| At 31 December |
|
2008
Audited
Rm |
|
2007
Audited
Rm |
| ASSETS |
|
|
|
|
| Non-current assets |
|
|
|
|
| Property, plant and equipment |
|
11 309 |
|
8 235 |
| Biological assets |
|
34 |
|
30 |
| Intangible assets |
|
79 |
|
76 |
| Investments in associates and joint ventures (note 6) |
|
|
|
|
| – unlisted |
|
1 849 |
|
757 |
| Deferred tax |
|
1 083 |
|
732 |
| Other financial assets (note 6) |
|
1 577 |
|
1 031 |
| |
|
15 931 |
|
10 861 |
| Current assets |
|
|
|
|
| Inventories |
|
2 481 |
|
1 531 |
| Trade and other receivables |
|
2 924 |
|
1 870 |
| Current tax receivable |
|
2 |
|
61 |
| Cash and cash equivalents |
|
1 769 |
|
850 |
| |
|
7 176 |
|
4 312 |
| Non-current assets classified as held for sale |
|
78 |
|
2 |
| Total assets |
|
23 185 |
|
15 175 |
| |
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
| Capital and reserves |
|
|
|
|
| Equity attributable to owners of the parent |
|
12 996 |
|
9 804 |
| Minority interest |
|
128 |
|
19 |
| Total equity |
|
13 124 |
|
9 823 |
| Non-current liabilities |
|
|
|
|
| Interest-bearing borrowings |
|
3 650 |
|
1 259 |
| Non-current provisions |
|
1 746 |
|
1 329 |
| Financial liabilities |
|
31 |
|
|
| Deferred tax |
|
1 257 |
|
1 077 |
| |
|
6 684 |
|
3 665 |
| Current liabilities |
|
|
|
|
| Trade and other payables |
|
2 366 |
|
1 449 |
| Interest-bearing borrowings |
|
500 |
|
74 |
| Current tax payable |
|
440 |
|
137 |
| Current provisions |
|
21 |
|
27 |
| |
|
3 327 |
|
1 687 |
| Non-current liabilities classifi ed as held for sale |
|
50 |
|
|
| Total equity and liabilities |
|
23 185 |
|
15 175 |
| Net debt (note 10) |
|
2 381 |
|
483 |
| Net asset value per share (cents) |
|
3 697 |
|
2 783 |
| Capital expenditure |
|
|
|
|
| – incurred |
|
1 617 |
|
1 296 |
| – contracted |
|
889 |
|
450 |
| – authorised but not contracted |
|
2 711 |
|
1 278 |
| Capital expenditure contracted relating to captive mines, Tshikondeni, |
|
|
|
|
| Arnot and Matla, which will be financed by ArcelorMittal SA Limited |
|
|
|
|
| and Eskom respectively |
|
70 |
|
72 |
| Commitment relating to the acquisition of Namakwa Sands and |
|
|
|
|
| a 26% interest in Black Mountain Mining (Pty) Limited from |
|
|
|
|
| Anglo Operations Limited, subject to price adjustments |
|
|
|
2 353 |
| Contingent liabilities (note 11) |
|
587 |
|
201 |
| Contingent assets (note 12) |
|
192 |
|
|
| Operating lease commitments |
|
77 |
|
126 |
| Operating sublease rentals receivable |
|
|
|
1 |
RECONCILIATION OF HEADLINE EARNINGS
for year ended 31 December 2008 |
|
|
|
|
| |
Gross
Rm |
Tax
Rm |
|
Net
Rm |
| Profit for the year attributable to owners of the parent |
|
|
|
3 405 |
| Adjusted for: |
|
|
|
|
| – IAS 16 – Impairment of property, plant and equipment |
21 |
|
|
21 |
| – IAS 16 – Gains or losses on disposal of property, plant and equipment |
66 |
(20) |
|
46 |
| – IAS 16 – Reversal of impairment of property, plant and equipment |
(1) |
|
|
(1) |
| – IAS 27 – Gains on disposal of subsidiary |
(7) |
|
|
(7) |
| – IAS 28 – Share of associates’ IAS 16 – Gains or losses on disposal of property, plant and equipment |
2 |
(1) |
|
1 |
| – IAS 28 – Share of associates’ IAS 39 – Recycling of remeasurements from equity to the income statement, including a hedge of net investment in a foreign entity but excluding cash flow hedges |
4 |
|
|
4 |
| – IAS 28 Share of associates’ IAS 16 – Impairment of property, plant and equipment |
161 |
|
|
161 |
| Headline earnings |
246 |
(21) |
|
3 630 |
| For the year ended 31 December 2007 |
|
|
|
|
| Profit for the year attributable to equity holders of the parent |
|
|
|
1 427 |
| Adjusted for: |
|
|
|
|
| – IAS 16 – Impairment of Property, plant and equipment |
23 |
|
|
23 |
| – IAS 16 – Gains or losses on disposal of property, plant and equipment |
17 |
(5) |
|
12 |
| – IAS 28 – Share of associates’ IAS 16 – Gains or losses on disposal of property, plant and equipment |
(3) |
1 |
|
(2) |
| – IAS 28 – Share of associates’ IAS 39 – Recycling of remeasurements from equity to the income statement, including a hedge of net investment in a foreign entity but excluding cash flow hedges |
(7) |
1 |
|
(6) |
| – IAS 36 – Reversal of investment impairment |
(6) |
|
|
(6) |
| Headline earnings |
24 |
(3) |
|
1 448 |
| Year ended 31 December |
|
2008
Audited
Rm |
|
2007
Audited
Rm |
| Headline earnings per share (cents) |
|
|
|
|
| – basic |
|
1 058 |
|
425 |
| – diluted |
|
1 006 |
|
408 |
