bold spirit - ArcelorMittal South Africa

More documents

Recommendations

Info

116 ArcelorMittal South Africa Annual Report 2010 Directors’ responsibility and approval of the group and company annual financial statements To the members of ArcelorMittal South Africa Limited The directors are required by the Companies Act 61 of 1973, as amended, to maintain adequate accounting records and are responsible for the content and integrity of the group and company annual financial statements and related financial information included in this report. It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of the group and company as at the end of the financial year and the results of its operations and cash flow for the financial year, in conformity with International Financial Reporting Standards, Listings Requirements of the JSE Limited and applicable legislation. The group’s external auditors are engaged to express an independent opinion on the group and company annual financial statements. In order for the directors to discharge their responsibilities, management has developed and continues to maintain a system of internal control aimed at reducing the risk of error or loss in a cost-effective manner. The directors, primarily through the Audit and Risk Committee, which consists of independent non-executive directors, meet periodically with the external and internal auditors, as well as executive management to evaluate matters concerning accounting policies, internal control, auditing and financial reporting. The group’s internal auditors independently evaluate the internal controls. The external auditors are responsible for reporting on the financial statements. The external and internal auditors have unrestricted access to all records, property and personnel as well as to the Audit and Risk Committee. The directors are not aware of any material breakdown in the functioning of these controls and systems during the period under review. The directors are of the opinion, based on the information and explanations given by management and the internal auditors that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the group and company annual financial statements. However, any system of internal financial control can provide only reasonable and not absolute assurance against material misstatement or loss. The directors have reviewed the group and company’s financial budgets for the year to 31 December 2011. In light of review of the current financial position and existing borrowing facilities, they consider it appropriate that the annual financial statements continue to be prepared on the going-concern basis. The external auditors have audited the annual financial statements of the group and company and their unmodified report appears on page 117. The directors of the company accept responsibility for the annual financial statements which were approved by the board of directors on 8 March 2011 and are signed on its behalf by: N Nyembezi-Heita RH Torlage Chief Executive Officer Chief Financial Officer 8 March 2011 8 March 2011 Certificate by Company Secretary In terms of section 268(G) of the Companies Act 61 of 1973 (“the Act”), as amended, I certify that, to the best of my knowledge and belief, the company has, in respect of the financial year reported upon, lodged with CIPRO all returns required of a public company in terms of the Act and that all such returns are true, correct and up to date. Premium Corporate Consulting Services (Proprietary) Limited Company Secretary 8 March 2011
117 ArcelorMittal South Africa Annual Report 2010 Independent auditors’ report To the members of ArcelorMittal South Africa Limited We have audited the annual financial statements and group annual financial statements of ArcelorMittal South Africa Limited, which comprise the statement of financial position and the consolidated statement of financial position as at 31 December 2010, and the statement of comprehensive income and the consolidated statement of comprehensive income, the statement of cash flows and the consolidated statement of cash flows and the statement of changes in equity and the consolidated statement of changes in equity for the year then ended, a summary of significant accounting policies and other explanatory information, the directors’ report and the Audit and Risk Committee report as set out on pages 118 to 197. Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall preparation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the annual financial statements present fairly, in all material respects, the financial position of the group and of the company as at 31 December 2010, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards, and in the manner required by the Companies Act of South Africa. Deloitte & Touche Registered Auditors Per RM Duffy Partner 8 March 2011 Deloitte & Touche Buildings 1 and 2, Deloitte Place Docex 10 Johannesburg The Woodlands Office Park, Woodlands Drive Private Bag X6, Gallo Manor 2052 Woodmead Sandton South Africa National Executive: GG Gelink, Chief Executive; AE Swiegers, Chief Operating Officer; GM Pinnock, Audit; DL Kennedy, Risk Advisory; NB Kader, Tax & Legal Services; L Geeringh, Consulting; L Bam, Corporate Finance; JK Mazzocco, Human Resources; CR Beukman, Finance; TJ Brown, Clients; NT Mtoba, Chairman of the Board; MJ Comber, Deputy Chairman of the Board. A full list of partners and directors is available on request. Member of Deloitte & Touche Tohmatsu Limited
Page 1 and 2:
Annual Report 2010 bold spirit
Page 3 and 4:
I in brief
Page 5 and 6:
Brand values Our goal is to provide
Page 7:
Financial features Headline earning
Page 10 and 11:
2 ArcelorMittal South Africa Annual
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 19 and 20:
Page 21 and 22:
11 ArcelorMittal South Africa Annua
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45:
Commercial matters entrepreneurial
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82: 67 ArcelorMittal South Africa Annua
Page 115 and 116: 101 ArcelorMittal South Africa Annu
Page 129 and 130: Financial statements optimistic spi
Page 131: 115 ArcelorMittal South Africa Annu
Page 183 and 184:
167 ArcelorMittal South Africa Annu
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
show all

bold spirit - ArcelorMittal South Africa

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?