Annual Report 2007 - Severstal

Financial statements
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, 2005:
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 67,773 779,419 384,624 – 5,257 3,921 143,246 (56,353) 1,327,887
Short-term bank deposits 1,071 718,705 – – – 18,274 – (63,538) 674,512
Short-term financial investments 25,922 262,996 7,935 – 76 15,619 143,999 (188,696) 267,851
Trade accounts receivable 29,772 274,020 676,208 166,541 – 27,652 – – 1,174,193
Amounts receivable from
related parties 129,562 205,092 15,035 970 – 9,411 – (186,262) 173,808
Inventories 105,672 578,093 633,068 401,146 983 59,457 – (52,891) 1,725,528
VAT recoverable 40,698 296,206 50,540 – 21,056 33,797 – – 442,297
Income tax recoverable 15,903 757 11,097 – – 914 – – 28,671
Other current assets 24,113 85,268 22,824 22,964 13,289 8,041 5,186 – 181,685
Total current assets 440,486 3,200,556 1,801,331 591,621 40,661 177,086 292,431 (547,740) 5,996,432
Non-current assets:
Long-term financial investments 3,855 1,310,784 31,645 – – 7,601 – (1,264,344) 89,541
Investment in associates
and joint ventures – 63,209 2,335 142,988 – 2,120 – – 210,652
Property, plant and equipment 1,080,768 2,543,161 1,376,460 75,304 131,750 111,734 391 – 5,319,568
Intangible assets 29,537 5,731 19,787 – – 1,418 50 – 56,523
Assets held for sale – – 66,117 – – – – – 66,117
Deferred tax assets – – 35,076 – – – – – 35,076
Amounts receivable from
related parties 22,026 – 13,069 – – – – – 35,095
Other non-current assets 523 – 2,582 – – – – – 3,105
Total non-current assets 1,136,709 3,922,885 1,547,071 218,292 131,750 122,873 441 (1,264,344) 5,815,677
Total assets 1,577,195 7,123,441 3,348,402 809,913 172,411 299,959 292,872 (1,812,084) 11,812,109
Liabilities and
shareholders’ equity
Current liabilities:
Trade accounts payable 34,916 176,328 496,110 129,040 21,650 7,354 – 1,231 866,629
Bank customer accounts – – – – – – 218,673 (119,806) 98,867
Amounts payable to
related parties 143,820 390,240 21,504 14,149 8 10,610 33,725 (122,099) 491,957
Short-term debt finance 87,024 243,765 646,803 143,818 943 20,560 – (146,788) 996,125
Income taxes payable 938 30,075 40,701 14,183 – 104 – – 86,001
Other taxes and social
security payable 110,296 23,014 106,584 1,681 40 16,063 – – 257,678
Dividends payable – 12,275 – – – – – – 12,275
Other current liabilities 50,621 163,148 132,371 22,169 222 10,587 100 – 379,218
Total current liabilities 427,615 1,038,845 1,444,073 325,040 22,863 65,278 252,498 (387,462) 3,188,750
Non-current liabilities:
Long-term debt finance 60,442 1,369,878 490,391 – 100,289 4,483 – (93,789) 1,931,694
Deferred tax liabilities 56,822 155,177 91,107 59,598 82 8,462 466 (14,975) 356,739
Retirement benefit liability 64,181 79,034 135,029 38,888 – 21,354 – – 338,486
Liabilities related to assets
held for sale – – 172 – – – – – 172
Other non-current liabilities 201,489 75 73,059 6,452 – – – – 281,075
Total non-current liabilities 382,934 1,604,164 789,758 104,938 100,371 34,299 466 (108,764) 2,908,166
Equity 766,646 4,480,432 1,114,571 379,935 49,177 200,382 39,908 (1,315,858) 5,715,193
Total equity and liabilities 1,577,195 7,123,441 3,348,402 809,913 172,411 299,959 292,872 (1,812,084) 11,812,109
110 Severstal Annual Report 2007