EX-99 2 exh99.txt Exhibit 99 SESA and Subsidiaries Statement of Operations Three-Months Ended March 31, 2004 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Net sales $ 98 $ 3 $ 3 $ 7 $ - $ - $111 Cost of goods sold 79 2 3 6 - - 90 ---------------------------------------------------------------------------------------- Gross Profit 19 1 - 1 - - 21 MAT expense 9 1 1 1 - - 12 Amortization expense - - - - - - - ---------------------------------------------------------------------------------------- Operating Income (Loss) 10 - (1) - - - 9 Interest income - - - - 1 - 1 Other income 1 - - 1 - - 2 Loss on debt modification (15) - - - - - (15) ---------------------------------------------------------------------------------------- Earnings before interest and taxes (4) - (1) 1 1 - (3) Interest expense 8 - - - - - 8 ---------------------------------------------------------------------------------------- Income (Loss) Before Taxes (12) - (1) 1 1 - (11) Income tax expense (benefit) (4) - - - - - (4) ---------------------------------------------------------------------------------------- Net Income (Loss) $ (8) $ - $(1) $ 1 $ 1 $ - $ (7) ========================================================================================
SESA and Subsidiaries Statement of Operations Three-Months Ended March 31, 2003 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Net sales $83 $ 2 $ 6 $ 7 $ - $ - $ 98 Cost of goods sold 70 1 4 7 - - 82 ---------------------------------------------------------------------------------------- Gross Profit 13 1 2 - - - 16 MAT expense 8 1 1 1 - - 11 Amortization expense - - - - - - - ---------------------------------------------------------------------------------------- Operating Income (Loss) 5 - 1 (1) - - 5 Interest income - - - - 3 (2) 1 Other income 4 - - - - - 4 ---------------------------------------------------------------------------------------- Earnings before interest and taxes 9 - 1 (1) 3 (2) 10 Interest expense 6 - - 1 - (2) 5 ---------------------------------------------------------------------------------------- Income (Loss) Before Taxes 3 - 1 (2) 3 - 5 Income tax expense (benefit) 2 - - - - - 2 ---------------------------------------------------------------------------------------- Net Income (Loss) $ 1 $ - $ 1 $(2) $ 3 $ - $ 3 ========================================================================================
SESA and Subsidiaries Statement of Financial Position As of March 31, 2004 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 14 $ - $ 1 $ 1 $ 1 $ - $ 17 Trade and notes receivable, net 57 2 1 1 - - 61 Miscellaneous receivables 20 - 1 1 12 (7) 27 Inventories 31 2 6 12 - - 51 Prepaid expenses 2 - - - - - 2 Current deferred taxes 2 - - - - - 2 ---------------------------------------------------------------------------------------- Total Current Assets 126 4 9 15 13 (7) 160 Investments in affiliates 489 - - - 354 (621) 222 Property, plant and equipment, net 49 - 30 13 - - 92 Intangible assets, net - 4 10 24 - - 38 Non-current deferred taxes 4 - - 4 - - 8 Other assets 19 - - - 1 - 20 ---------------------------------------------------------------------------------------- Total Assets $687 $ 8 $49 $56 $368 $(628) $540 ======================================================================================== Current Liabilities: Accounts payable $ 11 $ - $ 2 $ 2 $ - $ - $ 15 Accrued liabilities 81 2 3 13 3 (7) 95 Short-term debt 218 1 1 4 2 (226) - ---------------------------------------------------------------------------------------- Total Current Liabilities 310 3 6 19 5 (233) 110 Long-term debt 407 - - - - - 407 Non-current deferred taxes - - 2 3 - - 5 Postretirement liabilities 3 - - - - - 3 Other liabilities - - 3 4 - - 7 ---------------------------------------------------------------------------------------- Total Liabilities 720 3 11 26 5 (233) 532 Shareholders' Equity (Deficit) (33) 5 38 30 363 (395) 8 ---------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity (Deficit) $687 $ 8 $49 $56 $368 $(628) $540 ========================================================================================
