Annual Report 2007 - Severstal

OAO Severstal and subsidiaries
Consolidated balance sheet
December 31, 2007
(Amounts expressed in thousands of US dollars)
December 31, December 31, December 31,
2007 2006 2005
Note (restated) (restated)
Assets
Current assets:
Cash and cash equivalents 10 1,546,881 1,701,022 1,327,887
Short-term bank deposits 11 665,977 1,147,270 674,512
Short-term financial investments 12 267,633 321,842 267,851
Trade accounts receivable 13 1,674,618 1,324,585 1,174,193
Amounts receivable from related parties 14 162,719 127,703 173,808
Inventories 16 2,537,470 2,222,372 1,725,528
VAT recoverable 283,745 339,392 442,297
Income tax recoverable 75,993 35,904 28,671
Assets held for sale 29 461,196 – –
Other current assets 17 321,362 259,208 181,685
Total current assets 7,997,594 7,479,298 5,996,432
Non-current assets:
Long-term financial investments 21 152,866 199,940 89,541
Investment in associates and joint ventures 20 589,092 354,906 210,652
Property, plant and equipment 19 7,292,811 6,470,385 5,319,568
Intangible assets 18 611,261 61,666 56,523
Assets held for sale 29 – 113,516 66,117
Deferred tax assets 9 52,324 30,150 35,076
Amounts receivable from related parties 14 – – 35,095
Other non-current assets 21,474 3,844 3,105
Total non-current assets 8,719,828 7,234,407 5,815,677
Total assets 16,717,422 14,713,705 11,812,109
Liabilities and shareholders’ equity
Current liabilities:
Trade accounts payable 1,090,884 1,038,901 866,629
Bank customer accounts 22 – 31,143 98,867
Amounts payable to related parties 14 58,915 175,740 491,957
Short-term debt finance 23 972,079 957,564 996,125
Income taxes payable 41,381 44,348 86,001
Other taxes and social security payable 200,424 199,963 257,678
Dividends payable 107,485 23,243 12,275
Liabilities related to assets held for sale 29 91,750 – –
Other current liabilities 24 600,580 506,848 379,218
Total current liabilities 3,163,498 2,977,750 3,188,750
Non-current liabilities:
Long-term debt finance 23 2,354,823 2,048,035 1,931,694
Deferred tax liabilities 9 374,636 403,076 356,739
Retirement benefit liability 25 387,398 442,954 338,486
Liabilities related to assets held for sale 29 – 1,792 172
Other non-current liabilities 26 226,388 286,090 281,075
Total non-current liabilities 3,343,245 3,181,947 2,908,166
Equity:
Share capital 27 3,311,288 3,311,288 3,311,254
Additional capital 1,165,530 1,165,530 60,367
Foreign exchange differences 1,176,321 535,591 34,368
Retained earnings 4,082,834 2,983,954 1,818,475
Total equity attributable to shareholders of parent 9,735,973 7,996,363 5,224,464
Minority interest 474,706 557,645 490,729
Total equity 10,210,679 8,554,008 5,715,193
Total equity and liabilities 16,717,422 14,713,705 11,812,109
The accompanying notes form an integral part of these consolidated financial statements.
Severstal Annual Report 2007 73