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ACL
ACL
ACL - ArcelorMittal South Africa Limited - Reviewed Group interim financial
results and dividend announcement for the six months ended 30 June 2008
ArcelorMittal South Africa Limited
(Formerly Mittal Steel South Africa Limited)
ArcelorMittal South Africa Limited
Registration number: 1989/002164/06
Share code: ACL & ISIN: ZAE000103453
("ArcelorMittal South Africa", "the Company" or "the Group")
The lifeblood of a developing nation
Reviewed Group interim financial results and dividend announcement for the six
months ended 30 June 2008
*Revenue increased by 26% to R18,4 billion
*Profit from operations increased by 28%
*Headline earnings increased by 45% to R4,6 billion
*Interim dividend 342 cents per share
Financial review
Headline earnings for the past six months of R4,6 billion increased by 45%
compared to the corresponding period last year.
The substantial increase was mainly driven by higher international steel prices,
a substantial increase in income from our Coke and Chemicals business, higher
income from our marketing and shipping joint venture as well as higher gains on
foreign exchange rates and financial instruments. This was partially offset by
lower sales volumes and an increase in costs.
Hot rolled coil cash cost per tonne increased by 41% compared to the
corresponding period last year and the cost of billets increased by
47%. These increases were driven by cost pressures on our major input materials
of which scrap, coal and alloys were the main contributors. Cost pressures
impacted more severely on the cost of billets as a result of the substantial
increase in the price of scrap on the production cost of our Vereeniging Works
which is to a large extent scrap based.
Total sales volumes decreased by 7% compared to the corresponding period last
year. Domestic sales increased by 4% while the decrease in exports of 46% was
mainly due to our commitment to first service our domestic customers.
Quarterly headline earnings
Quarter to US$m Rm Exchange rate
March 2006 115 703 6,13
June 2006 193 1 247 6,45
Average 154 975 6,29
September 2006 208 1 488 7,16
December 2006 177 1 292 7,31
Average 193 1 390 7,24
March 2007 211 1 530 7,24
June 2007 229 1 624 7,10
Average 220 1 577 7,17
September 2007 148 1 055 7,11
December 2007 226 1 532 6,77
Average 187 1 294 6,94
March 2008 265 2 003 7,55
June 2008 330 2 573 7,79
Average 298 2 288 7,67
Market review
International market
International steel prices for both flat and long carbon steel products
increased substantially since the beginning of 2008.
Both global crude steel production and international steel consumption are
expected to increase by 11,6% during 2008 compared to an increase of 7,5% in
2007.
The Chinese economy is expected to remain strong during 2008 with a predicted
growth rate of 10,2%, down from 11,9% in 2007. Chinese final steel consumption
is expected to grow by 12% during 2008, while crude steel production is expected
to increase by 10%.
Prices are expected to remain firm on the back of the ongoing strength of
emerging markets, continued shortage of material and the current high cost of
raw materials.
Domestic market
Overall domestic demand for steel remained strong, driven mainly by the increase
in public sector infrastructure spending. High interest and inflation rates
resulted in a sharp slowdown in residential building activity and demand for
durable goods such as automotives and household appliances. We expect civil
construction to remain the main driver behind steel demand over the short and
medium term.
Operational review
Profit from operations for the six months of R5,4 billion increased by 28%
compared to the corresponding period last year, with the most notable increases
in our Flat Carbon Steel Products and Coke and Chemicals businesses which
increased by 15% and 216% respectively. The higher profit for the Coke and
Chemicals business was mainly driven by a sharp increase in the international
price of market coke of 156%. Our Long Carbon Steel Products business also
realised a healthy 9% increase despite a decrease of 8% in sales volumes due to
the mini reline of Blast Furnace N5 during the second quarter.
Liquid steel production for the six months increased by 1% compared to the
corresponding period last year. The reline of the Corex and Midrex plants at
Saldanha Works and the mini reline of Blast Furnace N5 at Newcastle Works
occurred during the first half of the year while the reline of Blast Furnace D
at Vanderbijlpark Works took place during the corresponding period last year.
