According to International Financial Reporting Standards
SIDERURGICA VENEZOLANA "SIVENSA", S.A AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
30-Jun-05
(Thosand of US dollars)
June 30,
2005 2004*
Assets
Current assets
Cash and cash equivalents 48,153 47,336
Accounts receivable
Commercial and other 142,811 92,552
Related Companies 329 10,337
Advances to suppliers 14,117 6,257
Inventories 124,568 67,606
Restricted accounts receivable 394,009 -
Pre-paid expenses, deferred taxes
and other 10,658 5,679
Total Current assets 734,645 229,767
Property, plant and equipment 1,268,123 351,924
Investments in shares 12,000 12,468
Related Companies 3,704 4,311
Deferred taxes and other assets 16,537 12,638
Total assets 2,035,009 611,108
Liabilities and shareholders' equity
Current liabilities
Bank loans 8,864 9,081
Current portion of long term loan 8,979 17,151
Loans in restructuring process
Bank loan 365,803 -
Loans assigned by BHP Billiton
to financial creditors 399,209 -
Accounts payable
Suppliers and other 115,526 49,365
Related Companies 52,858 32,519
Profit sharing, vacations and
other personnel accruals 13,463 6,971
Taxes 5,934 13,264
Other current liabilities 17,998 17,316
Total current liabilities 988,634 145,667
Long term loans 552,371 210,229
Personnel accruals 10,470 7,816
Deferred taxes 160,597 23,366
Other liabilities 39,524 7,835
Total liabilities 1,751,596 394,913
Minority interests 36,213 84,155
Shareholders' equity 247,200 132,040
Total liabilities, minority
interests and shareholders'
equity 2,035,009 611,108
* No incluye Orinoco Iron. Reestructurados.
SIDERURGICA VENEZOLANA "SIVENSA", S.A
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Thosand of US dollars)
According to International Financial Reporting Standards
Quarter ended June 30,
2005 2004*
Net sales
Exports 144,268 57,569
Domestic 98,329 85,867
242,597 143,436
Cost of sales (173,793) (99,823)
Gross income 68,804 43,613
General, administrative expenses (13,164) (5,902)
Operating Profit 55,640 37,711
Interest and other financial expenses(10,637) (3,140)
Adjustment in value of long-term
loan with financial institution 20,755
Exchange gain (loss) (10,479) (1,437)
Financing cost (361) (4,577)
Other income (expenses) net 2,378 3,548
Profit before taxes and minority
interest 57,657 36,682
Taxes 17,461 (3,544)
Profit before minority interest 75,118 33,138
Minority interest (20,773) (5,843)
Net Profit 54,345 27,295
* It does not include Orinoco Iron. Restructured.
According to International Financial Reportting Standards
SIDERURGICA VENEZOLANA "SIVENSA", S.A
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Thosand of US dollars)
Nine months ended June 30,
2005 2004*
Net sales:
Exports 434,577 142,662
Domestic 245,195 193,469
679,772 336,131
Cost of sales (478,059) (247,989)
Gross income 201,713 88,142
General, administrative expenses (38,759) (15,822)
Operating Profit 162,954 72,320
Interest and other financial expenses (57,311) (9,784)
Adjustment in value of long-term
loan with financial institution (28,488) -
Termination agreement expense (26,297) -
Exchange gain (loss) 28,783 (3,278)
Total financing cost (83,313) (13,062)
Other income (expenses) net 319 3,536
Profit before taxes and minority
interests 79,960 62,794
Taxes (3,551) (10,146)
Profit before minority interests 76,409 52,648
Minority Interests 10,552 (9,618)
Net profit 86,961 43,030
* No incluye Orinoco Iron. Reestructurados.