REG - Tata Steel Limited - Audited Financial Results for year ended 31-3-2012

Fri May 18, 2012 9:56am EDT

* Reuters is not responsible for the content in this press release.

RNS Number : 6821D
Tata Steel Limited
18 May 2012
 



 

 

Standalone Financial Results for the Quarter / Year ended on 31st March 2012

PART I






`Crores

Particulars

Quarter
ended on
31.03.2012

Quarter
ended on
31.12.2011

Quarter
ended on
31.03.2011

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011





Audited

Audited

Audited

Audited

Audited


1

Income from operations








a)

Net sales / income from operations (net of excise duty)

                9,375.91

                8,304.58

                8,239.41

              33,614.88

               29,073.50



b)

Other operating income

                   103.52

                     77.27

                   101.36

                   318.58

                    322.85



Total income from operations (net) [ 1(a) + 1(b) ]

                9,479.43

                8,381.85

                8,340.77

              33,933.46

               29,396.35


2

Expenses








a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

                   187.18

                  (112.90)

                     83.10

                  (220.72)

                   (173.65)



b)

Purchases of finished, semi-finished steel & other products

                     64.24

                     62.94

                     52.61

                   209.52

                    180.20



c)

Raw materials consumed

                2,147.35

                2,187.73

                1,827.70

                8,014.37

                 6,244.01



d)

Employee benefits expense

                   936.33

                   733.15

                   849.99

                3,047.26

                 2,837.46



e)

Purchase of power

                   460.28

                   452.08

                   343.15

                1,803.72

                 1,404.86



f)

Freight and handling charges

                   463.63

                   443.93

                   431.47

                1,703.98

                 1,540.82



g)

Depreciation and amortisation expense

                   289.96

                   289.07

                   298.16

                1,151.44

                 1,146.19



h)

Other expenses

                2,228.81

                1,970.78

                1,675.27

                7,838.56

                 5,880.36



Total expenses (2a to 2h)

                6,777.78

                6,026.78

                5,561.45

              23,548.13

               19,060.25


4

Other income

                   182.93

                   197.60

                   158.96

                   886.43

                    528.36


6

Finance costs

                   513.96

                   481.12

                   466.20

                1,925.42

                 1,735.70


7

Profit / (Loss) before exceptional items & tax [5 - 6]

              2,370.62

              2,071.55

              2,472.08

              9,346.34

               9,128.76


8

Exceptional items :








a)

Profit on sale of non current investments

                           -  

                           -  

                           -  

                   511.01

                    648.09


10

Tax expense

                   810.11

                   650.29

                   764.37

                3,160.93

                 2,911.16


12

Paid-up equity share capital
[Face value
`10 per share]

                   971.41

                   959.41

                   959.41

                   971.41

                    959.41


13

Paid up debt capital




              12,508.50

               13,014.84


14

Reserves excluding revaluation reserves




              51,649.95

               45,807.02


15

Debenture redemption reserve




                2,046.00

                 2,046.00


16

Basic earnings per share (not annualised) - in Rupees
(after exceptional items)

                     15.65

                     14.35

                     18.09

                     67.84

                      75.63


17

Diluted earnings per share (not annualised) - in Rupees
(after exceptional items)

                     15.45

                     13.69

                     16.76

                     66.62

                      70.99


18

Net debt equity ratio




                       0.41

                        0.49


19

Debt service coverage ratio




                       1.96

                        2.50


20

Interest service coverage ratio




                       9.80

                        7.76

 

1.     Paid up debt capital represents debentures, Convertible Alternative Reference Securities (CARS) and Foreign Currency Convertible Bonds (FCCB)

2.     Net debt to equity: Net debt / Average net worth

(Net debt: Long term borrowings + Current maturities of long term borrowings + Short term borrowings - Cash & bank balances - Current investments)

(Net worth: Shareholders' funds+ Hybrid Perpetual Securities +/- Foreign Currency Monetary Item Translation Difference Account)

