bold spirit - ArcelorMittal South Africa

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174 ArcelorMittal South Africa Annual Report 2010 26. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 26.2 Financial instruments carried at fair value For financial instruments that are measured at fair value in the statement of financial position, the table below provides an analysis of their grouping based on the degree to which fair value is objectively observable. Levels 1 and 3 are applicable to the group and company. • Level 1: fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. • Level 3: fair value measurements are those derived from valuation techniques that include inputs for one or more significant inputs for the asset or liability valuation that are not based on observable data (unobservable inputs). There were no transfers during the reporting period between Levels 1 and 3. Level 1 Level 3 Total Group For the year ended 31 December 2010 Financial assets measured at fair value Financial assets at FVTPL • Bifurcated embedded derivatives 251 251 Available-for-sale financial assets 69 69 Total 69 251 320 Group For the year ended 31 December 2009 Financial assets measured at fair value Financial assets at FVTPL • Bifurcated embedded derivatives 233 233 Available-for-sale financial assets 37 37 Total 37 233 270 Financial liabilities measured at fair value Derivative instruments in designated hedge accounting relationships • Matured yet unsettled (3) (3) Total (3) (3) Net financial assets measured at fair value 34 233 267 Company For the year ended 31 December 2010 Financial assets measured at fair value Financial assets at FVTPL • Bifurcated embedded derivatives 251 251 Total 251 251 Company For the year ended 31 December 2009 Financial assets measured at fair value Financial assets at FVTPL • Bifurcated embedded derivatives 233 233 Total 233 233 Financial liabilities measured at fair value Derivative instruments in designated hedge accounting relationships (2) (2) Total (2) (2) Net financial (liabilities)/assets measured at fair value (2) 233 231 Except as detailed in the table below, the carrying amounts of those financial assets and financial liabilities recorded at amortised cost in the statement of financial position approximate their fair values.
175 ArcelorMittal South Africa Annual Report 2010 26. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 26.2 Financial instruments carried at fair value continued Carrying amount 2010 Rm Fair value 2010 Rm Carrying amount 2009 Rm Fair value 2009 Rm Group Non-current liabilities Non-current borrowings 1 20 20 31 28 Non-current finance lease obligations 515 515 557 541 Current liabilities Current borrowings 2 10 13 10 15 Current finance lease obligation 59 121 57 55 Total liabilities Total borrowings 30 33 41 43 Total finance lease obligation 574 636 614 596 Company Non-current liabilities Non-current finance lease obligations 384 368 420 379 Current liabilities Current finance lease obligation 50 92 47 44 Total liabilities Total finance lease obligation 434 460 467 423 The directors consider that the carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables recognised at amortised cost in the financial statements approximate their fair values. 1 As included in the line item Non-current borrowings and other payables. 2 As included in the line item Current borrowings and other payables.
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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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Commercial matters entrepreneurial
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Financial statements optimistic spi
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bold spirit - ArcelorMittal South Africa

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