Download - Salzgitter AG

As in 2006, two domestic shareholdings over which Salzgitter AG or another Group company exercises
a significant influence are included in the consolidated financial statements using the equity
method.
A total of 26 (2006: 17) domestic and 54 (2006: 27) foreign subsidiaries have not been consolidated
due to their minor overall significance for the Group’s net assets, financial position and results of operations.
The composition and development of the consolidated group (excluding Salzgitter AG) and the group
of companies valued using the equity method is as follows:
Status Additions Disposals Status
31/12/2006 31/12/2007
Consolidated subsidiaries 44 18 – 62
of which domestic 35 10 – 45
of which foreign 9 8 – 17
Joint ventures 5 – – 5
of which domestic 2 – – 2
of which foreign 3 – – 3
Associated companies 2 – – 2
of which domestic 2 – – 2
of which foreign – – – –
The additions of the fully consolidated companies relate to the Technology and Tubes Divisions.
On March 8, 2007, Salzgitter AG concluded a contract on the sale of 77.9% of the shares in Klöckner-
Werke AG, Duisburg, with the insolvency administrator of WCM-Gruppe, Frankfurt am Main. A shareholding
of 70.7% in RSE Grundbesitz und Beteiligungs-AG (RSE), Frankfurt am Main, was simultaneously
transferred as part of the package. 26.6% of RSE is held by Klöckner-Werke AG. Furthermore,
it was announced on March 15, 2007, that the Salzgitter Group had acquired an additional 4.3% of
the Klöckner-Werke shares. After all the closing requirements had been fulfilled, 15 companies in all
(8 domestic and 7 foreign) were included for the first time by way of full consolidation as of July 1,
2007. The companies in question mainly manufacture machinery in the filling and packaging technology
sector (KHS Group), and also operate in the fields injection molding, direct top-capping and machinery
for confectionery production. The first-time consolidation of these companies resulted in goodwill of
€ 15.3 million. After control was achieved, a further 3.1% of the shares in Klöckner-Werke AG were
acquired. The difference between the purchase price and the equity acquired proportionately was
recorded under equity with no effect on income.
In the Tubes Division, 100% of Vallourec Précision Etirage S.A.S., Saint Florentin, France, and assets
and liabilities belonging to Rohrwerk Zeithain were acquired from Vallourec & Mannesmann Deutschland
GmbH, Düsseldorf. The company’s operations extend to the production of precision steel tubes.