3.     Debt service coverage ratio: EBIT  /  (Net finance charges + Scheduled principal repayments ( excluding prepayments) during the period)

(EBIT : Profit before tax  +/(-) Exceptional items + Net finance charges)

(Net finance charges : Finance costs  - Interest income - Dividend income from current investments - Net Gain / (Loss) on sale of current investments)

4.     Interest service coverage ratio: EBIT  /  Net finance charges

 

PART II







Select information for the Quarter / Year ended on 31st March 2012


Quarter
ended on
31.03.2012

Quarter
ended on
31.12.2011

Quarter
ended on
31.03.2011

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011

A

Particulars of Shareholding






1

Aggregate of public shareholding







Number of shares

           648,608,999

          643,937,893

           641,803,872

            648,608,999

           641,803,872


% of shareholding

68.05%

68.60%

68.62%

68.05%

68.62%

2

Promoters and promoter group shareholding







a)

Pledged / encumbered








- Number of shares

             10,000,000

            10,000,000

                           -  

              10,000,000

                           -  



- % of shares to total share holding of promoter & promoter group

3.28%

3.39%

                           -  

3.28%

                           -  



- % of shares to total share capital of the company

1.03%

1.04%

                           -  

1.03%

                           -  


b)

Non-encumbered








- Number of shares

           294,514,362

          284,735,764

           293,492,790

            294,514,362

           293,492,790



- % of shares to total share holding of promoter & promoter group

96.72%

96.61%

100.00%

96.72%

100.00%



- % of shares to total share capital of the company

30.32%

29.68%

30.60%

30.32%

30.60%









Particulars

Quarter
ended on
 31.03.2012





B

Investor complaints







Pending at the beginning of the Quarter

8






Received during the quarter

70






Disposed off during the quarter

71






Remaining unresolved at the end of the quarter

7





 

 

Standalone Segment Revenue, Results and Capital Employed  







`Crores

Particulars

Quarter
ended on
31.03.2012

Quarter
ended on
31.12.2011

Quarter
ended on
31.03.2011

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011


Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:






Steel business

                8,681.47

                7,678.48

                7,593.35

              31,307.93

                  26,861.17

Ferro Alloys and Minerals

                   720.16

                   675.83

                   683.21

                2,473.98

                    2,431.70

Others

                   537.45

                   484.87

                   510.00

                2,002.42

                    1,839.74

Total

              9,939.08

              8,839.18

              8,786.56

            35,784.33

               31,132.61

Less: Inter segment revenue

                   459.65

                   457.33

                   445.79

                1,850.87

                    1,736.26

Net sales / income from operations

              9,479.43

              8,381.85

              8,340.77

            33,933.46

               29,396.35







Segment results before finance costs, exceptional items and tax:






Steel business

                2,810.33

                2,240.28

                2,514.18

              10,276.29

                    9,459.43

Ferro Alloys and Minerals

                   129.19

                   148.43

                   243.44

                   530.45

                       822.18

Others

                     18.96

                     11.22

                     20.28

                     63.61

                         79.09

Unallocated income / (expenditure)

                    (73.90)

                   152.74

                   160.38

                   401.41

                       503.76

Total Segment results before finance costs, exceptional items and tax

              2,884.58

              2,552.67

              2,938.28

            11,271.76

               10,864.46

Less: Finance costs

                   513.96

                   481.12

                   466.20

                1,925.42

                    1,735.70

Profit / (Loss) before exceptional items & tax

              2,370.62

              2,071.55

              2,472.08

              9,346.34

                  9,128.76

Exceptional items:






Profit on sale of non current investments

                           -  

                           -  

                           -  

                   511.01

                       648.09

Profit / (Loss) before tax

              2,370.62

              2,071.55

              2,472.08

              9,857.35

                  9,776.85

Less: Tax expense

                   810.11

                   650.29

                   764.37

                3,160.93

                    2,911.16

Net Profit / (Loss)

