bold spirit - ArcelorMittal South Africa

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ArcelorMittal South Africa
Annual Report 2010
Notes to the group and company annual financial statements continued
for the year ended 31 December 2010
Group
2010
Rm
2009
Rm
2010
Rm
Company
2009
Rm
19. STATED CAPITAL
Authorised
1 200 000 000 ordinary shares at no par value
(December 2009: 1 200 000 000 ordinary
shares at no par value)
2 357 584 “C” redeemable preference shares
at R10 each (December 2009: 2 357 584)
Issued
445 752 132 ordinary shares at no par value
(December 2009: 445 752 132 ordinary
shares at no par value) 37 37 37 37
Total 37 37 37 37
The unissued ordinary shares are not under the
control of the directors.
20. BORROWINGS AND OTHER PAYABLES
Borrowings
Unsecured – at amortised cost
Loan from Pretoria Portland Cement 30 41
Other payables
Cash-settled share-based payments 32 32
Leave pay benefits accrual 282 300 282 300
Total 312 373 282 332
Included in the financial statements as:
Non-current borrowings and other payables 224 220 204 189
Current borrowings and other payables 88 153 78 143
Total 312 373 282 332
Loan from Pretoria Portland Cement
The ZAR-denominated loan is unsecured and bears interest at a fixed rate of 16.00%, and is repayable annually with
the final payment due in 2013.
There were no loan breaches or defaults during the current or comparative period.
Leave pay benefits accrual
In terms of group and company policy, employees are entitled to accumulate vested leave benefits not taken within a
leave cycle. The obligation is reviewed annually.