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B Consolidated Annual Financial Statements/Notes V. Notes to the Consolidated Financial Statements of Salzgitter AG 290 291 (50) Supervisory Board and Executive Board For the discharge of their duties, the members of the Executive Board received the sum of € 7.4 million (2006: € 4.9 million) in the financial year. Of this total, € 4.6 million (2006: € 2.5 million) was accounted for by performance-related remuneration components. Provisions for pension obligations to members of the Executive Board amounted to € 10.6 million (2006: € 6.9 million). Former members of the Executive Board and their surviving dependants received a total of € 1.5 million for the financial year (2006: € 1.5 million). Pension provisions totaling € 21.5 million (2006: € 20.3 million) have been set aside to cover obligations to former Executive Board members and their surviving dependants. Supervisory Board members received a total of € 1.9 million for the financial year (2006: € 1.6 million). The remuneration of the individual members of the Executive and Supervisory Boards of Salzgitter AG is disclosed in Section I.2.3. “Remuneration of the Executive and Supervisory Boards” in the Group Management Report and the Salzgitter AG Management Report. (51) Assurance from the Legal Representatives We give our assurance that, to the best of our knowledge and in accordance with the applicable accounting principles, the consolidated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group and that the course of business, including the business result and the position of the Group, are portrayed in such a way in the Group Management Report that a true and accurate picture is conveyed and that the significant opportunities and risks of the Group’s future development are fairly described. Salzgitter, March 5, 2008 The Executive Board Leese Fuhrmann Eging Fischer Groschke Schneider Consolidated Annual Financial Statements
VI. Auditor’s Report This report was originally prepared in German language. In case of ambiguities the German version shall prevail: “Auditor’s Report We have audited the consolidated financial statements prepared by the Salzgitter AG, Salzgitter, comprising the income statement, the balance sheet, statement of recognised income and expense, cash flow statement and the notes to the consolidated financial statements, together with the group management report, which is combined with the management report of the Salzgitter AG, Salzgitter, for the business year from January 1 to December 31, 2007. The preparation of the consolidated financial statements and the combined group management report in accordance with the IFRSs, as adopted by the EU, and the additional requirements of German commercial law pursuant to § (Article) 315a Abs. (paragraph) 1 HGB (“Handelsgesetzbuch”: German Commercial Code) are the responsibility of the parent Company’s Board of Managing Directors. Our responsibility is to express an opinion on the consolidated financial statements and the combined group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the combined group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and in the combined group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of the companies included in consolidation, the determination of the companies to be included in consolidation, the accounting and consolidation principles used and significant estimates made by the Company’s Board of Managing Directors, as well as evaluating the overall presentation of the consolidated financial statements and the combined group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations.
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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 238 and 239: 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: (49) Waiver of Disclosure and Prepa
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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