ArcelorMittal South Africa 2007 Annual Report Page 116
Group
Company
2007
Rm
2006
Rm
2007
Rm
2006
Rm
18. UNLISTED EQUITY ACCOUNTED INVESTMENTS
The investment represents interests in unlisted
incorporated joint controlled entities and an associate
At beginning of year
953
912
32
32
Net after tax share of results as per the income statement
270
135
Dividends received
(104)
(167)
Currency translation differences
(18)
83
Unrealised profit on sale
(8)
(10)
Acquisition of interest in associate
16
16
At end of year (Annexure 1)
1 109
953
48
32
Aggregate post-acquisition reserves
820
654
19. INVESTMENTS IN SUBSIDIARIES
Indebtedness
– by subsidiaries
5 553
6 266
– to subsidiaries
(94)
(126)
Total indebtedness
5 459
6 140
Net indebtedness after provision
5 459
3 341
Shares at cost (Annexure 1)
256
256
Total
5 715
3 597
Aggregate attributable after tax profits
1 241
914
The majority of the carrying value of the company’s investment in subsidiaries consists of its investment in Saldanha Steel
(Proprietary) Limited being the cost of shares and indebtedness, at the initial and subsequent acquisition dates.
In 2007 the remaining investment impairment of R2 799 million in the entity-own accounts of ArcelorMittal South Africa
Limited was reversed in full (note 9).
Notes to the group and company annual financial statements continued
for the year ended 31 December 2007
