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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 266 267 The payables from construction contracts include those production contracts with liability-side balances for which the payments received on account exceed the production costs, including profit and loss shares. (39) Other Liabilities in T€ 31/12/2007 31/12/2006 Other liabilities Total Total to affiliated companies 24,405 12,028 to participating interests – 225 Other liabilities 551,415 330,576 of which payments received on account [165,875] [23,303] of which to employees of which from forfaiting and the asset-backed [128,320] [74,190] securitization program [94,579] [116,246] of which tax [41,799] [50,139] of which derivatives [28,514] [10,580] of which social security contributions [21,210] [17,402] of which bills payable [–] [2,663] of which other liabilities [71,118] [36,053] Other liabilities (current) 575,820 342,829 Of the sum total of liabilities, an amount of € 142.7 million (2006: € 167.4 million) is secured by liens and similar rights. The other liabilities totaling € 94.6 million (2006: € 116.2 million) constitute liabilities resulting from forfaiting and asset-backed securitization programs. Salzgitter Mannesmann Stahlhandel GmbH, Düsseldorf, and Salzgitter Mannesmann International GmbH, Düsseldorf, are carrying out revolving sales of short-term domestic trade receivables on the basis of an asset-backed securitization agreement. The sale of receivables is limited to an amount (purchase price) of € 80.0 million, and the Salzgitter Group continues to report the full receivable amount on the balance sheet as of the reporting date 2007. The purchase price is calculated from the nominal value of the receivables less a del credere markdown relating to the default rate over the past twelve months, a verity markdown and a markdown for refinancing, insurance and administrative costs. Since Salzgitter Mannesmann Stahlhandel GmbH, Düsseldorf, bears the commercial risks inherent in the receivables, they report the sold receivables in the accounts accurately as own receivables and report the funds received for them as liabilities arising from the sale of receivables. Consolidated Annual Financial Statements
With the support of Salzgitter Mannesmann Handel GmbH, Düsseldorf, Salzgitter Mannesmann International GmbH, Düsseldorf, made other non-Group external financing arrangements; in the process, Salzgitter Mannesmann International GmbH, Düsseldorf, sold receivables worth €1.9 million (2006: € 8.1 million) as of December 31, 2007. In accordance with the framework contracts, Salzgitter Mannesmann International GmbH, Düsseldorf, carries out revolving sales of export receivables insured against default for amounts up to a maximum of € 75.0 million. In addition, Salzgitter Mannesmann International GmbH, Düsseldorf, – for amounts up to a maximum of USD 25.5 million – has sold export receivables worth the equivalent of € 3.9 million (2006: € 8.3 million) and secured by bank guarantees. Furthermore, Salzgitter Mannesmann International (USA) Inc., Houston, has sold receivables equivalent to € 8.6 million (2006: € 19.6 million) as of December 31, 2007, and reported the funds received as liabilities. (40) Contingencies Contingencies are potential liabilities not shown on the balance sheet which are disclosed in the amount of their value on the reporting date. Their total amount is € 122.1 million (2006: € 47.6 million). The contingencies include guarantees of € 71.8 million (2006: € 42.1 million) and bill commitments totaling € 0.9 million (2006: € 1.6 million). Neither Salzgitter AG nor any of its Group companies is engaged in current or foreseeable legal or arbitration proceedings that might have a significant effect on their commercial situation. Moreover, adequate provisions have been made at the respective Group companies to cover potential financial burdens arising from legal proceedings or arbitration. (41) Other Financial Obligations in T€ 31/12/2007 31/12/2006 Short-term Long-term Short-term Long-term Purchase commitments Obligations from long-term 233,275 419,481 152,729 54,458 rental agreements 28,116 160,901 18,443 145,173 Other obligations 448,477 820,629 404,553 450,602 Total 709,868 1,401,011 575,725 650,233 In the Steel Division, long-term purchasing commitments to safeguard the procurement of input material for raw materials and sea freight, which due to the current market situation are relevant for assessing the financial position, are also reported under other financial obligations.
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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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2. Individual Risks Environment and
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Financial Risks A Group Management
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GDP Germany: Forecast Range 2008/20
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Power Plant Capacity Trend GW 8,000
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4. Anticipated Financial Position W
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6. Overall Statement on the Perform
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Why is it worth listening to what a
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“We listen to the bridge - 24 hou
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B Consolidated Annual Financial Sta
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II. Consolidated Balance Sheet Asse
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IV. Cash Flow Statement (43) Cash F
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Page 214 and 215: B Consolidated Annual Financial Sta
Page 280: B Consolidated Annual Financial Sta
Page 283 and 284: The Services Division includes DEUM
Page 285 and 286: (46) Related Party Disclosures In a
Page 287 and 288: (49) Waiver of Disclosure and Prepa
Page 289 and 290: VI. Auditor’s Report This report
Page 291 and 292: I. List of Company Abbreviations SZ
Page 293 and 294: II. Glossary Business and Financial
Page 295 and 296: F Forfaiting Sale of export receiva
Page 297 and 298: Technical Terms A Annealing furnace
Page 299 and 300: Pilger rolling Conventional step-fo
Page 301 and 302: III. Financial Calendar of Salzgitt
Page 303: IV. Editorial Details and Contact C
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