también pueden ser utilizados para intercambiar una moneda extranjera por otra, dentro del ámbito de gestión del riesgo de tipos de cambio.
(1) grupo está expuesto principalmente a variaciones de valor como resultado de fluctuaciones en el tipo de cambio, afectando principalmente al aprovisionamiento de materias primas y de energía y a los fletes.
La práctica común del Grupo es facturar a los clientes en su moneda local.
El Grupo también utiliza estos instrumentos a nivel consolidado para cubrir la deuda contabilizada en moneda extranjera o el riesgo de balance asumido en ciertos activos.
La politica general del Grupo es cubrir completamente el riesgo de tipo de cambio de las transacciones. Sin embargo, como excepción a esta política general, para determinadas divisas y para riesgos y cantidades que están claramente identificados y autorizados por la Dirección, et Grupo puede aplicar una cobertura anticipada o bien no cubrir riesgos transaccionales.
En este contexto, el Grupo ha adoptado una gestión macroeconómica respecto de un porcentaje de sus compras (principalmente en lo que se refiere a las materias primas futuras y otros consumos relacionados [hierro, mineral de hierro, carbón y fletes]), gracias a lo cual ha conseguido reprocesor a fondos propios la totalidad o parte de las variaciones de valor producidas en dichas partidas. Este tratamiento contable es admitido dentro de la contabilidad de cobertura de los flujos de efectivo.
Estados Financieros Consolidados
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 26 - INSTRUMENTOS FINANCIEROS Y DERIVADOS (CONTINUACIÓN) RIESGO DE MATERIAS PRIMAS
E Grupo utiliza instrumentos financieros (compras a plazo, opciones y swaps sobre materias primas) para reducir el nesgo de volatillo materias primas y energías. El Grupo está expuesto a nesgos en materias primas y energía tanto por la compra de sus propies materias primas como por los contratos de venta.
DERECHOS DE EMISIÓN DE GASES DE EFECTO INVERNADERO
Tras la entrada en vigor de la Directiva Europea 2003/87/EC de 13 de octubre de 2003, por la que se establece un sistema de intercemblo de derechos de emisiones de gases de efecto invernadero, el Grupo emplea diversos tipos de derivados (compraventa en metálico, transacciones a plazo, opciones) para implementar su política de gestión de los riesgos asociados.
RIESGO DE NEGOCIACIÓN
Si existen posiciones abiertas, sujetas a procedimientos de seguimiento restrictivos (definidos según la clase de riesgo: importe nominal autorizado, niveles máximos de pérdidas y ganancias, así como fechas de vencimiento determinadas), el Grupo lleva a cabo operaciones de negodación de acuerdo con los riesgos asociados a los tipos de interés, los tipos de cambio, los precios de las materias primas y la energía, as como a los derechos de emisión de gases de efecto invernadero). Las posiciones abiertas no son significativas en relación con el volumen de operaciones de cobertura negociado o al riesgo general de tipos de interés.
SEGUIMENTO DE LOS RIESGOS
Los tipos de instrumentos, productos y divisas que se pueden utilizar, así como el riesgo máximo, los determina la dirección. Cada riesgo es controlado, tanto diariamente como intradía, por un equipo dedicado e independiente, el cual reporta directamente al Comité de Auditoria del Grupo si ello fuera necesario. En los años 2006 y 2005, la pérdida o ganancia neta por operaciones de negociación no fue significativa para los resultados del Grupo.
La cartera de activos asociados a instrumentos financieros derivados a 31 de diciembre de 2006 es la siguiente:
| 2006 | 2005 | |||||
|---|---|---|---|---|---|---|
| En ruiknes de euros | Importe nocional | Valor de mercado | Tipo medio* | Importe nocional | Valor de mercado | Tipo medio* |
| Instrumentos sobre tipo de interés | ||||||
| SWAPS DE TIPOS DE INTERES »FINANCIACIÓN TIPO FLIO | ||||||
| - Moneda extranjera | 254 | Ø. | 2,74% | |||
| SWAPS DE TIPOS DE INTERES-PRESTAMOS TIPO FLIO | ||||||
| $- EUR$ | 800 | 9 | 4,99% | 1.353 | 55 | 4,59% |
| Address | 356 | 3 | 5,5190 | |||
| Swaps de tipo de interés - variable / variable | ٠ | ٠ | 115 | 2.94% | ||
| Contratos FRA - compras | 1.050 | 2 | 2233 | |||
| Cap compras | 100 | 1 | ||||
| Floor correnas | 100 | 2,55% | ||||
| Floor ventas | 100 | 2.70% | 200 | 2,70% | ||
| TOTAL ACTIVOS (NOTA 8) | 10 | 63 | ||||
| instrumentos sobre tipos de cambio | ||||||
| Compras de moneda extraniera a plazo | 396 | $\overline{2}$ | $\overline{a}$ | 2.722 | 65 | |
| Mentas de moneda extranjera a plazo | 9.265 | 310 | 111$\sim$ | |||
| Swaps de divisas | 1 | |||||
| Egolones de cambio - compras | 1.296 | 73 | ||||
| Maciones de cambio - ventas | 450 | 7 | 1.875 | 34 | ||
| TOTAL ACTIVOS (NOTA 11) | 320 | 172 | ||||
| Materias primas | ||||||
| Contratos a plazo - ventas | 24 | з | -26 | k. | ||
| Contratos a plazo - compras | 289 | 59 | 242 | 81 | ||
| Swaps referenciados al índice de preciosse materias primas | đ | |||||
| Opciones - ventas | 12 | 4 | 62 | 9 | ||
| Occones - compras | 95 | 120 | PF. | |||
| TOTAL ACTIVOSde los cuales, no circulantes (Nota 8) | 6613 | |||||
| de los cuales, circulantes (Nota 11). | 53 | هم |
Se han calculado los tipos fijos medios tomando como referencia los del euro y las monedas extranjeras. Los tipos etalmente en el Euribor o el Libor.
Notas a los Estados Financieros Consolidados (importes en millones de euros, salvo indicación de lo contrario)
NOTA 26 - INSTRUMENTOS FINANCIEROS Y DERIVADOS
| 2006 | 2005 | |||||
|---|---|---|---|---|---|---|
| En millones de euros | Importe nocional | Valor de mercado | Tipo medio* | Importe nocional | Valor de mercado | Tipo medio: |
| Instrumentos sobre tipo de interés | ||||||
| SWAPS DE TIPOS DE INTERÉS - | ||||||
| FINANCIACIÓN TIPO FIJO | ||||||
| EUR | 553 | - 3 | 4,59% | 50 | 4,24 % | |
| - Moneda extranjera | 93 | $-1$ | 4,93 % | |||
| Contratos FRA - ventas | 250 | 3,40% | 1.000 | 2,52 % | ||
| Swaps de tipo de interés - variable / variable | 97 | $-1$ | 3,14 % | |||
| Cap compras | 100 | $\sim$ | 3,25 % | 200 | 2,70 % | |
| Opción O.C.E.A.N.E. 2017 | 838 | - 168 | 4,22 % | |||
| TOTAL PASIVOS (NOTA 17) | - 5 | $-168$ | ||||
| Instrumentos sobre tipos de cambio | ||||||
| Compras de moneda extranjera a plazo | 5.638 | - 305 | 18 | - 2 | ||
| Ventas de moneda extranjera a plazo | 156 | $-1$ | 1.870 | - 17 | ||
| Swaps de divisas | $-2$ | |||||
| Opciones de cambio - compras | 450 | - 10 | 275 | |||
| Opciones de cambio - ventas | 750 | $-11$ | ||||
| TOTAL PASIVOS (NOTA 21) | $-318$ | $-32$ | ||||
| Materias primas | ||||||
| Contratos a plazoventas | 79 | $-10$ | 129 | - 26 | ||
| Contratos a plazocompras | 167 | $-8$ | 57 | $-2$ | ||
| Swaps referenciados al índice de precios | ||||||
| de materias primas | $-2$ | 8 | - 6 | |||
| Opciones - ventas | $\tilde{\phantom{a}}$ | 205 | 35 | |||
| Opciones - compras | 86 | - 3 | ||||
| TOTAL PASIVOS | $-20$ | - 72 | ||||
| de los cuales, circulantes (Nota 21) | $-14$ | - 72 |
(*) Se han calculado los tipos fijos medios tomando como referencia los del euro y las monedas extranjeras. Los tipos variables se basan generalmente en el Euribor o el Libor.
| Los activos y pasivos asociados a instrumentos de tipo de interés se distribuyen según las siguientes fechas de vencimiento: | ||
|---|---|---|
| En milloges de euros | 2006 | 2005 |
| $\leq 1$ año | ||
| $1 - 5$ años | $\cdots$55 | |
| $> 5$ arios | ||
| TOTAL$\sim$ $\sim$ | ARRESTS AND63 | |
| Activos asociados a instrumentos de tipo de interés | 63 | |
| Pasivos asociados a instrumentos de tipo de interés | - 5 | |
| TOTAL | 63 | |
Los instrumentos de tipo de cambio corresponden a las siguientes divisas:
| En milliones de euros | Compras de divisas. | 2006 | 2005 | ||||
|---|---|---|---|---|---|---|---|
| Ventas de divisas | USD | CAF | LUR | JPYContract Contract | PIN | ||
| USD. | Contract Contractthe company of the company | The company of the company of the | the company's company's company's | ||||
| EURContract Contract | CONTRACTOR | -278 | $\cdots$ | $\sim$ $\sim$ $\sim$ | |||
| CADCOLLECTCONTRACTOR | 10,000 | 305 | - 7 | ||||
| PLN | Contract | The Contract State Con- | Contract Contract | the company's com- | the contract comments of the | ||
| 2006$\cdots$ | Contract Contract | Service | _____1.111 | CHARLES COMPANY | |||
| 2005Service | the contract of | Contract Contract | . | . |
Estados Financieros Consolidados otas a los Estados Financieros Consolidados
portes en millones de euros, salvo indicación de lo contrario)
INSTRUMENTOS FINANCIEROS Y DERIVADOS
rentos de metales base se refieren a las materias primas siguientes
| 2008 | 2005 |
|---|---|
| سيميعاAF | |
| sociados con instrumentos de materias primas | 66ЮZ |
| sociados con instrumentos de materias primas | יי |
| AР |
mentos de cobertura de metales base (zinc, níquel, aluminio, estaño y cobre) y petróleo se negocian en dólares estadounidenses (USD),que los relativos al gas y a la electricidad se negocian en libras esterlinas (GBP) y en
COMPROMISOS ENTREGADOS Y RECIBIDOS
intisos detallados en esta nota no induyen los mencionados en la nota 26.
Sos entregados
| -2000 | 2005 |
|---|---|
| ersonales sobre préstamos y créditos financieros a terceros188 | 133 |
| ales personales704. | 614 |
| 439m veilenden | 684 |
| descontados (pendientes de vencimiento) | 266 |
| 672tirsos de compra o enajenación de inmovilizado | 896 |
| 161mpromisos entregados. | |
| 2.164OMPROMISOS ENTREGADOS | 24280 |
| misos recibidos. |
les recibidos de sociedades no consolidade $343$ mpromisos recibidos $\overline{221}$ COMPROMISOS RECIBIDOS RRA лπ
rsonales sobre préstamos y créditos a terceros son garantias personales pera la eobertura de préstamos y créditos filiales no consolidadas y a filiales contabilizadas con arregio al método de puesta en equivalencia. personales incluyen prendas, garantias de pago a primer requerimiento, créditos documentarios, cartas de crédito simitares.
uliatios engloba sobre todo hipotecas por un importe de 296 millones de euros (212 millones de euros en 2004). omisos entregados se refieren a compromisos contraldos por el uso a largo plaza de bienes pertenecientes a terceros contraídos por arrendamientos operativos y a compromisos contraídos en el márco de programas de titultación.
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTE 28 - SEGMENT REPORTING
28.1. - Desglose por actividad
Las transacciones entre actividades de negocio se calculan a precios de mercado. El resultado operativo se muestra después de ajustes. Las diferentes actividades se presentan de acuerdo con el desglose aplicado por Arcelor Mittal. Los datos comparativos correspondientes a 2005 han diferentes actividades se presentan de acuerdo con el desglose aplicado por Arc sido convenientemente reformulados.
| 2006 | Productos | Productos | Productos | África. | Acero | Arcelor Mittal | Otras | Elimin- | lotal |
|---|---|---|---|---|---|---|---|---|---|
| (Cifras en millones de euros, | Planos América Planos Europa | Largos América | Asia.CEI | Inoxidable | Steel Solutions actividadesand Services | aciones | |||
| excepto el número de empleados) | y Europa | ||||||||
| Cuenta de pérdidas y ganancias | |||||||||
| Cifra de negocio | 5.291 | 18.524 | 7.696 | 310 | 5.422 | 8.437 | 1.507 | $-6.576$ | 40.611 |
| Ventas intersectoriales | $-273$ | $-3.448$ | $-1.192$ | $-131$ | 861 | $-671$ | 6.576 | ||
| TOTAL | 5.018 | 15.076 | 6.504 | 310 | 5.291 | 7.576 | 836 | 40.611 | |
| Resultado operativo bruto (EBITDA) | 1.137 | 2.159 | 1.631 | 63 | 745 | 384 | 203 | $-13$ | 5.903 |
| Amortizaciones | - 384 | - 454 | $-192$ | - 20 | $-142$ | $-68$ | - 38 | - 1.298 | |
| Depreciaciones | $-240$ | 76 | 2 | - 162 | |||||
| Resultado de explotación (antes de amortización | |||||||||
| de las diferencias de adquisición) | 753 | 1.465 | 1.515 | 45 | 603 | 316 | - 241 | - 13 | 4.443 |
| Diferencias negativas de adquisición | 11 | 11 | |||||||
| Resultado de explotación | 753 | 1.476 | 1.515 | 45 | 603 | 316 | $-241$ | $-13$ | 4.454 |
| Participación en beneficios de sociedades | |||||||||
| contabilizadas por el método de puesta en equivalencia | -33 | 255 | 34 | 1 | 32 | 8 | 363 | ||
| Balance de situación | |||||||||
| Activos del segmento | 4.514 | 9.987 | 5.467 | 472 | 3.011 | 2.488 | 23.314 | $-9.324$ | 39.929 |
| Inmovilizado material | 6.461 | 4.854 | 2.805 | 169 | 1.730 | 543 | 208 | 16.770 | |
| Inversiones en sociedades contabilizadas por el | |||||||||
| método de puesta en equivalencia | 191 | 1.089 | 172 | 229 | 112 | 1.793 | |||
| Activos no imputados | 3.117 | ||||||||
| TOTAL ACTIVO CONSOLIDADO | 4.705 | 11.076 | 5.639 | 472 | 3.011 | 2.717 | 23.426 | $-9.324$ | 44.839 |
| Pasivos del segmento | 1.708 | 6.607 | 2.115 | 153 | 1.632 | 1.917 | 2.351 | $-2.242$ | 14.241 |
| Pasivos no imputados | 8.512 | ||||||||
| TOTAL PASIVO CONSOLIDADO | 1.708 | 6.607 | 2.115 | 153 | 1.632 | 1.917 | 2.351 | 2.242 | 22.753 |
| ADQUISICIONES DE INMOVILIZADO | |||||||||
| MATERIAL E INMATERIAL | 837 | 718 | 445 | 7 | 155 | 99 | 37 | 2.298 | |
| Otras | |||||||||
| Número de empleados (media) | 16.366 | 39.970 | 21.148 | 906 | 11.790 | 10.559 | 3.196 | 103.935 |
とばんのから スター・ファイ
Estados Financieros Consolidados
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTE 28 - SEGMENT REPORTING CONTINUACIÓN
| 28.1. - Desglose por actividad | |
|---|---|
| 2005(Citras en millones de euros.excepto el número de empleados) | Productos | Productos | ProductosPlanos América Planos Europa Largos Américay Europa. | Africa.Asia.CEI | AcercInoxidable | Arcelor MittaiSteel Solutions actividadesand Services | Otras | Elimin-aciones | Total |
|---|---|---|---|---|---|---|---|---|---|
| Cuenta de pérdidas y ganancias | |||||||||
| Cifra de negocio | 1.928 | 17.085 | 6.618 | G | 4,028 | 8.656 | 1.008 | 6.712 | 32.611 |
| Ventas intersectoriales | -88 | 3.779 | $-1.146$ | 잎 | - 84 | - 973 | $-642$ | 6.712 | |
| TOTAL | 1.840 | 13.306 | 5.472 | ÷ | 3.944 | 7.683 | 366 | ä. | 32.611 |
| Resultado operativo bruto (EBITDA) | 847 | 2.944 | 1.371 | 173 | 328 | 16. | 3. | 5.682 | |
| Amortizaciones | $-177$ | - 678 | $-277$ | 124 | -84 | - 31 | 54 | $-1.371$ | |
| Depreciaciones | 34 | 71 | 44 | 77 | |||||
| Resultado de explotación (antes de amortización | |||||||||
| de las diferencias de adquisición) | 670 | 2.300 | 1.093 | 93 | 244 | -15 | з | 4.388 | |
| Diferencias negativas de adquisición | 43 | -18 | 10 | 29 | |||||
| Resultado de explotación | 670 | 2.301 | 1.111 | 93. | 254 | 15 | з. | 4.417 | |
| Participación en beneficios de sociedades | |||||||||
| contabilizadas por el método de puesta en equivalencia | 218 | 14 | 47 | :30 | 8. | 317 | |||
| Balance de situación | |||||||||
| Activos del segmento | 3.923 | 15.070 | 5.578 | φ | 4.171 | 3.707 | 8.944 | 9.713 | 31.680 |
| Inmovilizado material | 3.191 | 5.310 | 2.632 | ÷, | 1.877 | 542 | 215 | 13.767 | |
| Inversiones en sociedades contabilizadas por | |||||||||
| el método de puesta en equivalencia | 954 | 203 | 7 | 245 | 6. | 1.415 | |||
| Activos no imputados | 2.769 | ||||||||
| TOTAL ACTIVO CONSOLIDADO | 3.923 | 16.024 | 5.781 | ù. | 4.178 | 3.952 | 8,950 | $-9.713$ | 35.864 |
| Pasivos del segmento. | 221 | 6.956 | 1.720 | 1.476 | 1.766 | 2.817 | $-3.023$ | 11.933 | |
| Pasivos no imputados | 6.501 | ||||||||
| TOTAL PASIVO CONSOLIDADO | 221 | 6.956 | 1.720 | ŵ | 1.476 | 1.766 | 2.817 | $-3.023$ | 18.434 |
| ADOUISICIONES DE INMOVILIZADO MATERIALE INMATERIAL | 735 | 694 | 334 | 183 | 88 | 36 | 2.070 | ||
| Otras | |||||||||
| Numero de empleados (media): | 4.790 | 44.413 | 20.248 | 13.908 | 11.207 3.129 | 97.695 |
28.2. - Desglose por zona geográfica
| 2006 | Unión Europea | Norteamérica. | Sudamérica: | Otica | Fotol |
|---|---|---|---|---|---|
| (Cifras en millones de euros, excepto el número de empleados) | (UE 25) | ||||
| Cifra de negocio | 25.936 | 5.958 | 5.111 | 3.606 | 40.611 |
| Activos del segmento | 28.890 | 4.191 | 6.291 | 557 | 39.929 |
| Inmovilizado material | 7.707 | 3.216 | 5.662 | 1E5 | 16.770 |
| Resultado operativo bruto (EBITDA). | 3.386 | 440 | 1.995 | ¶:y | 5.903 |
| Resultado de explotación | 2.448 | 236 | 1.709 | - 61 | 4.454 |
| Adquisición de inmovilizado material e inmaterial | L.163 | 201 | 739 M | $\mathbf{M}$ | 2.298 |
| Número de empleados (media) | 69.335 | 12.346 | 20.920 | 1.334 | 103.935 |
(*) Incluye México
| 2005(Cifras en millones de euros, excepto el número de empleados) | Unión Europea(UE 25) | Normannerosy | Sudamerica | an an | Total |
|---|---|---|---|---|---|
| Cifra de negocio | 23.228 | 2.955 | 3.530 | 2.898 | 32.611 |
| Activos del segmento | 22.684 | 885 | 8.173 | 133 | 31.680 |
| Inmovilizado material | 8.188 | GW. | 5.499 | 13. | 13.767 |
| Resultado operativo bruto (EBITDA) | 3.936 | 68. | 1.659 | 19 | 5.682 |
| Resultado de explotación | 3.042 | 55 | 1.303 | 1.7 | 4.417 |
| Adquisición de inmovilizado material e inmaterial | 1.145 | 35 | 910 | 2.070 1 | |
| Número de empleados (media) | 7. JO 2. 1 | 1218 | 20.018 | 338 | 97.695 |
(*) Incluye México
Notas a los Estados Financieros Consolidados
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 29 - ACONTECIMIENTOS POSTERIORES AL CIERRE DEL EJERCICIO
El 26 de Enero de 2006, Mittal Steel y ThyssenKrupp AG suscribieron un acuerdo (Letter Agreement) en el que Mittal Steel se comprometió a obtener de Arcelor la venta de Dofasco a ThyssenKrupp en caso de que prosperase la oferta de adquisición de Arcelor por parte de Mittal Steel, y de que éste pudiera elercer un control de gestión efectivo sobre Arcelor "con la posibilidad de proceder a la venta de Dofasco". En los meses de marzo v abril de 2006. Arcelor adquirió el 100% de las acciones de Dofasco. El 3 de abril de 2006. Arcelor transfirió el 89% de las acciones de Dofasco a "Strategic Steel Stichting" (S3), una fundación holandesa independiente, retirando así la posibilidad de que Arcelor vendiese o enajenase por cualquier otra via dichas acciones sin el consentimiento de S3. El 25 de junio de 2006, Mittal Steel y Arcelor alcanzaron un acuerdo relativo a los términos de una oferta recomendada, en virtud de la cual Mittal Steel ha adquirido aproximadamente el 94% del capital social de Arcelor.
