Pro forma financial information for the period January-December 2013 for the combination of SSAB and Rautaruukki
The unaudited pro forma financial information, as included herein and in Appendix 1 to this stock exchange release, is derived from the financial information in SSAB’s audited consolidated financial statements as at and for the year ended December 31, 2013 and Rautaruukki’s audited consolidated financial statements as at and for the year ended December 31, 2013 and is presented to illustrate the financial impact of the proposed combination of the operations of SSAB and Rautaruukki. The unaudited pro forma financial information has been prepared on a basis consistent with the International Financial Reporting Standards as adopted by the European Union and in a manner consistent with the accounting principles applied in SSAB’s audited consolidated financial statements as at and for the year ended December 31, 2013. The pro forma adjustments in the unaudited pro forma financial information are based upon available information and a number of assumptions, which are described in more detail in the notes accompanying the pro forma information.
For further information, please contact:
Andreas Koch, Head of Investor Relations, [email protected],
+46 8 45 45 729
Unaudited Pro Forma Income Statement
| For the year ended December 31, 2013 | ||||
| SSAB IFRS | Rautaruukki IFRS | Pro forma adjustments | SSAB Pro forma | |
| (unaudited) | (audited) | (unaudited) | (unaudited) | |
| (EUR in millions) | (EUR in millions) | (EUR in millions) | (EUR in millions) | |
| Sales | 4,049 | 2,405 | (17) | 6,437 |
| Cost of goods sold | (3,849) | (2,174) | (58) | (6,080) |
| Gross profit | 200 | 231 | (75) | 357 |
| Selling expenses | (178) | (104) | – | (282) |
| Administrative expenses | (162) | (106) | (31) | (299) |
| Other operating income | 57 | 13 | – | 70 |
| Other operating expenses | (50) | 0 | 5 | (45) |
| Shares in earnings of affiliated companies and joint ventures after tax | 2 | – | (3) | (2) |
| Operating profit/(loss) | (131) | 34 | (104) | (201) |
| Financial income | 7 | 40 | – | 47 |
| Financial expenses | (76) | (76) | 6 | (146) |
| Profit/(loss) after financial items | (200) | (2) | (98) | (301) |
| Shares in earnings of affiliated companies and joint ventures after tax | (3) | 3 | – | |
| Taxes | 77 | (8) | 15 | 84 |
| Profit/(loss) for the year | (123) | (14) | (80) | (217) |
| Of which attributable to: | ||||
| Parent company´s shareholders | (123) | (14) | (80) | (217) |
| Non-controlling interests | 0 | 0 | – | 0 |
Unaudited Pro Forma Statement of Comprehensive Income
| For the year ended December 31, 2013 | |||||||
| SSAB IFRS | Rautaruukki IFRS | Pro forma adjustments | SSAB Pro forma | ||||
| (unaudited) | (audited) | (unaudited) | (unaudited) | ||||
| (EUR in millions) | (EUR in millions) | (EUR in millions) | (EUR in millions) | ||||
| Profit/(loss) for the year | (123) | (14) | (80) | (217) | |||
| Other comprehensive income | |||||||
| Items that may be subsequently reclassified to the income statement: | |||||||
| Translation differences for the year | (29) | (20) | – | (49) | |||
| Cash flow hedges | (8) | (6) | – | (14) | |||
| Hedging of currency risks in foreign operations | 9 | – | – | 9 | |||
| Share in other comprehensive income of affiliated companies and joint ventures | (2) | – | – | (2) | |||
| Tax attributable to items that may be subsequently reclassified to the income statement | 0 | 1 | – | 0 | |||
| Total items that may be subsequently reclassified to the income statement | (30) | (26) | – | (56) | |||
| Items that will not be reclassified to the income statement: | |||||||
| Remeasurements of the net defined benefit liability | 1 | 9 | – | 10 | |||
| Tax attributable to items that will not be reclassified to the income statement | 0 | (3) | – | (4) | |||
| Total items that will not be reclassified to the income statement | 1 | 5 | – | 6 | |||
| Total other comprehensive income for the year, net after tax | (29) | (20) | 0 | (50) | |||
| Total comprehensive income for the year | (152) | (34) | (80) | (266) | |||
| Of which attributable to: | |||||||
| Parent company’s shareholders | (152) | (34) | (80) | (266) | |||
| Non-controlling interests | 0 | 0 | – | 0 | |||
Unaudited Pro Forma Balance Sheet
| As at December 31, 2013 | |||||
| SSAB IFRS | Rautaruukki IFRS | Pro forma adjustments | SSAB Pro forma | ||
| (unaudited) | (audited) | (unaudited) | (unaudited) | ||
| (EUR in millions) | (EUR in millions) | (EUR in millions) | (EUR in millions) | ||
