Years ended December 31, 2010, 2009 and 2008
(Amounts expressed in thousands of US dollars)
| Consolidated Income Statement | | | | |
|---|
| | | Year ended December
31, |
| | Note | 2009 | 2008* | 2007 |
| Sales | | | | |
| Sales - external | | 12 951 669 | 22 138 418 | 15 352 404 |
| Sales - to related parties | 11 | 102 830 | 254 299 | 150 984 |
| | 4 | 13 054 499 | 22 392 717 | 15 503 388 |
| | | | | |
| Cost of sales | | (11 356 293) | (16 499 914) | (10 821 582) |
| | | | | |
| Gross profit | | 1 698 206 | 5 892 803 | 4 681 806 |
| | | | | |
| General and administrative expenses | | (735 561) | (1 026 790) | (766 890) |
| Distribution expenses | | (864 225) | (1 117 776) | (942 533) |
| Other taxes and contributions | | (171 601) | (178 886) | (154 070) |
| Share of associates' profit/(loss) | | 11 488 | (3 400) | 6 240 |
| Net (loss)/gain from securities operations | 6 | (15 304) | (96 812) | 25 564 |
| Loss on disposal of property, plant and
equipment | | (32 001) | (43 278) | (35 525) |
| Net other operating (expenses)/income | 7 | (36 329) | 790 580 | (7 266) |
| | | | | |
| (Loss)/profit from operations | | (145 327) | 4 216 441 | 2 807 326 |
| | | | | |
| Impairment of non-current assets | 8 | (219 019) | (1 540 263) | (28 895) |
| Negative goodwill | 29 | - | 292 326 | 12 223 |
| Net other non-operating (expenses)/income | 9 | (34 441) | 238 945 | (58 676) |
| | | | | |
| (Loss)/profit before financing and
taxation | | (398 787) | 3 207 449 | 2 731 978 |
| | | | | |
| Interest income | | 103 822 | 155 232 | 166 639 |
| Interest expense | | (601 244) | (508 369) | (325 580) |
| Foreign exchange difference | | (205 028) | (274 920) | 3 206 |
| | | | | |
| (Loss)/profit before income tax | | (1 101 237) | 2 579 392 | 2 576 243 |
| | | | | |
| Income tax expense | 10 | (17 858) | (517 466) | (700 153) |
| | | | | |
| (Loss)/profit from continuing
operations | | (1 119 095) | 2 061 926 | 1 876 090 |
| | | | | |
| Profit from discontinued operations | 28 | - | - | 433 |
| | | | | |
| (Loss)/profit for the year | | (1 119 095) | 2 061 926 | 1 876 523 |
| | | | | |
| Attributable to: | | | | |
| shareholders of OAO Severstal | | (1 037 240) | 2 028 972 | 1 849 531 |
| non-controlling interests | | (81 855) | 32 954 | 26 992 |
| | | | | |
| Weighted average number of shares outstanding | | | | |
| during the period (millions of shares) | | 1 005.2 | 1 007.2 | 1 007.7 |
| | | | | |
| Basic and diluted (loss)/earnings per share (US
dollars) | | (1.03) | 2.01 | 1.83 |
| | | | | |
| * These amounts reflect adjustments
made in connection with the completion of purchase price allocations (Note
29) |
* These amounts reflect adjustments made in connection with the presentation
of discontinued operations
These consolidated financial statements were approved by the Board of
Directors on March 1, 2011.
The accompanying notes form an integral part of these consolidated financial
statements.