El 1 de agosto de 2006, el Departamento de Justicia de Estados Unidos (U.S. Department of Justice - "DOJ") anunció su decisión en virtud de la cual la adquisición de Arcelor por parte de Mittal Steel supondría una reducción significativa de la competencia en el mercado de productos de hojalata en el Este de los Estados Unidos, y presentó ante el Tribunal de Distrito de Washington D.C. (Estados Unidos) un acuerdo transaccional (Consent Decree), firmado por Mittal Steel y el DOJ el 11 de mayo de 2006. En dicho acuerdo se establecía la desinversión de Dofasco, o en caso de que Mittal Steel no pudiera llevar a cabo esta operación, debería proceder a la venta bien de sus instalaciones en Sparrows Point (Maryland) o de las de Weirton (West Virginia). El acuerdo estipula asimismo que la decisión sobre cuál de las dos plantas deberá ser objeto de desinversión queda a criterio exclusivo del DOJ. Se estableció asimismo que Dofasco se mantuviese como una unidad de gestión separada, independiente de otras actividades de Mittal Steel y Arcelor, hasta que se produjese la venta de Dofasco o hasta que el DOJ resolviese acerca de la desinversión alternativa de otra planta.
Una vez presentado el acuerdo (Consent Decree) ante los tribunales, los Consejos de Administración de Mittal Steel y Arcelor solicitaron formalmente al Consejo de Administración de S3 la disolución de la fundación para permitir la venta de Dofasco. El 10 de noviembre de 2006, el Conseio de Administración de S3 decidió por unanimidad no disolver la fundación y conservar las acciones de Dofasco, continuando así a impedir la venta de las mismas.
El 22 de diciembre de 2006 ThyssenKrupp AG inició un procedimiento legal sumano contra Mittal Steel ante el Tribunal de Distrito de Rotterdam. alegando el incumplimiento por Mittal Steel de los términos del acuerdo (Letter Agreement), al no haber logrado que Arcelor emprendiera acciones legales contra S3 a fin de lograr que ésta transfiriese las acciones de Dofasco a Arcelor para permitir su venta a ThyssenKrupp. La demanda pretendía, entre otras cosas, obtener del tribunal una resolución judicial que obligase a Mittal Steel a lograr que Arcelor emprendiese acciones legales en los tribunales holandeses para obligar a S3 a devolver las acciones de Dofasco a Arcelor. El 23 de enero de 2007, el Tribunal de Distrito de Rótterdam denegó la petición presentada por ThyssenKrupp para obtener una resolución judicial.
El 20 de febrero de 2007, el Departamento de Justicia de Estados Unidos notificó a Mittal Steel su decisión de seleccionar la planta siderúrgica de Sparrows Point, situada cerca de Baltimore (Marviand) para su desinversión en virtud del acuerdo transaccional (Consent Decree) presentado por el DOJ en agosto de 2006. En virtud de dicho acuerdo transaccional, la desinversión debería producirse en el plazo de noventa días a partir del 20 de febrero de 2007, sujeto a posibles ampliaciones por parte del Departamento de Justicia. La selección de la planta de Sparrows Point por el DOJ pone fin al periodo durante el cual Arcelor Mittal debe mantener a Dorasco como una unidad de gestión separada.
El 25 de septiembre de 2006, la Comissão de Valores Mobiliários ("la CVM"), el organismo regulador de los mercados bursátiles de Brasil, determinó que, como consecuencia de la adquisición de Arcelor por Mittal Steel, este último debía llevar a cabo una oferta pública para la adquisición de la totalidad de las acciones de Arcelor Brasil en circulación que no perteneciesen a Arcelor o a cualquier otra filial de Mittal Steel. Arcelor Brasil es una filial de Arcelor en la que éste posee una participación mayoritaria. El 26 de octubre de 2006, Mittal Steel presentó a la CVM una solicitud de registro relativa a dicha oferta, y presentó una solicitud modificada el 11 de enero de 2007. Según los términos de la solicitud de registro modificada presentada por Mittal Steel, el valor que se ofrecerla por cada acción de Arcelor Brasil es de 12,12 euros (cuyo pago puede ser aceptado en efectivo o como un pago mixto en efectivo y en acciones, a elección del tenedor), lo que representa un valor total de aproximadamente 2.600 millones de euros por la totalidad de las acciones de Arcelor Brasil.
El 12 de febrero de 2007, la CVM remitió un documento estableciendo que, de acuerdo con la forma en que la CVM interpreta las nomas aplicables, el valor que Mittal Steel debería ofrecer por cada acción de Arcelor Brasil debería ser de 4,57 euros en efectivo y 0,3942 acciones. ordinarias de Arcelor Mittal, sujeto a una serie de ajustes.
La decisión de la CVM es susceptible de recurso administrativo y de recurso de apelación ante los tribunales brasileños. Mittal Steel está actualmente evaluando las opciones a su alcance respecto a tal decisión.
NOTA 30 - DERECHOS DE EMISIÓN
Para el elercicio 2006, el volumen total de derechos asignados al Grupo asciende a 59 millones de toneladas. Los volumenes de emisión representaron 53,4 millones de toneladas a 31 de diciembre de 2006.
4 millones de toneladas de los 5,6 millones de superávit respecto a los derechos disponibles fueron vendidos en el mercado a lo largo de 2006, recibiendo por ellos 101 millones de euros. Este superávit está en parte ligado al cierre de algunas instalaciones productivas continentales y de forma más general, a la reducción voluntaria de los volumenes de producción durante el año.
NOTA 31 - ORGANIGRAMA SIMPLIFICADO DEL GRUPO
Deadoctor Disouw
Americas
Arcelor
Asia, África, CEL
Soc.Nat.
Sidérurg.
(Sonasid)
Marruecos
IG 64,86%
$(32.34)$
Provide tos Largos
Americas v Francia
Arcelor Profil
Luxembourg
Luxemburgo
IG 100.00%
Travi e Profilati
Aceralia Largos
IG 100.00%
$(100.00)$
Perfiles
Fsnaña
IG 100.00%
$(99.82)$
Italia
(ex ProfilARBFD)
Arcelor Atlantique CST & Lorraine Brasil Francia IG 100.00% IG 100.00% $(67.41)$ $(100.00)$
Progention Planes Europa
Arcelor Méditerranée rant Sollac) Francia 16-100.00% $(100.00)$
Arcelor Steel Belgium $(ant. SIDMAR)$ Bélgica IG 100,00% $(99.82)$
Arcelor Steel Belgium (ant. STAHLwerke Bremen) Alemania IG 70.00% $(67, 76)$
Cockerill Sambre Bélgica IG 100,00% $(100.00)$
Arcelor España
(ant. Aceralia Corp.) España IG 99.72% $(99.72)$
Acería Compacta de Bizkaia Fishana IG 80.00% $(79, 78)$
Arcelor Packaging International Francia IG 100,00% $(100, 00)$
Industeel Belgium Bélgica IG 100.00% $(100.00)$
Industeel France Francia IG 100.003 $(100.00)$
DHS Alemania PL 51.25%
$(51, 25)$
Vega do Sul Brasil IG 100.00 $(67.41)$
Dofasco Canadà IG 100.00% $(100.00)$
$(99.72)$ LME (Lam.March. Euron.) Francia PE 34.00% $(27.10)$
Arcelor Huta Warszawa Polania IG 100.00% $(100.00)$
Belgo Siderurgia Brasil IG 100.00% $(67.41)$
Acindar Argentina 16.66.33% $(44.38)$
Arcelor Bissen (ant. TrefilARBEI) Bissen) Luxemburgo IG 100.00% $(99.82)$
Arcelor Bettembourg rant. TrefilARBED Bettembourg) I uxemburgo IG 100.00% $(99.82)$
Arcelor Pine Bluff ant. TrefilARBI.D Arkansas) FE.UU. IG 100,00% $(79, 74)$
Mittal Steel Gandrange Francia IG 100.00% $(100, 00)$
Ugine & Alz Belgium Belgica IG 100.00% $(99.82)$
Across James delaine
Ugine & Alz France I rancia IG 100.00% $(100.00)$
Acesita Brasil IG 95.00% $(57.32)$
Imphy Alloys Francia IG 100.00% $(100.00)$
Imphy Ugine Précision Francia IG 100,00% $(100,00)$
Meusienne de Construction Francia IG 100.00% $(100, 00)$
Velasco Fspaña IG 100.00% $(99.72)$
Arceior Steel Solutions A Services (A3S)
Arcelor Distribution Francia IG 100.00% $(100.00)$
PUM Service Acier Francia IG 100.00% $(100.00)$
Arcelor International Luxemburgo IG 100.00% $(99.82)$
Arcelor Construction France IG 100.00% $(100.00)$
Arcelor Projects Spiral Mill Paises Baios IG 100.00% $(99.82)$
Aceralia Transformados España IG 100,00% $(99.72)$
Laminados
Luxembourg $(ex A\mathsf{R}\boxtimes\mathsf{D})$ .Luxemburgo IG 99.82% $(99.82)$
Citizens and
Arcelor
Arcelor France (ant. Usinor) Francia IG 100.00% $(100.00)$
Arcelor Brasil Brasil IG 67.41% $(67.41)$
Arcelor Finance Luxemburgo IG 100.00% $(99.82)$
Paul Wurth Luxemburgo $IG 48.10%$ $(48, 01)$
Circuit Foil Luxemburgo IG 89.98% $(89, 82)$
Potentiale de partiere comfailters chronoreal) for a c Whether has the monotonic function $\mathbb{R}^n$ . By orpotale (1980).