SESA and Subsidiaries Statement of Financial Position As of March 31, 2003 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 4 $ - $ - $ 1 $ 37 $ - $ 42 Trade and notes receivable, net 62 2 3 3 - - 70 Miscellaneous receivables 17 - - 3 7 (4) 23 Inventories 26 2 4 9 - - 41 Prepaid expenses - - - 1 - - 1 Current deferred taxes 2 - - - - - 2 ----------------------------------------------------------------------------------------- Total Current Assets 111 4 7 17 44 (4) 179 Investments in affiliates 438 - - 3 302 (599) 144 Property, plant and equipment, net 47 - 27 42 - - 116 Intangible assets, net - 2 20 86 - - 108 Other assets 15 - - - - - 15 ----------------------------------------------------------------------------------------- Total Assets $611 $ 6 $54 $148 $346 $(603) $562 ========================================================================================= Current Liabilities: Accounts payable $ 20 $ - $ 1 $ 1 $ 4 $ - $ 26 Accrued liabilities 42 1 3 15 2 (4) 59 Short-term debt 195 2 1 5 3 (205) 1 ----------------------------------------------------------------------------------------- Total Current Liabilities 257 3 5 21 9 (209) 86 Long-term debt 351 - - 23 - (23) 351 Non-current deferred taxes 3 - 3 8 - - 14 Postretirement liabilities - - - - - - - Other liabilities - - 4 - - - 4 ----------------------------------------------------------------------------------------- Total Liabilities 611 3 12 52 9 (232) 455 Shareholders' Equity - 3 42 96 337 (371) 107 ----------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $611 $ 6 $54 $148 $346 $(603) $562 =========================================================================================
SESA and Subsidiaries Statement of Cash Flows Three-Months Ended March 31, 2004 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Operating Activities: Net income (loss) $ (8) $ - $(1) $ 1 $ 1 $ - $ (7) Income and deferred taxes (4) - - - - - (4) Depreciation and amortization 2 - 1 1 - - 4 Amortization of debt issue costs and debt discount/premium - - - - - - - Restructuring expenses and other charges 15 - - - - - 15 Equity affiliate - - - - - - - Accounts Receivable 12 - 4 2 - - 18 Inventories 3 - (2) (5) - - (4) Accounts Payable (1) - - (1) (1) - (3) Reorganization items - - - - - - - Pretax gain/loss from asset disposals - - - - - - - Other assets and liabilities (16) (1) (1) 2 - - (16) ---------------------------------------------------------------------------------------- Cash Provided by (Used in) Operations 3 (1) 1 - - - 3 Investing Activities: Property, plant and equipment purchases - - (1) - - - (1) ---------------------------------------------------------------------------------------- Cash Used in Investing Activities - - (1) - - - (1) Financing Activities: Debt issuance costs (4) - - - - - (4) Net intercompany transactions 4 1 1 (1) - - 5 ---------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities - 1 1 (1) - - 1 ---------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents 3 - 1 (1) - - 3 Cash and Cash Equivalents: Beginning of period 11 - - 2 1 - 14 ---------------------------------------------------------------------------------------- End of period $ 14 $ - $ 1 $ 1 $ 1 $ - $ 17 ========================================================================================
SESA and Subsidiaries Statement of Cash Flows Three-Months Ended March 31, 2003 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------- Operating Activities: Net income (loss) $ 1 $ - $ 1 $ (2) $ 3 $ - $ 3 Income and deferred taxes 2 - - - - - 2 Depreciation and amortization 2 - 1 2 - - 5 Amortization of debt issue costs and debt discount/premium - - - - - - - Restructuring expenses and other charges (4) - - - - - (4) Accounts Receivable (13) (1) (2) 3 - - (13) Inventories 1 - - - - - 1 Accounts Payable 7 - 1 - 3 - 11 Pretax gain/loss from asset disposals (1) - - - - - (1) Other assets and liabilities (7) - - - 1 - (6) ---------------------------------------------------------------------------------------- Cash Provided by (Used in) Operations (12) (1) 1 3 7 - (2) Investing Activities: Property, plant and equipment purchases - - (1) - - - (1) Property disposals and investment proceeds 1 - - - - - 1 ---------------------------------------------------------------------------------------- Cash Provided by (Used in) Investing Activities 1 - (1) - - - - Financing Activities: Net change in short-term debt obligations - - - - - - - Net change in long-term debt obligations - - (12) (13) - - (25) Net intercompany transactions (3) 1 12 11 6 - 27 ---------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities (3) 1 - (2) 6 - 2 ---------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents (14) - - 1 13 - - Cash and Cash Equivalents: Beginning of period 18 - - - 24 - 42 ---------------------------------------------------------------------------------------- End of period $ 4 $ - $ - $ 1 $37 $ - $ 42 ========================================================================================