Annual Report 2007 - Severstal

OAO Severstal and subsidiaries
Notes to the consolidated financial statements
for the year ended December 31, 2007
(Amounts expressed in thousands of US dollars, except as otherwise stated)
Segmental balance sheets as at December 31, 2006:
Russian Severstal Inter
Mining Steel Lucchini North Metalware Financing segment
segment segment segment America IPM segment segment balances Consolidated
Assets
Current assets:
Cash and cash equivalents 87,930 1,231,164 225,854 – 11,799 9,584 309,674 (174,983) 1,701,022
Short-term bank deposits 7 1,292,345 – – 1,019 41,092 – (187,193) 1,147,270
Short-term financial investments 77,839 260,631 6,587 – 3,798 1,598 191,358 (219,969) 321,842
Trade accounts receivable 37,294 252,193 843,737 128,768 16 62,577 – – 1,324,585
Amounts receivable from
related parties 62,117 133,764 9,601 1,184 4 7,009 – (85,976) 127,703
Inventories 125,019 895,066 695,041 427,502 45,732 102,320 – (68,308) 2,222,372
VAT recoverable 46,458 187,872 49,476 – 25,150 30,436 – – 339,392
Income tax recoverable 1,835 9,010 8,404 16,361 – 294 – – 35,904
Other current assets 51,505 126,811 29,320 17,070 5,273 16,091 13,138 – 259,208
Total current assets 490,004 4,388,856 1,868,020 590,885 92,791 271,001 514,170 (736,429) 7,479,298
Non-current assets:
Long-term financial investments 2,682 1,471,353 31,934 – – 42,183 25,705 (1,373,917) 199,940
Investment in associates
and joint ventures – 139,231 2,656 212,154 – 865 – – 354,906
Property, plant and equipment 1,289,236 3,048,161 1,519,357 149,721 292,420 177,808 475 (6,793) 6,470,385
Intangible assets 35,747 7,086 17,408 – – 1,418 7 – 61,666
Assets held for sale – – 113,516 – – – – – 113,516
Deferred tax assets 224 – 29,926 – – – – – 30,150
Amounts receivable from
related parties – – – – – – – – –
Other non-current assets 1,185 – 2,659 – – – – – 3,844
Total non-current assets 1,329,074 4,665,831 1,717,456 361,875 292,420 222,274 26,187 (1,380,710) 7,234,407
Total assets 1,819,078 9,054,687 3,585,476 952,760 385,211 493,275 540,357 (2,117,139) 14,713,705
Liabilities and
shareholders’ equity
Current liabilities:
Trade accounts payable 61,275 209,341 620,668 116,681 7,113 23,823 – – 1,038,901
Bank customer accounts – – – – – – 396,176 (365,033) 31,143
Amounts payable to
related parties 19,217 72,894 36,651 17,303 15,937 21,460 74,623 (82,345) 175,740
Short-term debt finance 103,122 441,665 414,480 10,024 1,737 18,999 17,755 (50,218) 957,564
Income taxes payable 6,532 28,880 8,921 – – 15 – – 44,348
Other taxes and social
security payable 70,016 38,035 85,952 2,357 471 3,127 5 – 199,963
Dividends payable – 23,243 – – – – – – 23,243
Other current liabilities 54,526 244,409 108,472 21,672 42,263 35,320 186 – 506,848
Total current liabilities 314,688 1,058,467 1,275,144 168,037 67,521 102,744 488,745 (497,596) 2,977,750
Non-current liabilities:
Long-term debt finance 242,470 1,041,131 605,827 138,404 267,099 55,423 23 (302,342) 2,048,035
Deferred tax liabilities 59,792 188,886 89,662 74,805 – 7,308 1,152 (18,529) 403,076
Retirement benefit liability 73,056 133,854 167,855 43,574 – 24,615 – – 442,954
Liabilities related to assets
held for sale – – 1,792 – – – – – 1,792
Other non-current liabilities 199,693 218 81,872 4,307 – – – – 286,090
Total non-current liabilities 575,011 1,364,089 947,008 261,090 267,099 87,346 1,175 (320,871) 3,181,947
Equity 929,379 6,632,131 1,363,324 523,633 50,591 303,185 50,437 (1,298,672) 8,554,008
Total equity and liabilities 1,819,078 9,054,687 3,585,476 952,760 385,211 493,275 540,357 (2,117,139) 14,713,705
Severstal Annual Report 2007 109