Leyenda:
Te Carmenberg (Hingkot Vietnam
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006
Perímetro de consolidación
352 sociedades consolidadas por integración global (además de Arcelor S.A.) 184 sociedades puestas en equivalencia
| Sociedad | Método deconsolidación | Pais | Participación enel capitalcontrolado ('A) |
|---|---|---|---|
| Productos Planos América | |||
| Subgrupo CST, que comprende las siguientes entidades: | |||
| Companhia Siderúrgica de Tubarão SA (CST), Serra | Global | Brasil | 100,000000 |
| CST Comercio Exterior SA, Vitória | Global | Brasil | 100,000000 |
| - CST Corporation BV, Amsterdam | Global | Holanda | 100,000000 |
| CST Overseas Ltd, Grand Cayman | Global | Islas Caimán | 100,000000 |
| - Skadden Consultadoria e Servicos Lda, Funchal, Madeira | Global | Portugal | 100,000000 |
| Subgrupo Dofasco Inc., Hamilton, que comprende 44 entidades | Global | Canadá | 100,000000 |
| Sol Coqueria Tubarão SA, Serra | Global | Brasil | 99,000000 |
| Solcan Fininvest Inc., Burlinton | Global | Canadá | 100,000000 |
| Tailor Steel America Lic, Nueva York | Global | Estados Unidos | 70,602704 |
| Vega do Sul SA, São Francisco do Sul | Global | Brasil | 99,999996 |
| Productos Planos Europa | |||
| Subgrupo ACB, que comprende las siguientes entidades: | |||
| Acería Compacta de Bizkaia SA, Sestao | Global | España | 80,004286 |
| - Acb. Acr Decapado Aie, Sestao | Global | España | 100,000000 |
| Aceros URS SA, Viladecans | Puesta en equivalencia | España | 45,024739 |
| Arcelor Ambalaj Celigi Sanayi ve Ticaret AS, Levent Estambul | Global | Turquía | 74,999931 |
| Arcelor Atlantique et Lorraine Sas, Saint Denis | Global | Francia | 100,000000 |
| Arcelor Bremen GmbH, Bremen | Global | Alemania | 70,000000 |
| Arcelor Commercial FCSE SA, Luxemburgo | Global | Luxemburgo | 100,000000 |
| Arcelor Dudelange SA, Dudelange | Global | Luxemburgo | 100,000000 |
| Arcelor España SA, Gozón | Global | España | 99,589962 |
| Arcelor Méditerranée Sas, Saint Denis | Global | Francia | 100,000000 |
| Arcelor Packaging SA, Saint Denis | Global | Francia | 99,999801 |
| Arcelor Packaging Belgique SA, Saint-Nicolas | Global | Bélgica | 100,000000 |
| Arcelor Packaging España SL, Gozón | Global | España | 100,000000 |
| Arcelor Packaging Italia Srl, Canossa | Global | Italia | 100,000000 |
| Subgrupo Arcelor Piombino, que comprende las siguientes entidades: | |||
| - Arcelor Piombino Spa, Florencia | Global | Italia | 99,79194 |
| - Societa Mezzi Portuali Piombino Spa, Piombino | Puesta en equivalencia | Italia | 50,000000 |
| Arcelor Planos Sagunto SL, Valencia | Global | España | 99,999998 |
| Arcelor Research SA, Saint Denis | Global | Francia | 99,779191 |
| Arcelor Steel Belgium NV, Bruselas | Global | Bélgica | 100,000000 |
| Arcelor Tailored Blank Bremen GmbH, Bremen | Global | Alemania | 100,000000 |
| Arcelor Tailored Blank Genk NV, Genk | Global | Bélgica | 100,000000 |
| Arcelor Tailored Blank Liège SA, Lieja | Global | Bélgica | 100,000000 |
| Arcelor Tailored Blank Lorraine SA, Uckange | Global | Francia | 99,984252 |
| Arcelor Tailored Blank Zaragoza SA, Pedrola | Global | España | 100,000000 |
| Borcelık Celik Sanyii Ticaret AS, Estambul | Puesta en equivalencia | Turquía | 40,466215 |
| Bre.M.A Warmwalz GmbH & Co KG, Bremen | Global | Alemania | 88,888889 |
| Bregal Bremer Galvanisierungs-GmbH, Bremen | Global | Alemania | 75,050000 |
| Cia Hispano-Brasileira de Pelotizacao SA, Vitoria | Puesta en equivalencia | Brasil | 49,111101 |
| Cockerill Sambre SA, Seraing | Global | Bélgica | 100,000000 |
| Subgrupo Coils Lamiere Nastri Spa, Caselette, que comprende 20 entidades | Puesta en equivalencia | Italia | 35,000000 |
| Comercial de Hojalata y Metales SA, San Adrián | Puesta en equivalencia | España | 22,999561 |
| Cortes y Aplanados Siderúrgicos SA, Barcelona | Global | España | 100,000000 |
| Daval Sas, Samt Denis | Global | Francia | 100,000000 |
| Dematch SA, Madrid | Global | España | 100,000000 |
| Continuing Diff. Dillinger Hütte Saarstahl AG, Dillingen, que comprende 15 entidades | Puesta en equivalencia | Alemania | 51,250000 |
| Essai Gebel Luomburg SA, Dudelange | Global | Luxemburgo | 100,000000 |
| complete the e-Acceptones Industrials Eda, Agueda | Puesta en equivalencia | Portugal | 39,999864 |
| Secure Cartage Automotion SL, Abadiano, que comprende 58 entidades | Puesta en equivalencia | España | 34,999996 |
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
| Sociedad | Método de | Pais. | Participación en |
|---|---|---|---|
| consolidación | el capitalcontrolado (%) | ||
| Subgrupo Industeel Belgium que comprende las siguientes entidades: | |||
| - Industeel Belgium SA, Charleroi | Global | Bélgica | 100,000000 |
| Aval Metal Center SA, Charlerol | Global | Bélgica | 100,000000 |
| Charleroi Déroulage SA, Charleroi | Global | Belgica | 100,000000 |
| Subgrupo Industeel France que comprende las siguientes entidades: | |||
| - Industeel France SA, Saint Denis | Global58 | Francia | 99.999400 |
| - Industeel Creusot Sas, Saint Denis | Global | Francie | 100,000000 |
| - Industeel Loire Sas, Saint Denis | Globalç. | Francia | 100.000000 |
| Metalúrgica Asturiana SA, Mieres | Global | España | 100,000000 |
| Ocas - Onderzoekscentrum voor Aanwending van Staal NV, Zelzate | Global | Bélgica | 100,000000 |
| R.Bourgeois SA, Besancon | Puesta en equivalencia | Francia | 29.996667 |
| Sidstahl NV, Gante | Global | E61-641 | 100,000000 |
| Usinor Auto SA, Saint Denis | Global | Francia | 99,969510 |
| Productos Largos Américas y Europa | |||
| Aceralia Redondos Comercial SA, Azpeitia | Global | España | 100,000000 |
| Subgrupo Acindar que comprende las siguientes entidades: | |||
| Acindar Industria Argentina de Aceros SA, Buenos Aires | Global | Aramba | 66,330000 |
| Acindar do Brasil Ltda, São Paulo | Global | Branji | 99,999999 |
| Acindar Pyrnes SA, Buenos Aires | Puesta en equivalencia | Arandeis | 50,000000 |
| Acindar Uruguay Indústria Argentina de Aceros SA, Montevideo | Global | Changes | 100,000000 |
| Agrinsa - Agro Industrial SA, La Rioja | Global | AF CHANGE | 100,000000 |
| Comercial Bagual Ltda, Santiago | Global | Chin | 100,000000 |
| Eco Oil SA, Buenos Aires | Puesta en equivalencia | LET SERVICE | 16,666667 |
| Elmec SA, Buenos Aires | Global | $\mathbb{C}^n$ , where | 99,999950 |
| - I.P.H. Saicf, Buenos Aires | Puesta en equivalencia | ANTIBET | 32,999950 |
| Performa SA, Buenos Aires | Global | Martin 19 | 100,000000 |
| Arcelor Bettembourg SA, Bettembourg | Global | II DI T | 100,000000 |
| Arcelor Bissen SA, Bissen | Global | Michael O | 100,000000 |
| Arcelor Comercial Barras SL, Azpeitia | Global | e e n | 100,000000 |
| Arcelor Commercial RPS Sarl, Esch s/Alzette | Global | Martin Ma | 100,000000 |
| Arcelor Commercial Sections SA, Esch s/Alzette | Global | KOLLOG | 100,000000 |
| Arcelor Dommeldange Sari, Luxemburgo | Global | Information | 100,000000 |
| Arcelor Fürstenfeld AG, Fürstenfeld | Globat | ATGGE | 96,502722 |
| Arcelor Huta Warszawa Spzoo, Varsovia | Global | 53200 | 99,999487 |
| Arcelor Laminados Zaragoza SA, Zaragoza | Global | - 500 | 100,000000 |
| Subgrupo Arcelor Perfiles que comprende las siguientes entidades: | |||
| - Arcelor Comercial Perfiles España SL, Madrid | Global大家 | LOOKS | 100,000000 |
| - Arcelor Bergara SA, Bergara | التذاها | Luxeto | 100,000000 |
| Arcelor Commercial Sections Rayleigh Ltd, Rayleigh | CENT | COLESSING | 100,000000 |
| Arcelor Long Commercial Bordeaux SA, Merignac | Global | at 02. 1 | 98,000000 |
| - Arcelor Long Commercial Torino Srl, Turin | GATI | mo | 100,000000 |
| - Arcelor Madrid SL, Madrid | CIONE | PAGE | 100,000000 |
| - Arcelor Olaberria SL, Olaberria$\sim$ $^{\prime}$ | COM | Expand | |
| - Aristrain Hispano Trade GrnbH, Düsseldorf | මෙන | 100,000000 | |
| Albrightie | 100,000000 | ||
| Fercome Trading SL, Valencia | েরতঃ | España | 100,000000 |
| lisacer 2000 SL, Zaragoza | Puesta en equivalenda | Enpaña | 50,000000 |
| Kramer and Sons Trading Co, Detroit | Puesta en equivalençia | 334001151000 | 50,000000 |
| Servicios Complementarios del Norte SL, Bilbao | Puesta en equivalencia | España | 49,000000 |
| Sobrinos De Manuel Cámara SA, Rentería | Puesta en equivalencia | España | 50,000000 |
| - Triturados Férricos SL, Madrid | Puesta en equivalencia | España | 33,300000 |
| Arcelor Pine Bluff Inc, Pine Bluff | Global | Estados Unidos | 62,962963 |
| Arcelor Profil Luxembourg SA, Esch s/Alzette | Global | Luxemburgo | 100,000000 |
| Arcelor Rodange SA, Rodange | 0051 | Luxemburgo | 80,467895 |
| Arcelor Sheffield Ltd, Sheffield | Global | Reino Unido | 100,000000 |
| Arcelor Zumárraga SA, Zumárraga | Global | España | 100,000000 |
| Asbm Sàri, Luxemburgo | Global | Luxemburgo | 100,000000 |
| Belgo Bekaert Arames Ltda, Contagem | Global | Brasil | 55,000000 |
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
| Socioaad | Método de | Pag. | Participación en |
|---|---|---|---|
| consolidar ión | el capital | ||
| controlado (2) | |||
| Belgo Bekaert Nordeste SA, Feira de Santana | Global | Brasil | 99,031811 |
| Belgo Siderurgia SA, Belo Horizonte | Global | Brasil | 99,999816 |
| Belgo-Mineira Participacão Indústria e Comercio SA, Belo Horizonte | Global | Brasil | 100,000000 |
| Belgo Mineira Uruguay SA, Montevideo | Global | Uruguay | 100,000000 |
| BelgoPar Ltda, Belo Honzonte | Giobal | Brasil | 100,000000 |
| Bemex International Ltd, Hamilton | Global | Bermudas | 100,000000 |
| Bmb Belgo Mineira Bekaert Artefatos de Arame Ltda, Vespasiano | Global | Brasil | 55,499970 |
| Brit Belgo Mineira Fomento Mercantil I tda, Belo Honzonte | Global | Brasil | 100,000000 |
| Caf Santa Bárbara Ltda, Belo Honzonte | Giobal | Brasil | 100,000000 |
| Cimaf Cabos SA, Osasco | Global | Brasil | 100,000000 |
| Industrias Zarra SA, Galdácano | Global | España | 100,000000 |
| Laminadora Costarricense SA, San José | Giobal | Costa Rica | 50,000000 |
| Subgrupo LME Laminés Marchands Européens SA, | Puesta en equivalencia | I rancia | 33,999260 |
| Inth Saint Leger, que comprende 3 entidades | Global | Francia | 99,999957 |
| Mittal Steel Gandrange SA, Gandrange | 100,000000 | ||
| Newco Sàri, Luxemburgo | Global | Luxemburgo | |
| Newco Sàrl & Cie Secs, Luxemburgo | Global | Luxemburgo | 100,000000 |
| Redaisa SA, Valladolid | Puesta en equivalencia | España | 26,000000 |
| San zeno acciai - Duferco Spa, San Zeno Naviglio | Puesta en equivalencia | Italia | 49.900001 |
| Travi e Profilati di Pallanzeno Spa, Pallanzeno | Global | Italia | 100,000000 |
| TrefilArbed Hungary Kft, Szentgotthárd | Global | Hungría | 100,000000 |
| TrefilArbed Kiswire Ltd, Kyung-Nam | Puesta en equivalencia | Corea del Sur | 50,000000 |
| Trefileria Colima SA, San José | Global | Costa Rica | 50,000000 |
| Usina Hidrelétrica Guilman-Amorim SA, Belo Horizonte | Puesta en equivalencia | Brasil | 51,000000 |
| Acero Inoxidable | |||
| Subgrupo Acesita que comprende las siguientes entidades: | |||
| Global | Brasil | 94,998913 | |
| Acesita SA, Belo Horizonte | Global | Argentina | 98,000000 |
| Acesita Argentina SA, Buenos Aires | Global | Brasil | 100,000000 |
| Acesita Centros de Serviços Ltda, Timóteo | Global | Brasil | 100,000000 |
| Acesita Lnergética Ltda, Belo Horizonte | Global | Islas Caimán | 100,000000 |
| Acesita Export and Trade Ltd, Gran Caiman | Islas Caimán | 100,000000 | |
| Acesita International Ltd, Gran Caimán | Giobal | 100,000000 | |
| Acesita Serviços Com. Ind. e Part. Ltda, Timóteo | Global | Brasil | 100,000000 |
| AP Participacoes SA, Belo Horizonte | Global | Brasil | |
| Inox Tubos Part, SA, Ribeirão Pires | Puesta en equivalencia | Brasıl | 43,850000 |
| Preservar Madeira Reflorestada Lida, Ipatinga | Puesta en equivalencia | Brasil | 50,000000 |
| Stainless Overseas Ltd, Gran Caiman | Global | Islas Caimán | (SPE) |
| AL Fin NV, Genk | Global | Bélgica | 99,996377 |
| Aimox Srl, Milán | Giobal | Italia | 100,000000 |
| Arcelor Stainless International SA, Saint Denis | Global | Francia | 99,997909 |
| Arcelor Stainless Processing Llc, Nueva York | Global | Estados Unidos | 100,000000 |
| Arcelor Stainless USA Lic, Nueva York | Global | Estados Unidos | 100,000000 |
| Global | Bélgica | 50,000000 | |
| Haven Genk NV, Genk | Global | Francia | 99,999829 |
| Imphy Alloys SA, Saint Denis | Global | Francia | 100,000000 |
| Imphy Mill Sas, Saint Denis | Globai | Francia | 100,000000 |
| Imphy Service Snc, Saint Denis | Global | Francia | 99,999916 |
| limphy Ugine Précision SA, Saint Denis | 100,000000 | ||
| Longton Aciers Spéciaux et Inoxydables SA, Strepy Bracquegnies | Global | Bélgica | |
| Matthey et Cie SA, Apples | Global | Suıza | 100,000000 |
| Matthey France Sas, Ancerville | Global | Francia | 100,000000 |
| ⊕Lattery Holding SA, Apples | Global | Suiza | 100,000000 |
| 13attlery 1ao, 1Edi nad Labem | Global | República Checa | 100,000000 |
| des and their p. Saint Denis. | Global | Francia | 100,000000 |
| t Service en el Balaccia I, Milan | Global | Italia | 100,000000 |
| Fig. 1999. A Websingle comprende las siguientes entidades: | |||
| 25 - Gerandal, Erkrath | Global | Alemania | 100,000000 |
| selve and Gribble Distributly | Global | Alemania | 100,000000 |
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
| Sociedad | |||
|---|---|---|---|
| Método deconsolidación | País | Participación enel capital | |
| controlado (%) | |||
| Société Meusienne de Constructions Mécaniques SA, AncervilleSociété Savoisienne de Métaux Sas, Annecy | Global | Francia | 99,911328 |
| Ugine & Alz SA, Saint Denis | Global | Francia | 100,000000 |
| Ugine & Alz Belgium NV, Genk | Global | Francia | 99,851852 |
| Global | Bélgica$\sim$ $\sim$ | 100,000000 | |
| Ugine & Alz France SA, Saint Denis | Global | Francia | 99,999978 |
| Ugine & Alz France Service Sas, Gonesse | Global | Francia | 100,000000 |
| Ugine & Alz Iberica SL, Viladecans | Global | España | 99,999480 |
| Ugine & Alz Italia Srl, Milán | Global | Italia | 100,000000 |
| Ugine & Alz Luxembourg SA, Rodange | Global | Luxemburgo | 100,000000 |
| Uginox Sanayi ve Ticaret AS, Gebze Kocaeli | Global$\mu \ll 1$ | Turquía | 65,000000 |
| Arcelor Steel Solutions & Services (A3S) | |||
| A3S Purchasing Sas, Reims | |||
| Aceralia Color Acero SL, Mutilva Alta | Global | Francia | 100,000000 |
| Aceralia Construcción Obras SL, Pamplona | Global | España | 100,000000 |
| AMD Sud-Ouest Sas, Langon | Global | España | 100,000000 |
| Arcelor Auto Processing Benelux SA, Flémalle | Global | Francia | 100,000000 |
| Global | Bélgica | 100,000000 | |
| Arcelor Auto Processing France Sas, Montataire | Global | Francia | 100,000000 |
| Arcelor Auto Processing UK Ltd, Willenhall | Global | Reino Unido | 100,000000 |
| Arcelor Avis SSC Ltd, Manchester | Global | Reino Unido | 100,000000 |
| Arcelor Centre Logistique Européen SA, Pétange | Global | Luxemburgo | 100,000000 |
| Arcelor Construcción España SL, Berrioplano | Global | España | 100,000000 |
| Arcelor Construction France SA, Rueil Malmaison | Global | Francia | 99,999059 |