| ASSETS | |||||
| Fixed assets | |||||
| Goodwill | 1,995 | 65 | 102 | 2,162 | |
| Other intangible assets | 241 | 38 | 29 | 308 | |
| Tangible fixed assets | 1,849 | 1,079 | 40 | 2,968 | |
| Participations in affiliated companies | 32 | 31 | – | 63 | |
| Available for sale financial assets | – | 13 | (13) | – | |
| Other non-current receivables | – | 76 | (76) | – | |
| Financial assets | 180 | – | 90 | 269 | |
| Deferred tax receivables | 73 | 42 | (10) | 105 | |
| Total fixed assets | 4,370 | 1,344 | 162 | 5,876 | |
| Current assets | |||||
| Inventories | 986 | 557 | 39 | 1,581 | |
| Accounts receivable | 537 | 243 | (1) | 779 | |
| Prepaid expenses and accrued income | 56 | – | 29 | 85 | |
| Current tax receivables | 38 | 4 | – | 41 | |
| Other current interest-bearing receivables | 22 | – | 5 | 27 | |
| Financial assets | – | 1 | (1) | – | |
| Other current receivables | 33 | 83 | (34) | 83 | |
| Cash and cash equivalents | 239 | 46 | (34) | 250 | |
| Total current assets | 1,912 | 934 | 2 | 2,848 | |
| TOTAL ASSETS | 6,281 | 2,278 | 164 | 8,723 | |
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Share capital | 320 | 238 | (7) | 552 | |
| Other contributed funds | 1,117 | 220 | 719 | 2,055 | |
| Translation differences | – | (45) | 45 | – | |
| Reserves | (381) | (22) | 22 | (381) | |
| Retained earnings | 1,990 | 619 | (652) | 1,957 | |
| Total equity for the shareholders in the Company | 3,046 | 1,010 | 128 | 4,184 | |
| Non-controlling interests | 3 | 3 | - | 5 | |
| TOTAL EQUITY | 3,049 | 1,013 | 128 | 4,189 | |
| Long-term liabilities | |||||
| Long-term interest-bearing liabilities | 1,807 | 358 | 8 | 2,173 | |
| Deferred income | 42 | – | – | 42 | |
| Pension provisions | 13 | – | 36 | 49 | |
| Deferred tax liabilities | 333 | 7 | 18 | 358 | |
| Other long-term liabilities | – | 66 | (36) | 30 | |
| Other long-term provisions | 15 | 2 | – | 17 | |
| Total long-term liabilities | 2,211 | 432 | 26 | 2,669 | |
| Current liabilities | |||||
| Short-term interest-bearing liabilities | 288 | 387 | 12 | 688 | |
| Accounts payable | 514 | 279 | (1) | 792 | |
| Accrued expenses and deferred income | 180 | – | 100 | 279 | |
| Current tax liabilities | 13 | 3 | – | 17 | |
| Other current liabilities | 23 | 158 | (100) | 82 | |
| Short-term provisions | 3 | 5 | 0 | 8 | |
| Total current liabilities | 1,021 | 833 | 10 | 1,865 | |
| TOTAL EQUITY AND LIABILITIES | 6,281 | 2,278 | 164 | 8,723 | |
Important notice
This release may not be released or otherwise distributed, in whole or in part, in or into the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or any other jurisdiction where prohibited by applicable laws or rules. This release is not a share exchange offer document or a prospectus and as such does not constitute an offer or invitation to make a sales offer. Investors shall accept the share exchange offer for the shares only on the basis of the information provided in a share exchange offer document and prospectus in respect of the share exchange offer. Offers will not be made directly or indirectly in any jurisdiction where either an offer or participation therein is prohibited by applicable law or where any exchange offer document or registration or other requirements would apply in addition to those undertaken in Finland and Sweden.
The share exchange offer document and prospectus in respect of the share exchange offer as well as related acceptance forms will not and may not be distributed, forwarded or transmitted into, in or from any jurisdiction where prohibited by applicable law. In particular, the share exchange offer is not being made, directly or indirectly, in or into, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or, subject to certain exceptions, the United States of America. The share exchange offer cannot be accepted from within Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or, subject to certain exceptions, the United States of America.
The SSAB shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under any of the relevant securities laws of any state or other jurisdiction of the United States of America. The SSAB shares may not be offered or sold in the United States, except pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.
It should be noted that certain statements herein which are not historical facts, and statements preceded by “expects”, “estimates”, “forecast” or similar expressions, may be forward-looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected.
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