U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
(Check One)
[ ] Registration statement pursuant to Section 12 of the Securities Exchange
Act of 1934
or
[X] Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange
Act of 1934
For the fiscal year ended December 31, 2005 Commission file number: 333-101591
GERDAU AMERISTEEL CORPORATION
(Exact name of registrant as specified in its charter)
ONTARIO 3312 59-0792436
(Province or other (Primary Standard (I.R.S. Employer
jurisdiction of Industrial Classification Identification Number
incorporation Code Number (if applicable)) (if Applicable))
or organization)
4221 BOY SCOUT BOULEVARD, SUITE 600
TAMPA, FLORIDA 33607
(813) 286-8383
(Address and Telephone Number of Registrant's Principal Executive Offices)
MARIO LONGHI
CHIEF EXECUTIVE OFFICER
GERDAU, AMERISTEEL CORPORATION
4221 BOY SCOUT BOULEVARD, SUITE 600
TAMPA, FLORIDA 33607
(813) 286-8383
(Name, Address (Including Zip Code) and Telephone Number
(Including Area Code) of Agent For Service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
TITLE OF EACH CLASS NAME OF EXCHANGE ON WHICH REGISTERED
------------------- ------------------------------------
COMMON STOCK NEW YORK STOCK EXCHANGE
Securities registered or to be registered pursuant to Section 12(g)
of the Act: NONE
Securities for which there is a reporting obligation pursuant to Section 15(d)
of the Act. SENIOR NOTES DUE 2011
For annual reports, indicate by check mark the information filed with this Form:
[X] Annual Information Form [X] Audited Annual Financial Statements
Indicate the number of outstanding shares of each of the issuer's classes
of capital or common stock as of the close of the period covered by the annual
report: 304,729,125
[content excised]
GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(US$ in thousands)
DECEMBER 31, DECEMBER 31,
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 414,259 $ 88,132
Restricted cash 473 465
Accounts receivable, net of allowance of $4,000 in 2005 and 2004 344,758 360,379
Inventories (note 4) 745,165 853,155
Deferred tax assets (note 10) 23,212 8,754
Other current assets 23,236 31,698
---------- ----------
TOTAL CURRENT ASSETS 1,551,103 1,342,583
INVESTMENTS (note 6) 153,439 177,795
PROPERTY, PLANT AND EQUIPMENT (note 5) 955,601 919,862
GOODWILL 122,716 122,716
DEFERRED FINANCING COSTS 14,451 13,616
DEFERRED TAX ASSETS (note 10) 23,424 8,234
OTHER ASSETS 8,717 7,725
---------- ----------
TOTAL ASSETS $2,829,451 $2,592,531
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 285,019 $ 295,001
Accrued salaries, wages and employee benefits 66,744 59,318
Accrued interest 21,003 21,071
Other current liabilities 61,271 54,715
Acquisition liability -- 51,790
Current portion of long-term borrowings (note 7) 1,014 4,644
---------- ----------
TOTAL CURRENT LIABILITIES 435,051 486,539
LONG-TERM BORROWINGS, LESS CURRENT PORTION (note 7) 432,737 432,823
CONVERTIBLE DEBENTURES (note 9) 96,594 86,510
ACCRUED BENEFIT OBLIGATIONS (note 11) 147,167 114,792
OTHER LIABILITIES 65,246 68,325
DEFERRED TAX LIABILITIES (note 10) 68,637 38,778
---------- ----------
TOTAL LIABILITIES 1,245,432 1,227,767
---------- ----------
SHAREHOLDERS' EQUITY
Capital stock (note 13) 1,010,341 1,008,511
Retained earnings 540,415 311,853
Accumulated other comprehensive income 33,263 44,400
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 1,584,019 1,364,764
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,829,451 $2,592,531
========== ==========
See accompanying notes to consolidated financial statements.
GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(US$ in thousands, except earnings per share data)
YEAR ENDED
---------------------------
DECEMBER 31, DECEMBER 31,
2005 2004
------------ ------------
NET SALES $3,897,143 $3,009,854
OPERATING EXPENSES
Cost of sales (exclusive of depreciation) 3,253,865 2,450,945
Selling and administrative 125,558 109,384
Depreciation 103,035 79,311
Other operating expense (income) 14,180 (3,062)
---------- ----------
3,496,638 2,636,578
---------- ----------
INCOME FROM OPERATIONS 400,505 373,276
EARNINGS FROM JOINT VENTURES 91,201 141,474
---------- ----------
INCOME BEFORE OTHER EXPENSES AND INCOME TAXES 491,706 514,750
OTHER EXPENSES
Interest, net 50,420 56,330
Foreign exchange (gain) loss (1,554) 8,123
Amortization of deferred financing costs 2,656 2,551
---------- ----------
51,522 67,004
---------- ----------
INCOME BEFORE INCOME TAXES 440,184 447,746
INCOME TAX EXPENSE (note 10) 144,687 110,077
---------- ----------
$ 295,497 $ 337,669
NET INCOME
========== ==========
EARNINGS PER COMMON SHARE - BASIC $ 0.97 $ 1.46
EARNINGS PER COMMON SHARE - DILUTED $ 0.97 $ 1.45
See accompanying notes to consolidated financial statements.
ACCUMULATED OTHER
NUMBER OF INVESTED RETAINED EARNINGS COMPREHENSIVE
SHARES CAPITAL (ACCUMULATED DEFICIT) INCOME TOTAL
----------- ---------- --------------------- ----------------- ----------
BALANCES AT DECEMBER 31, 2003 198,090,861 $ 547,601 $(25,816) $ 11,822 $ 533,607
----------
Net income 337,669 337,669
Other comprehensive income:
Foreign exchange 36,400 36,400
Minimum pension liability,
net of tax of $2,100 (3,822) (3,822)
----------
Comprehensive income 370,247
----------
Stock issuance 105,562,000 460,203 460,203
Employee stock options 375,261 707 707
----------- ---------- -------- -------- ----------
BALANCES AT DECEMBER 31, 2004 304,028,122 1,008,511 311,853 44,400 1,364,764
----------
Net income 295,497 295,497
Other comprehensive income:
Foreign exchange 8,626 8,626
Minimum pension liability,
net of tax of $8,900 (19,763) (19,763)
----------
Comprehensive income 284,360
Dividends (66,935) (66,935)
Employee stock options 443,371 1,830 1,830
----------- ---------- -------- -------- ----------
BALANCES AT DECEMBER 31, 2005 304,471,493 $1,010,341 $540,415 $ 33,263 $1,584,019
=========== ========== ======== ======== ==========
[content excised]