| Arcelor Construction UK Ltd, St Helens | Global | Reino Unido | 100,000000 |
| Arcelor Distribution Sas, Reims | Global | Francia | 100,000000 |
| Arcelor Distribution Luxembourg SA, Esch s/Alzette | Global | Luxemburgo | 100,000000 |
| Arcelor International SA, Luxemburgo | Global | Luxemburgo | 100,000000 |
| Arcelor International America Llc, Nueva York | Global | Estados Unidos | 100,000000 |
| Arcelor International Antwerp SA, Amberes | Global | Bélgica | 100,000000 |
| Arcelor International Canada Inc., Burlington | Global | Canadá | 100,000000 |
| Arcelor International Export SA, Luxemburgo | Global | Luxemburgo | 100,000000 |
| Subgrupo Arcelor International Singapore que comprende las siguientes entidades: | |||
| Arcelor International Singapore Plc, Singapur | Global | ||
| - Arcelor International Malaysia Sdn. Bhd., Kuala Lumpur | Global | SingapurMalasia | 100,000000 |
| Arcelor Profil Sas, Yutz | Global | Francia | 100,000000 |
| Arcelor Projects NV, Overpelt | Global | Bélgica | 100,000000 |
| Arcelor Projects BV, Moerdijk | Global | 100,000000 | |
| Arcelor Projects International BV, Rótterdam | Global | HolandaHolanda | 100,000000 |
| Subgrupo Arcelor Projects Spiral Mill que comprende las siguientes entidades: | 100,000000 | ||
| Arcelor Projects Spiral Mill BV, Heijningen | Global | Holanda | |
| Byard Netherlands BV, Heijningen | Global | Holanda | 100,000000 |
| De Boer Spiral Mill BV, Heijningen | Global | 100,000000 | |
| De Boer Spiral Mill Vof, Heijningen | Global | Holanda | 100,000000 |
| Ircelor SSC Benelux NV, Geel | Global | Holanda | 100,000000 |
| wcelor SSC Development France Sas, Saint Priest | Global | Bélgica | 100,000000 |
| ircelor SSC España SA, Mutilva Alta | Global | Francia | 100,000000 |
| rcelor SSC España Salvatierra SL, Salvatierra | España | 100,000000 | |
| rcelor SSC France Sas, Reims | Global | España | 100,000000 |
| rcelor SSC Italia Srl, Milán | Global | Francia | 100,000000 |
| rosior SSC Polska Spzoo, Bytom | Giobal | Italia | 100,000000 |
| roelor SSC Sverige AB, Karlstad | Global | Polonia | 100,000000 |
| rcelor SSC UK Ltd, Willenhall | Global | Suecia | 100,000000 |
| roelor SSC UK Barking Ltd, Barking$\mathbb{C}^n$ | Global | Reino Unido | 100,000000 |
| rosior Steel Coat France Sas, Reims | Global | Reino Unido | 100,000000 |
| foolor Steel Service Centres Sas, Saint Ouen l'Aumone | Global | Francia | 100,000000 |
| K Mac Gowan Ltd, Halesowen | Global | Francia | 100,000000 |
| duriana de Perfiles SA, Langreo | Global | Reino Unido | 90,000000 |
| Global | España | 100,000000 |
$\bar{z}$
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
| Sociedad | Método deconsolidación | País | Participación enel capital |
|---|---|---|---|
| controlado (%) | |||
| Baechler Sas, Thionville | Giobal | Francia | 100,000000 |
| Berton Sicard Produits Métallurgiques Sas, Avignon | Global | Francia | 100,000000 |
| C.S.T.R. Sas, Reims | Global | Francia | 100,000000 |
| Chaillous Sas, Nantes | Giobal | Francia | 100,000000 |
| Cima Sas, Bertrichamps | Global | Francia | 100,000000 |
| Cofrastra SA, Fribourg | Global | Suiza | 100,000000 |
| Color Profil NV, Geel | Global | Bélgica | 100,000000 |
| Devillers Oxycoupage Sas, Hericourt | Global | Francia | 100,000000 |
| Dikema & Chabot Holding BV, Rótterdam | Global | Holanda | 100,000000 |
| Subgrupo Dikema Staal Nederland que comprende las siguientes entidades: | |||
| - Dikema Staal Nederland BV, Rotterdam | Global | Holanda | 100,000000 |
| - Dikema Projecten BV, Born | Global | Holanda | 100,000000 |
| Disteel NV, Machelen | Global | Bélgica | 100,000000 |
| Etablissement Alfred André Sas, Harfleur | Global | Francia | 100,000000 |
| Etablissements Jean Letierce et Cie Sas, Bolbec | Global | Francia | 100,000000 |
| Etilam SA, Saint Dizier | Global | Francia | 99,989231 |
| Eucosider Commercial SA, Pétange | Global | Luxemburgo | 100,000000 |
| Europerfil SA, L'Hospitalet | Puesta en equivalencia | España | 50,000000 |
| Europese Staal Prefabricatie NV, Geel | Global | Bélgica | 100.000000 |
| Ferrometalli-Safem Spa, Milán | Global | Italia | 98,397895 |
| Financieringsmaatschappij Dikema BV, Rótterdam | Global | Holanda | 100,000000 |
| Galva Service Sas, Bazeilles | Global | Francia | 100,000000 |
| Subgrupo Gonvarri Industrial SA, Madrid que comprende 18 entidades | Puesta en equivalencia | España | 29,850431 |
| Haironville Austria GmbH, Neuhofen | Global | Austria | 100,000000 |
| Haironville Guyane Sas, Cayenne | Global | Francia | 100,000000 |
| Haironville Metal Profil SA, Herstal | Global | Bélgica | 100.000000 |
| Haironville Portugal SA, Cartaxo | Global | Portugal | 99,988462 |
| Holding Gonvarri Srl, Bilbao | Puesta en equivalencia | España | 35,000140 |
| Jean Guille Sas, Yutz | Global | Francia | 100,000000 |
| Konti Steel Hellas AE, Marousi | Global | Grecia | 100,000000 |
| Subgrupo Laminados Velasco que comprende las siguientes entidades: | |||
| - Laminados Velasco SL, Basauri | Global | España | 100,000000 |
| - Aceralia Distribución SL, Basauri | Global | España | 100,000000 |
| Arcelor Distribução Portugal Spq, Ribatejo | Global | Portugal | 100,000000 |
| Arcelor Distribución Levante SL, Valencia | Global | España | 100,000000 |
| Arcelor Distribución Mediterraneo SL, Parets del Valles | Global | España | 100,000000 |
| Calibrados Pradera SA, Miravalles | Puesta en equivalencia | España | 50,000000 |
| - Grupo Velasco Desarrolio SL, Basauri | Global | España | 100,000000 |
| Laminados Comavesa SA, Basauri | Global | España | 100,000000 |
| Laminados Gonvelsa SL, Lugo de Llanera | Global | España | 100,000000 |
| Laminados Siderúrgicos Duero SA, Basauri | Global | España | 90,000000 |
| Laminados Siderúrgicos Orense SA, San Ciprián de Viñas | Global | España | 90,000000 |
| Laminados Siderúrgicos Sevilla SA, Alcalá de Guadaira | Global | España | 100,000000 |
| SA Productos Empresas Metalúrgicas, Salvatierra | Global | España | 100,000000 |
| Lardier et compagnie Sas, Blois | Global | Francia | 100,000000 |
| Laserflash SA, Eupen | Global | Bélgica | 100,000000 |
| Lille Aciers Sas, Lomme | Global | Francia | 100,000000 |
| Megaço Jma Comercio Siderúrgico Spq, Palmela | Puesta en equivalencia | Portugal | 38,666500 |
| Montan Staal BV, La Haya | Global | Holanda | 100,000000 |
| Mosacier SA, Lieja | Giobal | Bélgica | 100,000000 |
| Subgrupo Oriental Sheet Piling que comprende las siguientes entidades: | |||
| Onental Sheet Piling Sdn Bhd, Kuala Lumpur | Global | Malasia | 60.000000 |
| Oriental Sheet Piling Pte Ltd, Singapur | Global | Singapur | 100.000000 |
| Parements Metalliques d'Architecture Sas, Cerons | Global | Francia | 100,000000 |
| Plaques et Découpes France SA, Reims | Global | Francia | 99,9984 |
| Produit: d'Usines Métallurgques Pum-Station Service Acier SA, Reims | Giobal | Francia | 99,983629 |
| Product Metallurgques des Ardennes Sas, Donchery. | Giobal | Francia | 100,000000 |
| Predects Seterringtons de la Moselle Sas, Yutz | Global | Francia | 100,000000 |
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (COMINUACIÓN)
| Britannick in | |||
|---|---|---|---|
| Profil du futur Sas, Horbourg Wint | 100,000000 | ||
| Profilage de Guadeloupe Sas, Baie Mahault | 100,000000 | ||
| Profilage de la Martinique Sas, Fort-de-France | 100,000000 | ||
| Profilage de la Réunion SA, Le Port | 94,203612 | ||
| Subgrupo ProfilArbed Staalhandel que comprende las siguientes entidades | |||
| - ProfilArbed Staalhandel BV, Born | 100,000000 | ||
| AND-Steel NV, Schoten | 100,000000 | ||
| Borotrans Born BV, Born | $\sim$ | 100,000000 | |
| - Bouwstaal Nederland BV, Born | 100,000000 | ||
| - Demanet-Cassart Aciers SA, Sombrette | 100,000000 | ||
| - Leduc Trading NV, Schoten | 100,000000 | ||
| Limbustaal BV, Meersen | 100.000000 | ||
| Lommaert/Montan Wapeningsstaal BV, Nijmegen | 100,000000 | ||
| Lommaert Walsenjprodukten BV, Berri | 100,000000 | ||
| ProfilArbed Staalhandel Nederland BV, Born | 100,000000 | ||
| - Steelexpress NV, Schoten | |||
| 100,000000 | |||
| Profilsteel SA, Bouffloute | 100,000000 | ||
| Pum Paris-Normandie Sas, Savigny le Temple | |||
| 100,000000 | |||
| Pum Sud Est Sas, Lvon | 100,000000 | ||
| Robert Smith Steels Ltd, Mersyside | 100.000000 | ||
| Sipm Sas, Denain | 100,000,000 | ||
| S2I (Synergie Interactive Industrielle) Sas, Hericourt- | 88688820 | ||
| Savoie Métal Toiture Sas, Saint Jongz | $\mathcal{L}(\cdot \cdot)$ , $\mathcal{L}(\cdot \cdot \cdot \cdot)$ | ||
| JH Group Sci. Yutz | 000000000000000000000000000000000000000 | ||
| Sirus Sas, Saint Ouen l'Aumone | ${K_2}$ , ${K_3}$ , ${K_4}$ , ${K_5}$ | ||
| Subgrupo Skyline Steel que comprende las siguientes entidades: | |||
| - Skyline Steel Lic, Parsippany | ្រែង ខែ ស្រុក ស្រុក ស្រុកស្រុក ស្រុក ស្រុក ស្រុក ស្រុក | ||
| - Arkansas Steel Processing Ltc, Parsippany | MARRITH | ||
| - Arkansas Steel Processing Lic, Bessemer | STANKER (PARTIE) | ||
| - Associated Pile and Fitting Lic, Clifton | - 22.50 | $\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$ | |
| - Casteel Lic, Belpre | |||
| - Midwest Steel & Tube Lic, Chicago | CONDO | ||
| - PA Pipe Uc, Cartersville. | |||
| ជាកន្ល ី | |||
| Sheeting Solutions Lic, Parsippany | FETAL TELES | ||
| Skyline (Php) Canada Ltd, St Bruno | န်းပြီး ရောဂါ (၁) | ||
| - Skyline Canada Holding Inc., Parsippany | Lie egi e | ||
| Skyline Steel Pipe Lic, Luka | $\mathcal{L}$ is $\mathcal{L}$ in a | ||
| Sipm Atlantique Sas, Saint Nazaire | (វៀតគីតុត្ | ||
| Société Belge d'Oxycoupage SA, Liera | Kompet | ||
| Société de transports de produits d'usines Métallurgiques Sas, Reims, | 16.09 | ||
| Société Industrielle Métallurgique et d'entreprise Sas, La Chapelle Salin Live | |||
| Sotracier Sas, Pontcharra | |||
| ${V_{1},V_{2},V_{3},V_{4}}$ | |||
| Stalobrex Spzoo, Poreba | Terres | ||
| Steel Coat Service Centres SA, Alleur | FRANCE | ||
| Upac Sas, Saint Ouen Aumone | SAN ANG PANGAN | ||
| Africa, Asia, CEI | |||
| Nouvelles Sidérurgies Industrielles SA, Casablance | 50,000000 | ||
| Société Nationale de Sidérurgie SA, Al Aaroul | |||
| 64,860000 | |||
| Otras Actividades | |||
| ARCELOR SA, Luxemburgo | |||
| 4313267 Canada Inc.; Montreal | 100,000000 | ||
| Subgrupo Arbed Americas que comprende las siguientes entidades | |||
| - Arbed Americas Lic, Nueva York | 100,000000 | ||
| - Arcelor Internacional México SA, Tlainepantle | 100,000000 | ||
| Arcelor Acos Especiais do Brasil Ltda, São Paulo. | 99,999976 | ||
| Arcelor Brasil SA, Belo Honzonie | |||
| 66,72905 | |||
Estados Financieros Consolidados Estados Notas a los Estados Financieros Consolidados
활활 위원 장면의 가게 가까지 되는 사람들의 정치적이다.
.NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
$\mathbb{E} \left{ \mathcal{L}{\mathcal{A}} \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right) \left( \mathcal{L}{\mathcal{A}} \right)$
| Report | COMPortemperaturentMAGNETIA | |
|---|---|---|
| SLOWINGCORDOMISMORYcontrolatio (%) | ||
| Arcelor Constructalia SL, Berrioplano | 100,000000 | |
| Arcelor Finance and Services Belgium SA, Bruselas | 99,999998 | |
| Arcelor Finance Sca, Luxemburgo | 99.999998 | |
| Arcelor Finanziara Srt, Piombino | 100,000000 | |
| Arcelor France SA, Saint Denis | 99,999976 | |
| Arcelor Holding San, Luxemburgo | 100,000000 | |
| Arcelor Investment SA, Luxemburgo | 100,000000100,000000 | |
| Arcelor Investment Services SA, Luxemburgo | 100,000000 | |
| Arcelor Italy Holding Srl. Piombino | 99,824701 | |
| Arcelor Luxembourg SA, LuxemburgoArcelor Mittal Belgium Holding SA, Amberes | 100,000000 | |
| Arcelor Mittal Purchasing Sas, Saint Denis | 100.000000 | |
| Arcelor Netherlands BV, Amsterdam | 100,000000 | |
| Arcelor Persebras SL, Azpeitia | 100,000000 | |
| Arcelor Real Estate France SA, Hayange | 99,999703 | |
| Arcelor Recycling Sas, Saint Denne | 100,000000 | |
| Arcelor Spain Holding Srl, Madrid | 100,000000 | |
| Arcelor Steel Trading Netherlands BV, Rotterdam | 100,000000 | |
| Arcelor Systems Belgium SA, Flemalle | 100.000000 | |
| Arcelor Systems France Sas, Saint Denis | 100,000000 | |
| Arcelor Technologies France Sas, Saint Deris | 100,000000 | |
| Arcelor Treasury Snc, Saint Denis | 100,000000 | |
| Arcelor USA Holding Inc., Nueva York | 100,000000 | |
| Subgrupo Atic Services SA, Paris que comprende 21 entidades | 43,513975100,000000 | |
| Off Canada Investment Inc., Granty | 33,333401 | |
| CFL Cargo SA, Esch s/Alzette | 100,000000 | |
| Circuit Foil America Secs, GranbyCircuit Foil Luxembourg Sarl, Wiltz | 89.979841 | |
| Circuit Foll Service SA, Weidinger/Wiltz | 49,000000 | |
| Cockerill Forges and Ringmill SA, Seraing | 100,000000 | |
| Cockerill Mécanique Prestations SA, Seraing | 100,000000 | |
| Daf Group NV, Gante | 100,000000 | |
| Esperbras SL, Olaberria | 100,000000 | |
| Finindus NV, Bruselas | 100,000000 | |
| Finocas NV, Gante | 50,000000 | |
| Gees SA, Saint Derils | 99,940000 | |
| Groupement de l'Industrie Sidérurgique SA, Saint Denis | 99,908537 | |
| Groupement Immobilier Scri, Seraing | 100,000000 | |
| Immobilière Schlassgoart (Groupe Arbed) Senc, Luxemburgs | 100,00000099.671593 | |
| Imphy SA, Saint DenisInvestAR Sart, Luxemburgo | 50,000000 | |
| Subgrupe July Products que comprende las siguientes entidades | ||
| -July Products Lic, Nueva York | 100,000000 | |
| - RL Specially Steel International Sales Inc., Christiansfec | 100,000000 | |
| Paul Wurth SA, Luxemburgo | 48,097230 | |
| Sidanin Ny, Gamer | 99,999979 | |
| Sidarsteel NV Garre | 97,430000 | |
| Spoisid Sas, Hayang | 100,000000 | |
| STATES ASSISTENT | 99,997244 | |
| STOOD SANIERE | 99,800000 | |
| some soldete de Transport de Gaz SA, Luxemburgo | 20,000000 | |
| News SheAzette | 75,000000 | |
| The Manual General Bon SAVAN | 100,000000100,000000 | |
| THE PERSONS | ||
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN) Entidades no incluidas en la consolidación Sociedad País
| Sociedad | Pais | Porcentaje en el |
|---|---|---|
| 1) Empresas filiales no consolidadas (346 entidades) | сарда совводать (%) | |
| A.M.T. Sas, Trévoux | ||
| A.P.R. Sas, La Boisse | Francia | 100,000000 |
| A.S. Build SA, Lieja | Francia | 100,00000 |
| A'Tol Sas, La Ravoire | Bélgica | 100,000000 |
| Acdo Llc. Nueva York | Francia | 100,000000 |
| Aceralia Construcciones SL, Sestao | Estados Unidos | 100,000000 |
| Aciers Solcan Inc., Burlinton | España | 100,000000 |
| Agifep, Arbed Group Investors for Electronic Purchasing SA, Luxemburgo | Canadá | 100,000000 |
| Agifesa, Arbed Group Investors for Electronic Sales SA, Luxemburgo | Luxemburgo | 100,000000 |
| Airdix SA, Luxemburgo | Luxemburgo | 100,000000 |
| Ais Finance (Groupe Arbed) Snc, Luxemburgo | Luxemburgo | 100,000000 |
| Alpha Profil SA, Yutz | Luxemburgo | 100,000000 |
| Amsa Steel Service Centre Ltd, Johannesburgo | Francia | 99,760000 |
| Arbed Building Concepts SA, en proceso de cese de actividades, Esch s/Alzette | Sudáfrica | 65,000000 |
| Arc-Air SA, Luxemburgo | Luxemburgo | 100,000000 |
| Arc Detal Spzoo, Ostrowiec | Luxemburgo | 100,000000 |