              1,560.51

              1,421.26

              1,707.71

              6,696.42

                  6,865.69







Segment Capital Employed:






Steel business

              26,147.62

              23,817.70

              15,997.68

              26,147.62

                  15,997.68

Ferro Alloys and Minerals

                   195.43

                   180.89

                   333.87

                   195.43

                       333.87

Others

                   243.39

                   279.78

                   199.28

                   243.39

                       199.28

Unallocated

                4,508.89

                9,105.40

                9,272.54

                4,508.89

                    9,272.54

Total

            31,095.33

            33,383.77

            25,803.37

            31,095.33

               25,803.37

 

 

Standalone Statement of Assets & Liabilities








` Crores

Particulars

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011





Audited

Audited

A

EQUITY AND LIABILITIES



(1)

Shareholders' funds




(a)

Share capital

                   971.41

                    959.41


(b)

Reserves and surplus

              51,649.95

               45,807.02


(c)

Money received against share warrants

                           -  

                    178.20




Sub-total - Shareholders' funds

            52,621.36

             46,944.63

(2)

Hybrid Perpetual Securities

                2,275.00

                 1,500.00

(3)

Non-current liabilities




(a)

Long-term borrowings

              21,353.20

               24,499.05


(b)

Deferred tax liabilities (net)

                   970.51

                    936.80


(c)

Other long-term liabilities

                   216.05

                    373.88


(d)

Long-term provisions

                1,851.30

                 2,201.47




Sub-total - Non current liabilities

            24,391.06

             28,011.20

(4)

Current liabilities




(a)

Short-term borrowings

                     65.62

                    149.13


(b)

Trade payables

                5,973.23

                 4,464.81


(c)

Other current liabilities

                8,798.55

                 6,262.10


(d)

Short-term provisions

                2,066.24

                 2,219.85




Sub-total - Current liabilities

            16,903.64

             13,095.89

TOTAL -  EQUITY AND LIABILITIES

            96,191.06

             89,551.72

B

ASSETS




(1)

Non-current assets




(a)

Fixed assets

              27,424.75

               17,417.38


(b)

Non-current investments

              49,078.35

               43,565.15


(c)

Foreign currency monetary item translation difference account

                   404.90

                            -  


(d)

Long-term loans and advances

                6,415.80

               10,453.41


(e)

Other non current assets

                       2.76

                        2.76




Sub-total - Non current assets

            83,326.56

             71,438.70

(2)

Current assets





(a)

Current investments

                1,204.17

                 2,999.79


(b)

Inventories

                4,858.99

                 3,953.76


(c)

Trade receivables

                   904.08

                    424.02


(d)

Cash and bank balances

                3,946.99

                 4,138.78


(e)

Short-term loans and advances

                1,828.09

                 6,458.94


(f)

Other current assets

                   122.18

                    137.73




Sub-total - Current assets

            12,864.50

             18,113.02

TOTAL - ASSETS

            96,191.06

             89,551.72

 

 

Consolidated Financial Results for the Quarter / Year ended on 31st March 2012

PART I






`Crores

Particulars

Quarter
ended on
31.03.2012

Quarter
ended on
31.12.2011

Quarter
ended on
31.03.2011

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011





Unaudited

Unaudited

Unaudited

Audited

Audited


1

Income from operations








a)

Net sales / income from operations (net of excise duty)

              33,860.08

              32,964.15

              33,442.66

            132,257.36

             117,149.78



b)

Other operating income

                   138.49

                   138.92

                   381.13

                   642.34

                 1,603.34



Total income from operations (net) [ 1(a) + 1(b) ]

              33,998.57

              33,103.07

              33,823.79

            132,899.70

             118,753.12


2

Expenses








a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

                   911.07

                  (372.19)

                   512.89

                  (785.93)

                (1,355.98)



b)

Purchases of finished, semi-finished steel & other products

                5,428.51

                5,265.11

                4,851.57

              21,073.43

               15,890.40



c)

