6
ArcelorMittal South Africa
Annual Report 2008
Review at a glance
Year ended 31 December
2008
Rm
2007
Rm
2006
Rm
2005
Rm
2004
Rm
GROUP INCOME STATEMENT
Revenue
39 914
29 301
25 350
23 984
23 053
Profit from operations
Flat Carbon Steel Products
7 007
4 827
3 644
4 518
5 310
Long Carbon Steel Products
3 672
2 652
2 111
2 109
1 783
Coke and Chemicals
1 743
727
184
301
462
Business assistance agreement
remuneration
(731)
Corporate and other
(263)
(503)
143
(34)
(97)
Tota l
12 159
7 703
6 082
6 894
6 727
Gains/(losses) on changes in foreign
exchange rates and financial instruments
637
(131)
301
246
(52)
Net interest income/(finance costs)
80
325
193
(29)
(139)
Income from investments
3
4
7
5
5
Income from equity accounted
investments (net of tax)
331
270
135
277
258
Income tax expense
(3 865)
(2 455)
(2 022)
(2 327)
(2 245)
Impairment reversal
36
Minority interest
(6)
Adjustments to attributable income for
headline earnings
103
25
34
25
36
Headline earnings
9 484
5 741
4 730
5 091
4 584
Headline earnings per share (cents)
2 128
1 288
1 061
1 139
1 020
Dividends per share (cents)
707
429
347
380
400
STATEMENT OF CASH FLOW
Cash flows from operations
5 511
4 623
3 463
2 616
5 228
Proceeds on sale of assets
2
8
9
6
14
Capital expenditure
(1 832)
(1 852)
(1 446)
(1 608)
(1 254)
Investments
(16)
(5)
Other
17
108
174
43
11
Net cash flow before finance activities
and capital reduction
3 698
2 871
2 200
1 057
3 994
Operating income and
operating margin
Cash flow from operations and Capex
Rm
%
Rm
12 500
35
12000
10 000
30
9000
7 500
25
6000
5 000
20
3000
2 500
15
0
0
0
2004
2005
2006
2007
2008
2004
2005
2006
2007
2008
■
Operating income
■
Operating margin
■
Cash flow from operations
■
Capex