| Arcelor Acelkereskedelmi Kft, Kecskemét | Polonia | 67,000000 |
| Arcelor Asia Management Services (Shanghai) Co. Ltd, Shanghai | HungríaChina | 99,967208 |
| Arcelor Assekuranz Vermittlungs-GmbH, en proceso de cese de actividades, Bremen | Alemania | 100,000000 |
| Arcelor Auto Brasil Ltda, São Paulo | 100,000000 | |
| Arcelor China holding (Luxembourg) Sarl, Luxemburgo | Brasil | 99,999882 |
| Arcelor Commercial Benelux FCSE BV, Rótterdam | LuxemburgoHolanda | 100,000000 |
| Arcelor Commercial Benelux FCSE NV, Merelbeke | 100,000000 | |
| Arcelor Commercial FCSE Greece Epe, Kifissia | BélgicaGrecia | 99,960000 |
| Arcelor Commercial Finland FCSE OY, Helsinki | Finlandia | 99.666667 |
| Arcelor Commercial France FCSE SA, Saint Denis | 100,000000 | |
| Arcelor Commercial Italy FCSE Srl, Milán | FranciaItalia | 99,966666 |
| Arcelor Commercial Long Finland OY, Helsinki | Finlandia | 100,000000 |
| Arcelor Commercial Long Polska Spzoo, Katowice | Polonia | 100,000000100,000000 |
| Arcelor Commercial Poland FCSE Spzoo, Poznan | Polonia | 100,000000 |
| Arcelor Commercial Rebar SA, Rodange | Luxemburgo | 100,00000 |
| Arcelor Commercial Sections Benelux BV, Rótterdam | Holanda | 100,000000 |
| Arcelor Commercial Sections France SA, Saint Denis | Francia | 99,99000 |
| Arcelor Commercial Sections Italia Srl, Turin | Italia | 100.00000 |
| Arcelor Commercial Sweden FCSE AK, Estocolmo | Suecia | 100.000000 |
| Arcelor Commercial Switzerland FCSE AG, Wettingen | Suiza | 99,916667 |
| Arcelor Commercial UK FCSE Ltd, Solihull-West | Reino Unido | 100.00000 |
| Arcelor Commercial Wire Drawing CZ Sro, Jesenice u Chebu | República Checa | 100,000000 |
| Arcelor Commercial Wire Drawing UK Ltd, Nantwich | Reino Unido | 100,000000 |
| Arcelor Construcción Iberia Srl, Madrid | España | 100.000000 |
| Arcelor Construction Baltic Uab, Vilnius | Lituania | 100,000000 |
| Arcelor Construction Nederland BV, Tiel | Holanda | 100,000000 |
| Arcelor Construction Norge AS, Klofta | Noruega | 100,000000 |
| Arcelor Consultants SA, Saint Denis | Francia | 99,840000 |
| Arcelor Distribuce - CZ Sro, Praga | República Checa | 100,000000 |
| Arcelor Distribúcia Slovensko Sro, Kosice | Eslovaquia | 100,000000 |
| Arcelor Distribucija Doo, Beograd | Serbia | 100,000000 |
| Arcelor Distribucija Doo, Cakovec | Croacia | 100,000000 |
| Arcelor Distributie Srl, Pantelimon | Rumania | 100,000000 |
| Arcelor Distribution Bulgaria Eood, Sofia | Bulgaria | 100,000000 |
| Arcelor Distribution France Sas, Nantes | Francia | 100,000000 |
| Arcelor Distribution Négoce Sas, Reims | Francia | 100,000000 |
| Arcelor Distribution Steel Solutions Sas, Reims | Francia | 100,000000 |
| Arcelor Dystrybucja Polska Spzoo, Katowice | Polonia | 100,000000 |
| Arcelor FCS Commercial Austria GmbH, Steyr | Austria | 100.000000 |
| Arcelor FCS Commercial CZ Sro, Praga | República Checa | 100,000000 |
ولمراجع والمراجل والمتحدث والمستشر
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN) Entidades no incluidas en la consolidación
| Societad | capital controlado (%) |
|---|---|
| Arcelor FCS Commercial Denmark A/S, Copenhague | 100,0000002. (西南东) (5) |
| Arcelor FCS Commercial Hungary Kft. Budapest | 100,000000atin ng |
| Arcelor FCS Commercial Iberica SL, Madrid | 99,999999 |
| Arcelor FCS Commercial Luxembourg SA, Dudelange | 100,000000 |
| Arcelor FCS Commercial Norway AS, Oslo | 100,000000 |
| Arcelor FCS Commercial Portugal Sul, Cascais | 100,000000 |
| Arcelor FCSE Celik Ticaret AS, Estambul | a mark99,998400 |
| Arcelor Holding México SA, México DF | grenacijaDanasti100,000000 |
| Arcelor Inoxidables de México SA, México DF | 99,999971Kana |
| Arcelor Insurance Belgium NV, Gante | 670 E100.000000 |
| Arcelor Insurance Consultants SA, Luxemburgo | 100,000000BARBON |
| Arcelor Interest France Sas, Saint Denis | 100,000000a arre |
| Arcelor International (Proprietary) Ltd, Sandton | ester may100,000000 |
| Arcelor International Africa SA, Casablanca | 99,966102tara de |
| S START OF STREETArcelor International Algérie Euri, Argel | 100,000000 |
| Arcelor International Baltics OU, Tallin | 100,000000 |
| Arcelor International Celik Dis Ticaret AS, Estambul | 99,999999MAR |
| Arcelor International Nordic AS, Oslo | 100,000000And all the |
| Arcelor International Steel Trading Shanghai Co. Ltd, Shanghai | 100,000000 |
| Arcelor International Ukraine Tob, Kyiv | SF.100,000000 |
| Arcelor Investeel France Sas, Saint Denis | 100,000000 |
| Arcelor IT & IS Italia Srl, Piombino | 100,000000 |
| Arcelor Italia Srl, Piombino | 100,000000فتنقظ |
| Arcelor Logistics Belgium NV, Amberes | REGION100,000000 |
| Arcelor Logistics Brazil Ltda, São Paulo | 90,000000 |
| Arcelor Logistics France SA, Saint Denis | sternetSkriva99,935135 |
| Arcelor Logistics Italia Srl, Milán | 100,000000 |
| Arcelor Logistics USA Lic, Nueva York | 100,000000 |
| Arcelor Long Commercial Austria GmbH, Salzburgo | 100,000000 |
| Arcelor Long Commercial Denmark AS, Copenhague | 100,000000100,000000 |
| Arcelor Long Commercial Norway AS, Oslo | 100,000000 |
| Arcelor Long Commercial Sweden AB, Estocolmo | 100,000000 |
| Arcelor Metal Endüstri Ve Ticaret AS, Estambul | بيروان100,000000 |
| Arcelor Mittal Global Finance SA, Bruselas | FREE COMPANY100,000000 |
| Arcelor Négoce Distribution - Europe Est SA, Luxemburgo | 100,000000 |
| Arcelor Negoce Distribution China Holding Ltd, Wanchal | 100,000000 |
| Arcelor Packaging Imprimerie Florange Sas, Saint Denis | 100,000000 |
| Arcelor Packaging Ukraina Tob, Belgorod | 90,000000 |
| Arcelor Projects Pte Ltd, Singapur | 100,000000 |
| Arcelor Projects UK Ltd, OII Kerit | 100,000000 |
| Arcelor Real Estate Belgium SA, Bruselas | 99,000000 |
| Arcelor Research Liège Scri, Lieja | 100,000000 |
| Arcelor RPS Italia Srl, TurinSection 25 | 100,000000 |
| Arcelor RPS UK Ltd, Solinum | 100.000000 |
| Arcelor Russia Holding (Luxembourg) Sarl, Luxemburgo | 100,000000SALDIL |
| Arcelar Sections Commercial Austria GmbH, Salzburgo | 100,000000 |
| Arcelor Sections Commercial Schweiz AG, Basel | San Art100,000000 |
| Arcelor Sections Commercial UK Ltd, Birmingham | 100,000000n atan |
| Arcelor Services et Solutions Aciers Maroc SAs, Casablanca | 99,000000 |
| Arcelor Servicios SA, Queretaro | 100,000000 |
| Arcelor Siderall SA, Cozón | 100,000000 |
| Arcelor SSC Development Italia Srl, Avigliana | 100,000000ROMANI |
| Arcelor SSC Slovakia Sro, Serica | 99,900000at nill |
| Arcalo Stainless (China) Company Ltd. Tsim Sha Tsui | 100,000000TENNIS |
| Architect Stainless Australia Pty Ltd. Southport | 100,000000 |
| Transferences Baltics Ou, Tallin | 100,000000 |
| Mrs. Political Canada Inc., Burlington | 99,999633 |
| A Bridge McLe Private the Mumber | 100,000000; |
| The Manufacturer of the Search Society |
Fi 2000 Sas, Limas
Finansider SA, Saint Denis
. . . . . .
$\label{eq:reduced} \begin{split} \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}{\text{R}}(\mathbf{r},\mathbf{r}) = \mathcal{L}_{\text{R}}(\mathbf{$
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN)
| Sociedad | Pais |
|---|---|
| Arcelor Stainless Singapore Pte Ltd, Singapur | Singapur |
| Arcelor Syców Spzoo, Syców | Polonia |
| _______________________________________Arcelor Systems España SL, Gozón | España |
| Arcelor Tailored Blank Gent NV, Gante | Bélgica |
| Arcelor Tailored Blank Senica Sro, Senica | Eslovaquia |
| Bélgica | |
| Arcelor Technologies Belgium SA, Flémaile | España |
| Arcelor Technologies España SL, Gozón2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 | Francia |
| Arcelor Top Sas, Reims | Luxemburgo |
| Arcelor Turkey Holding (Luxembourg) Sarl, Luxemburgo | Luxemburgo |
| Arcelor Wire Drawing Sarl, Bissen 1980 - Johann Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry Harry | Bélgica |
| Arceo SA, Flémalleand the communication | |
| Armar Prestação de Servicos Ltda, São Paulo 1990 - Alexandr Alexandr III, martin amerikan bisa dalam personal dan bisa dalam personal dan bisa dalam per | Brasil |
| Armasteel SA, Wavre | Bélgica |
| Armatures SA, Pontpierre | Luxemburgo |
| Association Coopérative Zélandaise de Carbonisation BV, en liquidación, Terneuzen | Holanda. |
| Assuraciers Snc, Saint Denis | Francia |
| Auxiliaire de Regroupement Financier d'Arcelor Sas, Saint Denis | Francia |
| Beijing Arcelor Shougang Steel Construction Co. Ltd, Beijing | China |
| Belgo Trade SA, Luxemburgo | Luxemburgo |
| ________Bemex Belgo-Mineira Comercial Exportadora SA, Belo Horizonte | Brasil |
| Holanda | |
| Blahove BV, Amsterdam | Brasil |
| Bme Belgo-Mineira Engenharia Ltda, Belo Horizonte | Brasil |
| Bms Belgo-Mineira Sistemas SA, Belo Horizonte | Alemania |
| Brema Warmwalz GmbH, Bremen | |
| C3S Sàrl, Saint Denis______________________________________$\frac{1}{2}$ . The contract of the contract of $\frac{1}{2}$ | Francia |
| CDSA SA, Buenos Aires.and complete the complete state of the state of the state of the state of the state of the state of the state of | Argentina |
| Cfa Management Inc., Granby2012 - 2013 - 2014 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 - 2024 | Canadá |
| Changzhou Uginox Products Company Ltd, Jiang Su | China |
| Circuit Foil Asia Pacific (Hongkong) Ltd, Kwai Chung$\begin{array}{cccccccccc} \hline \hline \hline \hline \hline \hline \hline \hline \hline \hline \hline \hline \hline $ | China |
| Circuit Foil Asia Pacific (Zhangjiagang) Ltd, Zhangjiagang | China |
| Circuit Foil Engineering Sarl, Weidingen/Wiltz | Luxemburgo |
| Circuit Foil Trading USA Inc., Glenside | Estados Unidos |
| Cofralux SA, Differdange | Luxemburgo |
| Polonia | |
| Coinvest Spzoo, Varsovia. | Federación Rusa |
| ColorProfil Ltd, Moscú 2000 - Jan James Barnett, mars et al. 19 | Singapur |
| Considar Private Ltd, Singapur$\cdots$ | Reino Unido |
| Contisteel Ltd, Barking. | Reino Unido |
| Contisteel (Holdings) Ltd, Barking | |
| Contisteel (Southern) Ltd, Barking | Reino Unido |
| Cordelia SA, Saint Denis | Francia |
| Corea SA, Senningerberg | Luxemburgo |
| Corporations Efficency Growth Through Information Systems Scrl, Ougrée | Вещса |
| Crois-sens Scrl, Ougrée | Вещса |
| Csn Chrome SA, Lieja | Béigico |
| Daval Nederland BV, Amsterdam 1989 - Alexandria Statistan e | Holanda |
| Dencrest Limited Plc, Nicosia | Chipre |
| المنادي المستنقل المستنقلة والمتار Landere-Arbed Distribution SA, Esch s/Alzette | Luxomburgo |
| ______________________________________ | Alemania |
| EBT - Electron Beam Technology GmbH, Bremenand the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion of the companion | Luxemburgo |
| Efoam SA, Luxemburgo. 1970 - Jan Alexandro Maria Alexandro III ( | Belgich |
| Ekosto NV, Sint Gillis Waas$\mathcal{L}(\mathcal{L}(\mathcal{L}))$ . The contract of the contract of the contract of $\mathcal{L}(\mathcal{L})$ | |
| Electro Holding Company SA, Luxemburgo. | Luxemburgo |
| Euro Cubage Services Sas, en liquidación, Ennery | Francia |
| F.P.C. Sas, Montelier Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract C | Francia |
| Fabest Sas, Ludres1.11111111111111111111111111111111111 | Francia |
| Ferrometalli Plaques et Découpes Srl, Calderara di reno$\frac{1}{2}$ | Italia |
| Fers et Maintenance Industriels Sàrl, Hayange | Francia |
| Fersthal Sagl, Lugano | Suiza |
| The component of the component of the component of the component of the component of the component of the component of the component of the component of the component of the component of the component of the component of |
22 - 23 A
$\mathcal{L}$
$1.11111111111111111111111111111111111$
and compared to the company of the measurement of the
Porcertaje en el capital controloire (S. 100,00000 100,000000 $100,000000$ 100,000,000 100,000000 100,000000 95,655994 100,00000 100,000000 100,000000 65.163934 99.999996 100.00000 100,000000 100.000000 100,000000 100,000000 70,000000 100,000000 100,00000 97,50000 100,000000 100,000000 100,00000 TOO OO RKKE тоодооооо -ногдариями FIZ, 3 BOOD $74,000000$ (BO ODDARR) 100,000,000 TOUT OURNANT 100,000000 100,00000 TOO DERNING 100,00000 3 (N) (NNNNN) TOO (NNNNN) HEST (NNXMM) звазимных 100,00000 HH Inzono 90,733333 100 000000 тоодооооо HOLDINARHI нитовнию 100,000000 100.000000 100,000000 100,000000 100,000000 100,000000 100,00000 100,000000 100,000000 99,000000 100,000000 99,999004
Francia
Francia
START OF THE START
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN) Entidades no incluidas en la consolidación
| Sociedad | Pais | Porcentaje en el | |
|---|---|---|---|
| Luxemburgo | capital controlado (%)99,999915 | ||
| Frecolux SA, Luxemburgo | Francia | 100,000000 | |
| Galva Service Réunion Sas, Saint Paul | Béigica | 50,950604 | |
| Geopar SA, en liquidación, Couillet | Francia | 100,000000 | |
| Gepor Sas, Illange | Luxemburgo | 100,000000 | |
| Geprolux SA, Luxemburgo | Luxemburgo | 100,000000 | |
| Gie Primus®fonte, Luxemburgo | Francia | 66,018226 | |
| Groupe Alliance Métal SA, Arnas | Francia | 99,993600 | |
| H & E SA, RombasH & E Wallonie SA, Flémalle | Bélgica | 100,000000 | |
| Bélgica | 100,000000 | ||
| Haidon Hubin SA, LiejaHaironville Bohemia Sro, Ceske Budejovice | República Checa | 100,000000 | |
| Haironville Danmark AS, Rodovre | Dinamarca | 100,000000 | |
| Haironville do Brasil Industria e Comercio Lta, São Paulo | Brasil | 100,000000 | |
| Haironville Hungaria Kft, Budapest | Hungría | 100,000000 | |
| Haironville Nederland BV, Tiel | Holanda | 100,000000 | |
| Haironville Polska Spzoo, Poznan | Polonia | 100,000000 | |
| Haironville Slovensko Sro, Bratislava | Eslovaquia | 100,000000 | |
| Haironville Sverige AB, Karlstad | Suecia | 100,000000 | |
| Hughes and Spencer Steel Ltd, Willenhall | Reino Unido | 99,992672 | |
| Huta Serwis Spzoo, Varsovia | Polonia | 100,000000 | |
| icpe immob.du Centre Polyv.de l'Enfance Sàrl, Luxemburgo | Luxemburgo | 100,000000 | |
| Imhua Special Metal Co. Ltd, Foshan | China | 65,000000 | |
| Immobilière Campus Sarl, Luxemburgo | Luxemburgo | 100,000000 | |
| Immobilière Cité Judiciaire 2025 Sàrl, Luxemburgo | Luxemburgo | 100,000000 | |
| Immobilière Contourdiff Sarl, Luxemburgo | Luxemburgo | 100,000000 | |
| Immobilière Drai Eechelen Sarl, Luxemburgo | Luxemburgo | 100,000000 | |
| Immobilière Justicia 2026 Sàrl, Luxemburgo | Luxemburgo | 100,000000 | |
| Immobilière Tudor Sàrl, Luxemburgo | Luxemburgo | 100,000000 | |
| Impeco SA, San Luis | Argentina | 99,999898 | |
| Imphy Alloys Nevada Inc., Nueva York | Estados Unidos | 100,000000 | |
| Imphy Deutschland GmbH, Erkrath | Alemania | 100,000000 | |
| Imphy Far East Co. Ltd, Kowloon | China | 99,993103 | |
| Imphy Italiana Srl, Turin | Italia | 100,000000 | |
| Imphy Ugine Precision BV, Amsterdam | Holanda | 100,000000 | |
| Imphy Ugine Precision Espana SA, Viladecans | EspañaSuiza | 100,00000094,000000 | |
| Imphy Ugine Precision Suisse SA, Préverenges | 100,000000 | ||
| Imphy Ugine Precision UK Ltd, Buckinghamshire | Reino UnidoCanadá | 100,000000 | |
| Industeel Canada Inc., Montreal | Alemania | 100,000000 | |
| Industeel Deutschland GmbH, Grevenbroich | Bélgica | 100,000000 | |