Raw materials consumed

              10,224.90

              12,618.69

              10,728.69

              45,457.54

               38,748.58



d)

Employee benefits expense

                4,722.10

                4,293.82

                4,249.43

              17,228.64

               15,840.20



e)

Purchase of power

                1,274.34

                1,251.14

                1,015.38

                4,915.45

                 4,014.77



f)

Freight and handling charges

                1,761.09

                1,720.66

                1,742.51

                6,659.54

                 6,389.62



g)

Depreciation and amortisation expense

                1,093.07

                1,164.01

                1,166.37

                4,516.65

                 4,414.82



h)

Other expenses

                6,497.73

                6,412.54

                6,178.67

              25,934.24

               22,478.86



Total expenses (2a to 2h)

              31,912.81

              32,353.78

              30,445.51

            124,999.56

             106,421.27


4

Other income

                   222.02

                   253.67

                   364.21

                1,573.03

                    679.98


6

Finance costs

                1,128.00

                1,059.99

                   996.70

                4,250.11

                 3,955.78


7

Profit / (Loss) before exceptional items & tax [5 - 6]

              1,179.78

                  (57.03)

              2,745.79

              5,223.06

               9,056.05


8

Exceptional items :








a)

Restructuring, impairment & disposals

                           -  

                           -  

                2,279.37

                           -  

                 2,310.21



b)

Profit on sale of non current investments

                           -  

                           -  

                           -  

                3,361.92

                    735.69


10

Tax expense

                   976.60

                   630.33

                   876.43

                3,636.46

                 3,245.90


12

Minority interest

                     30.10

                     64.05

                     18.49

                   173.14

                      60.28


13

Share of profit / (loss) of associates

                   200.18

                     20.64

                       8.38

                   268.11

                      66.36


15

Paid-up equity share capital
[Face value
`10 per share]

                   971.41

                   958.74

                   958.74

                   971.41

                    958.74


16

Reserves excluding revaluation reserves




              42,049.71

               34,426.97


17

Basic earnings per share (not annualised) - in Rupees
(after exceptional items)

                       4.02

                      (6.76)

                     44.33

                     54.28

                      99.03


18

Diluted earnings per share (not annualised) - in Rupees
(after exceptional items)

                       4.02

                      (6.76)

                     41.35

                     53.63

                      92.86

 

Consolidated Segment Revenue, Results and Capital Employed  






`Crores

Particulars

Quarter
ended on
31.03.2012

Quarter
ended on
31.12.2011

Quarter
ended on
31.03.2011

Financial Year ended on 31.03.2012

Financial Year ended on 31.03.2011


Unaudited

Unaudited

Unaudited

Audited

Audited

Revenue by Business Segment:






Steel business

              32,272.73

              31,717.78

              31,967.40

            127,242.72

                113,034.83

Others

                3,866.27

                3,371.34

                3,961.71

              13,496.58

                  13,074.88

Unallocated

                   396.97

                   418.72

                   381.25

                1,663.82

                    1,470.49

Total

            36,535.97

            35,507.84

            36,310.36

          142,403.12

             127,580.20

Less: Inter segment revenue

                2,537.40

                2,404.77

                2,486.57

                9,503.42

                    8,827.08

Net sales / income from operations

            33,998.57

            33,103.07

            33,823.79

          132,899.70

             118,753.12







Segment results before finance costs, exceptional items and tax:






Steel business

                2,703.38

                   415.88

                3,718.83

                9,575.83

                  12,373.54

Others

                     70.79

                     42.04

                   276.34

                   102.21

                    1,041.82

Unallocated income / (expenditure)

                2,356.28

                   859.89

                   161.77

                4,431.65

                       559.53

Less: Inter segment eliminations

                2,822.67

                   314.85

                   414.45

                4,636.52

                       963.06

Total Segment results before finance costs, exceptional items and tax

              2,307.78

              1,002.96

              3,742.49

              9,473.17

               13,011.83

Less: Finance costs

                1,128.00

                1,059.99

                   996.70

                4,250.11

                    3,955.78

Profit / (Loss) before exceptional items & tax

              1,179.78

                  (57.03)

