Exhibit 99.1
SESA and Subsidiaries
Statement of Operations
Three-Months Ended March 31, 2005
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
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Net sales $ 113 $ 3 $ 11 $ 8 $ - $ - $ 135
Cost of goods sold 90 2 8 6 - - 106
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Gross Profit 23 1 3 2 - - 29
MAT expense 9 1 2 1 - - 13
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Operating Income 14 - 1 1 - - 16
Interest income - - - - 1 - 1
Other income 1 - - - 1 - 2
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EBIT 15 - 1 1 2 - 19
Interest expense 6 - - - - - 6
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Income Before Taxes 9 - 1 1 2 - 13
Income tax expense 4 - - - - - 4
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Net Income $ 5 $ - $ 1 $ 1 $ 2 $ - $ 9
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SESA and Subsidiaries
Statement of Operations
Three-Months Ended March 31, 2004
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
------------------------------------------------------------------------------------------------------
Net sales $ 98 $ 3 $ 3 $ 7 $ - $ - $ 111
Cost of goods sold 79 2 3 6 - - 90
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Gross Profit 19 1 - 1 - - 21
MAT expense 9 1 1 1 - - 12
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Operating Income (Loss) 10 - (1) - - - 9
Interest income - - - - 1 - 1
Other income 1 - - 1 - - 2
Loss on Debt Modification (15) - - - - - (15)
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EBIT (4) - (1) 1 1 - (3)
Interest expense 8 - - - - - 8
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Income (Loss) Before
Taxes (12) - (1) 1 1 - (11)
Income tax benefit (4) - - - - - (4)
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Net Income (Loss) $ (8) $ - $ (1) $ 1 $ 1 $ - $ (7)
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SESA and Subsidiaries
Statement of Financial Position
As of March 31, 2005
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
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Current Assets:
Cash and cash equivalents $ 13 $ - $ 4 $ 2 $ - $ - $ 19
Trade and notes receivable,
net 64 2 2 3 - - 71
Miscellaneous receivables 20 - - 1 9 (1) 29
Inventories 36 3 3 9 - - 51
Prepaid expenses 2 - 1 - - - 3
Current deferred taxes 1 - - - - - 1
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Total Current Assets 136 5 10 15 9 (1) 174
Investments in affiliates 276 - - - 145 (185) 236
Property, plant and
equipment, net 50 - 36 2 - - 88
Intangible assets, net - 4 7 1 - - 12
Other assets 19 - - 5 1 - 25
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Total Assets $ 481 $ 9 $ 53 $ 23 $ 155 $ (186) $ 535
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Current Liabilities:
Accounts payable $ 15 $ - $ 1 $ 2 $ - $ - $ 18
Accrued liabilities 56 3 6 7 2 (2) 72
Short-term debt - - 2 8 6 (16) -
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Total Current
Liabilities 71 3 9 17 8 (18) 90
Long-term debt 270 - - 1 - - 271
Non-current deferred taxes - - 2 - - - 2
Postretirement liabilities 2 - - - - - 2
Other liabilities - - 1 - - - 1
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Total Liabilities 343 3 12 18 8 (18) 366
Shareholders' Equity 138 6 41 5 147 (168) 169
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Total Liabilities and
Shareholders' Equity $ 481 $ 9 $ 53 $ 23 $ 155 $ (186) $ 535
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SESA and Subsidiaries
Statement of Financial Position
As of March 31, 2004
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 14 $ - $ 1 $ 1 $ 1 $ - $ 17
Trade and notes receivable,
net 57 2 1 1 - - 61
Miscellaneous receivables 20 - 1 1 12 (7) 27
Inventories 31 2 6 12 - - 51
Prepaid expenses 2 - - - - - 2
Current deferred taxes 2 - - - - - 2
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Total Current Assets 126 4 9 15 13 (7) 160
Investments in affiliates 489 - - - 354 (621) 222
Property, plant and
equipment, net 49 - 30 13 - - 92
Intangible assets, net - 4 10 24 - - 38
Other assets 23 - - 4 1 - 28
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Total Assets $ 687 $ 8 $ 49 $ 56 $ 368 $ (628) $ 540
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Current Liabilities:
Accounts payable $ 11 $ - $ 2 $ 2 $ - $ - $ 15
Accrued liabilities 81 2 3 13 3 (7) 95
Short-term debt 218 1 1 4 2 (226) -
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Total Current
Liabilities 310 3 6 19 5 (233) 110
Long-term debt 407 - - - - - 407
Non-current deferred taxes - - 2 3 - - 5
Postretirement liabilities 3 - - - - - 3
Other liabilities - - 3 4 - - 7
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Total Liabilities 720 3 11 26 5 (233) 532
Shareholders' Equity (33) 5 38 30 363 (395) 8
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Total Liabilities and
Shareholders' Equity $ 687 $ 8 $ 49 $ 56 $ 368 $ (628) $ 540
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SESA and Subsidiaries
Statement of Cash Flows
Three-Months Ended March 31, 2005
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
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Operating Activities:
Net income $ 5 $ - $ 1 $ 1 $ 2 $ - $ 9
Income and deferred taxes 4 - - - - - 4
Depreciation and
amortization 3 - 1 - - - 4
Accounts receivable 16 (1) (1) 3 - - 17
Inventories 2 - 2 2 - - 6
Accounts payable (4) - (1) (1) (1) - (7)
Other assets and liabilities (20) - - (4) - - (24)
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Cash Provided by (Used in)
Operations 6 (1) 2 1 1 - 9
Investing Activities:
Property, plant and
equipment purchases (1) - (1) - - - (2)
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Cash Used in Investing
Activities (1) - (1) - - - (2)
Financing Activities:
Net intercompany
transactions - 1 1 - (2) - -
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Cash Provided by (Used in)
Financing Activities - 1 1 - (2) - -
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Increase (Decrease) in Cash
and Cash Equivalents 5 - 2 1 (1) - 7
Cash and Cash Equivalents:
Beginning of period 8 - 2 1 1 - 12
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End of period $ 13 $ - $ 4 $ 2 $ - $ - $ 19
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SESA and Subsidiaries
Statement of Cash Flows
Three-Months Ended March 31, 2004
(in Millions and USD)
Consolidated
Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA
------------------------------------------------------------------------------------------------------
Operating Activities:
Net income (loss) $ (8) $ - $ (1) $ 1 $ 1 $ - $ (7)
Income and deferred taxes (4) - - - - - (4)
Depreciation and
amortization 2 - 1 1 - - 4
Restructuring expenses and
other charges 15 - - - - - 15
Accounts receivable 12 - 4 2 - - 18
Inventories 3 - (2) (5) - - (4)
Accounts payable (1) - - (1) (1) - (3)
Other assets and liabilities (16) (1) (1) 2 - - (16)
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Cash Provided by (Used in)
Operations 3 (1) 1 - - - 3
Investing Activities:
Property, plant and
equipment purchases - - (1) - - - (1)
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Cash Used in Investing
Activities - - (1) - - - (1)
Financing Activities:
Debt Issuance Costs (4) - - - - - (4)
Net intercompany
transactions 4 1 1 (1) - - 5
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Cash Provided by (Used in)
Financing Activities - 1 1 (1) - - 1
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Increase (Decrease) in Cash
and Cash Equivalents 3 - 1 (1) - - 3
Cash and Cash Equivalents:
Beginning of period 11 - - 2 1 - 14
End of period $ 14 $ - $ 1 $ 1 $ 1 $ - $ 17
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