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2006 CONCISE FINANCIAL REPORT
BlueScope Steel Limited consolidated Income statement for the year ended 30 june 2006
| Notes | 2006 $M | 2005 $M | ||
|---|---|---|---|---|
| Revenue | 8,031.5 | 7,965.3 | ||
| Other income | 52.4 | 1.5 | ||
| Changes in inventories of finished goods and work in progress | 92.6 | 146.7 | ||
| Raw materials and consumables used | (3,941.9) | (3,296.8) | ||
| Employee benefits expense | (1,399.2) | (1,333.6) | ||
| Depreciation and amortisation expense | (293.5) | (297.3) | ||
| Impairment of non-current assets | (64.9) | (83.9) | ||
| Freight on external despatches | (562.9) | (484.3) | ||
| External services | (1,078.5) | (1,093.0) | ||
| Finance costs | (90.0) | (44.4) | ||
| Other expenses | (452.0) | (363.9) | ||
| Share of net profits of associates and joint venture partnership accounted for using the equity method | 175.0 | 200.0 | ||
| Profit before income tax | 468.6 | 1,316.3 | ||
| Income tax (expense)/revenue | (125.8) | (334.3) | ||
| Profit for the year | 342.8 | 982.0 | ||
| Profit attributable to minority interest | (5.2) | (0.1) | ||
| Profit attributable to members of BlueScope Steel Limited | 337.6 | 981.9 | ||
| Cents | Cents | |||
| Earnings per share for profit attributable to the ordinary equity holders of the company: | ||||
| Basic earnings per share | 7 | 47.9 | 134.0 | |
| Diluted earnings per share | 7 | 47.7 | 131.0 |
The above consolidated income statement should be read in conjunction with the accompanying notes.
BlueScope Steel Limited consolidated Balance Sheet as at 30 june 2006
| 2006 $M | 2005 $M | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets | 61.9 | 84.6 | ||
| Cash and cash equivalents | 0.2 | - | ||
| Derivative financial instruments | 1,319.2 | 1,052.8 | ||
| Receivables | 1,270.2 | 1,152.2 | ||
| Inventories | 55.9 | 39.4 | ||
| Other | 2,707.4 | 2,329.0 | ||
| Non-current assets classified as held for sale | 34.1 | - | ||
| Total current assets | 2,741.5 | 2,329.0 | ||
| Non-current assets | ||||
| Receivables | 24.5 | 12.4 | ||
| Retirement benefit assets | 24.8 | 0.5 | ||
| Inventories | 59.2 | 58.6 | ||
| Investments accounted for using the equity method | 302.8 | 257.9 | ||
| Property, plant and equipment | 3,743.2 | 3,374.4 | ||
| Deferred tax assets | 121.1 | 147.9 | ||
| Intangible assets | 226.8 | 200.1 | ||
| Other | 16.7 | 4.9 | ||
| Total non-current assets | 4,519.1 | 4,056.7 | ||
| Total assets | 7,260.6 | 6,385.7 | ||
| LIABILITIES | ||||
| Current liabilities | ||||
| Payables | 957.6 | 818.6 | ||
| Interest bearing liabilities | 689.7 | 255.7 | ||
| Current tax liabilities | 31.2 | 215.6 | ||
| Provisions | 504.1 | 430.0 | ||
| Deferred income | 76.8 | 60.5 | ||
| Derivative financial instruments | 0.6 | - | ||
| Total current liabilities | 2,260.0 | 1,780.4 | ||
| Non-current liabilities | ||||
| Payables | - | 5.0 | ||
| Interest bearing liabilities | 1,262.3 | 620.2 | ||
| Deferred tax liabilities | 284.2 | 300.3 | ||
| Provisions | 178.7 | 157.5 | ||
| Retirement benefit obligations | 189.3 | 261.9 | ||
| Derivative financial instruments | 1.2 | - | ||
| Total non-current liabilities | 1,915.7 | 1,344.9 | ||
| Total liabilities | 4,175.7 | 3,125.3 | ||
| Net assets | 3,084.9 | 3,260.4 | ||
| EQUITY | ||||
| Contributed equity | 1,653.9 | 1,747.5 | ||
| Reserves | (87.0) | (65.3) | ||
| Retained profits | 1,467.1 | 1,535.0 | ||
| Parent entity interest | 3,034.0 | 3,217.2 | ||
| Minority interest | 50.9 | 43.2 | ||
| Total equity | 3,084.9 | 3,260.4 |
