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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 220 221
Minority interests in the consolidated companies are reported separately within equity.
In the case of assets and liabilities denominated in foreign currency, the acquisition costs must in
principle be reported at the exchange rate prevailing on the cut-off date when the acquisition was
realized. Exchange rates are hedged as a matter of principle.
Intragroup sales, expenses and earnings, as well as receivables and liabilities between the companies
included in the financial statements, are eliminated.
Interim profits deriving from intragroup deliveries and services are eliminated with effect on income,
taking deferred taxes into account. Intercompany deliveries and services are subject to customary
market terms.
Details of the material direct and indirect subsidiaries and shareholdings of Salzgitter AG are listed in a
separate appendix to the Notes. The complete schedule of investment holdings is disclosed in the
electronic German Federal Gazette (“Elektronischer Bundesanzeiger”).
Consolidated Group
In addition to the annual financial statements of the holding company, the consolidated financial
statements include the annual financial statements of 45 (2006: 35) domestic and 17 (2006: 9) foreign
affiliated companies, all prepared as of the same reporting date.
Two domestic (2006: two) and three foreign (2006: three) joint ventures are included on a proportionate
basis in the consolidated financial statements by means of proportionate consolidation.
The following assets, liabilities, and expenses and earnings items (excluding income from shareholdings,
net interest income and tax) are attributable to the Group on the basis of its proportionate shares
in the respective joint ventures:
in T € FY 2007 FY 2006
Non-current assets 86,955 52,311
Current assets 214,882 128,352
Non-current liabilities 27,207 28,100
Current liabilities 70,458 70,705
Earnings 464,290 407,338
Expenses 409,059 431,095
Consolidated Annual
Financial Statements