bold spirit - ArcelorMittal South Africa

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196 ArcelorMittal South Africa Annual Report 2010 Annexure 1: Equity-accounted investments continued JOINTLY CONTROLLED ENTITIES continued The summarised financial information in respect of the jointly controlled entities are as follows: 2010 Rm 2009 Rm Total assets 6 028 6 065 Total liabilities 2 383 2 325 Revenue 21 461 22 017 Net profit attributable to ordinary shareholders 1 560 425 1 Indicative, amounts were translated at the average ZAR/USD exchange rate for the year and not at the monthly exchange rate. The amounts will thus not agree. The summarised financial information in respect of the unlisted associate is as follows: Total assets 214 210 Total liabilities 152 152 Revenue 377 351 Net profit/(loss) attributable to ordinary shareholders 3 5 The summarised financial information in respect of the listed associate is as follows: Total assets 4 892 4 567 Total liabilities 917 299 Total equity and liabilities 4 892 4 567 Revenue 700 168 Net profit attributable to ordinary shareholders (232) (153) Critical judgement and estimates Equity accounting in the group’s accounts of the investment in Coal of Africa Limited (Coal) As ArcelorMittal South Africa has representation on the board of directors and exercises significant influence, equity accounting has been applied in the consolidated accounts of the group. Fair value of unlisted investments In determining the fair value of the unlisted investments for impairment assessment and disclosure purposes, use was made of net asset value, liquidation, simple earnings multiple and discounted cash flow valuation techniques. In general, an earnings multiple of 6.5 was applied to the investments (2009: earnings multiples of 6.5 to 7 times), while average liquidation realisation rates ranged from 90% to 100% on net asset value depending on the nature of the business (2009: 90% to 100%). The realisation rates are based on the observable market rates for similar assets.
197 ArcelorMittal South Africa Annual Report 2010 Annexure 2: Investments in subsidiaries Country of incorporation 1 Functional Currency Issued capital Interest of company (unlisted Shares Indebtedness ordinary 2010 2009 2010 2009 shares) R R Rm Rm PROPERTY Yskor Landgoed (Proprietary) Limited RSA ZAR 4 000 4 000 4 000 (94) (94) MANUFACTURING Iscor Building Systems (Proprietary) Limited RSA ZAR 100 100 100 0 0 Saldanha Steel (Proprietary) Limited RSA ZAR 2 000 1 009 1 009 4 649 2 4 251 2 SERVICE ArcelorMittal South Africa Investments and Trading One Limited RSA ZAR 9 10 10 Ferrosure (Isle of Man) Insurance Co Limited 3 IOM USD 70 12 011 246 12 011 246 MSSA Investments BV NEH USD 134 669 241 105 200 241 105 200 Pybus Fifty-Seven (Proprietary) Limited RSA ZAR 1 1 000 1 000 403 403 Vicva Investments and Trading Nine (Proprietary) Limited RSA ZAR 1 1 000 1 000 3 852 3 918 Dombotema Mining Investments (Proprietary) Limited RSA ZAR 100 100 100 ArcelorMittal South Africa Distribution (Proprietary) Limited RSA ZAR 100 100 100 58 63 ArcelorMittal African Investments Mauritius USD 100 716 716 10 ArcelorMittal South Africa Operations (Proprietary) Limited 4 RSA ZAR 1 1 1 Total investments in subsidiaries (note 15) 253 124 482 253 124 482 8 868 8 551 1 RSA – Republic of South Africa; IOM – Isle of Man; and NEH – The Netherlands. 2 This amount includes the shareholders loan of R8 billion (December 2009: R8 billion) and intercompany advances of R3.4 billion (December 2009: R4 billion). 3 Issued capital is non-voting redeemable preference shares. 4 The name of the company changed from ArcelorMittal Pipes and Tubes (Proprietary) Limited to ArcelorMittal South Africa Operations (Proprietary) Limited from 1 June 2010.
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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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