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
31. COMMITMENTS
Capital commitments
Capital expenditure contracted for property,
plant and equipment 641 560 559 500
Capital expenditure authorised but not
contracted for property, plant and equipment 1 045 972 982 920
Total 1 686 1 532 1 541 1 420
Operating lease commitments
Equipment and vehicles
The future minimum payments under noncancellable
stand-alone and embedded
operating leases are as follows:
– Less than one year 148 35 112 32
– More than one year and less than five years 161 16 161 13
– More than five years 4 4
Total 313 51 277 45
32. RENTAL AGREEMENT
A depot and off-loading facility owned by the group and company (included under note 13) are leased to a third
party in terms of a 14-year rental agreement ending 30 June 2013. In terms of the rental agreement, the lessee
does not have the option to purchase the facility at any stage during or after the completion of the contract.
The total rentals received for the year ended 31 December 2010 amounted to R20 million (2009: R21 million). The
future gross operating rentals to be received in accordance with the agreement are set out below:
2010
Rm
2009
Rm
Gross operating rentals
Less than one year 18 20
More than one year and less than five years 24 42
Total 42 62