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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 274 275
Non-impaired amounts which have been due for more than 90 days generally concern regular customers,
the receipt of whose payments, as in previous years, is not in doubt.
In the reporting year, the Salzgitter Group recorded impairments of assets categorized as “loans and
receivables originated by the company” in the amount of € 21.3 million (2006: € 16.1 million) and
reversals of write-downs in the amount of € 12.9 million (2006: € 5.7 million).
An impairment of financial assets in the category “loans and receivables originated by the
company” is carried out as soon as there are any objective indications of impairment, for example
substantial financial difficulties of the debtor or breach of contract. The impairments are recognized
with effect on income under other operating expenses. Reversals of impairment losses are recognized
under other operating income.
Trade receivables amounting to € 3.6 million (2006: € 3.4 million) had their credit terms renewed.
These receivables have not been written down.
It is assumed that those assets which are neither overdue nor impaired could be collected at any time.
The net results of the categories are as follows:
in T€ FY 2007 FY 2006
Assets/Liabilities held for trading 24,327 –152,879
Loans and receivables originated by the company –2,009 –4,098
Available-for-sale financial assets 91,357 69,895
Financial liabilities measured at amortized cost –34,316 –41,801
Total 79,359 –128,883
The net result in the “assets/liabilities held for trading” category mainly comprises income from the
sale of current securities. The “available-for-sale financial assets“ and “financial liabilities measured at
amortized cost“ categories largely comprise interest income of € 115.6 million (2006: € 79.4 million)
and interest expenses of € 36.4 million (2006: € 45.3 million). In addition, the net results include
effects of currency translation and impairment.
In the reporting year, profits amounting to € 4.6 million (2006: profits € 36.4 million, losses € 2.1 million)
were generated from the sale of non-consolidated companies valued at acquisition cost. For the
assets in this category recorded as of the reporting date, valuation allowances amounting to € 5.6 million
(2006: € 0.2 million) with effect on income were posted in the reporting year.
For financial instruments not measured at fair value through profit and loss, the expenses incurred in
financial transactions amounted to € 13.0 million (2006: € 16.0 million); these were recognized with
effect on income immediately.
Consolidated Annual
Financial Statements