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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 280 281
The payments for current loans against promissory notes/bonds result from the sale of an additional
loan against a promissory note.
Income received from shareholdings during the financial year amounted to € 2.8 million (2006:
€ 16.2 million).
(44) Acquisitions
In March 2007, 82.2% of Klöckner-Werke AG, Duisburg, and 70.7% of RSE Grundbesitz und Beteiligungs-AG,
Frankfurt am Main, were acquired. A total of 15 companies were included in the accounts
for the first time by way of full consolidation as from July 2007.
The Technology Division contributed € 512.6 million to the Group’s sales and € 4.0 million, after the
purchase price allocation, to its profits in the second half of 2007. With regard to the sales and annual
results figures posted by the acquired companies for the reporting period 2007, we refer to the figures
of Klöckner-Werke AG which were announced ad-hoc as of February 25, 2008, (”Provisional figures for
the financial year 2007”) in accordance with Section 15, German Securities Trading Act (WpHG).
These figures contain no effects resulting from value adjustments for the additions to current values
ascertained and reported in the course of the purchase price allocation.
The following assets and liabilities were acquired as a result of the acquisition:
in T€ Fair value Book value at
acquired company
Other intangible assets 28,483 28,483
Brand names 27,356 –
Customer relationships 32,435 –
Technologies 7,093 –
Property, plant and equipment 156,105 122,322
Financial assets 32,982 57,505
Inventories 159,162 148,145
Receivables 379,671 378,195
Cash and cash equivalents 21,460 21,460
Other assets 2,571 2,571
Other provisions –56,575 –54,575
Pension provisions –143,669 –153,950
Liabilities –294,132 –294,132
Deferred tax – net 11,592 59,279
Net assets 364,534 315,303
Minority interest – 47,036
Net assets acquired 317,498
Consolidated Annual
Financial Statements