25th May 2011 14:20
Dividend & Audited Financial Results for the Year ended 31st March 2011.
At the Board Meeting held on 25th May 2011, the Directors of Tata Steel Limited have recommended, subject to the approval of shareholders at the Annual General Meeting scheduled to be held on Friday, 3rd August 2011, dividend of Rs.12/- per Ordinary Share of Rs.10 each for the year ended 31st March 2011.
The Register of Members will remain closed from Wednesday, 6th July 2011 to Tuesday, 12th July 2011 (both days inclusive) for the purpose of Annual General Meeting and payment of dividend for the financial year ended 31st March 2011 when sanctioned. The Share Transfer Books of the Company for Ordinary Shares will also remain closed during the aforesaid period.
Dividend, if declared at the said AGM, will be paid on and from 5th August 2011 to the shareholders entitled to receive the same.
TATA STEEL LTD
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI - 400 001
Audited Financial Results for the Year ended on 31st March 2011
Standalone results | Consolidated results | |||||||
Particulars | Year ended on31-03-2011 | Year ended on31-03-2010 | Year ended on31-03-2011 | Year ended on31-03-2010 | ||||
1 | a) | Net Sales / Income from Operations | ` Crores | 29,073.50 | 24,716.82 | 117,149.78 | 101,757.77 | |
b) | Other Operating Income | " | 322.85 | 305.16 | 1,603.34 | 635.35 | ||
2 | Total Operating Income [ 1(a) + 1(b) ] | " | 29,396.35 | 25,021.98 | 118,753.12 | 102,393.12 | ||
3 | Total Expenditure | |||||||
a) | (Increase) / decrease in stock-in-trade | " | (173.65) | 134.97 | (1,355.98) | 660.04 | ||
b) | Purchases of finished, semi-finished steel & other products | " | 180.20 | 169.08 | 15,890.40 | 13,110.61 | ||
c) | Raw materials consumed | " | 6,244.01 | 5,494.74 | 38,044.12 | 31,004.49 | ||
d) | Staff Cost | " | 2,619.77 | 2,361.48 | 15,288.42 | 16,475.12 | ||
e) | Purchase of Power | " | 1,404.86 | 1,268.28 | 4,014.76 | 4,051.26 | ||
f) | Freight and handling | " | 1,540.82 | 1,357.27 | 6,389.61 | 5,553.65 | ||
g) | Depreciation | " | 1,146.19 | 1,083.18 | 4,414.82 | 4,491.73 | ||
h) | Other Expenditure | " | 6,147.48 | 5,284.07 | 24,486.17 | 23,495.29 | ||
i) | Total Expenditure (3a to 3h) | " | 19,109.68 | 17,153.07 | 107,172.32 | 98,842.19 | ||
4 | Profit / (Loss) from Operations before Other Income, Net Finance Charges, Exceptional Items & Tax [ 2 - 3 ] | " | 10,286.67 | 7,868.91 | 11,580.80 | 3,550.93 | ||
5 | Other Income | " | 790.67 | 853.79 | 980.98 | 1,185.85 | ||
6 | Profit / (Loss) from Operations before Net Finance Charges, Exceptional Items & Tax [ 4 + 5 ] | " | 11,077.34 | 8,722.70 | 12,561.78 | 4,736.78 | ||
7 | Net Finance Charges | " | 1,300.49 | 1,508.40 | 2,770.04 | 3,022.06 | ||
8 | Profit / (Loss) before Exceptional Items & Tax [ 6 - 7 ] | " | 9,776.85 | 7,214.30 | 9,791.74 | 1,714.72 | ||
9 | Exceptional Items : | |||||||
Restructuring , Impairment & Disposals | " | - | - | 2,310.21 | (1,683.72) | |||
10 | Profit / (Loss) before Tax [ 8 + 9 ] | " | 9,776.85 | 7,214.30 | 12,101.95 | 31.00 | ||
11 | Tax Expense | " | 2,911.16 | 2,167.50 | 3,245.90 | 2,151.84 | ||
12 | Net Profit (+) / Loss (-) [ 10 - 11] | " | 6,865.69 | 5,046.80 | 8,856.05 | (2,120.84) | ||
13 | Minority Interest | " | 60.28 | (15.24) | ||||
14 | Share of profit of associates | " | 66.36 | 126.86 | ||||
15 | Profit / (Loss) after Taxes, Minority Interest and Share of profit of Associates [ 12 + 13 + 14 ] | " | 8,982.69 | (2,009.22) | ||||
16 | Paid-up Equity Share Capital[Face value ` 10 per share] | ` Crores | 959.41 | 887.41 | 958.74 | 886.74 | ||
17 | Paid up Debt Capital | " | 13,014.84 | 9,974.97 | ||||
18 | Reserves excluding revaluation reserves | " | 45,807.02 | 36,074.39 | 34,426.97 | 21,927.15 | ||