Safety, health and environment
Safety remains a priority focus area. During June 2008, the Company achieved one
year without a fatal incident. This achievement was, however, overshadowed by an
unhealthy trend in the lost time injury frequency rate experienced during the
first half of 2008. Various interventions have been taken to restore the
downward trend. There were no occupational illnesses reported during the period
under review.
Environmental matters feature prominently in the Company`s priority list and
management actions. Various high-level actions were initiated during the
reporting period to fast track the environmental improvement programme and to
resolve issues raised by the authorities and other stakeholders.
Funds have been approved for the installation of two dust extraction units for
the Electric Arc Furnaces at both Vanderbijlpark and Vereeniging Works. The coke
gas and water cleaning project at Vanderbijlpark Works is scheduled for
commissioning during the next quarter while the desulphurisation station at
Newcastle Works is due to be completed during the first quarter of 2009.
Capital projects
Two projects crucial for continued operations were completed during the first
half of the year, the first being the successful reline of the Corex and Midrex
plants at Saldanha Works and the second the mini-reline of Blast Furnace N5 at
Newcastle Works. Both these projects will ensure a stable and reliable supply of
liquid iron at the respective Works.
A major project to be completed in the second half of the year is the completion
of two additional direct reduction kilns at Vanderbijlpark Works. The project is
on track for completion during September 2008. This will enable the Company to
reduce reliance on expensive scrap as feedstock to the electric arc furnaces and
will also add 220 000 tonnes of liquid steel to our manufacturing capacity.
Our expansion programme is on track to deliver capacity of 10 million tonnes of
liquid steel by the end of 2012.
Contingent liabilities
The significant changes that occurred since 31 December 2007 include:
*The Alternative Dispute Resolution (ADR) process with the South African Revenue
Services was finalised during March 2008, with settlement being reached on the
dispute pertaining to the tax deductibility of payments made in terms of the
Business Assistance Agreement. An amount of R100 million was paid. For the
financial year ended December 2007, a provisional obligation of R80 million was
recognised in terms of the settlement offer made during the ADR hearing. A
further R20 million was recognised as an expense in the first half of the year
under review.
*The amount of R692 million disclosed at 30 June 2008 as part of contingent
liabilities relates to the administrative penalty imposed by the Competition
Tribunal in the case brought before them by gold miners, Harmony Gold Mining
Company Limited and DRD Gold Limited, alleging excessive pricing. An appeal
hearing is expected to take place during the latter part of 2008.
*In the case brought before the Competition Tribunal by Barnes Fencing
Industries (Proprietary) Limited of price and payment condition discrimination
on the sale of low carbon wire rod products, an intervention application hearing
was heard on 27 February 2008. The Competition Tribunal granted leave to
intervene by including additional complaints, namely: prohibited virtual
practices and abuse of dominance. However, the request for a 10% administrative
penalty was disallowed. No date for the main hearing has been set.
Changes to the board of directors
The board of directors announced on 9 May 2008 the resignation of Mr M Mukherjee
with effect from 13 May 2008. Mr C Cornier has been appointed to fill the
vacancy with effect from 14 May 2008.
Outlook for quarter three 2008
Domestic and international demand are expected to remain strong with
international prices expected to remain firm as a result of the ongoing strong
demand from emerging markets and continued cost push pressures. Quarter on
quarter our average domestic sales prices will improve due to the fact that the
full impact of price increases announced during quarter two will only flow
through in the third quarter.
Earnings for the third quarter will increase substantially compared to quarter
two due to higher sales prices as well as higher production and sales volumes.
However, the results will be negatively impacted by higher input costs while
movements in the exchange rate will also have an impact.
Dividend announcement
In line with the Company`s policy, the board declared an interim cash dividend
of 342 cents, covered approximately three times by headline earnings. Payment in
South African Rand will be made to shareholders recorded in the register at the
close of business on the record date. The salient dates for shareholders are:
Last date to trade shares cum dividend Friday, 22 August 2008
Shares commence trading ex-dividend Monday, 25 August 2008
Record date Friday, 29 August 2008
Payment date Monday, 1 September 2008
Share certificates may not be dematerialised or rematerialised between Monday,
25 August 2008 and Friday, 29 August 2008, both days inclusive. Dividend
entitlements of less than ten Rand will be donated to charity in terms of the
articles of association.
