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B Consolidated Annual Financial Statements/Notes I. Consolidated Income Statement 200 II. Consolidated Balance Sheet 201 III. Statement of Recognized Income and Expense 202 IV. Cash Flow Statement 203 V. Notes 206 Statement of Changes in Equity 206 Segment Reporting 208 Analysis of Fixed Assets 210 Material Participations of Salzgitter AG 214 Accounting Principles 218 Consolidation Principles and Methods 220 Consolidated Group 221 Currency Translation 223 Accounting and Valuation Principles 224 Notes to the Income Statement 238 Notes to the Balance Sheet 247 Contingencies 268 Other Financial Obligations 268 Financial Instruments 270 Notes to the Cash Flow Statement 280 Notes on Segment Reporting 283 Related Party Disclosures 288 Fees for the Auditor of the Consolidated Financial Statements 289 Significant Events Occurring After the Reporting Date 289 Waiver of Disclosure in Accordance with Section 264, Para. 3 or Section 264b, German Commercial Code (HGB) 290 Supervisory Board and Executive Board 291 Assurance from the Legal Representatives 291 VI. Auditor’s Report 292 C Further Information I. List of Company Abbreviations 294 II. Glossary 296 III. Financial Calendar of Salzgitter AG for 2008 304 IV. Editorial Details and Contact 306 10 11
Preface by the Executive Board Ladies and Gentlemen, This is the year which we will remember for two particularly important events in the history and development of Salzgitter AG. One took place 150 years ago: in 1858, Counselor of Justice Carl Haarmann founded Ilseder Hütte as a stock corporation under German law. As one of Germany’s oldest corporations, it is not only the genesis under company law of our modern Salzgitter AG, but also the origin of the Peine steel mill location. After an at times turbulent past, the producer of the almost legendary Peiner Träger sections enjoys an excellent economic constitution and is currently in the process of making significant investments. This is also an apt description of the whole Salzgitter Group, a fact which forges a link between this and the second event which occurred just ten years ago. In the midst of some turbulence, the then Preussag Stahl AG left the Preussag Group in 1998 to make its way as an independent, listed company. Although our profitability was already above average in a peer comparison in those days, the number of those who placed their confidence in us to achieve a modicum of success in the decade ahead was modest. Today, after ten years of independent Salzgitter AG, we can look back with satisfaction and a touch of pride on what we have achieved. Not enough that we surpassed the € 10 billion sales threshold in 2007 – we capped this performance by achieving a pre-tax result of € 1.314 billion, which is the fourth record income from operations in a row. Decisive for understanding the significance of this performance is less the impressive absolute highs and more the position that we have achieved in terms of return on capital employed as against our competitors. This position – as in previous years – is nothing we need to be modest about. Without any kind of capital injection, we have not only trebled sales but, at the same time, also raised the equity capital of the Group to € 4.25 billion, which is fourfold what it was, within a ten year period. This is an outstanding basis for future profitable growth in entrepreneurial independence. The original ideas that drive our corporate philosophy remain the same. These ideas are anchored in our corporate guidelines and are reflected in our business policies and ethics. With this foundation, and reinforced by our decentrally oriented, but at the same time tightly orchestrated organization of tasks, responsibilities and competences, we do not have to instigate a flurry of activity in response to each putative demand requiring correct action. This not only engenders trust within the Group and outside, but also gives our executives the room they need to maneuver with regard to important decisions for the good of the company and its shareholders. The Executive Board: (standing, from left to right) Wolfgang Eging, Heinz Groschke, Hans Fischer; (sitting, from left to right) Peter-Jürgen Schneider, Dr. Wolfgang Leese, Dr. Heinz Jörg Fuhrmann
Page 1 and 2: Annual Report 2007 Financial Year f
Page 3 and 4: 1) 2006 included in “Other region
Page 5 and 6: Highlights of the Financial Year 20
Page 7: Contents The Salzgitter Group 5 Key
Page 11 and 12: The financial year 2007 was another
Page 13 and 14: Report of the Supervisory Board The
Page 15 and 16: Alongside the extensive investment
Page 17 and 18: Corporate Governance Report Corpora
Page 19 and 20: In order to prepare its decisions,
Page 21 and 22: Transparency To ensure that shareho
Page 23 and 24: What does it feel like to steer 100
Page 26 and 27: A Group Management Report and Manag
Page 32 and 33: 94.9% 94.9% 51.0% 94.8% A Group Man
Page 46: A Group Management Report and Manag
Page 49 and 50: 1) Including amounts provisioned fo
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Page 53 and 54: “I wish I could also sleep in it.
Page 55 and 56: 3. Management and Control of the Co
Page 57 and 58: 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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A Group Management Report and Manag
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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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The Services Division includes DEUM
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(46) Related Party Disclosures In a
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(49) Waiver of Disclosure and Prepa
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VI. Auditor’s Report This report
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I. List of Company Abbreviations SZ
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II. Glossary Business and Financial
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F Forfaiting Sale of export receiva
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Technical Terms A Annealing furnace
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Pilger rolling Conventional step-fo
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III. Financial Calendar of Salzgitt
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IV. Editorial Details and Contact C
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