Management Report - Beursgorilla

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ArcelorMittal Annual Report 200962 Consolidated Financial StatementsNotes to the Consolidated Financial Statements continuedArcelorMittal and Subsidiaries(millions of U.S. dollars, except share and per share data)DeductionsEffects ofForeignBalance at – Payments Exchange Balance atDecember 31, and other and other December 31,2008 Additions releases Acquisitions movements 2009Environmental (see note 23) 769 72 (131) — 33 743Asset retirement obligations 278 49 (2) — 11 336Restructuring 566 78 (131) 1 (183) 331Voluntary separation plans 1 935 280 (685) — (218) 312Litigation (see note 23) 1,601 296 (803) 2 125 1,221Commercial agreements and onerous contracts 855 471 (1,150) — (2) 174Other 2 631 266 (321) 3 (142) 4375,635 1,512 (3,223) 6 (376) 3,554Short-term provisions 3,292 1,433Long-term provisions 2,343 2,1215,635 3,5541 Voluntary separation plans were announced at the end of 2008 by the Group Management Board and were largely completed in 2009.As of December 2009, the outstanding provision relates to remaining plans primarily in France, Romania, USA, Poland, Bosnia, Ukraine,Belgium, Czech Republic, Argentina, Kazakhstan, Germany and Spain.2Other includes provisions for technical warranties, guarantees as well as other disputes.There are uncertainties regarding the timing of the provisions which are planned to be used in a period of one to four years except forthe environmental provisions which are planned to be used for up to 20 years.Note 20: Accrued Expenses and Other LiabilitiesAccrued expenses were comprised of the following as of December 31:2008* 2009Accrued payroll and employee related expenses 1,949 1,949Other payables 1,942 1,810Other creditors 1,143 1,349Revaluation of derivative instruments 1,094 905Other amounts due to public authorities 791 731Unearned revenue and accrued payables 317 217Total 7,236 6,961* As required by IFRS, the 2008 information has been adjusted retrospectively for the finalizationin 2009 of the allocation of purchase price of acquisitions made in 2008 (see note 3).
ArcelorMittal Annual Report 2009Consolidated Financial Statements 63Note 21: CommitmentsThe Company’s commitments consist of three main categories:• non-cancellable operating leases,• various purchase and capital expenditure commitments,• pledges, guarantees and other collateral instruments given to secure financial debt and credit lines.Operating leasesThe Company leases various facilities, land and equipment under non-cancellable lease arrangements. Future payments required underoperating leases that have initial or remaining non-cancellable terms as of December 31, 2009 according to maturity periods are as follows:Less than 1 year 881-3 years 1724-5 years 120More than 5 years 141Total 521The operating leases are mainly related to land, properties, warehouses, machineries and technical equipment.Commitments givenDecember 31. December 31.2008 2009Purchase commitments 29,724 26,229Capital expenditure commitments 2,233 1,515Guarantees, pledges and other collateral 4,796 4,944Other commitments 5,759 5,895Total 42,512 38,583Purchase commitmentsPurchase commitments consist primarily of major agreements for procuring iron ore, coking coal, coke and hot metal. The Company alsohas a number of agreements for electricity, industrial and natural gas, as well as freight contracts.Guarantees, property and other collateralProperty pledges and guarantees mainly relate to mortgages entered into by the Company’s Operating Subsidiaries and guaranteesissued related to external debt financing.Guarantees consist of guarantees of financial loans and credit lines granted to non-consolidated subsidiaries and investments and jointventures accounted for under the equity method, first demand and documentary guarantees, as well as guarantees provided to stateauthorities such as customs.Other collateral and guarantees include documentary credits, letters of credit and sureties.Other commitments givenOther commitments given comprise commitments incurred for the long-term use of goods belonging to a third party, commitmentsincurred under operating leases and credit lines confirmed to customers but not drawn, and commitments relating to grants.
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Published in April 2010.To receive
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Management Report - Beursgorilla

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