19 | Debenture Redemption Reserve | " | 2,046.00 | 1,046.00 | ||||
20 | Basic Earnings per share(after Exceptional items) | Rupees | 75.63 | 60.26 | 99.03 | (24.92) | ||
21 | Diluted Earnings per share(after Exceptional items) | " | 70.99 | 57.31 | 92.86 | (24.92) | ||
22 | Net Debt Equity Ratio | 0.49 | 0.61 | |||||
23 | Debt Service Coverage Ratio | 2.67 | 1.70 | |||||
24 | Interest Service Coverage Ratio | 8.52 | 5.78 | |||||
25 | Aggregate of public shareholding | |||||||
Number of shares | Nos. | 641,803,872 | 605,162,261 | |||||
% of shareholding | % | 68.62% | 68.53% | |||||
26 | Promoters and promoter group shareholding | |||||||
a) | Pledged / encumbered | |||||||
- Number of shares | Nos. | - | 97,400,000 | |||||
- % of shares to total shareholding of promoter & promoter group | % | - | 35.06% | |||||
- % of shares to total share capital of the company | % | - | 10.98% | |||||
b) | Non-encumbered | |||||||
- Number of shares | Nos. | 293,492,790 | 180,433,893 | |||||
- % of shares to total shareholding of promoter & promoter group | % | 100.00% | 64.94% | |||||
- % of shares to total share capital of the company | % | 30.60% | 20.34% | |||||
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: Secured Loans + Unsecured Loans - Cash & Bank - Current Investments) | ||||||||
(Net Worth: Equity Share Capital + Preference Share Capital + Reserves & Surplus + Hybrid Perpetual Securities - Miscellaneous Expenses to the extent not written off or adjusted - 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 Taxes +/(-) Exceptional Items + Net Finance Charges) | ||||||||
4 | Interest Service Coverage Ratio: EBIT / Net Finance Charges | |||||||
Segment Revenue, Results and Capital Employed | ||||
` Crores | ||||
Standalone results | Consolidated results | |||
Particulars | Year ended on 31-03-2011 | Year ended on 31-03-2010 | Year ended on 31-03-2011 | Year ended on 31-03-2010 |
Revenue by Business Segment: | ||||
Steel business | 26,861.17 | 22,962.55 | 113,034.83 | 97,388.95 |
Ferro Alloys and Minerals | 2,431.70 | 1,854.67 | ||
Others | 1,839.74 | 1,573.29 | 13,074.88 | 10,877.13 |
Unallocated | - | - | 1,470.49 | 1,429.07 |
Total | 31,132.61 | 26,390.51 | 127,580.20 | 109,695.15 |
Less: Inter segment revenue | 1,736.26 | 1,368.53 | 8,827.08 | 7,302.03 |
Net sales/ income from operations | 29,396.35 | 25,021.98 | 118,753.12 | 102,393.12 |
Segment results before net finance charges, exceptional items and tax: | ||||
Steel business | 9,459.43 | 7,941.92 | 12,304.81 | 4,082.36 |
Ferro Alloys and Minerals | 822.18 | 340.44 | - | - |
Others | 79.09 | 113.69 | 1,041.82 | 1,031.34 |
Unallocated income / (expenditure) | 716.64 | 326.65 | (371.59) | (14.30) |
Less: Inter Segment Eliminations | - | - | 413.26 | 362.62 |
Total Segment results before net finance charges, exceptional items and tax: | 11,077.34 | 8,722.70 | 12,561.78 | 4,736.78 |
Less: Net Finance Charges | 1,300.49 | 1,508.40 | 2,770.04 | 3,022.06 |
Profit / (Loss) before exceptional items & tax | 9,776.85 | 7,214.30 | 9,791.74 | 1,714.72 |
Exceptional Items: | ||||
Restructuring, Impairment & Disposals | - | - | 2,310.21 | (1,683.72) |
Profit / (Loss) before Tax | 9,776.85 | 7,214.30 | 12,101.95 | 31.00 |
Less: Tax Expense | 2,911.16 | 2,167.50 | 3,245.90 | 2,151.84 |
Net Profit (+) / Loss (-) | 6,865.69 | 5,046.80 | 8,856.05 | (2,120.84) |
Segment Capital Employed: | ||||
Steel business | 15,997.68 | 13,099.51 | 60,240.90 | 48,174.30 |
Ferro Alloys and Minerals | 333.87 | 188.09 | ||
Others | 199.28 | 223.79 | 5,167.50 | 4,141.75 |
Unallocated | 9,272.56 | 3,870.32 | 13,385.84 | 7,717.58 |
Inter Segment Eliminations | - | - | (63.14) | (43.95) |
Total | 25,803.39 | 17,381.71 | 78,731.10 | 59,989.68 |
Statement of Assets & Liabilities | ||||||
` Crores | ||||||