              2,745.79

              5,223.06

                  9,056.05

Exceptional items:






Restructuring, impairment & disposals

                           -  

                           -  

                2,279.37

                           -  

                    2,310.21

Profit on sale of non current investments

                           -  

                           -  

                           -  

                3,361.92

                       735.69

Profit / (Loss) before tax

              1,179.78

                  (57.03)

              5,025.16

              8,584.98

               12,101.95

Less: Tax expense

                   976.60

                   630.33

                   876.43

                3,636.46

                    3,245.90

Net Profit / (Loss)

                  203.18

                (687.36)

              4,148.73

              4,948.52

                  8,856.05







Segment Capital Employed:






Steel business

              81,094.51

              81,102.18

              60,240.90

              81,094.51

                  60,240.90

Others

                4,263.56

                5,035.90

                5,167.50

                4,263.56

                    5,167.50

Unallocated

                3,220.34

                6,911.90

              13,380.30

                3,220.34

                  13,380.30

Inter segment eliminations

                  (441.49)

                  (463.70)

                    (63.14)

                  (441.49)

                       (63.14)

Total

            88,136.92

            92,586.28

            78,725.56

            88,136.92

               78,725.56

 

 

Consolidated Statement of Assets & Liabilities








` Crores

Particulars

Financial Year
ended on 31.03.2012

Financial Year ended on 31.03.2011





Audited

Audited

A

EQUITY AND LIABILITIES



(1)

Shareholders' funds




(a)

Share capital

                   971.41

                   958.74


(b)

Reserves and surplus

              42,049.71

              34,426.97


(c)

Money received against share warrants

                           -  

                   178.20



 

Sub-total - Shareholders' funds

            43,021.12

            35,563.91

(2)

Share application money pending allotment

                           -  

                           -  

(3)

Preference shares issued by subsidiary companies

                     22.43

                           -  

(4)

Warrants issued by a subsidiary company

                     17.46

                     17.46

(5)

Hybrid Perpetual Securities

                2,275.00

                1,500.00

(6)

Minority interest


                1,091.15

                   888.90

(7)

Non-current liabilities




(a)

Long-term borrowings

              45,238.24

              49,250.69


(b)

Deferred tax liabilities (net)

                2,503.85

                2,188.18


(c)

Other long-term liabilities

                   807.88

                   845.65


(d)

Long-term provisions

                4,715.05

                4,585.05




Sub-total - Non current liabilities

            53,265.02

            56,869.57

(8)

Current liabilities




(a)

Short-term borrowings

                4,699.08

                3,794.44


(b)

Trade payables

              20,617.86

              18,457.48


(c)

Other current liabilities

              18,860.99

              15,001.22


(d)

Short-term provisions

                3,370.05

                3,395.25




Sub-total - Current liabilities

            47,547.98

            40,648.39

TOTAL -  EQUITY AND LIABILITIES

          147,240.16

          135,488.23

B

ASSETS




(1)

Non-current assets




(a)

Fixed assets

              62,140.03

              50,119.34


(b)

Goodwill on consolidation

              17,354.61

              15,298.20


(c)

Non-current investments

                2,622.88

                4,688.06


(d)

Deferred tax assets (net)

                     61.44

                   175.56


(e)

Foreign currency monetary item translation difference account

                   404.90

                           -  


(f)

Long-term loans and advances

                8,039.01

                8,684.56


(g)

Other non current assets

                     39.39

                     33.55




Sub-total - Non current assets

            90,662.26

            78,999.27

(2)

Current assets





(a)

Current investments

                1,398.37

                3,159.28


(b)

Inventories

              25,598.00

              24,055.24


(c)

Trade receivables

              14,878.48

              14,811.92


(d)

