Debt & Leverage Ratios
| U.S.$’million |
2004 |
2003 |
Change |
| Cash and equivalents |
1,397 |
570 |
145.1% |
| Short-term debt |
228 |
186 |
22.5% |
| Long-term debt |
1,326 |
343 |
286.1% |
| Total debt |
1,554 |
530 |
193.4% |
| Net debt (cash) |
157 |
(40) |
- |
| Gross interest expense |
104 |
25 |
312.1% |
| Net interest expense |
64 |
4 |
1459.0% |
| x |
2004 |
2003 |
|
| Total debt/Equity |
0.40 x |
0.20 x |
|
| Net debt/Equity |
0.04 x |
- |
|
| Total debt/EBITDA |
0.72 x |
0.53 x |
|
| Net debt/EBITDA |
0.07 x |
- |
|
| EBITDA/Gross interest |
20.88 x |
39.86 x |
|
| EBITDA/Net interest |
33.90 x |
244.82 x |
|
1) 2004 includes Severstal North America (SNA)
2) The cash and cash equivalents includes US$472 million in 2004 and US$106 million in 2003 of cash deposited at banks that is presented in the IFRS Balance Sheet as short-term financial assets because their original deposit terms were more than 90 days, however, all these deposits mature within 90 days of the balance sheet date.
Source: Severstal consolidated IFRS financial statements
|
