Enhanced Investments - Financial Portal

ACL - Short-Form Announcement: Reviewed condensed consolidated financial results - six months ended 30 June 2024

Published: 2024-08-01 08:05:41 ET

ArcelorMittal South Africa Limited
Registration number: 198/002164/06
Share code: ACL
ISIN: ZAE000134961
(ArcelorMittal South Africa, the Company or the group)

Short-Form Announcement
Reviewed condensed consolidated financial results for the six months ended 30 June 2024

Salient features

•     Revenue of R20 506 million, down 3% from R21 045 million
•     Loss per share of 109 cents, down 241% from a loss of 32 cents
•     Headline loss per share of 100 cents, down 150% from a loss of 40 cents
•     Net asset value per share of R5.91, down 42% from R10.16

Key Statistics

                                                                                         Six months ended                           Year ended
                                                                         30 June 2024       30 June 2023        % Change         31 December 2023
    Financials (R millions)
    Revenue                                                                  20 506            21 045                -2.6               41 637
    EBITDA                                                                     -221               499                                       56
    (Loss)/profit from operations                                              -542                94                                   -2 937
    Net loss                                                                 -1 214              -359              -238.2               -3 920
    Headline loss                                                            -1 110              -448              -147.8               -1 890
    Net borrowing                                                             3 793             2 990                26.9                3 215
    Net asset value                                                           6 587            11 341               -41.9                7 799
    Financial ratios (%)
    EBITDA margin                                                              -1.1                2.4                                     0.1
    Return on ordinary shareholders’ equity (on headline earnings)            -30.9               -7.8                                   -19.4
    Net borrowing to equity                                                    57.6               26.4                                   -41.2
    Share statistics (cents)
    Loss per share                                                             -109               -32              -240.6                 -352
    Headline loss per share                                                    -100               -40              -150.0                 -170
    Dividends per share                                                           -                 -                                        -
    Net asset value per share (R)                                              5.91             10.16               -41.8                 7.00
    Safety
    Lost-time injury frequency rate                                             1.13              0.72              -56.9                 0.77
    Operational statistics (‘000 tonnes)
    Crude steel production                                                    1 223             1 356                -9.8                2 767
    Steel sales                                                               1 172             1 193                -1.8                2 412
    - Local                                                                     931               963                -3.3                1 898
    - Export                                                                    241               230                 4.8                  514
    Commercial Coke                                                              50             20                  150.0                   33
    Segmental performance (R millions)
    Steel operations
    - Revenue                                                                19 919            20 619                -3.4               40 885
    - EBITDA                                                                   -346               460                                     -373
    Non-Steel operations
    - Revenue                                                                   700               460                52.2                 907
    - EBITDA                                                                    150                75               100.0                 534
    Corporate including adjustments and eliminations
    - EBITDA                                                                     -25               -36               30.6                 -105




                   Share queries: Please call the ArcelorMittal South Africa Share care toll free on 0800 006 960 or +27 11 370 7850.
SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the board of directors of ArcelorMittal South Africa and is a summarised version of the group’s
full announcement and as such, it does not contain full or complete details pertaining to the group’s results. This short-form announcement is itself
not reviewed but extracted from the reviewed condensed consolidated financial statements which was reviewed by Ernst & Young who issued an
unmodified review conclusion on the reviewed consolidated interim financial statements. Their review conclusion report can be obtained from the
company’s registered office and on the group’s website at https://southafrica.arcelormittal.com/InvestorRelations/InterimResults.aspx.

Any investment decisions by investors and or shareholders should be made after taking into consideration the full announcement. The full results
announcement is available for viewing at https://senspdf.jse.co.za/documents/2024/JSE/ISSE/ACL/AMSAInt24.pdf and on the group’s website at
https://southafrica.arcelormittal.com/InvestorRelations/InterimResults.aspx.

The full announcement is available for inspection, at no charge, at the registered office of ArcelorMittal South Africa Limited, (Room N3-7, Main
Building, Delfos Boulevard, Vanderbijlpark) and the offices of the sponsor (Absa Bank Limited (acting through its Corporate and Investment Banking
Division), 15 Alice Lane, Sandton, from 09:00 to 16:00 on business days.

Copies of a full announcement can be requested from the registered office by contacting (016) 889 2352. The short-form announcement has not
been audited or reviewed by the company’s auditors.

Release date: 1 August 2024

Sponsor to ArcelorMittal South Africa Limited
Absa Bank Limited (acting through its Corporate and Investment Banking division)

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.