bold spirit - ArcelorMittal South Africa

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164 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.
165 ArcelorMittal South Africa Annual Report 2010 Group 2010 Rm 2009 Rm 2010 Rm Company 2009 Rm 21. FINANCE LEASE OBLIGATIONS Secured – at amortised cost 574 614 434 467 Included in the financial statements as: Non-current finance lease obligations 515 557 384 420 Current finance lease obligations 59 57 50 47 Total 574 614 434 467 The finance leases are embedded within supply arrangements with suppliers and have been assessed in terms of IFRIC 4, determining whether an arrangement contains a lease. Maturity profile At 31 December Minimum lease payments Not later than one year 130 131 98 98 Later than one year and not later than five years 482 488 369 376 Later than five years 329 429 183 254 Total 941 1 048 650 728 Less future finance charges (367) (434) (216) (261) Present value of minimum lease payments 574 614 434 467 The lease liabilities are effectively secured, as the rights to the leased assets as embedded in the supply agreements would generally revert to the lessor supplier in the event of defaults. There were no loan breaches or defaults during the current or comparative period. Functional category Term expiry date Fixed effective interest rate Raw materials 2014 – 2016 0% Gasses 2016 – 2019 10.97% – 22% Electricity and transport utilities 2018 - 2022 15.28% – 17.13% Steel processing and foundry services 2011 - 2012 6.46% – 6.90%
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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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bold spirit - ArcelorMittal South Africa

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