| Industeel Benelux NV, Malines | Italia | 100,000000 | |
| Industeel Italia Srl, MilanoIndusteel UK Ltd, Worcester | Reino Unido | 100,000000 | |
| Inspection, Protective Survey and Certification Bureau - Insurec SA, Bruselas | Bélgica | 100,000000 | |
| Instituto Técnico de la Estructura del Acero SL, Villafranca de Ordizia | España | 69,750000 | |
| Intersteel BV, Rótterdam | Holanda | 100,000000 | |
| Isc Holdings Inc., Nueva York | Estados Unidos | 100,000000 | |
| Itauna Siderúrgica Ltda, Itaúna | Brasil | 100,000000 | |
| IUP Deutschland GmbH, Erkrath | Alemania | 100,000000 | |
| K.I.V. I NV, Genk | Bélgica | 99,998951 | |
| Kontirom Trade Spa, Pantalimon | Rumania | 99,999642 | |
| Krisper Doo, Kranj | Eslovenia | 100,000000 | |
| L'équipement par l'acier inoxydable SA, Saint Denis | Francia | 99,833000 | |
| Lapandry Acier Sàrl, Casablanca | Marruecos | 100,000000 | |
| Laser Welded Blanks Ltd, Londres | Reino Unido | 100,000000 | |
| Lasram Technology Kft, Szentendre | Hungría | 100,000000 | |
| Le Fer à Béton Sas, Yutz | Francia | 100,000000 | |
| Loxembourg Steel (Si Chuan) Co. Ltd, Chengdu | China | 100,000000 | |
| Matthey Iberica Comercial Tubo Inoxidable SL, Barcelona | España | 100,000000 | |
| Matthey UK Ltd, Dudley | Reino Unido | 100,000000 |
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
NOTA 32 – LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN).Entidades no incluidas en la consolidación
| Sociedad. | Pais: | Porcentaje en el |
|---|---|---|
| Matthey US Lic, Nueva York$\alpha = \alpha = \alpha , \delta$ .$\alpha$ , $\alpha$ | Estados Unidos | capital controlado (%)100,000000 |
| Mecachim SA, Lusignan | Francia | 99,833333 |
| Memnous SA, Saint Denis | Francia | 99,842932 |
| Metaalzetterij de Betuwe BV, Tiel | Holanda | 100,000000 |
| Metal Presse Sàrl, Saint Denis | Francia | 99,800000 |
| Metalimphy Precision Alloys Inc., Collegeville | Estados Unidos | 100,000000 |
| Midi Aciers Profils Génie Civil SA, Beauzelle | Francia | 99,995872 |
| Mittal Steel Marketing France SA, Amnéville | Francia | 99,986882 |
| Nango SA, Saint Denis | Francia | 99,842932 |
| Norsteel Corp. Inc., Nueva York | Estados Unidos | 100,000000 |
| Orsane SA, Saint Denis | Francia | 99,837838 |
| Osirus SA, Saint Denis. | Francia | 99,760000 |
| P.P.Z. Crapex Spzoo, Cracovia | УĘ.Polonia | 100,000000 |
| PPZ. Silscrap Spzoo, Bielsko Biala | Polonia | 100,000000 |
| Palfroid SA, Carignan | Francia | 99,993879 |
| Paul Wurth AS, Ostrava | República Checa | 100,000000 |
| Paul Wurth Inc., Canonsburg1977 | Estados Unidos | 100,000000 |
| Paul Wurth Ltd, Burlington | Canadá | 100,000000 |
| Paul Wurth Belgium SA, Bruselas | Bélgica | 100,000000 |
| Paul Wurth de Chile Ltda, Santiago | Chile | 100,000000 |
| Paul Wurth de México SA, Monclova | México | 99,000000 |
| Paul Wurth do Brasil Tecnologia e Equipamentos Para Metalurgia Ltda, Belo Horizonte | Brasil | 100,000000 |
| Paul Wurth Iberica Srl, Gijón | España | 100.000000 |
| Paul Wurth India Plc, Nueva Delhi | India | 100,000000 |
| Paul Wurth International SA, Luxemburgo | Luxemburgo | 100,000000 |
| Paul Wurth Italia Spa, Génova | Ralia | 100,000000 |
| Paul Wurth Kovrov Ltd, Kovrov | Federación Rusa | 55,000000 |
| Paul Wurth Metal Technology Co. Ltd, Beijing | Ý.China | 100,000000 |
| Paul Wurth Refractory & Engineering GmbH, Wiesbaden | Alemania | 100,000000 |
| Paul Wurth Umwelttechnik GmbH, Essen | Alemania | 100,000000 |
| PB Transfer Spol Sro, Bohutin | República Checa | 100,000000 |
| Perfilor SA, São Paulo | Brasil法通定 | 50,997505 |
| Perry Investments Ltd, Willenhall | Reino Unido | 100,000000 |
| Philaeus SA, Saint Denis11. PR 12 | Francia | 99,842932 |
| Plaques et Découpes Services SA, Eupen | Bélgica | 100,000000 |
| Pliage Midi Pyrenees Sas, La Magdeleine sur Tam | Francia | 100,000000 |
| Plima Sas, Mallemort | Francia. | 100,000000 |
| Pre-Finished Steels Ltd, Willenhall | Reino Unido | 100,000000 |
| Prekon Spzoo, Starachowice | Polonia | 100,000000 |
| Primorec SA, Differdange | LuxemburgoVE SK | 100,000000 |
| Profilage de Saint-Martin Sas, Saint Martin | Francia | 100,000000 |
| Profilage Dominicana SA, Santo Domingo | República Dominicana | 87,025547 |
| Rahns Specialty Metals Inc., Collegeville | Estados Unidos | 100,000000 |
| Reca Metal Srl, Bucarest | Rumania | 100,000000 |
| Retrimeuse Scrl, Seraing | 25 OBélgica | 76,000000 |
| Rwm Rohrwerke Muldenstein GmbH, in bankruptcy, Muldenstein | Alemania | 100,000000 |
| Safem Distribuzione Srl, Tavagnacco | Italia | 100,000000 |
| Sci des 1 et 3 de la place Max Rousseaux, Reims | Francia | 100,000000 |
| Sci Espace Saint Léonard, Nantes | Francia | 100,000000 |
| Sci Kuntzig, Yutz | Francia | 100,000000 |
| Sci Marly, YutzSibral Participações Ltda, Belo Horizonte | Francia | 100,000000 |
| Sidlease NV, Gante | Brasil | 100,000000 |
| E Maria73 | 100,000000 | |
| Sidmar Finance (Groupe Arbed) SA, LuxemburgoSitek Srl, Turín | B.LOCAL COMPOS | 100,000000 |
| Skyline Comercial de México SA, México DF | ŴFAIL$\sim$ | 100,000000 |
| SLP - Société Lorraine de Plaques SA, Yutz | Di mener | 100,000000 |
| Sobesteel SA, Wavre | K.ando | 99,760000 |
| Société Carolorégienne de Cokéfaction SA, en liquidación, Lieja | permenins f | 100,000000 |
| EA LA | 85,785133 |
Estados Financieros Consolidados Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN) Entidades no incluidas en la consolidación
Sanadia Société Civile Immobilière du 3 rue de l'industrie à Basse-Yutz, Yutz Société de Gestion pour la Protection Sociale SA, Saint Denis Société des Mines d'Ottange II Sarl, en proceso de cese de actividades, Yue Société des Mines de Sacilor - Lormines SA, Saint Denis Société du Train Universel de Longwy SA, Hayange Société Immobilière Audunoise SA, Audun le Tiche Société Immobilière du Fort Thungen Sarl, Luxemburge Société Métallurgique de Revigny Snc., Revigny sur OrnalisSociété Nouvelle de Participation dans les Produits Plats SA, Saint Denis Société pour la Réalisation d'Études Techn. et Econom, en Sidérurgie San, Saint Densi. Sollac Acos SA, Lisboa Somer SA, LiejaSteel Finance Center Wy Geet Steelhold Pic, St AlbangSteelinter (UK) Ltd, St Albang Société du Train à Fil de Schifflange SA, Escri s/Aixette à 1898 et Sylar SA, Saint Denis Tailor Steel Deutschland GmbH, Bremen and Press Terrier Sas, Arrias Tôlerie Industrielle et Agricole du Centre Sas, Herbaut, 302022 TradeArbed España SA, MadreyTradeArbed France SA, ParksTrans Ocean Logistics BV, Ilssel TrefilArbed Benelux BV s'Hertogenbosch Terliniveu un sing ChebTerliArped France SA, VincennesTrefliArped Greenhouse SA, Bissen TrefilArbed Grembergen SA, en proceso de cese de actividades, Luxemburge TrefilArbed Italia Srl, en liquidación, Milano Uci SA, Fleurus Uf Aciers - Groupe Industeel Sas, Saint Denis Digine & Alz Austria GmbHy AnsfelderUgine & Alz Austria GmbHy AnsfelderUgine & Alz Nordic AB, Eskilstum & Company and Company and Company and ugue & Alz Polska Spzoc, Bytom and all alternatives Ugine & Alz Praha Sro, Riaga .Ugne & Alz Suisse SA, Niedennast as a SA (1983–1983)Ugne & Alz UK Ltd, Notting Lan Ugine Nederland BV, em liquidad on Amsterdam Ugine Portugal Spq. Lisboa Ugino: Metham company Kolakung Yare a wire year a w .Unikonu Star Saint DenisUnikonu Staal Lice Beograp Union des Consommateurs de Ferralités de France SA: Saint Dents United Continental Steels Ltd, Hattleid and Continent Usinor Industeel (Iberica) SA, St. Cugat de VallesUsinor Industeel (USA) Inc., WilmingtonUsinor Industeel Nordic AB Wastra Froknda .Valedėr Sas, Reims (1999)Valedėr Sas, Reims (1999) Macler Sas, Reims awaltungsgesellschaft RAG-Beteiligung mbH, Essen r mierste ASAPren.1916: Kolomos As Seieling – As Seieling SCARING SAL Seteinary TAL MODAGA WALDER ess asociadas no consolidadas (63 entidades) ha Son Adam Physical Accounts and the VII RAMANTARA ERA programatica"Nelso" 21
REACHING CONSUSSION AND REACH
Company of the Company of the Company of the Company of the Company of the Company of the Company of the Compa
100.000000 99.800000 99.966667 100,000000 99,999994 99.955057 60.000000 100,000000 99,760000 76,300000 99,200000 60,000000 100.000000 99,999997 100,000000 100,000000 99.837838 100,000000 100,000000 100,000000 100,000000 99,900000 100,000000 100,000000 80,000000 99,828571 80.000000 100.000000 100.000000 100.000000 100,000000 100.000000 100,000000 100,000000 100,000000 100,000000 100,000000 100,000000 98.000000 70,000000 64,000000 100,000000 99,960000 100,000000 100,000000 100,000000 100,000000 100,000000 100,000000 65,000000 100,000000 100,000000 100,000000 100,000000 50,000000 50,000000 40,000000 45,000000
그 그는 소리를 하는 부모님의 소리를 보고 있다. 그 사람들은 다음 e sa kata sa maga sa sa katika sa sa sa sa sa sa sa sa sa sa sa sa sa
Notas a los Estados Financieros Consolidados
NOTA 32 - LISTADO DE LAS SOCIEDADES DEL GRUPO, SITUACIÓN A 31 DE DICIEMBRE DE 2006 (CONTINUACIÓN) Entidades no incluidas en la consolidación .Mahair
| Sociedad | País | Porcentaje en el |
|---|---|---|
| Arcelor Construction Magreb SA, Ben Arous | Tunisia | capital controlado (%) |
| Arcelor Neel Tailored Blank Private Ltd, Nueva Delhi | India-54 | 49,999000 |
| Barnesa Celik Servis Sanayii Ticaret AS, Orhangazi | Turquía | 50,000000 |
| Bamesa Otel Spa, Bucarest | 39,990700 | |
| Cjsc "Severgal" Ltd, Cherepovets | Rumania | 40,000000 |
| Compagnie des Fers Sàrl, en sommeil, Lyon | Federación Rusa | 25,010000 |
| Comptoir Belge des Cokes Scrl, en liquidación, Bruselas | Francia | 50,000000 |
| Considar do Brasil Ltda, Belo Horizonte | Bélgicar Siya. | 20,130000 |
| Dikema Steel Sdn Bhd, Kuala Lumpur | Brasil | 20,000000 |
| Enersid SA, París | Malasia | 30,000000 |
| xEnsilectric SA, Llanera | Francia | 49,800000 |
| España | 40,000000 | |
| Erzkontor Ruhr GmbH, EssenEspra Sas, Saint Denis | Alemania | 33,333023 |
| Euratool SA, Raismes | ud diFrancia76. | 35,000000 |
| Forges Profil AG, Kirchdorf | Francia | 24,901639 |
| Fti Faserbetontechnik GmbH, St.Florian a/Inn | Suiza | 25,000000 |
| Austria | 33,333333 | |
| Global Facilities SA, Luxemburgo | Luxemburgo | 33,333333 |
| Immobilière 2007 Sàri, Luxemburgo | Luxemburgo | 50,000000 |
| Innovative Gasverwertungs-GmbH, en proceso de cese de actividades, Bremen | Alemania595 달 (3 | 50,000000 |
| IUP Jindal Metals & Alloys Ltd, Nueva Delhi | India | 27,000000 |
| Kanzen Stainless Processors Sdn Bhd, Kuala Lumpur | Malasia | 30,000000 |
| Kr Wertstoffaufbereitungs-GmbH, Bremen | Alemania | 25,100000 |
| La Filière Bois Scri, Ougrée | Bélgica | 33,333333 |
| La Revue de Métallurgie SA, Saint Denis | Francia | 43,044000 |
| Les Haultes Trixhes ScrI, FlémalleLuxcontrol SA, Esch s/Alzette | Bélgica | 22,860838 |
| Nord-Chrome Snc, Grande Synthe | Luxemburgo | 22,000000 |
| Francia | 50,000000 | |
| Pbm Picchioni BM Distr. de Tít. e Val. Mobil. SA, Belo HorizontePhenix Rousies SA, Rousies | Brasil | 48,999991 |
| Portal NV, en liquidación, Bruselas | Francia | 25,565161 |
| Bélgica | 39,999988 | |
| Profilage Océan Indien SA, Riche TerrePromopanel Srl, Piombino | Mauricio | 49,000000 |
| Italia | 50,000000 | |
| Retrival Scrl à finalité sociale, Couillet | Bélgica수요 상원 | 33,311111 |
| Rolanfer Recyclage SA, Yutz | Francia | 40,000000 |
| Shanghai Baosteel & Arcelor Tailor Metal Co. Ltd, Shanghai | China | 25,000000 |
| Société de développement AGORA Sàrl, Esch s/Alzette | Luxemburgo | 50,000000 |
| Société de développement AGORA Sàrl et Cie, Esch s/Alzette | LuxemburgoPatrick (* | 49,964589 |
| Société de Pose Armatures Travaux Publics Sàrl, Marignane | Francia | 37,500000 |
| Société des Arquebusiers de la Ville de Luxembourg SA, en liquidación, Luxemburgo | Luxemburgo | 33,391710 |
| Société du Canal des Mines de Fer de la Moselle Sas, Metz | Francia | 25,913497 |
| Société du Port Fluvial de Mertert SA, Mertert | Luxemburgo | 40,000000 |
| Société Liègeoise de Gestion Foncière SA, LiejaSodie SA, París | Bélgica | 50,000000 |
| Francia | 44,999333 | |
| Sorepark SA, Hagondange | Francia | 26,295794 |
| Steel 24- 7 NV, Drogenbos | Bélgica | 50,000000 |
| Steeltrack SA, Saint DenisTelindus SA, Stassen | Francia | 33,296296 |
| Luxemburgo | 35,307000 | |
| TMT - Tapping Measuring Technology GmbH, Siegen | Alemania | 50,000000 |
| TMT - Tapping Measuring Technology Sarl, Luxemburgo | Luxemburgo | 50,000000 |
| TradeArbed México SA, en proceso de cese de actividades, México DF | México | 49,000000 |
| Tramway Sàrl, en liquidación, Saint Julien lès Metz | Francia | 22,857143 |
| Union pour la promotion des industries de l'Appertisé Sàrl, París | Francia | 33,333333 |
| Union pour le service de l'électricité SA, en liquidación, Briey | Francia46 | 43,300000 |
| United Slitting Services Ltd, Halesowen | - 196Reino Unido | 39,000000 |
| Wansey Limited Plc, Limasol | Chipre | 50,000000 |
| - and its subsidiary Ooo TA Rus Ltd, Orel | Federación Rusa | 19,800000 |
| Weserport GmbH, Bremen | Alemania238 | 49,000000 |
| WKS Pty. Ltd, WollongongWSA - Warehouses Service Agency Sàrl, Sanem | Australie234 | 33,333333 |
| Committee Committee Committee Committee Committee Committee Committee Committee Committee Committee Committee | 25 000000 - |
Informe de Auditoria
A los Accionistas de Arcelor, S.A. Luxemburgo
INFORME DE AUDITORÍA
Informe sobre los Estados Financieros Consolidados
Como continuación a nuestro nombramiento por la Junta General de Accionistas de fecha 28 de abril de 2006, hemos auditado los estados financieros consolidados adjuntos de Arcelor S.A. y de sus filiales ("el Grupo"), tal y como se exponen en las páginas 56 a 123, que comprenden el balance consolidado a fecha de 31 de diciembre de 2006, la cuenta de pérdidas y ganancias consolidada, los datos consolidados sobre variaciones en los fondos propios y sobre los flujos de tesorena para el ejercicio cerrado a tal fecha, y un resumen de los principios contables aplicados así como otras notas informativas.
Responsabilidad del Consejo de Administración relativa a los Estados Financieros Consolidados
El Consejo de Administración es el órgano responsable de la elaboración y presentación fiel de estos estados financieros consolidados de acuerdo con las Normas Internacionales de Información Financiera adoptadas por la Unión Europea. Dicha responsabilidad incluye el diseño, aplicación y mantenimiento de los mecanismos de control interno necesarios para la elaboración y presentación fiel de los estados financieros, de modo que éstos no contengan errores materiales, ya sean por error o fraude; seleccionar y aplicar los principios contables adecuados; y realizar estimaciones contables que sean razonables a tenor de las circunstancias.
Responsabilidad del Auditor de Cuentas
Nuestra responsabilidad es expresar una opinión sobre los estados financieros consolidados, basada en nuestro trabajo de auditoría. Dicho trabajo se ha realizado de acuerdo con las Normas Internacionales de Auditoría. Éstas requieren que cumplamos los requisitos éticos pertinentes y que planifiquemos y realicemos la auditoría para obtener una garantía razonable sobre si los estados financieros están libres de errores materiales.
