EX-99.1 2 ex99p1.txt Exhibit 99.1 SESA and Subsidiaries Statement of Operations Three-Months Ended March 31, 2006 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ----------------------------------------------------------------------------------------------------- Net sales $ 105 $ 3 $ 16 $ 7 $ - $ - $ 131 Cost of goods sold 83 2 11 6 - - 102 ----------------------------------------------------------------------------------------------------- Gross Profit 22 1 5 1 - - 29 MAT expense 10 1 1 - - - 12 ----------------------------------------------------------------------------------------------------- Operating Income 12 - 4 1 - - 17 Interest income - - - - 1 - 1 Other income (Expense) (1) - - - 1 - - ----------------------------------------------------------------------------------------------------- EBIT 11 - 4 1 2 - 18 Interest expense 5 - - - - - 5 ----------------------------------------------------------------------------------------------------- Income Before Taxes 6 - 4 1 2 - 13 Income tax expense 2 - 1 - - - 3 ----------------------------------------------------------------------------------------------------- Net Income $ 4 $ - $ 3 $ 1 $ 2 $ - $ 10 =====================================================================================================
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 ============================================================================================
2 SESA and Subsidiaries Statement of Financial Position As of March 31, 2006 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA -------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 41 $ 1 $ 4 $ 1 $ 1 $ - $ 48 Trade and notes receivable, net 64 2 8 3 - - 77 Miscellaneous receivables 16 - - 2 11 (1) 28 Inventories 37 2 3 12 - - 54 Prepaid expenses 1 - 2 - - - 3 Current deferred taxes 1 - - - - - 1 -------------------------------------------------------------------------------------------- Total Current Assets 160 5 17 18 12 (1) 211 Investments in affiliates 263 - 3 - 135 (179) 222 Property, plant and equipment, net 46 - 31 3 - - 80 Intangible assets, net - 4 5 1 - - 10 Other assets 15 - - 5 1 - 21 -------------------------------------------------------------------------------------------- Total Assets $ 484 $ 9 $ 56 $ 27 $ 148 $(180) $544 ============================================================================================ Current Liabilities: Accounts payable $ 16 $ - $ 2 $ 1 $ - $ - $ 19 Accrued liabilities 57 3 6 11 3 (1) 79 Short-term debt 3 - - 8 - (11) - -------------------------------------------------------------------------------------------- Total Current Liabilities 76 3 8 20 3 (12) 98 Long-term debt 251 - - - - - 251 Non-current deferred taxes 6 - 1 1 - - 8 Postretirement liabilities 1 - - - - - 1 Other liabilities - - 2 1 - - 3 -------------------------------------------------------------------------------------------- Total Liabilities 334 3 11 22 3 (12) 361 Shareholders' Equity 150 6 45 5 145 (168) 183 -------------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $ 484 $ 9 $ 56 $ 27 $ 148 $(180) $544 ============================================================================================
3 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 ============================================================================================
4 SESA and Subsidiaries Statement of Cash Flows Three-Months Ended March 31, 2006 (in Millions and USD)
Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA -------------------------------------------------------------------------------------------- Operating Activities: Net income $ 4 $ - $ 3 $ 1 $ 2 $ - $ 10 Income and deferred taxes 2 - - - - - 2 Depreciation and amortization 3 - 1 - - - 4 Accounts receivable 5 (1) (4) 1 - - 1 Inventories (3) - 2 (4) - - (5) Accounts payable 2 - (1) - - - 1 Other assets and liabilities (6) - (1) 1 - - (6) ------------------------------------------------------------------------------------------- Cash Provided by (Used in) Operations 7 (1) - (1) 2 - 7 Investing Activities: Property, plant and equipment purchases (2) - (1) (1) - - (4) ------------------------------------------------------------------------------------------- Cash Used in Investing Activities (2) - (1) (1) - - (4) Financing Activities: Net intercompany transactions 5 1 - - (2) - 4 ------------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities 5 1 - - (2) - 4 ------------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents 10 - (1) (2) - - 7 Cash and Cash Equivalents: Beginning of period 31 1 5 3 1 - 41 ------------------------------------------------------------------------------------------- End of period $ 41 $ 1 $ 4 $ 1 $ 1 $ - $ 48 ===========================================================================================
5 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 ============================================================================================
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