On behalf of the board
N Nyembezi-Heita (Chief Executive Officer)
HJ Verster (Executive Director Finance)
24 July 2008
Forward-looking statements
Certain statements in this release that are neither reported financial results
nor other historical information, are forward-looking statements, including but
not limited to statements that are predictions of or indicate future earnings,
savings, synergies, events, trends, plans or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
known and unknown risks and uncertainties and can be affected by other factors
that could cause actual results and Company plans and objectives to differ
materially from those expressed or implied in the forward-looking statements (or
from past results).
Unaudited supplementary physical information (`000
tonnes)
Six months ended Year
ended
30 June 30 June 31
2008 2007 December
2007
Flat Carbon Steel Products
Liquid steel production 2 250 1 993 4 231
Sales 1 832 1 954 3 920
Long Carbon Steel Products
Liquid steel production 841 1 074 2 144
Sales 898 974 1 899
Total
Liquid steel production 3 091 3 067 6 375
Sales 2 730 2 928 5 819
- domestic 2 391 2 296 4 422
- export 339 632 1 397
Domestic sales as percentage of 88 78 76
total sales
Condensed Group income statement
Six months ended Year ended
30 June 30 June 31
2008 2007 December
Reviewed Restated 2007
Rm Rm Audited
Rm
Revenue 18 403 14 575 29 301
Raw materials and consumables used (8 078) (5 020) (12 141)
Employee costs (1 254) (1 052) (2 210)
Energy (753) (630) (1 364)
Movement in inventories of finished 798 (309) (21)
goods and work in progress
Depreciation (657) (516) (1 088)
Amortisation of intangible assets (5) (8) (11)
Other operating expenses (3 099) (2 848) (4 763)
Profit from operations 5 355 4 192 7 703
Gains and losses on changes in 377 47 (131)
foreign exchange rates and financial
instruments (Note 3)
Interest income 142 256 442
Finance costs (Note 4) (27) (93) (117)
Income from investments 1 2 4
Income from equity accounted 392 119 270
investments (net of tax)
Profit before tax 6 240 4 523 8 171
Income tax expense (Note 5) (1 669) (1 382) (2 455)
Profit for the period 4 571 3 141 5 716
Attributable to:
Owners of the Company 4 571 3 141 5 716
Earnings per share (cents)
- basic 1 025 705 1 282
- diluted 1 022 703 1 279
Condensed Group statement of comprehensive income
Six months ended Year ended
30 June 30 June 31 December
2008 2007 2007
Reviewed Reviewed Audited
Rm Rm Rm
Profit for the period 4 571 3 141 5 716
Other comprehensive income
Exchange differences on 204 (18) (63)
translation of foreign operations
(Loss)/gains on available-for-sale (12) 16 62
investment taken to equity
Movement in gains and losses 36 (58) (111)
deferred to equity on cash flow
hedges
Income tax relating to components (11) 11 27
of other comprehensive income
Total comprehensive income for the 4 788 3 092 5 631
period
Attributable to:
Owners of the Company 4 788 3 092 5 631
Condensed Group statement of financial position
Six months ended Year ended
30 June 30 June 31 December
2008 2007 2007
Reviewed Restated Audited
Rm Rm Rm
Assets
Non-current assets 17 682 16 402 16 887
Property, plant and equipment 15 724 15 056 15 525
Intangible assets 63 51 58
Unlisted equity accounted 1 658 1 086 1 109
investments (Note 6)
Other financial assets 237 209 195
Current assets 15 736 16 704 11 318
Assets classified as held for sale 2
Inventories 6 208 4 514 4 790
Trade and other receivables 4 537 2 968 2 292
Taxation 231 108
Other financial assets 147 110 94
Cash and cash equivalents 4 844 8 879 4 034
Total assets 33 418 33 106 28 205
Equity and liabilities
Shareholders` equity 24 402 25 451 20 583
Stated capital 37 6 389 37
Non-distributable reserves 1 271 762 757
Retained income 23 094 18 300 19 789
Non-current liabilities 4 436 4 638 4 273
Borrowings and other payables 41 51 52
Finance lease obligations 317 436 328
Deferred income tax liability 2 475 2 793 2 603
Provision for post-retirement 7 7 7
