bold spirit - ArcelorMittal South Africa

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102 ArcelorMittal South Africa Annual Report 2010 Supplementary information continued Definitions continued Number of years to repay interestbearing debt Interest-bearing debt divided by cash flow from operating activities before dividends paid. Operating margin Net operating profit as a percentage of revenue. Price-earnings ratio The closing share price on the JSE Limited divided by earnings per ordinary share. Return on ordinary shareholders’ equity • Attributable earnings Basic attributable earnings to ordinary shareholders as a percentage of average ordinary shareholders’ equity. • Headline earnings Headline earnings attributable to ordinary shareholders as a percentage of average ordinary shareholders’ equity. Return on invested capital Net operating profit plus income from non-equity-accounted investments plus income from investments in associates and incorporated joint ventures as a percentage of the average invested capital. Return on net assets Net operating profit plus income from non-equity-accounted investments plus income from investments in associates and incorporated joint ventures as a percentage of the average net assets. Revenue per employee Revenue divided by the average number of employees during the year. Stock rotation days Inventories at year-end multiple with 365 days divided by cost of goods sold for the year. Weighted average number of shares in issue The number of shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period which they have participated in the income of the group. In the case of shares issued pursuant to a share capitalisation award in lieu of dividends, the participation of such shares is deemed to be from the date of issue. Weighted average price paid per share traded The total value of shares traded each year divided by the total volume of shares traded for the year on the JSE Limited.
103 ArcelorMittal South Africa Annual Report 2010 Selected group financial data translated into US Dollars and Euros for the year ended 31 December 2010 2010 USD million 2009 USD million 2010 Euro million 2009 Euro million CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME Revenue 4 118 3 033 3 278 2 193 Operating expenses (3 825) (3 006) (3 045) (2 174) Profit from operations 293 27 233 19 Finance and investment income 10 24 8 17 Finance costs (69) (129) (55) (93) Impairment reversal 1 1 Income after tax from equity-accounted investments 16 25 13 17 Profit/(loss) before tax 250 (52) 199 (39) Income tax expense (67) (4) (53) (3) Profit/(loss) for the year 183 (56) 146 (42) Other comprehensive income Exchange differences on translation of foreign operations (27) (45) (22) (33) Gains on available-for-sale investments taken to equity 4 4 3 3 Movement in gains deferred from equity-accounted investments 1 19 1 14 Share of other comprehensive income of equity-accounted investments 10 16 8 12 Tax effect on amounts taken directly to equity (5) (3) Total comprehensive income/(loss) for the year 171 (67) 136 (49) Attributable earnings/(loss) per share (cents) 46 (13) 36 (10) Headline earnings/(loss) 188 (52) 149 (38) Headline earnings/(loss) per share (cents) 47 (12) 37 (9) CONDENSED GROUP STATEMENT OF FINANCIAL POSITION ASSETS Non-current assets 2 886 2 499 2 162 1 734 Property, plant and equipment 2 482 2 144 1 858 1 487 Intangible assets 13 10 10 7 Unlisted equity-accounted investments 360 320 270 222 Other financial assets 31 25 24 18 Current assets 1 905 1 661 1 426 1 151 Inventories 1 081 779 810 540 Trade and other receivables 274 283 204 196 Taxation 3 2 Other financial assets 17 11 13 8 Cash and cash equivalents 530 588 397 407 Total assets 4 791 4 160 3 588 2 885 EQUITY AND LIABILITIES Shareholders’ equity 3 407 2 963 2 551 2 055 Stated capital 6 5 4 3 Reserves (374) (317) (280) (220) Retained income 3 775 3 275 2 827 2 272 Non-current liabilities 694 626 519 434 Borrowings and other payables 34 30 25 21 Finance lease obligations 78 75 58 52 Non-current provisions 226 192 170 133 Deferred income tax liability 356 329 266 228 Current liabilities 690 571 518 396 Trade and other payables 607 472 455 328 Borrowings and other payables 13 21 10 14 Other financial liability Finance lease obligations 9 8 7 5 Taxation 1 1 Current provisions 61 69 46 48 Total equity and liabilities 4 791 4 160 3 588 2 885
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Annual Report 2010 bold spirit
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I in brief
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Brand values Our goal is to provide
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Financial features Headline earning
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