ArcelorMittal South Africa Annual Report 2009 Review at a glance Year ended 31 December 2009 Rm 2008 Rm 2007 Rm 2006 Rm 2005 Rm GROUP INCOME STATEMENT Revenue 25 598    39 914        29 301       25 350     23 984 (Loss)/profit from operations Flat Carbon Steel Products (614) 7 007 4 827 3 644 4 518 Long Carbon Steel Products 315 3 672 2 652 2 111 2 109 Coke and Chemicals 449 1 743 727 184 301 Corporate and other 79       (263) (503) 143 (34) 229    12 159 7 703 6 082 6 894 (Losses)/gains on changes in foreign exchange rates and financial instruments (813) 637 (131) 301 246 Net financing (cost)/ income (77) 80 325 193 (29) Income from investments 3 3 4 7 5 Income from equity-accounted investments (net of tax) 206 331 270 135 277 Income tax expense (35)   (3 865)        (2 455)       (2 022)    (2 327) Impairment reversal 9 36 Adjustments to attributable income for headline earnings 38 103 25 34 25 Headline (loss)/earnings (440) 9 4845 7414 730 5 091 Headline (loss)/earnings per share (cents) (104) 2 128 1 288 1 061 1 139 Dividends per share (cents) 707 429 347 380 GROUP STATEMENT OF CASH FLOWS Cash flows from operations 1 693     5 578 4 623 3 463 2 616 Sale of assets 2 8 9 6 Capital expenditure (914)    (1 832)       (1 852)        (1 446)    (1 608) Investments (524) (16) Other 91 17 108 174 43 Net cash flow before finance activities and repurchase of shares 346 3 765 2 871 2 200 1 057 Operating income and operating margin 2009 2008 2007 2006 2005 Operating income (Rm)    Operating margin (%) 229 12 159 7 703 6 082 6 894 Cash ow from operations and capex (Rm) 2009 2008 2007 2006 2005 Cash flow from operations before     Capex 4 706 11 006 8 439 6 326 8 407