Standalone results | Consolidated results | |||||
Year ended on31-03-2011 | Year ended on31-03-2010 | Year ended on31-03-2011 | Year ended on31-03-2010 | |||
Shareholders' Funds: | ||||||
(a) | Capital | 959.41 | 887.41 | 958.74 | 886.74 | |
(b) | Share Warrants | 178.20 | - | 178.20 | - | |
(c) | Reserves and Surplus | 45,807.02 | 36,074.39 | 34,426.97 | 21,927.15 | |
Hybrid Perpetual Securities | 1,500.00 | - | 1,500.00 | - | ||
Warrants Issued by a Subsidiary Company | 17.46 | 17.46 | ||||
Minority Interests | 888.90 | 884.07 | ||||
Loan Funds | 28,301.14 | 25,239.20 | 60,684.34 | 53,100.35 | ||
Deferred Tax Liability | 936.80 | 867.67 | 2,188.18 | 1,802.94 | ||
Foreign Currency Monetary Item Translation Difference Account | - | 206.95 | - | 206.95 | ||
Provision For Employee Separation Compensation | 873.34 | 957.16 | 879.37 | 963.67 | ||
TOTAL | 78,555.91 | 64,232.78 | 101,722.16 | 79,789.33 | ||
Fixed Assets | 18,774.48 | 16,006.03 | 52,393.40 | 45,795.83 | ||
Investments | 46,564.94 | 44,979.67 | 7,847.34 | 5,417.79 | ||
Goodwill on Consolidation | 15,298.20 | 14,541.82 | ||||
Deferred Tax Assets | 175.56 | 148.83 | ||||
Current Assets, Loans And Advances | ||||||
(a) | Inventories | 3,953.76 | 3,077.75 | 24,055.24 | 18,686.64 | |
(b) | Sundry Debtors | 428.03 | 434.83 | 14,816.28 | 11,512.44 | |
(c) | Cash and Bank balances | 4,141.54 | 3,234.14 | 10,892.60 | 6,815.11 | |
(d) | Other current assets | - | - | 9.83 | 7.63 | |
(e) | Loans and Advances | 15,688.97 | 5,503.89 | 9,994.69 | 6,849.89 | |
Less: Current liabilities and provisions | ||||||
(a) | Current liabilities | 7,447.83 | 6,657.01 | 26,671.06 | 23,392.49 | |
(b) | Provisions | 3,547.98 | 2,346.52 | 7,089.92 | 6,594.16 | |
TOTAL | 78,555.91 | 64,232.78 | 101,722.16 | 79,789.33 | ||
Notes:
1. 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 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 year ended March 31, 2011 would have been lower by `402.81 crores and the consolidated loss after taxes, minority interest and share of profit of associates for the year ended March 31, 2010 would have been higher by `3,541.23 crores.
2. The Company has raised `1,500 crores through the issue of Hybrid Perpetual Securities in March 2011. These securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The distribution on the securities, which may be deferred at the option of the Company under certain circumstances, is set @ 11.80%p.a., with a step up provision if the securities are not called after 10 years. As these securities are perpetual in nature and ranked senior only to share capital of the Company, these are not classified as 'debt' and the distribution on such securities amounting to ` 4.54 crores (net of tax) not considered in 'Net Finance Charges'.
3. 'Restructuring, Impairment & Disposals under exceptional items' includes profit of ` 2,503.19 crores on disposal of Teesside Cast Products to Sahaviriya Steel Industries, Thailand on 24th March, 2011.
4. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended March 31, 2011:
Opening Balance | Received during the quarter | Resolved during the quarter | Closing Balance |
6 | 168 | 170 | 4 |
5. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.
6. The above results have been reviewed by the Audit Committee in its meeting held on May 24, 2011 and were approved by the Board of Directors in its meeting of date.
7. The Board of Directors has recommended a dividend of ` 12 per share on Ordinary Shares for the financial year 2010-11.
8. The Annual General Meeting of the Company will be held on August 3, 2011 to consider the accounts for the financial year 2010-11.
Tata Steel Limited
Ratan N.Tata
Chairman
Mumbai: May 25, 2011
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Tata Steel