Una auditoría requiere la aplicación de procedimientos que permitan obtener la evidencia justificativa de las cifras y desgloses de los estados financieros consolidados. Los procedimientos utilizados quedan a del criterio del auditor, incluyendo la evaluación de los riesgos de errores materiales de los estados financieros consolidados, ya sea por fraude o por error.
Al realizar dichas evaluaciones de riesgos, el auditor tiene en cuenta las medidas de control interno aplicadas en la entidad relativas a la elaboración y presentación fiel de los estados financieros consolidados por parte de la entidad, a fin de de diseñar procedimientos de auditoría adecuados a tenor de las circunstancias. No obstante, dichos procedimientos no permiten expresar una opinión sobre la eficacia de tales medidas de control interno.
Una auditoría también incluye la valoración de los principios contables aplicados y las estimaciones significativas realizadas por el Consejo de Administración, así como la evaluación de la presentación de los estados financieros en su conjunto. Creemos que nuestra auditoría proporciona una evidencia razonable para nuestra opinión.
Opinión
En nuestra opinión, los estados financieros consolidados de Arcelor, S.A. representan la imagen fiel de la posición financiera consolidada del Grupo a 31 de diciembre de 2006, y de los resultados de sus operaciones y de su estado de flujos de tesorería consolidados para el ejercicio anual terminado en dicha fecha, de acuerdo con las Normas Internacionales de Información Financiera (NIIF), tal y como se han adoptado por la Unión Europea.
Informe sobre otros requisitos legales y normativos
El informe de gestión consolidado, tal y como se expone en las páginas 22 a 49, el cual forma parte de la responsabilidad del Consejo de Administración, es consistente con los estados financieros consolidados.
Luxemburgo, 23 de marzo de 2007
KPMG Audit S.à r.l. Réviseurs d'Entreprises
Enc. Damotte
Arcelor Informe Anual 2006 32
Cuentas Anuales de Arcelor S.A.
Balance de situación a 31 de diciembre de 2006 Cuenta de pérdidas y ganancias para el ejercicio finalizado el 31 de diciembre de 2006 Propuesta de distribución del beneficio del ejercicio Notas a las Cuentas Anuales
General Nota 1:
Nota 2: Principios Contables
Inmovilizado inmaterial Nota 3:
Inmovilizado material Nota 4:
Nota 5: Activos financieros
Nota 6: Vencimiento de cuentas a cobrar.
Nota 7: Anticipos
Fondos propios y reservas Nota 8:
Provisiones para pasivos y gastos Nota 9:
Nota 10: Deuda financiera
Nota 11: Vencimiento de cuentas a pagar
Nota 12: Gastos de explotación
Nota 13: Resultado financiero
Nota 14: Impuesto sobre beneficios
Nota 15: Partidas fuera de balance
Nota 16: Personal
Nota 17: Retribución de los órganos directivos y de control
Nota 18: Planes de opciones sobre acciones (stock-options)
Nota 19: Otras informaciones
Informe de auditoría
Astance de Situación de Arcelor S.A. (Importes en millones de euros, salvo indicación de lo contrario)
| En millones de euros | 31 December 2006 | 31 December 2005 |
|---|---|---|
| ACTIVO NO CIRCULANTEC. | 15.782 | 11.863 |
| Inmovilizado inmaterial (Nota 3) | ||
| 2. Concesiones patentes, licencias y derechos similares | ||
| Inmovilizado material (Nota 4)н. | ||
| 1. Terrenos y edificaciones | ||
| 3. Otras instalaciones, mobiliario y utillaje | з | |
| 4. Anticipos e inmovilizado material en curso | p.m. | |
| III. Activos financieros (Note 5) | 15.776 | 11.858 |
| 1. Participaciones en sociedades del Grupo | 15.713 | 11.822 |
| 5. Valores mantenidos como activos no circulantes | 36 | 36 |
| 6. Otros préstamos | 27 | |
| ACTIVO CIRCULANTE | 77 | 195 |
| Cuentas a cobrar (Nota 6)11. | 73 | 172 |
| 1. Clientes | ||
| 2. Saldos deudores con sociedades del Grupo | 65 | 168 |
| 3. Saldos deudores con sociedades en las que la Sociedad tiene una participación | p.m. | p.m. |
| 4. Otras cuentas a cobrar- | з | |
| III. Titulos transferibles | 5 | |
| 5 | ||
| 2. Acciones propias | ||
| IV. Efectivo en bancos, efectivo en cuentas de cheques postales, cheques y efectivo disponible | p.m. | 18 |
| E. ANTICIPOS (NOTA 7) | з | |
| TOTAL ACTIVO | 15.862 | 12.064 |
Las notas adjuntas forman parte integrante de las cuentas anuales consolidadas.
Balance de Situación de Arcelor S.A.
(Importes en millones de euros, salvo indicación de lo contrario)
| En millones de euros | 31 December 2006 | 31 December 2005 |
|---|---|---|
| A. FONDOS PROPIOS Y RESERVAS (NOTA 8) | 14.599 | 11.248 |
| Capital suscrito | 3.349 | 3.199 |
| Prima de emisión | 5.819 | 5.397 |
| IV. Reservas | 178 | 79. |
| 1. Reserva legal | 174 | 74 |
| 2. Reserva para | ||
| V. Resultado de ejercicios anteriores | 1.289 | 567 |
| VI. Resultado del ejercicio | 3.964 | 2.006 |
| B. PROVISIONES PARA PASIVOS Y GASTOS (NOTA 9) | 16 | 22 |
| 1. Provisiones para pensiones y obligaciones similares | ||
| 3. Otras provisiones | 15 | 21 |
| C. CUENTAS A PAGÃR (NOTAS 10 Y 11) | 1.243 | 794 |
| 1a. Obligaciones convertibles | 750 | |
| 2. Saldos acreedores con entidades financieras | p.m. | |
| 4. Acreedores comerciales | 18 | 19 |
| 6. Saldos acreedores con sociedades del Grupo. | 1.206 | 15 |
| 7. Saldos acreedores con sociedades en las que la Sociedad tiene una participación. | p.m. | p.m. |
| 8. Hacienda Pública y Seguridad Social acreedoras | ||
| 9. Otros acreedores | 18 | -9 |
| D. INGRESOS DIFERIDOS | ||
| TOTAL FONDOS DRODIOS - RESERVAS Y PASIVA | 15.862 | 12.064 |
Las notas adjuntas forman parte integrante de las cuentas anuales consolidades.
(Importes en millones de euros, salvo indicación de lo contrario)
| En millones de curos | 31 December 2006 | 31 December 2005 |
|---|---|---|
| A. GASTOS | ||
| Gastos de explotación (Note 12) | 514 | 170 |
| 3. Gastos de personal | 66 | 42 |
| a) Sueldos y salarios | 51 | 35 |
| b) Gastos de seguridad social exigible en relación con sueldos y salarios | З | |
| c) Pensiones complementarias | 10 | 3 |
| d) Otros gastos sociales | ||
| 4. a) Correcciones de valor de gastos de primer establecimiento e inmovilizado material e inmaterial | 2 | |
| 5. Otros gastos de explotación | 445 | 126 |
| Gastos financieros (Nota 13) | 740 | 35 |
| 6. Correcciones de valor de activos financieros y títulos transferibles mantenidos como activos circulantes | 271 | |
| 7. Participaciones y gastos similares | 469 | 35 |
| a) De sociedades del Grupo | 75 | 11 |
| b) Otros intereses y gastos | 394 | 24 |
| RESULTADO DEL EJERCICIO | ||
| 13. Beneficio del ejercicio | 3.964 | 2.006 |
| TOTAL GASTOS | 5.218 | 2.211 |
un tipo
Las notas adjuntas forman parte integrante de las cuentas anuales consolidadas.
Area sure to Karl Lands
$139$
Cuentas Anuales de Arcelor S.A.
Cuenta de Pérdidas y Ganancias Correspondiente al Ejercicio
Finalizado a 31 de diciembre de 2006
management of the con-
(Importes en millones de euros, salvo indicación de lo contrario)
| Eu miliones de eglos | 31 December 2006 | |
|---|---|---|
| INGRESOSВ. | 31 December 2005 | |
| VENTAS Y SERVICIOS | ||
| 4. Otros ingresos de explotación | 105 | 120 |
| 105 | 120 | |
| INGRESOS FINANCIEROS (NOTA 13) | 5.113 | 2.091 |
| 5. Ingresos de participaciones financieras | 2.739 | 2.085 |
| a) Derivados de sociedades del Grupo | 2.739 | 2.085 |
| 6. Ingresos procedentes de otros títulos transferibles y de préstamos que forman parte del inmovilizado | ||
| b) Otros ingresos | p.m. | |
| 7. Ingresos financieros y similares | p.m. | |
| 2.374 | ||
| a) Derivados de sociedades del Grupo | 2.331 | |
| b) Otros ingresos financieros y similares | 43 | |
| TOTAL INGRESOS | 5.218 |
Las notas adjuntas forman parte integrante de las cuentas anuales consolidadas.
130 Arcelor Informe Anual 2006
Cuentas Anuales de Arcelor S.A.
Propuesta de Distribución del Beneficio del Ejercicio
(Importes en millones de euros, salvo indicación de lo contrario)
| 2006 en euros | 2005 en millonesde euros | |
|---|---|---|
| Resultado del ejercicio | 3.964.380.389,42 | 2.006,0 |
| Remanente de ejercícios anteriores | 1.288.288.528.54 | 572,8 |
| Traspasos a reservas para acciones propias | 913,358,90 | - 5.3 |
| Resultado distribuible | 5.253.582.276.86 | 2.573.5 |
| Traspasos a reserva legal | 160.979.923,89 | 100,3 |
| Traspasos a otras reservas | ||
| Remuneración de los miembros del Consejo de Administración | 1,600.000,00 | 1.6 |
| Dividendo bruto de 1,00 euros por acción para el ejercicio 2006 pagado a 669.813.408 acciones (*) | 699.813.408,00 | |
| Dividendo bruto de 1,85 euros por acción para el ejercicio 2005 pagado a 639.774.327 acciones | 1.183,6 | |
| Remanente del ejercicio | 4.421.188.944.97 | 1.288.0 |
(*) Número total de acciones emitidas a 31 de diciembre de 2006 y a 31 de diciembre de 2005.
Notas a las Cuentas Anuales
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 1 - GENERAL
Arcelor S.A. es una sociedad de derecho luxemburgues constituida el 8 de junio de 2001 con duración inte La Sociedad tiene su domicilio social en la ciudad de Luxemburgo y se encuentra inscrita en el Registro Mercenti de Luxemburgo durant B 82:454
El ejercicio contable comienza el 1 de enero y termina el 31 de diciembre de cada any
La Sociedad elabora cuentas consolidadas segun lo dispuesto por la legislación y normativas de Luxemburgo.
La Sociedad está incluida en las cuentas consolidadas de Mittal Steel Company N.V., que constituye el mayor grupo de empresas del qu parte la sociedad como una empresa filial. En la sede social de la compania, situada en Horplein 20, penta 15, 3032 AC Rotterdam - 3 Bajos, se encuentran disponibles dichas cuentas consolidadas
NOTA 2 - PRINCIPIOS CONTABLES
Las cuentas anuales se preparan en euros con arregio a la registación y normativa tuxemburgueses y a los principios conti Weneralmonto aceptados.
INMOVILIZADO INMATERIAL Y MATERIAL
el lomovilzado inmaterial y material se contabiliza en el balance a su opedo de adquisición, incluyendo extre executos el contabilizado.de producción, La amortización se calcula en base al mélodo lingas.
INMOVILIZADO FINANCIERO 200
El infrovilizado financiero se contabiliza en el activo del balance a su precio de adquisición, más tos gestos acopad
Al final de cada periodo contable, todas las inversiones se someten a revisión para comprobar las posibles perciidas de valor. Si hay constanda, de una disminución permanente del valor respecto a su valor contable, esta disminución se refleja en la cuenta de resultados como un aluste.de valor, Cuando los factores que motivaron dicho ajuste de valor inicial dejan d Las cuentas a cobrar y otros prestamos a cobrar contabilizados se incluyen en el activo del balance por su valor nominal ALIFIal de cada period contable, se efectuan ajustes de valor sobre aquellas deudas cuyo cobre se estima parcial o fotalmente de CUENTAS A COBRAP.
Las cuentas a cobrar se contabilizan en el activo del balance por su valor nominal. Al mal de cada percoro contabe se electron alustes de valo especificos sobre aquellas cuentas cuyo cobro se estima pareial o totalmente ducessa
VALORACIÓN DE TÍTULOS TRANSMISIBLES
Los fitulos transmisibles se valoran a su coste o a su valor de mercado, el que sea menor. Cuando el precio de merc Los títulos transmisibles se valoran a su coste o a su valor de mercado, el que sea merca. Cuando el prede de mercado el mercado el preciode adquisición, se contabiliza un ajúste del valor Los ajustes del valor no se mant de ser aplicables
ka o otean
DASSAS R
Staat
PROVISIONES PARA PASIVOS Y CASTOS
Se constituyen provisiones para pasivos y gastos cuya ocurrencia se considera probable, en usse o los econtecimientos para con afreglo a las disposiciones legales.
regi agese a les visitoires result.Provsiones para pensiones y obligaciones similares: La Sociedad paracipa en la financiación de la seja de de mOrestación definida) a favor de los empleados, constituido por Arcelor Luxe
los planes para empleados propios de la Sociedad, que no se han puesto a disposición de otras finales de Accio de 22 ciudades por un parade aportación definida. La Sociedad realiza aportaciones por este plan a una companí QUENTAS A PAGAR
Las cuentas a pagar se contabilizan en el balance por su valor nominal. Las emisiones de obligaciones cuarenteDe emisión, incrementado por los intereses a capitalizar el 31 de diotembre de cada ejercicio compresa.
ONVERSION DE PARTIDAS EN MONEDA EXTRANTERA
Official controls and one of the control of the control of the second of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of e llevan a la cuenta de pérdidas y ganancias del ejercicio.
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 3 - INMOVILIZADO INMATERIAL
Precio de adquisición
| ien millones de euros). | Concesiones, patentes, licencias yderectios sandares. | lotal |
|---|---|---|
| Saldo inicial | ||
| Adquisiciones durante el periodo | ||
| Enaienaciones y traspasos durante el periodo | ||
| SALDO FINAL | ||
Ajustes de valor
| Concesiones, patentes, licencias yderechos similares. | Total |
|---|---|
| D.M. | p.m. |
| D.M. | p.m. |
NOTA 4 - INMOVILIZADO MATERIAL
Precio de adquisición
| ren milliones de euros). | Terrenos y edificaciones. | Otras instalariones.-mobiliano y chilaje. | Anticipos e inniovilizado.material en curso. | lotal |
|---|---|---|---|---|
| Saldo inicial | ||||
| Adquisiciones durante el periodo | ||||
| Enajenaciones y traspasos durante el periodo | ||||
| SALDO FINAL |
Ajustes de valor
| - ten millomas de euros). | Terreitos y edificaciones. | Otras instalaciones.mobiliario y utiliare | Anticipas e minovitzado.material en curso. | Total |
|---|---|---|---|---|
| Saldo micial | ||||
| Gasto del periodo | ||||
| Saldo final | ||||
| VALOR NETO CONTABLE INICIAL | ||||
| VALOR NETO CONTABLE FINAL | _______________________________________ |
Notas a las Cuentas Anuales
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 5 - INMOVILIZADO FINANCIERO
Precio de adquisición
| (en millones de euros) | Participaciones en | Valores mantenidos como | Otros préstamos | Total |
|---|---|---|---|---|
| sociedades del Grupo | activos no circulantes | |||
| Saldo inicial | 11.822 | 36 | 11.858 | |
| Adquisiciones e incrementos durante el periodo | 4.943 | 38. | 4.981 | |
| Enajenaciones y traspasos durante el periodo. | 781 | -41 | 792 | |
| SALDO FINAL | 15.984 | 36 | 16.047 | |
Alustes de valor
| Participaciones enValores mantenidos comoOtros préstamos | Total |
|---|---|
| (en millones de euros)sociedades del Grupoactivos no circulantesSaldo inicial | |
| Gasto del periodo$-271$ | - 271 - |
| Saldo final-271 | $-271.$ |
| VALOR NETO CONTABLE INICIAL11.82236 | 11.858 |
| VALOR NETO CONTABLE FINAL15.71336-27 | 15.776 |
A continuación se indican las principales participaciones a 31 de diciembre de 2006:
| Razón y domicilio social | Porcentaje de participación | Resultado del ejercicio 2006.en millones de euros | Fondos propios:(incl. el resultadode 2006) enmiliones de euros |
|---|---|---|---|
| Arcelor Luxembourg SA, | |||
| Luxemburgo (Luxemburgo) | 99.82 | 630 | 2.278 |
| Arcelor Holding SARL, | |||
| Luxemburgo(Luxemburgo). | 100.00 | 2.310 | |
| Arcelor Mittal Belgium Holding SA, | |||
| Anvers (Bélgica) | 100.00 | $(\star)$ | 49 |
| Arcelor Italy Holding SRL, | |||
| Piombino (Italia) | 100,00 | $12\phantom{.0}$ | 62 |
| Arcelor Spain Holding SL, | |||
| Madrid (España) | 100.00 | 287 | 1.603 |
| Arcelor Finance and Services Belgium SA, Bruselas (Bélgica) | 33,68 | 150(**) | $7.546$ (** ) |
| Arcelor France SA. | |||
| Saint Denis (Francia) | 99,04 | 1.082 | 1.970 |
| 4313267 Canada Inc. | |||
| Montreal / Quebec (Canadá) | 10.89 | - 100 | 1.326 |
| 90 certificados de depósito (depositary receipts) de 4313267 | |||
| Canada Inc., que representan el 89,11% | |||
| del capital de 4313267 Canada Inc. |
(*) Sociedad constituida en diciembre de 2006, primer cierre previsto para el 31 de diciembre de 2007
(**) Cierre a 30 de junio de 2006
Al término del plazo de validez de la oferta de Arcelor para la adquisición con pago en efectivo de la totalidad de las acciones ordinarias en circulación de la empresa siderúrgica canadiense Dofasco Inc., Arcelor había adquirido el 98,50% de las acciones ordinarias de Dofasco. Dichas acciones se mantuvieron en poder de la sociedad 4313267 Canada Inc., en aquel momento una filial participada al 100% por Arcelor El 3 de abril de 2006, Arcelor transfirió 90 de las 101 acciones que componían su participación en el capital de 4313267 Canada inc. a una fundación holandesa denominada "Strategic Steel Stichting" (S3) en compensación por la recepción de 90 certificados de deposito (depositary receipts). Otros movimientos que afectaron a los activos financieros consistieron principalmente en transacciones intragrupo relativas a las acciones de Arcelor Spain Holding, Arcelor Finance and Services Belgium y, en especial, a las acciones de Arcelor Germany Holding que han sido transferidas a Arcelor Mittal Belgium Holding en el marco de la creación del grupo Arcelor Mittal.