medical costs
Non-current provisions 1 596 1 351 1 283
Current liabilities 4 580 3 017 3 349
Trade and other payables 4 142 2 751 2 873
Borrowings 10 8 10
Finance lease obligations 68 27 88
Other financial liability 29 27 67
Taxation 53
Current provisions 278 204 311
Total equity and liabilities 33 418 33 106 28 205
Condensed Group statement of cash flows
Six months ended Year ended
30 June 30 June 31 December
2008 2007 2007
Reviewed Reviewed Audited
Rm Rm Rm
Cash inflows from operating 1 347 1 859 4 623
activities
Cash generated from operations 3 849 3 617 8 439
Interest income 142 256 442
Finance cost (34) (33) (73)
Dividend paid (Note 7) (874) (909) (1 948)
Income tax paid (1 757) (1 116) (2 209)
Realised foreign exchange movement 21 44 (28)
Cash outflows from investing (854) (756) (1 752)
activities
Investment to maintain operations (629) (578) (1 198)
Investment to expand operations (228) (182) (654)
Proceeds from disposals of 2 2 8
property, plant and equipment
Investments acquired in associate (16)
Investment income - interest 1 2 4
Dividend from equity accounted 104
investments
Cash outflows from financing (50) (12) (6 435)
activities
Capital reduction (6 352)
Repayment of borrowings and (50) (12) (83)
finance lease obligations
Increase/(decrease) in cash and 443 1 091 (3 564)
cash equivalents
Effect of foreign exchange rate 367 38 (152)
changes
Cash and cash equivalents at 4 034 7 750 7 750
beginning of period
Cash and cash equivalents at end 4 844 8 879 4 034
of period
Notes to the reviewed condensed consolidated financial statements
1 Basis of preparation
.
The condensed consolidated interim financial statements have been
prepared in compliance with the Listing Requirements of the JSE
Limited, International Financial Reporting Standards (IFRS) in
particular International Accounting Standard (IAS) 34, Interim
Financial Reporting as issued by the International Accounting
Standards Board (IASB) and Schedule 4 of the South African
Companies Act, 1973, as amended.
2 Significant accounting policies
.
The condensed consolidated interim financial statements have been
prepared on the historical cost basis, except for the revaluation
of financial instruments.
The accounting policies and methods of computation applied in the
presentation of the interim financial statements are consistent
with those applied for the year ended 31 December 2007, except as
follows:
*The format of the interim financial results has been revised to
bring it in line with the amendments to IAS 34, Interim Financial
Reporting. IAS 34 has been amended following the revision of IAS
1, Presentation of Financial Statements. These amendments have
been early adopted.
*IFRS 8, Operating Segments, has been adopted in advance of its
effective date (see segment information).
In addition to the above the following Standards and
Interpretations have been adopted in advance of their effective
date with no impact on our accounting policies, financial results
or disclosures:
*IFRS 2 (Revised), Share-based Payment (effective for annual
periods beginning on or after 1 January 2009);
*IFRS 3 (Revised), Business Combinations and IAS 27 (Revised),
Consolidated and Separate Financial Statements (effective for
annual periods beginning on or after 1 July 2009);
*IAS 32 (Revised), Financial Instruments: Presentation, and IAS 1
(Revised), Presentation of Financial Statements (effective for
annual periods beginning on or after 1 January 2009);
*IFRS 1 (Revised), First-time Adoption of International Financial
Reporting Standards, and IAS 27 (Revised), Consolidated and
Separate Financial Statements (effective for annual periods
beginning on or after 1 January 2009);
*IFRIC 15, Agreements for the Construction of Real Estate
(effective for annual periods beginning on or after January
2009); and
*IFRIC 16, Hedges of a Net Investment in a Foreign Operation
(effective for annual periods beginning on or after 1 October
2008).
