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ACL - Change Statement
ARCELORMITTAL SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
JSE Share code: ACL ISIN: ZAE 000134961
(“ArcelorMittal South Africa” or “the company”)
CHANGE STATEMENT
Shareholders are advised that the company’s integrated report and the audited annual financial statements
for the financial year ended 31 December 2020 (“audited annual financial statements”), are available for
viewing and downloading from the Company’s website on the following links:
The integrated report:
https://www.arcelormittalsa.com/InvestorRelations/IntegratedAnnualReports.aspx
The audited annual financial statements:
https://www.arcelormittalsa.com/InvestorRelations/AnnualFinancialStatements.aspx
The auditor’s report:
https://www.arcelormittalsa.com/InvestorRelations/AnnualFinancialStatements.aspx
The audited annual financial statements, integrated report and the auditor’s report are also available for
inspection at the company’s registered offices.
The audited annual financial statements contain a change to the previously published preliminary reviewed
condensed consolidated results for the year ended 31 December 2020 and which were released on SENS on
11 February 2021 (“reviewed financial results”).
The change arose from the subsequent measurement of the loan payable to ArcelorMittal S.A. (a group parent
company) registered in Luxembourg at amortised cost in terms of IFRS 9 Financial Instruments.
The reviewed financial results overstated borrowings by R214 million and the accumulated reserves were
understated by R261 million. The loss for the year was understated by R47 million. The loss per share changed
from 175 cents per share to 180 cents per share, headline loss per share changed from 186 cents per share
to 185 cents per share.
This does not result in any change to the audit opinion provided in respect of the preliminary reviewed
consolidated financial statements.
The adjustment affected the Statement of Financial Position, the Statement of Comprehensive Income and
the Statement of Changes in Equity as noted in the tables below.
Condensed Consolidated Statement of Financial Position at 31 December 2020
Reviewed Audited Difference
R’m R’m R’m
Assets
Non-current assets 9 333 9 333 -
Property, plant and equipment 7 675 7 675 -
Investment properties 983 983 -
Intangible assets 72 72 -
Equity accounted investments 205 205 -
Investment held by environmental trust 378 378 -
Non-current receivable (Note 1) 8 9 1
Other financial assets (Note 1) 12 11 (1)
Current assets 12 476 12 476 -
Inventories 7 348 7 348 -
Trade and other receivables 1 623 1 623 -
Asset held for sale 135 135 -
Other financial assets 30 30 -
Cash, bank balances and restricted cash 3 340 3 340 -
TOTAL ASSETS 21 809 21 809 -
Equity and Liabilities
Shareholders’ equity 2 130 2 344 214
Stated capital 4 537 4 537 -
Non-distributable reserves (3 976) (3 715) 261
Retained income 1 569 1 522 (47)
Non-current liabilities 6 887 6 673 (214)
Borrowings 4 728 4 514 (214)
Trade and other payables 283 283 -
Finance lease obligations 44 44 -
Provisions 1 832 1 832 -
Current liabilities 12 792 12 792 -
Trade and other payables 8 420 8 420 -
Borrowings 2 450 2 450 -
Finance lease obligations 29 29 -
Current provisions 770 770 -
Taxation payable 106 106 -
Other financial liabilities 1 017 1 017 -
Total equity and liabilities 21 809 21 809 -
Note 1: Due to amounts less than R1 million, the amount had to be corrected at correct
line item
Net asset value per share is adjusted from 191 cents to 210 cents.
Condensed Consolidated Statement of comprehensive income for the year ended 31 December 2020
Reviewed Audited Difference
R’m R’m R’m
Revenue 24 643 24 643 -
Raw materials and consumables used (12 840) (12 840) -
Employee costs (3 457) (3 457) -
Energy (3 598) (3 598) -
Movement in inventories of finished goods and work (1 203) (1 203)
in progress -
Depreciation (546) (546) -
Amortisation of intangible assets (10) (10) -
Impairment of trade and other receivables (4) (4) -
Other operating expenses (3 909) (3 909) -
Loss from operations (924) (924) -
Impairment reversal of other assets 57 57 -
Impairment of property, plant and equipment and (125) (125)
intangible assets -
Impairment reversal of property, plant and equipment 29 29 -
Finance and investment income 112 112 -
Finance costs (1 188) (1 235) (47)
Fair value adjustments on investment property (118) (118) -
Reclassification of foreign currency differences on 280 280
liquidation of foreign investment -
Income/(loss) from equity accounted investments (net 13 13
of tax) -
Loss before tax (1 864) (1 911) (47)
Income tax (expense)/credit (62) (62) -
Loss for the year (1 926) (1 973) (47)
Other comprehensive (loss)/profit
Items that will not be reclassified to profit or loss:
Fair value adjustment on equity instruments (net of (29) (29)
tax) -
Revaluation of property, plant and equipment 30 30 -
Items that may be reclassified subsequently to profit
or loss:
Exchange differences on translation of foreign (36) (36) -
operations
Cash flow hedge – effective portion of changes in fair (202) (202)
value net of tax -
Reclassification of cash flow hedges to profit or loss 66 66 -
(net of tax)
Reclassification of foreign currency differences on (280) (280)
liquidation of foreign investment -
Share of other comprehensive income of equity- 3 3
accounted investments -
Other comprehensive (loss)/income for the year (448) (448) -
Total comprehensive loss for the year (2 374) (2 421) (47)
Loss attributable to: (1 926)
Owners of the company (1 973) (47)
Total comprehensive loss attributable to:
Owners of the company (2 374) (2 421) (47)
Earnings per share information (cents)
Reviewed Audited Difference
Loss per share 175 180 (5)
Diluted loss per share 175 180 (5)
Headline loss per share 186 185 1
Diluted headline loss per share 186 185 1
Condensed Consolidated Statement of changes in equity for the year ended 31 December 2020
Reviewed Audited Difference
R’m R’m R’m
Stated capital 4 537 4 537 -
Treasury share equity reserve (2 065) (2 065) -
Other reserves (1 911) (1 650) 261
Retained earnings 1 569 1 522 (47)
Shareholders’ equity 2 130 2 344 214
Vanderbijlpark
9 April 2021
For further information please contact:
Company Secretary
FluidRock Co Sec (Pty) Ltd
016 -889 4077
Tami Didaza: Manager: Corporate Communications
Tel: (016) 889 2549
Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 09-04-2021 05:00:00
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