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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 218 219 Standards that were not applied prematurely: Standard/Interpretation Mandatory Adoption by Likely date the EU commission effects 1) IAS 1 Presentation of Financial Statements 01/01/2009 no Reclassification of the financial statement parts IAS 23 Borrowing Costs 01/01/2009 no not foreseeable IFRIC 12 Service Concession Arrangements 01/01/2008 no none IFRIC 13 Customer Loyalty Programmes 01/07/2008 no none IFRIC 14 The Limit on a Defined Benefit Asset, Minimum 01/01/2008 no not Funding Requirements and their Interaction foreseeable As a listed holding of a group, Salzgitter AG is obliged in accordance with Section 315a, German Commercial Code (HGB) to prepare consolidated financial statements in compliance with international accounting standards and regulations. The consolidated financial statements are disclosed in the electronic German Federal Gazette (Bundesanzeiger). The Salzgitter AG company, entered in the Commercial Register at Braunschweig District Court under HRB 9207, has its headquarters in Salzgitter. The address of the Executive Board of Salzgitter AG is Eisenhüttenstraße 99, D-38239 Salzgitter. The financial year of Salzgitter AG and its subsidiaries included in the consolidated financial statements corresponds to the calendar year. Subsidiaries which have a different balance sheet date prepared interim financial statements on the Group reporting date. The financial statements were prepared in euros. On December 13, 2007, the Executive Board and the Supervisory Board issued the Declaration of Compliance in accordance with Section 161 of the German Stock Corporation Act (AktG) and made it permanently available to shareholders on the company’s website (www.salzgitter-ag.de). The Declaration of Compliance is also printed in the “Corporate Governance Report” section in the annual report. 1) As of December 31, 2007 Consolidated Annual Financial Statements
Consolidation Principles and Methods The consolidated financial statements are based on the financial statements of Salzgitter AG and the integrated subsidiaries prepared in accordance with the accounting and valuation methods applied in a uniform manner throughout the Group and certified by independent auditors. The consolidated financial statements include all of the companies whose financial and business policies Salzgitter AG is capable of determining directly or indirectly in such a way that the companies in the Salzgitter Group derive benefit from the activities of these companies. These companies are included in the consolidated financial statements as of the time when the Salzgitter Group attains the possibility of exercising control over them. If this possibility is no longer given, these companies are excluded from the consolidated group. Capital consolidation is carried out by setting off the acquisition cost of the shareholding against the proportionate amount of the equity revaluation at the time when the subsidiary was purchased. The result posted by a subsidiary that has been sold must be included in the consolidated financial statements up until the time of the sale. This is the time when the control of the subsidiary by the parent company ends. The difference between the proceeds from the sale of the subsidiary and the book values of the assets, less the debts at the time of the sale, is recognized in the consolidated income statement. In the event that the subsidiaries being excluded from the consolidated group were allocated goodwill that was acquired prior to October 1, 1995, any past offsetting against retained earnings without effect on income is not reserved. According to IAS 31, a joint venture exists if two or more partners are engaged in conducting a business activity under joint control. Joint control is defined as the contractually agreed sharing of control over a business activity. According to the benchmark method, joint ventures are included in the consolidated financial statements pursuant to IAS 31 by means of proportionate consolidation. Shareholdings in companies where the Salzgitter Group is able to exercise a decisive influence over financial and business policy decisions are valued in the consolidated financial statements using the equity method. If the Group is unable to exercise a decisive influence, the shares in the companies are included in the consolidated financial statements in accordance with IAS 39. The dates of admission into and departure from the group of companies valued using the equity method are determined by applying the same principles that are used for subsidiaries. The associated companies are reported using the revaluation method with their proportionate equity at the time of acquisition. In principle, each equity valuation is based on the most recently audited set of annual financial statements. Business combinations are accounted for in accordance with IFRS 3.14 using the purchase method. The acquirer in such cases is the entity which has gained control of the acquired company, with the result that it can derive benefits from that company. The acquisition costs of the business combination determined in accordance with IFRS 3.24 are spread over the acquired assets and assumed liabilities in accordance with IFRS 3.36f.
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Annual Report 2007 Financial Year f
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1) 2006 included in “Other region
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Highlights of the Financial Year 20
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Contents The Salzgitter Group 5 Key
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Preface by the Executive Board Ladi
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The financial year 2007 was another
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Report of the Supervisory Board The
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Alongside the extensive investment
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Corporate Governance Report Corpora
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In order to prepare its decisions,
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Transparency To ensure that shareho
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What does it feel like to steer 100
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A Group Management Report and Manag
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94.9% 94.9% 51.0% 94.8% A Group Man
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1) Including amounts provisioned fo
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1) The amounts presuppose that the
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“I wish I could also sleep in it.
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3. Management and Control of the Co
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Groupwide Investment Volume 1996/19
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The Group’s excellent performance
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Management and Control Instruments
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in € mil. FY 2007 FY 2006 EBT 1,3
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Can a sports facility lend wings to
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“For a whole year we really did e
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“We could only imagine making the
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Sources: XETRA closing prices, DBAG
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1) All data as per December 31 2) C
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“At first I had no idea what it w
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R&D expenses by Division Steel 47%
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Continuous strip casting Together w
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Steel Division environmental expens
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Core workforce 1998 Steel 10,471 Tr
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Generation campaign A Group operati
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4. Earnings Steel Trading Tubes Ser
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5. The Divisions As the management
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Steel Division Shipments 0 1,000 2,
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1) Excluding intercompany deliverie
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SMHD Group made the major contribut
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Tubes Division The companies belong
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capacity utilization throughout the
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Services Division The companies bel
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1) Sales in own segment and in othe
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Sales in the Technology Division in
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How does steel serve science? What
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“Our motto is ‘I discover.’
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“For a long-span roof constructio
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6. Profitability Improvement Progra
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“They just loved the experiments.
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7. Financial Position Financial Man
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8. Net Assets The total assets of o
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1) Including intangible assets 2) I
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Disclosures pursuant to Sections 28
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10. General Statement on the Econom
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Page 166 and 167: 2. Individual Risks Environment and
Page 168 and 169: Financial Risks A Group Management
Page 170 and 171: A Group Management Report and Manag
Page 174 and 175: GDP Germany: Forecast Range 2008/20
Page 178 and 179: Power Plant Capacity Trend GW 8,000
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Page 188 and 189: 6. Overall Statement on the Perform
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Page 200 and 201: IV. Cash Flow Statement (43) Cash F
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B Consolidated Annual Financial Sta
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The Services Division includes DEUM
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(46) Related Party Disclosures In a
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(49) Waiver of Disclosure and Prepa
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VI. Auditor’s Report This report
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I. List of Company Abbreviations SZ
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II. Glossary Business and Financial
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F Forfaiting Sale of export receiva
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Technical Terms A Annealing furnace
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Pilger rolling Conventional step-fo
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III. Financial Calendar of Salzgitt
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IV. Editorial Details and Contact C
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