Following the restatement and reclassifications as announced and
disclosed in the December 2007 year-end results, the comparative
amounts for 30 June 2007, have been restated. The restatement
resulted in a decrease in the depreciation charge of R34 million
and an increase in the taxation expense of R10 million for the
six months ended 30 June 2007. The carrying value of fixed assets
increased by R481 million, the deferred taxation liability
increased by R140 million and opening retained earnings increased
by R341 million. The earnings for the six months ended 30 June
2007 increased by R24 million, which resulted in an increase in
earnings per share and diluted earnings per share by 5 cents per
share.
The reclassification resulted that an amount of R78 million was
reclassified from the income statement category, Gains and losses
on changes in foreign exchange rate and financial instruments, to
the category. Other operating expenses, for the six months ended
30 June 2007. This reclassification had no impact on operating
results.
Six months ended Year
ended
30 June 30 June 31
2008 2007 December
Reviewe Reviewe 2007
d d Audited
Rm Rm Rm
3. Gains and losses on changes in 377 47 (131)
foreign exchange rates and
financial instruments
Gains on changes in foreign 394 52 38
exchange rates
Losses on changes in foreign (15) (188)
exchange rates
(Losses)/gains on changes in the (3) (5) 16
fair value of derivative
instruments designated as fair
value through profit and loss
Fair value gains transferred from 1 3
equity on derivative instruments
designated as cash flow hedges
4. Finance costs 27 93 117
Interest expense on bank overdrafts 12 7 20
and loans
Interest expense on finance lease 22 26 53
obligations
Discounting rate adjustment and (7) 60 44
unwinding of the discounting effect
in the present valued carrying
amount of non-current provisions
5. Income tax expense
Income tax is accrued based on the
estimated average annual effective
income tax rate of 26,7% (6 months
ended 30 June 2007: 30,5%)
6. Unlisted equity accounted
investments
Directors` valuation of unlisted 1 774 1 120 1 184
shares in Joint Ventures
7. Dividend paid
Cash dividend 874 909 1 948
8. Capital expenditure
- incurred 857 760 1 852
- authorised and contracted 1 169 1 115 1 232
- authorised but not contracted 1 237 1 082 1 397
9. Contingent liabilities 736 465 1 059
- face value of financial guarantee 32 40 32
contracts issued in the normal
cause of business
- amounts in legal trust accounts 12 12 12
- litigation and claims 692 413 1 015
10 Operating lease commitments 132 36 162
.
- less than one year 46 2 46
- more than one year and less than 86 34 116
five years
11 Related party transactions
.
The Group is controlled by Mittal Steel Holdings A.G. which owns
52,02% of the Company`s shares. During the year the Company and
its subsidiaries, in the ordinary course of business, entered
into various sale and purchase transactions with associates and
joint ventures. These transactions occurred under terms that
are no less favourable than those arranged with third parties.
12 Independent review by the auditors
.
The condensed consolidated interim results have been reviewed by
our auditors, Deloitte & Touche. Their unmodified review report
is available for inspection at the registered office of the
Company.
13 Corporate
. governance
The Group fully supports the Code on Corporate Practices and
Conduct as contained in the second King Report on Corporate
Governance.
Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the
basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker in order to allocate resources to
the segment and to assess its performance. In contrast, the predecessor Standard
(IAS 14, Segment Reporting) required an entity to identify two sets of segments
(business and geographical), using a risks and rewards approach, with the
entity`s "system of internal financial reporting to key management personnel"
serving only as the starting point for the identification of such segments.
