Exhibit 99.2
SESA AND ITS SUBSIDIARIES
SELECTED FINANCIAL PROJECTIONS
FOR THE FULL YEAR 2003 AND 2004
ENTITY 3 ENTITY 5 ENTITY 3 ENTITY 5
(IN MILLIONS) 2003 2003 2004 2004
FULL YEAR FCST* FULL YEAR FCST* PROJECTIONS PROJECTIONS
--------------- --------------- ----------- -----------
INCOME STATEMENT
SALES 21.2 26.5 29.3 29.5
COGS 13.5 26.0 20.8 24.3
-------------- -------------- ----------- -----------
GROSS PROFIT 7.8 0.4 8.5 5.2
MAT 3.6 6.2 4.1 4.6
AMORTIZATION 0.7 1.4 0.7 1.4
OTHER INCOME (EXP) (0.1) (0.0) (0.1) 0.5
-------------- -------------- ----------- -----------
EBIT 3.3 (7.2) 3.6 (0.2)
BALANCE SHEET
TRADE RECEIVABLES 1.8 2.5 2.9 2.5
TOTAL INVENTORIES 3.3 10.0 3.4 10.0
OTHER ASSETS 49.2 111.6 50.3 109.9
-------------- -------------- ----------- -----------
TOTAL ASSETS 54.3 124.1 56.6 122.4
TRADE PAYABLES 1.0 0.5 0.9 0.7
SHORT-TERM ACCRUALS 2.8 17.0 3.1 15.7
OTHER LIABILITIES 3.2 - 1.7 -
-------------- -------------- ----------- -----------
TOTAL LIABILITIES 7.0 17.5 5.8 16.4
<FN>
NOTE: ASSETS EXCLUDE CASH AND LIABILITIES
EXCLUDE DEBT.
CASH FLOW
EBIT 3.3 (7.2) 3.6 (0.2)
CURRENCY GAINS/LOSSES (0.0) 0.3 - -
INTEREST EXPENSE (0.2) - (0.2) -
INCOME TAXES (0.8) 1.7 (0.6) 0.4
NET INCOME 2.3 (5.2) 2.8 0.2
NON-CASH ITEMS:
DEPRECIATION AND AMORTIZATION 4.1 5.8 4.5 3.6
OTHER - 1.0 - -
TRADE RECEIVABLES (0.4) (0.0) (1.1) -
TOTAL INVENTORIES 0.3 (1.0) (0.1) -
TRADE PAYABLES 0.3 0.3 (0.1) 0.2
OTHER BALANCE SHEET CHANGES (1.2) - (1.1) (1.3)
-------------- -------------- ----------- -----------
CASH FROM OPERATIONS 5.4 1.0 5.1 2.7
CAPITAL EXPENDITURES (6.0) (1.1) (5.7) (1.9)
-------------- -------------- ----------- -----------
FREE CASH FLOW (0.6) (0.1) (0.7) 0.8
CAPITAL EXPENDITURE DETAILS
GROWTH 5.6 0.1 5.5 0.4
MAINTENANCE 0.3 0.9 0.2 1.3
COST REDUCTION 0.1 0.1 - 0.2
OTHER 0.0 - - -
-------------- -------------- ----------- -----------
TOTAL 5.99 1.13 5.7 1.9
<FN>
* - Includes actual results through October, 2003 and forecasted
results for November and December as of November 12, 2003.