Download - Salzgitter AG

1) Including intangible
assets
2) Including prepaid
expenses and
treasury shares
9. Annual Financial Statements of Salzgitter AG
The annual financial statements of Salzgitter AG (SZAG) for the financial year 2007 were drawn up in
accordance with the provisions of the German Commercial Code, taking account of the supplementary
provisions of the German Stock Corporation Act, and have been approved without qualification
by the auditor PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Hanover.
The complete text is published in the electronic German Federal Gazette (Bundesanzeiger).
SZAG continues to head up the divisions as the management holding company. Operations are conducted
by the Group companies. The company’s profitability consequently depends on business
progress at its subsidiaries and shareholdings and on the extent to which these investments retain
their value.
As before, the main investments are held by the wholly-owned subsidiary SMG with which there is no
profit transfer agreement.
Salzgitter AG Balance Sheet (summarized)
in € mil. 31/12/2007 % 31/12/2006 %
Fixed assets 48.5 3.6 60.0 4.7
Property, plant and equipment1) 24.0 1.8 24.2 1.9
Financial assets 24.5 1.8 35.8 2.8
Current assets 1,314.5 96.4 1,224.5 95.3
Trade receivables and other assets2) 1,314.4 96.4 1,224.3 95.3
Cash and cash equivalents 0.1 0.0 0.2 0.0
Assets 1,363.0 100.0 1,284.5 100.0
in € mil. 31/12/2007 % 31/12/2006 %
Shareholders’ equity 825.3 60.6 740.3 57.6
Special reserves with an equity portion 4.3 0.3 3.5 0.3
Provisions 524.2 38.4 518.5 40.4
Liabilities 9.2 0.7 22.2 1.7
due to banks [7.2] [7.5]
Shareholders’ equity and liabilities 1,363.0 100.0 1,284.5 100.0
The main items on the asset side continue to comprise receivables due from the liquidity provided
to the subsidiary SMG as part of groupwide cash management (€ 1,004 million) and treasury shares
(€ 228 million).
Besides equity, the liabilities side of the balance sheet reports pension obligations amounting to
€ 428 million. The equity ratio is 60.6% (2006: 57.6%).