EX-99.1 2 ex99p1.txt Exhibit 99.1 SESA and Subsidiaries Statement of Operations Three-Months Ended March 31, 2005 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ------------------------------------------------------------------------------------------------------ Net sales $ 113 $ 3 $ 11 $ 8 $ - $ - $ 135 Cost of goods sold 90 2 8 6 - - 106 ----------------------------------------------------------------------------------------------------- Gross Profit 23 1 3 2 - - 29 MAT expense 9 1 2 1 - - 13 ------------------------------------------------------------------------------------------------------ Operating Income 14 - 1 1 - - 16 Interest income - - - - 1 - 1 Other income 1 - - - 1 - 2 ------------------------------------------------------------------------------------------------------ EBIT 15 - 1 1 2 - 19 Interest expense 6 - - - - - 6 ----------------------------------------------------------------------------------------------------- Income Before Taxes 9 - 1 1 2 - 13 Income tax expense 4 - - - - - 4 ------------------------------------------------------------------------------------------------------ Net Income $ 5 $ - $ 1 $ 1 $ 2 $ - $ 9 ======================================================================================================
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 ------------------------------------------------------------------------------------------------------ Operating Income (Loss) 10 - (1) - - - 9 Interest income - - - - 1 - 1 Other income 1 - - 1 - - 2 Loss on Debt Modification (15) - - - - - (15) ------------------------------------------------------------------------------------------------------ EBIT (4) - (1) 1 1 - (3) Interest expense 8 - - - - - 8 ------------------------------------------------------------------------------------------------------ Income (Loss) Before Taxes (12) - (1) 1 1 - (11) Income tax benefit (4) - - - - - (4) ------------------------------------------------------------------------------------------------------ Net Income (Loss) $ (8) $ - $ (1) $ 1 $ 1 $ - $ (7) ======================================================================================================
SESA and Subsidiaries Statement of Financial Position As of March 31, 2005 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ------------------------------------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ 13 $ - $ 4 $ 2 $ - $ - $ 19 Trade and notes receivable, net 64 2 2 3 - - 71 Miscellaneous receivables 20 - - 1 9 (1) 29 Inventories 36 3 3 9 - - 51 Prepaid expenses 2 - 1 - - - 3 Current deferred taxes 1 - - - - - 1 ------------------------------------------------------------------------------------------------------ Total Current Assets 136 5 10 15 9 (1) 174 Investments in affiliates 276 - - - 145 (185) 236 Property, plant and equipment, net 50 - 36 2 - - 88 Intangible assets, net - 4 7 1 - - 12 Other assets 19 - - 5 1 - 25 ------------------------------------------------------------------------------------------------------ Total Assets $ 481 $ 9 $ 53 $ 23 $ 155 $ (186) $ 535 ====================================================================================================== Current Liabilities: Accounts payable $ 15 $ - $ 1 $ 2 $ - $ - $ 18 Accrued liabilities 56 3 6 7 2 (2) 72 Short-term debt - - 2 8 6 (16) - ------------------------------------------------------------------------------------------------------ Total Current Liabilities 71 3 9 17 8 (18) 90 Long-term debt 270 - - 1 - - 271 Non-current deferred taxes - - 2 - - - 2 Postretirement liabilities 2 - - - - - 2 Other liabilities - - 1 - - - 1 ------------------------------------------------------------------------------------------------------ Total Liabilities 343 3 12 18 8 (18) 366 Shareholders' Equity 138 6 41 5 147 (168) 169 ------------------------------------------------------------------------------------------------------ Total Liabilities and Shareholders' Equity $ 481 $ 9 $ 53 $ 23 $ 155 $ (186) $ 535 ======================================================================================================
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 Other assets 23 - - 4 1 - 28 ------------------------------------------------------------------------------------------------------ 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 (33) 5 38 30 363 (395) 8 ------------------------------------------------------------------------------------------------------ Total Liabilities and Shareholders' Equity $ 687 $ 8 $ 49 $ 56 $ 368 $ (628) $ 540 ======================================================================================================
SESA and Subsidiaries Statement of Cash Flows Three-Months Ended March 31, 2005 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ------------------------------------------------------------------------------------------------------ Operating Activities: Net income $ 5 $ - $ 1 $ 1 $ 2 $ - $ 9 Income and deferred taxes 4 - - - - - 4 Depreciation and amortization 3 - 1 - - - 4 Accounts receivable 16 (1) (1) 3 - - 17 Inventories 2 - 2 2 - - 6 Accounts payable (4) - (1) (1) (1) - (7) Other assets and liabilities (20) - - (4) - - (24) ------------------------------------------------------------------------------------------------------ Cash Provided by (Used in) Operations 6 (1) 2 1 1 - 9 Investing Activities: Property, plant and equipment purchases (1) - (1) - - - (2) ------------------------------------------------------------------------------------------------------ Cash Used in Investing Activities (1) - (1) - - - (2) Financing Activities: Net intercompany transactions - 1 1 - (2) - - ------------------------------------------------------------------------------------------------------ Cash Provided by (Used in) Financing Activities - 1 1 - (2) - - ------------------------------------------------------------------------------------------------------ Increase (Decrease) in Cash and Cash Equivalents 5 - 2 1 (1) - 7 Cash and Cash Equivalents: Beginning of period 8 - 2 1 1 - 12 ------------------------------------------------------------------------------------------------------ End of period $ 13 $ - $ 4 $ 2 $ - $ - $ 19 ======================================================================================================
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 Restructuring expenses and other charges 15 - - - - - 15 Accounts receivable 12 - 4 2 - - 18 Inventories 3 - (2) (5) - - (4) Accounts payable (1) - - (1) (1) - (3) 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 ======================================================================================================