Notas a las Cuentas Anuales
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 6 - VENCIMIENTO DE CUENTAS A COBRAR
| 31 de diciembre de 2006 | 31 de diciembre de 2005 | ||||||
|---|---|---|---|---|---|---|---|
| (en millones de euros) | Hasta 1 año | 1 a 5 años | Total | Hasta 1 año | $1a5a$ nos | Total | |
| ClientesSaldos deudores con sociedades del GrupoSaldos deudores con sociedades en las que | 65 | 168 | |||||
| 65 | 168 | ||||||
| p.m. | |||||||
| la Sociedad tiene una participación | 0.m. | $\sim$ | p.m. | ||||
| Otras cuentas a cobrar | |||||||
| TOTAL | 172 | 172 |
PARTIDAS NO INCLUIDAS EN UN ÚNICO EPÍGRAFE
A 31 de diciembre de 2006, los saldos deudores con sociedades del Grupo así como los saldos con empresas en las que la Sociedad tiene una participación incluyen deudas de naturaleza comercial y deudas en relación con la integración fiscal.
NOTA 7 - ANTICIPOS
A finales de 2006, los anticipos incluían principalmente los gastos difendos relativos a la aportación económica realizada a tres programas de desarrollo en China.
NOTA 8 - FONDOS PROPIOS Y RESERVAS
8.1. - Fondos propios y prima de emisión
A 31 de diciembre de 2006, el capital suscrito estaba compuesto por 669.813.408 acciones ordinarias, totalmente desembolsadas y representativas de un total de 3.349.067.040 euros.
El capital autorizado, incluido el capital suscrito, asciende a 5.000 milliones de euros.
Según consta al Consejo de Administración, la composición accionarial de la Sociedad es la siguiente:
A 31 de diciembre de 2006 Mittal Steel Company N.V.
| INITION OCCUPATION IN A.M. | the the state of the state of the state of | .$\cdots$ | 94 24 K | |
|---|---|---|---|---|
| Otros accionistas (*)--- | .76 % | |||
| TOTAL | ----- | .. | ----- | |
| _____ | .______ | __________ | ------ | 100.0% |
| $(*)$ liteluve acciones mantenidas on autocartera |
acciones mántenidas en autocartera.
En 2006 se emitieron 30.039.081 acciones, con un valor nominal de 5 euros por acción, en el marco del ejercicio de la opción de conversión en acciones por parte de titulares de O.C.E.A.N.E. Arcelor 2017.
8.2. - Reserva legal
De conformidad con los requisitos legales luxemburgueses, la Sociedad debe destinar anualmente al menos un 5% de su beneficio neto a constituir la reserva legal, hasta que ésta alcance al menos el 10% del capital suscrito. Esta reserva legal no está disponible para distribución.
8.3. - Reserva para acciones propias
De conformidad con los requisitos legales, la Sociedad creó una reserva no distribuible por un importe equivalente al valor de las acciones propias en autocartera. Esta reserva se constituyó con cargo a los beneficios no distribuidos.
Notas a las Cuentas Anuales
(importes en millones de euros, salvo indicación de lo contrario)
NOTA 9 - PROVISIONES PARA PASIVOS Y GASTOS
| .(en millones de euros). | Pensiones y obligaciones similares | Otras provisiones |
|---|---|---|
| Saldo inicial | г.------------- | |
| Dotaciones._________________ | _____________ | |
| Aplicaciones. | ||
| TOTAL | ||
OBLIGACIONES POR PENSIONES
En virtud de un acuerdo de puesta a disposición de personal por Arcelor Luxembourg (anteriormente, Arbed) a Arcelor, se han cubierto específicamente las obligaciones asociadas a prestaciones complementarias de pensiones concedidas al personal de Arcelor Luxembourg (anteriormente, Arbed). La participación de la Sociedad en la dotación efectuada durante el año se determina aplicando el tipo de financiación actuarial a la nómina total de todo el personal de Arcelor Luxembourg (anteriormente, Arbed) puesto a disposición de Arcelor. Esta tasa es calculada por un actuario independiente.
Para los empleados propios de la Sociedad existe un plan de aportación definida. La Compañía realiza aportaciones anuales a una compañía de seguros en concepto de dicho plan. El plan no genera obligaciones y las aportaciones anuales se contabilizan en la cuenta de pérdidas y ganancias, teniendo el mismo tratamiento que el adoptado para sueldos y salarios.
OTRAS PROVISIONES
Otras provisiones tienen que ver con ciertas repercusiones en materia de fiscalidad alemana derivadas de la creación y organización del Grupo Arcelor.
NOTA 10 - DEUDA FINANCIERA
En junio de 2002, Arcelor emitió 38.961.038 obligaciones susceptibles de convertirse y/o canjearse por acciones nuevas o existentes de Arcelor (O.C.E.A.N.E.), por un nominal de 750 millones de euros.
Estas O.C.E.A.N.E. Arcelor 2017 fueron emitidas a 19.25 euros con vencimiento el 27 de junio de 2017 y un tipo de interés anual del 3% Tras la nueva emisión de capital en julio de 2004, la relación de canje se modifica de una acción por obligación a 1,027 acciones de Arcelor por cada O.C.E.A.N.E. 2017. Como resultado del pago de dividendo correspondiente al ejercicio 2005, se ha ajustado la relación de canje a 1,078 acciones de Arcelor por cada obligación, aplicable a las solicitudes de conversión/canje recibidas a partir de 29 de mayo de 2006, inclusive.
En caso de no convertirse o amortizarse anticipadamente, estas obligaciones son reembolsables a su vencimiento por su valor nominal de 19,25 euros.
En 2006, 38.958.576 O.C.E.A.N.E. Arcelor 2017 se convirtieron en 41.993.168 acciones de Arcelor, para lo cual se utilizaron 11.954.087 acciones propias y se emitieron 30.039.081 acciones nuevas.
Dado que el número de obligaciones O.C.E.A.N.E. en circulación se redujo por debajo del 10% de las inicialmente emitidas, las obligaciones O.C.E.A.N.E. no convertidas - en total 2.462 obligaciones - han sido liquidadas mediante un desembolso anticipado en metálico efectuado el 15 de diciembre de 2006.
NOTA 11 - VENCIMIENTO DE CUENTAS A PAGAR
| 31 de diciembre de 2006 | 31 de diciembre de SOGE | |||||
|---|---|---|---|---|---|---|
| ten millones de euros). | Hasta 1 año | 1 a 5 años 5 años o más | Total | Hasta 1 año 1 a 5 años 6 años 6 mile. | ||
| Obligaciones convertibles | ||||||
| Saldos acreedores con entidades financieras | p.m. | |||||
| Acreedores comerciales | 18 | 18 | 19 | |||
| Saldos acreedores con sociedades del Grupo | 1.206 | 1.206 | 15 | |||
| Saldos acreedores con sociedades en las que | ||||||
| la Sociedad tiene una participación | p.m. | $p.m.$ $p.m.$ | La Composición Dina | |||
| Hacienda Pública | ||||||
| y Seguridad Social acreedoras | ||||||
| a) Hacienda Pública acreedora | D.M. | p.m. | $-0.01$ | |||
| b) Seguridad Social acreedora | ||||||
| Otros acreedores | 18 | 18 | ||||
| TOTAL | 1.243 | 1.243 | $\sim$ |
La Sociedad no ha prestado ningún tipo de garantía real sobre las deudas mencionadas en el cuedro superior.
PARTIDAS NO INCLUIDAS EN UN ÚNICO EPÍGRAFE
Los saldos acreedores con sociedades del Grupo y los saldos acreedores con sociedades en las que la Bobiedad tiene una participación comprenden cuentas a pagar por valor de 12 millones de euros. El saldo resulta principalmente de la financiación de Arcelor Tressury SNC.
Notas a las Cuentas Anuales
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 12 - GASTOS DE EXPLOTACIÓN
En 2006, los gastos de explotación comprenden principalmente gastos por un importe de hasta 271 millones de euros en relación con la oferta pública mixta en acciones y en efectivo formulada por Mittal Steel a los titulares de acciones y obligaciones convertibles de Arcelor.
NOTA 13 - RESULTADO FINANCIERO
| (en millones de euros) | 2006 | 2005 |
|---|---|---|
| Dividendos recibidos | 2.739 | 2.085 |
| Resultado neto de la venta de activos financieros | 2.289 | |
| Resultado por tipos de cambio | p.m. | |
| Pérdida de valor de los activos financieros | ||
| Resultado de la conversión de O.C.E.A.N.E. 2017 | 252 | |
| Resultado del ejercicio de las stock options | - 84 | |
| Resultado de la venta y asignación de acciones propias en el marco del plan | ||
| de participación accionarial dirigido a los trabajadores (AESOPE) | - 42 | |
| Intereses netos y otros | - 29 | |
| TOTAL | 4.373 | 2.056 |
Los ingresos procedentes de inversiones incluyen en primer lugar los dividendos recibidos de Arcelor Luxembourg SA, Arcelor France SA, Arcelor Spain Holding SL, Arcelor Germany Holding GmbH, y Arcelor Italy Holding SRL.
Las plusvalías de capital relativas a la venta de activos financieros se deben principalmente a la venta de las acciones de Arcelor Germany Holding GmbH a Mittal Steel Germany Holding GmbH en el marco de la creación del grupo Arcelor Mittal.
El resultado por tipos de cambio se debe principalmente a la financiación de la inversión en Canadá, mientras que la pérdida de valor de los activos financieros corresponde al ajuste de valor de las acciones de Arcelor France SA debido al reembolso de la prima de emisión efectuado por Arcelor France SA en el marco de su distribución de dividendos correspondiente al ejercicio 2005.
NOTA 14 - IMPUESTO SOBRE BENEFICIOS
Arcelor es la Sociedad matriz de un perimetro de integración fiscal formado por 16 sociedades.
Las sociedades incluidas en el perímetro de integración fiscal se colocan en la situación en la que habrían estado de no haber integración fiscal.
NOTA 15 - PARTIDAS FUERA DE BALANCE
| AVALES OTORGADOS | ||
|---|---|---|
| (en millones de euros) | 2006 | 2005 |
| $\mathbf{A}$ and $\mathbf{A}$ and $\mathbf{A}$Avales otorgados por ventas. | ||
| Compras y ventas a plazo en moneda extranjera. | $1.42^{\circ}$ | $\sim$ $\sim$ $\sim$ |
| Otros | ||
| TOTAL | 55 |
Las compras y ventas a plazo en moneda extranjera están relacionadas con los compromisos denominados en dólares canadienses en el marco de la financiación de la adquisición de Dofasco Inc.
NOTA 16 - PERSONAL
| Número medio de empleados. | $\cdots$. | 2006 | 2005 |
|---|---|---|---|
| _______________________________________.110 100 100 | the model of the company of the model of the model of the. | 258-------------------------------------- | 1.11111111111111111111111111111111111OLA∠⊥∸ |
| Operarios-------- | _____ | ||
| TOTAL_ _ ___ | .--- | 258 | 71 A |
NOTA 17 - RETRIBUCIÓN DE LOS ÓRGANOS DIRECTIVOS Y DE CONTROL
Los nuembros del Consejo de Administración, el Comité de Auditoría y el Comité de Nombramientos y Retribuciones tienen derecho a un total de 2,5 millones de euros en el ejercicio 2006.
Notas a las Cuentas Anuales
(Importes en millones de euros, salvo indicación de lo contrario)
NOTA 18 - PLANES DE OPCIONES SOBRE ACCIONES (STOCK-OPTIONS)
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El plan internacional de opciones sobre acciones (2003/2007) otorga a determinados empleados derechos de suscripción de acciones de la Sociedad. El periodo de ejercicio difiere dependiendo de los países incluidos en el plan y tiene una duración máxima de 4 años Las opciones sobre acciones concedidas a 31 de diciembre 2006 se detallan como sigue:
| Número de opciones | Precio de ejercicioVencimiento(en euros): | |
|---|---|---|
| Plan 2003 | 51.396 | 9.6730/06/2010 |
| Plan 2004Plan 2005 | 51.397 | 13.1130/06/2011 |
| Plan 2006 | 10.0001.335.000 | 16.1730/06/201234.4330/06/2013 |
Las variaciones en el número de opciones sobre acciones en circulación registradas a lo largo del ejercicio fueron las siguientes:
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| Número de opciones sobre acciones | 20062005 |
|---|---|
| Opciones al inicio del año | 3.658.5262.549.224 |
| Opciones concedidas a lo largo del año | 1.335.0001.135.000 |
| Opciones caducadas aceptadas a lo largo del año | $-20.000$25.698 |
| Opciones ejercidas a lo largo del año | - 3.525.733 |
| Opciones vencidas a lo largo del año | |
| Opciones al finalizar el año | 3.658.5261.447.793 |
El inicio del periodo de ejercicio correspondiente a las opciones concedidas antes del 25 de junio de 2006 se adelanto al 1 de julio de 2006.
NOTA 19 - OTRAS INFORMACIONES
La Sociedad responde de forma solidaria e ilimitada de las siguientes empresas:
Arcelor Finance SCA, Luxemburgo (Luxemburgo)
Arcelor Treasury SNC, Saint Denis (Francia).
Informe de Auditoría
A los Accionistas de Arcelor, S.A. 19, avenue de la Liberté L-2930 Luxemburgo
INFORME DE AUDITORÍA
Informe sobre las Cuentas Anuales
Como continuación a nuestro nombramiento por la Junta General de Accionistas de fecha 28 de abril de 2006, hemos auditado las cuentas anuales adjuntas de Arcelor S.A. que comprenden el balance de situación a fecha de 31 de diciembre de 2006, la cuenta de pérdidas y ganancias correspondiente al ejercicio concluido en tal fecha, y un resumen de los principios contables aplicados así como otras notas informativas
Responsabilidad del Consejo de Administración relativa a los Estados Financieros Consolidados
El Consejo de Administración es el órgano responsable de la elaboración y presentación fiel de estas cuentas anuales de acuerdo con los requisitos regulatorios y legales de Luxemburgo y otros requisitos legales relativos a la elaboración de las cuentas anuales. Dicha responsabilidad incluye el diseño, aplicación y mantenimiento de los mecanismos de control interno necesarios para la elaboración y presentación fiel de las cuentas anuales, de modo que éstos no contengan errores materiales, ya sean por error o fraude; seleccionar y aplicar los principios contables adecuados; y realizar estimaciones contables que sean razonables a tenor de las circunstancias.
Responsabilidad del Auditor de Cuentas
Nuestra responsabilidad es expresar una opinión sobre estas cuentas anuales, basada en nuestro trabajo de auditoría. Dicho trabajo se ha realizado de acuerdo con las Normas Internacionales de Auditoría adoptadas por el Institut des Réviseurs d'Entrepriseses. Éstas requieren que cumplamos los requisitos éticos pertinentes y que planifiquemos y realicemos la auditoría para obtener una garantía razonable sobre si las cuentas anuales están libres de errores materiales.
Una auditoría requiere la aplicación de procedimientos que permitan obtener la evidencia justificativa de las cifras y desgloses de las cuentas anuales. Los procedimientos utilizados dependen del criterio del auditor de cuentas, incluyendo la evaluación de los riesgos de errores materiales de las cuentas anuales, ya sea por fraude o por error. Al realizar dichas evaluaciones de riesgos, el auditor de cuentas considera que las medidas de control interno son adecuadas para la elaboración y presentación fiel de las cuentas anuales por parte de la entidad en aras de diseñar procedimientos de auditoría adecuados a tenor de las circunstancias, pero no para expresar una opinión sobre la eficacia del sistema de control interno de la entidad.
Una auditoría también incluye la valoración de los principios contables aplicados y las estimaciones significativas realizadas por el Consejo de Administración, así como la evaluación de la presentación de las cuentas anuales en su conjunto. Creemos que nuestra auditoría proporciona una evidencia razonable para nuestra opinión.
Opinión
En nuestra opinión, las cuentas anuales de Arcelor, S.A. representan la imagen fiel de la posición financiera del Grupo a 31 de diciembre de 2006, y de los resultados de sus operaciones para el ejercicio anual terminado en dicha fecha, de acuerdo con los requisitos regulatorios y legales de Luxemburgo relativos a la elaboración de las cuentas anuales.
Informe sobre otros requisitos legales y normativos
El informe de gestión consolidado, el cual forma parte de la responsabilidad del Consejo de Administración, es consistente con las cuentas anuales.
Luxemburgo, 23 de marzo de 2007
KPMG Audit S.à r.l. Réviseurs d'Entreprises
Eric Damotte