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
BlueScope Steel Limited Consolidated Statement of Recognised Income and Expense
for the Year Ended 30 June 2006
| 2006 $M | 2005 $M | |||
|---|---|---|---|---|
| Cashflow hedges: | ||||
| Gains/(losses) taken to equity | (1.7) | - | ||
| Net gains/(losses) on hedge of net investments | 98.0 | - | ||
| Exchange differences on translation of foreign operations | (96.5) | (82.4) | ||
| Actuarial gains/(losses) on defined benefit plans | 62.7 | (92.7) | ||
| Income tax on items taken directly to or transferred from equity | (42.5) | 12.6 | ||
| Net income/(expense) recognised directly in equity | 20.0 | (162.5) | ||
| Profit for the year | 342.8 | 982.0 | ||
| Total recognised income and expense for the year | 362.8 | 819.5 | ||
| Total recognised income and expense for the year is attributable to: | ||||
| Members of BlueScope Steel Ltd | 354.3 | 824.5 | ||
| Minority interest | 8.5 | (5.0) | ||
| 362.8 | 819.5 |
The above consolidated statement of recognised income and expense should be read in conjunction with the accompanying notes.
BlueScope Steel Limited consolidated Cash Flow Statement for the Year Ended 30 june 2006
| Notes | 2006 $M |
2005 $M |
||
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Receipts from customers | 8,095.6 | 8,160.2 | ||
| Payments to suppliers and employees | (7,623.9) | (7,084.4) | ||
| 471.7 | 1,075.8 | |||
| Dividends received | 5.1 | 4.1 | ||
| Joint venture partnership distributions received | 168.5 | 123.4 | ||
| Interest received | 2.7 | 3.7 | ||
| Other revenue | 18.4 | 21.0 | ||
| Finance costs paid | (78.7) | (26.9) | ||
| Income taxes paid (received) | (356.0) | (312.1) | ||
| Net cash (outflow) inflow from operating activities | 231.7 | 889.0 | ||
| Cash flows from investing activities | ||||
| Payment for subsidiaries, net of cash acquired | (2.2) | (17.8) | ||
| Disposal of subsidiary into joint venture partnership | (3.6) | - | ||
| Payments for property, plant and equipment | (764.5) | (578.8) | ||
| Payments for intangibles | (32.7) | (21.2) | ||
| Payments for investment in joint venture partnership | (1.3) | (1.6) | ||
| Payment for investment in associates | (0.7) | (0.5) | ||
| Payments for investment in business assets | (11.5) | (43.1) | ||
| Proceeds from sale of property, plant and equipment | 20.8 | 7.0 | ||
| Proceeds from sale of business assets | 2.3 | 5.8 | ||
| Joint venture partnership loan receivable repaid | - | 28.5 | ||
| Net cash (outflow) inflow from investing activities | (793.4) | (621.7) | ||
| Cash flows from financing activities | ||||
| Proceeds from issues of shares | 1.3 | 36.9 | ||
| Payments for shares brought back | (95.0) | (327.0) | ||
| Proceeds from borrowings | 8,904.5 | 2,894.5 | ||
| Repayment of borrowings | (7,819.9) | (2,545.5) | ||
| Dividends paid to company's shareholders | 6 | (453.2) | (343.0) | |
| Dividends paid to minority interests in subsidiaries | (2.5) | (5.2) | ||
| Capital return to minority interests in subsidiaries | (0.3) | - | ||
| Capital injection by minority interests in subsidiaries | 2.1 | - | ||
| Net cash (outflow) inflow from financing activities | 537.0 | (289.3) | ||
| Net increase (decrease) in cash and cash equivalents | (24.7) | (22.0) | ||
| Cash and cash equivalents at the beginning of the financial year | 83.0 | 118.1 | ||
| Effects of exchange rate changes on cash and cash equivalents | 0.7 | (13.1) | ||
| Cash and cash equivalents at end of year | 59.0 | 83.0 |
The above consolidated cash flow statement should be read in conjunction with the accompanying notes.
