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FINANCIAL SNAPSHOT

FINANCIALS

  • Sales revenue increased 7.4% to $4,300.6 million
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 9.9% to $436.1 million
  • Earnings before interest and tax (EBIT) increased 12.3% to $339.9 million
  • Net operating profit after tax and minorities (NOPAT) increased 15.1% to $197.5 million
  • Net profit after tax and minorities of $207.0 million after including tax benefit
  • Earnings per share (EPS) up 13.8% to 34.5 cents
  • Operating cash flow up 10.3% to $276.5 million
  • Operating sales margin based on EBIT improved to 7.9% from 7.6%
  • Operating return on funds employed (ROFE) based on EBIT rose to 14.6% from 14.4%
  • Operating return on equity (ROE) rose to 13.3% from 12.9%
  • Net debt to net debt plus equity gearing ratio, inclusive of derivatives, up to 33.5% from 31.4%
  • Net debt, including derivatives, increased 20.8% to $831.1 million
  • Fully franked final dividend of 10.5 cents, taking total dividends for the year to 18.5 cents

MARKET

  • Activity in the segments that impact OneSteel revenues rose approximately 2%
  • The construction sector that accounted for 52% of OneSteel’s revenue grew 4.9%, with engineering construction (20% of revenue) up 5.0%, non–residential construction (20% of revenue) expanding 6.5%, and residential construction (12% of revenue) up 2.1%
  • Mining production, which accounted for 10% of revenue, expanded 3.3%
  • The segment of Other Manufacturing, that accounted for 10% of revenue, fell 3.6%
  • Auto manufacturing, which accounted for 5% of revenues, was flat
  • Agriculture, the segment that accounted for 5% of OneSteel’s revenue, was down 17.6% reflecting the ongoing drought

OPERATIONAL

  • Total Australian steel tonnes despatched increased 0.1% to 2,278,322 tonnes
  • Domestic tonnes despatched increased 7.8% to 2,200,545 tonnes
  • Export tonnes despatched fell 156,392 tonnes to 77,777 tonnes, representing 3.4% of total steel despatches
  • After adjusting for one–off projects, domestic tonnes increased 5.6% to 2,097,689 tonnes
  • Underlying price per tonne for domestic steel sales increased 2.6%
  • Cost reductions of $40 million and revenue enhancements of $150 million together offset inflationary and raw material cost increases of $159 million.
  • Staff numbers were steady at 7,526*
  • Sales per staff member up 7.3% to $571,000*
  • The Lost Time Injury Frequency Rate (per million man hours worked) improved by 44% to 0.9
  • The Medical Treatment Injury Frequency Rate (per million man hours worked) improved by 31% to 8.1

* the staff numbers and sales per staff outcome on pages 2 and 3 do not include staff numbers or sales of the Australian tube Mills joint venture that was formed in March 2007

The financial information presented for the years 2000 to 2004 on pages 2 to 33 and on page 62 of the 2007 Annual Review is based on information prepared under previous AGAAP and has been adjusted to exclude goodwill amortisation from earnings. Securitisation is included in the debt and funds employed figures. the 2005 figures presented have been restated under Australian equivalents to International Financial Reporting Standards (AIFRS). One–off benefits relating to the reversal of impairment loss on transition to AIFRS in 2005 or arising from tax consolidation in 2004 and 2006 have been excluded from the financial information to enable like–for–like direct comparison between the periods presented. In 2006 and 2007 net debt includes the cross–currency interest rate swaps that were previously classified as interest– bearing liabilities up until 2005 and interest rate swaps that were not recognised on–balance sheet. this has been done to enable comparison with prior period figures. Pro forma numbers are used for the 2000 and 2001 numbers and include the results of all businesses as if the assets and operations of all businesses spun out from BHP were part of the OneSteel Group from 1 July 2000 to 30 June 2001.

KEY FINANCIALS

CALENDAR OF SIGNIFICANT EVENTS

JULY 2006
  • OneSteel 2006 Safety Excellence Awards
AUGUST 2006
  • Steel & Tube NZ announces full–year financial results
  • OneSteel announces net operating profit after tax and minorities of $171.6 million for 2005/06
SEPTEMBER 2006
  • Steel & Tube NZ announces full–year financial results
  • OneSteel announces net operating profit after tax and minorities of $171.6 million for 2005/06
OCTOBER 2006
  • Final dividend of 10 cents fully franked paid on 19 October
  • OneSteel’s sixth anniversary as a publicly listed company
NOVEMBER 2006
  • OneSteel holds its sixth Annual General Meeting in Sydney
DECEMBER 2006
  • OneSteel announces initiatives designed to bring forward the merger with Smorgon Steel and to deliver the benefits to shareholders
  • Contract for OneSteel’s expanded mining operations awarded to Leighton contractors’ Mining Division
JANUARY 2007
  • Whyalla operations impacted by floods
FEBRUARY 2007
  • OneSteel and Steel & tube NZ announce interim results for six months ended 31 December 2006
MARCH 2007
  • Australian tube Mills pipe and tube joint venture with Smorgon Steel implemented
  • OneSteel and Smorgon Steel reach agreement in principle with BlueScope Steel that resulted in reverting to a merger by way of scheme of agreement
APRIL 2007
  • Interim dividend of 8.0 cents fully franked paid on 19 April
  • 10–year export sales agreement for over six million tonnes of iron ore signed with china’s Rizhao Steel
MAY 2007
  • 10–year export sales agreement for over five million tonnes of iron ore signed with china’s Hebei Jinxi Iron & Steel co. Ltd.
  • 10–year export sales agreement signed to supply over six million tonnes of iron ore to china’s Shanxi Haixin Iron & Steel Group co. Ltd
June 2007
  • Accc announces it does not intend to oppose OneSteel/ Smorgon Steel/BlueScope Steel transactions
July 2007
  • OneSteel 2007 Safety Excellence Awards
August 2007
  • Announcement of new management team to come into effect on completion of OneSteel and Smorgon Steel merger
  • Steel & tube NZ announces full–year financial results
  • Australian tube Mills, which became a wholly owned subsidiary of OneSteel on completion of the OneSteel and Smorgon Steel merger on 20 August, announced a restructure of its pipe and tube operations
  • completion of OneSteel and Smorgon Steel merger
  • OneSteel announces it is to acquire Fagersta Group, Australia’s fourth–largest stainless steel distributor
  • OneSteel announces changes to the executive service agreement of Managing Director and chief Executive Officer Geoff Plummer whereby the agreement will not terminate at the end of the initial five year period that arises on 2 May 2010 but instead will continue on an ongoing basis
  • OneSteel announces net operating profit after tax and minorities of $197.5 million for 2006/07

**June 2006 Net Profit After tax and Minorities includes the one–off tax benefit of $15.9 million arising from finalisation of tax consolidation values.
**June 2007 Net Profit After tax and Minorities includes the one–off tax benefit of $9.5 million as a result of derecognition of deferred tax liabilities on disposal of shares to a jointly controlled entity.
*** the June 2007 despatch tonnes presented on pages 2 and 3 have been normalised to include the results from the business that OneSteel contributed to the Australian tube Mills joint venture as if the business had remained part of the Distribution segment for the full year.

 
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