Following the adoption of IFRS 8, the identification of the Group`s reportable
segments has not changed, other than for the re-allocation of the Maputo Works
from the Corporate and Other to the Long Carbon Steel Products segment,
following the commencement of operations at the unit in the current year. The
Group`s reportable segments under IFRS 8 therefore are as follows:
*Flat Carbon Steel Products consisting of the Vanderbijlpark and Saldanha Works
*Long Carbon Steel Products consisting of the Newcastle, Vereeniging and Maputo
Works
*Coke and Chemicals undertaking the processing and marketing of by-products and
the production and marketing of commercial-grade coking coal
*Corporate and Other housing sales and marketing functions, shared services,
procurement and logistics activities, centres of excellence, the decommissioned
Pretoria Works, available-for-sale, investments, and the results of the
consolidated subsidiaries and special purpose entities
The income statement categories, gains and losses on changes in foreign exchange
rates and financial instruments, interest income, finance costs, income from
investments and after tax income from equity accounted investments are
unallocated and remain in Corporate.
Segment revenue
Six months ended Year
ended
30 June 30 June 31
2008 2007 December
Reviewe Reviewe 2007
d d Audited
Rm Rm Rm
Flat Carbon Steel Products
- external sales 11 305 9 282 18 612
- inter-segment sales 737 285 628
Long Carbon Steel Products
- external sales 5 241 4 384 8 666
- inter-segment sales 514 242 572
Coke and Chemicals
- external sales 1 822 910 2 022
- inter-segment sales 37 24 43
Adjustments and eliminations (1 253) (552) (1 242)
Total revenue 18 403 14 575 29 301
Distributed as:
- Local 16 651 12 091 23 689
- Export
Africa 1 186 1 199 2 695
Europe 41 171 382
Asia 478 1 045 2 388
Other 47 69 147
All of the segment revenue reported
above is from external customers.
Segment profit from operations
Six months ended Year
ended
30 June 30 June 31
2008 2007 December
Reviewe Reviewe 2007
d d Audited
Rm Rm Rm
Operating profit/(loss) before
depreciation, amortisation and
impairments
- Flat Carbon Steel Products 3 473 2 942 5 265
- Long Carbon Steel Products 1 572 1 448 2 838
- Coke and Chemicals 946 312 765
- Corporate and Other 26 14 (66)
Depreciation and amortisation
- Flat Carbon Steel Products (574) (438) (438)
- Long Carbon Steel Products (92) (94) (186)
- Coke and Chemicals (19) (19) (38)
- Corporate and Other 23 27 (437)
Profit/(loss) from operations
- Flat Carbon Steel Products 2 899 2 504 4 827
- Long Carbon Steel Products 1 480 1 354 2 652
- Coke and Chemicals 927 293 727
- Corporate and Other 49 41 (503)
Profit from operations 5 355 4 192 7 703
Note: The 30 June 2007 profit from operations per segment have
been revised to incorporate the restatement and reclassification
as described in note 2.
Salient features
Six months ended Year
ended
30 June 30 June 31
2008 2007 December
Reviewe Reviewe 2007
d d Audited
Rm Rm Rm
Reconciliation of earnings before
interest, taxation, depreciation and
amortisation (EBITDA)
Profit from operations 5 355 4 192 7 703
Adjusted for:
- Depreciation 657 516 1 088
- Amortisation of intangible assets 5 8 11
EBITDA 6 017 4 716 8 802
Reconciliation of headline earnings
Profit for the period 4 571 3 141 5 716
Adjusted for:
- Loss on disposal or scrapping of 7 18 31
assets
- Book value of assets held for sale 4
written off
- Tax effect (2) (5) (10)
Headline earnings 4 576 3 154 5 741
Headline earnings per share (cents)
- basic 1 027 708 1 288
- diluted 1 023 706 1 284
Selected ratios (%)
EBITDA margin 32,7 32,0 30,0
Return on ordinary shareholders`
equity per annum
- attributable earnings 40,6 25,8 26,1
- headline earnings 40,7 25,9 26,2
Net cash to equity 19,6 34,7 19,3
Share statistics
