Summary annual financial
statements
2022
Report contents
Independent auditor's report on summary consolidated financial | 1 |
statements | |
Summary consolidated statement of comprehensive income | 2 |
Summary consolidated statement of financial position | 3 |
Summary consolidated statement of cash flows | 4 |
of changes in equity | 5 |
financial statements | 6 |
25 | |
27 |
1ArcelorMittal South Africa | Summary consolidated financial statements 2022
Independent auditor's report on summary consolidated financial statements
To the Shareholders of ArcelorMittal South Africa Limited
Report on the Summary Consolidated Financial Statements
Opinion
The summary consolidated financial statements of ArcelorMittal South Africa Limited, which comprise the summary consolidated statement of financial position as at 31 December 2022, the summary consolidated statement of comprehensive income, the summary consolidated statement of changes in equity and summary consolidated statement of cash flows for the year then ended, and related notes, are derived from the complete audited consolidated financial statements of ArcelorMittal South Africa Limited for the year ended 31 December 2022.
In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements of ArcelorMittal South Africa Limited, in accordance with the requirements of the JSE Limited Listings Requirements for abridged reports, set out in note 2 to the summary consolidated financial statements, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.
Summary Consolidated Financial Statements
The summary consolidated financial statements do not contain all the disclosures required by the International Financial Reporting Standards and the requirements of the Companies Act of South Africa as applicable to annual financial statements. Reading the summary consolidated financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and the auditor's report thereon.
The Audited Consolidated Financial Statements and our Report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 30 March 2023. That audit report also includes:
- The communication of the key audit matters related to the valuation of property, plant and equipment and environmental rehabilitation and asset retirement obligations.
The audited consolidated financial statements and the summary consolidated financial statements do not reflect the effects of events that occurred subsequent to the date our report on the audited consolidated financial statements.
Directors' Responsibility for the Summary Consolidated Financial Statements
The directors are responsible for the preparation of the summary consolidated financial statements in accordance with the requirements of the JSE Limited Listings Requirements for abridged reports, set out in note 2 to the summary consolidated financial statements, and the requirements of the Companies Act of South Africa as applicable to summary financial statements.
The Listings Requirements require abridged reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards, and to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting.
Auditor's Responsibility
Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
Other matter
The summary consolidated financial statements of ArcelorMittal South Africa Limited for the year ended 31 December 2021, were audited by another auditor who expressed an unmodified audit opinion on those summary consolidated financial statements on 12 April 2022.
Ernst & Young Inc.
Director - Michiel (Mike) Christoffel Herbst Registered Auditor
Chartered Accountant (SA)
19 April 2023
102 Rivonia Road, Sandton Johannesburg
South Africa 2146
2ArcelorMittal South Africa | Summary consolidated financial statements 2022
Summary consolidated statement of comprehensive income
for the year ended 31 December 2022
2022 | 2021 | ||
Notes | Rm | Rm | |
Revenue | 40 771 | 39 708 | |
Raw materials and consumables used | (22 054) | (19 634) | |
Employee costs | (3 828) | (3 786) | |
Energy | (4 536) | (4 476) | |
Movement in inventories of finished goods and | |||
work-in-progress | (260) | 2 955 | |
Depreciation | (760) | (589) | |
Amortisation of intangible assets | (11) | (12) | |
Impairment reversal/(loss) of trade and other | |||
receivables | 6 | (14) | |
Net impairment reversal on financial assets | - | 3 | |
Other operating expenses | (5 829) | (6 179) | |
Profit from operations | 6 | 3 499 | 7 976 |
Finance and investment income | 7 | 283 | 165 |
Finance costs | 8 | (1 235) | (1 328) |
Income after tax from equity-accounted | |||
investments | 30 | 40 | |
Fair value adjustment on investment properties | 12 | 57 | (228) |
Profit before taxation | 2 634 | 6 625 | |
Income taxation expense | 9 | - | - |
Profit for the year | 2 634 | 6 625 | |
Other comprehensive income/(loss) | |||
Items that will not be reclassified to income or | |||
loss (net of tax): | |||
Fair value adjustment on equity instruments | 17 | (5) | |
Items that may be reclassified subsequently to | |||
income or loss (net of tax): | |||
Exchange differences on translation of foreign | |||
operations | 6 | (1) | |
Share of other comprehensive (loss)/income of | |||
equity-accounted investments | (2) | 1 | |
Total comprehensive income for the year | 2 655 | 6 620 | |
Profit attributable to: | |||
Owners of the company | 2 634 | 6 625 | |
Total comprehensive income attributable to: | |||
Owners of the company | 2 655 | 6 620 | |
Earnings per share (cents) attributable to owners | |||
of the company: | |||
- Basic | 10 | 236 | 594 |
- Diluted | 10 | 236 | 594 |
3ArcelorMittal South Africa | Summary consolidated financial statements 2022
Summary consolidated statement of financial position
as at 31 December 2022
2022 | 2021 | ||
Notes | Rm | Rm | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 9 570 | 8 065 | |
Investment properties | 12 | 737 | 754 |
Intangible assets | 71 | 67 | |
Equity-accounted investments | 251 | 227 | |
Investments held by environmental trust | 408 | 412 | |
Other receivables | 10 | 21 | |
Other financial assets | 23 | 6 | |
Total non-current assets | 11 070 | 9 552 | |
Current assets | |||
Inventories | 11 973 | 12 175 | |
Trade and other receivables | 3 486 | 2 712 | |
Other financial assets | - | 2 | |
Cash, bank balances and restricted cash | 13 | 3 392 | 4 652 |
Total current assets | 18 851 | 19 541 | |
Asset held-for-sale | 14 | 80 | - |
Total assets | 30 001 | 29 093 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated capital | 4 537 | 4 537 | |
Reserves | (3 576) | (3 594) | |
Retained income | 10 714 | 8 110 | |
Total equity | 11 675 | 9 053 | |
Non-current liabilities | |||
Borrowings | 15 | 2 700 | 3 700 |
Lease obligations | 176 | 60 | |
Provisions | 1 784 | 1 716 | |
Trade and other payables | 262 | 279 | |
Other financial liabilities | 16 | 625 | - |
Total non-current liabilities | 5 547 | 5 755 | |
Current liabilities | |||
Borrowings | 15 | 3 500 | 2 210 |
Lease obligations | 26 | 29 | |
Provisions | 862 | 820 | |
Trade and other payables | 8 184 | 10 059 | |
Other financial liabilities | 16 | 95 | 1 055 |
Taxation | 112 | 112 | |
Total current liabilities | 12 779 | 14 285 | |
Total equity and liabilities | 30 001 | 29 093 | |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
ArcelorMittal South Africa Limited published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 08:19:05 UTC.