Cash and bank balances

              10,801.58

              10,859.05


(e)

Short-term loans and advances

                3,868.73

                3,547.18


(f)

Other current assets

                     32.74

                     56.29




Sub-total - Current assets

            56,577.90

            56,488.96

TOTAL - ASSETS


          147,240.16

          135,488.23

 

 

Notes:

1.    1,20,00,000 ordinary shares of  `10 each, at a premium of `584 per share, have been allotted to Tata Sons Ltd. on January 20, 2012 on Tata Sons Ltd. having exercised the option to convert 1,20,00,000 warrants into ordinary shares of the Company.

 

2.    The Company has on April 23, 2012 issued Unsecured Redeemable Non Convertible Debentures of face value of `1,500 crores at a discount of 15% to face value with a coupon of 2% per annum and a YTM of 9.8% per annum.

 

3.    The actuarial gains and losses on funds for employee benefits (pension plans) of Tata Steel Europe Limited for the period from April 1, 2008 have been accounted in "Reserves and Surplus" in the consolidated financial statements in accordance with IFRS principles and as permitted by Accounting Standard 21. Had the Company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates for the quarter ended March 31, 2012 would have been higher by `633.22 crores (lower by `369.91 crores for the quarter ended March 31, 2011) and the consolidated profit after taxes, minority interest and share of profit of associates for the year ended March 31, 2012 would have been lower by `2,372.26 crores (lower by `402.81 crores for the year ended March 31, 2011).

 

4.    The Company and its Indian subsidiaries have adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard-11 notified by Government of India on 31st  March, 2009 (as amended by notification on 29th December, 2011) which allows foreign exchange differences on long- term monetary items to be capitalised to the extent they relate to acquisition of depreciable assets and in other cases to amortise over the balance period of the monetary asset/liability. The impact is detailed below :-

 

   ` crores

Standalone 

 Particulars

 Consolidated 

 Quarter
ended on
31.03.2012

 Quarter
ended on
31.03.2011

 Financial Year ended on 31.03.2012

 Financial Year ended on 31.03.2011

 Quarter
ended on
31.03.2012

 Quarter
ended on
31.03.2011

 Financial Year ended on 31.03.2012

 Financial Year ended on 31.03.2011

           (30.01)

                 2.29

                 39.58

                   0.58

 Exchange translation (gain)/loss adjusted to the carrying value of capital assets and depreciation thereon

           (31.96)

                 2.45

                 50.22

                   1.25

         (225.46)

              13.26

              629.40

              (53.03)

 Foreign exchange (gain)/loss transferred to Foreign Currency Monetary Item Translation Difference account

         (225.46)

              13.26

              629.40

              (53.03)

           (73.15)

              81.43

           (243.21)

              261.44

 Amortization of cumulative foreign exchange gain/(loss)  charged to Profit and Loss account

           (73.15)

              81.43

           (243.21)

              261.44

         (328.62)

              96.98

              425.77

              208.99

 Impact on Profit After Tax

         (330.57)

              97.14

              436.41

              209.66

 

 

 

5.    Figures for the quarter ended March 31, 2012 and March 31, 2011 represent the difference between the audited figures in respect of the full financial years and the published figures of nine months ended December 31, 2011 and December 31, 2010 respectively.

 

6.    Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.

 

7.    The above results have been reviewed by the Audit Committee in its meeting held on May 17, 2012 and were approved by the Board of Directors in its meeting of date.

 

8.     The Board of Directors has recommended a dividend of `12 per share on Ordinary Shares for the financial year 2011-12.

 

9.     The Annual General Meeting of the Company will be held on August 14, 2012 to consider the accounts for the financial year 2011-12.

 

 

 

Tata Steel Limited

 

            Sd/-

 

Ratan N. Tata

Mumbai: May 18, 2012                                                                                                                     Chairman

                                               


This information is provided by RNS
The company news service from the London Stock Exchange
 
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