Ordinary shares (thousands)
- in issue 445 752 445 752 445 752
- weighted average number of shares 445 752 445 752 445 752
- diluted weighted average number of 447 354 446 943 447 052
shares
Share price (closing) (R) 223,00 127,40 136,50
Market capitalisation (Rm) 99 403 56 789 60 845
Net asset value per share (cents) 5 474 5 710 4 618
Dividend per share (cents)
- interim 342 233 233
- final 196
Group statement of changes in equity
Non-distributable reserves
Stated Capital Managemen Share- Attributab
capita redemptio t based le
l n share paymen reserves
Rm reserve trust t of equity
Rm Rm reserv accounted
e investment
Rm s
Rm
Balance at 6 389 23 (106) 27 654
1 January 2007
Total
comprehensive
income for the
period (net of
income tax)
Management share (13)
trust: net
treasury share
purchases
Share options 21
charge: IFRS 2
Dividend
Transfer of 119
equity accounted
earnings
Balance at 6 389 23 (119) 48 773
30 June 2007
Total
comprehensive
income for the
period (net of
income tax)
Management share (30)
trust: net
treasury share
purchases
Share options 14
charge: IFRS 2
Dividend
Capital (6
reduction 352)
Transfer of 47
equity accounted
earnings
Balance at 37 23 (149) 62 820
31 December 2007
Total
comprehensive
income for the
period (net of
income tax)
Management share (108)
trust: net
treasury share
purchases
Share options 13
charge: IFRS 2
Dividend
Transfer of 392
equity accounted
earnings
Balance at 30 37 23 (257) 75 1 212
June 2008
Group statement of changes in equity
Non-distributable reserves
Financia Translatio Cash Retaine Total
l assets n of flow d Shareholder
availabl foreign hedge income s`
e for operations accountin Rm equity
sale Rm g Rm
Rm Rm
Balance at 56 30 16 187 23 260
1 January
2007
Total 16 (18) (47) 3 141 3 092
comprehensiv
e income for
the period
(net of
income tax)
Management (13)
share trust:
net treasury
share
purchases
Share 21
options
charge:
IFRS 2
Dividend (909) (909)
Transfer of (119)
equity
accounted
earnings
Balance at 16 38 (17) 18 300 25 451
30 June 2007
Total 46 (45) (37) 2 575 2 539
comprehensiv
e income for
the period
(net of
income tax)
Management (30)
share trust:
net treasury
share
purchases
Share 14
options
charge: IFRS
2
Dividend (1 039) (1 039)
Capital (6 352)
reduction
Transfer of (47)
equity
accounted
earnings
Balance at 62 (7) (54) 19 789 20 583
31 December
2007
Total (12) 204 25 4 571 4 788
comprehensiv
e income for
the period
(net of
income tax)
Management (108)
share trust:
net treasury
share
purchases
Share 13
options
charge: IFRS
2
Dividend (874) (874)
Transfer of (392)
equity
accounted
earnings
Balance at 50 197 (29) 23 094 24 402
30 June 2008
Registered Office: ArcelorMittal South Africa Limited, Room N3-5, Main Building,
Delfos Boulevard, Vanderbijlpark 1911
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited, 70
Marshall Street, Johannesburg, 2001 P.O. Box 61051, Marshalltown, Johannesburg,
2107
Directors:
Non-executive: Dr KDK Mokhele (Chairman)*, DK Chugh, C Cornier, EK Diack*,
S Maheshwari , LP Mondi, DCG Murray*, MJN Njeke*, ND Oreyn*, M Wurthx Executive:
N Nyembezi-Heita (Chief Executive Officer), Dr LGJJ Bonte+ (President), HJ
Verster (Executive Director Finance)
Citizen of India xCitizen of Luxembourg *Independent non-executive +Citizen of
Belgium Citizen of France
Company Secretary: C Singh
Sponsor: Deutsche Securities (South Africa) (Proprietary) Limited, 87 Maude
Street, Sandton, 2146 Private Bag X9933, Sandton 2146
This report is available on the ArcelorMittal South Africa`s Web site at:
http://www.arcelormittal.com/southafrica/Share queries: Please call the
ArcelorMittal South Africa share care toll free line on 0800 006 960 or
+27 11 370 7850
Vanderbijlpark
30 July 2008
Date: 30/07/2008 07:05:02 Produced by the JSE SENS Department.
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