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OAO Severstal and subsidiariesConsolidated financial statementsfor the years ended December 31, 2008, 2007 and 2006ContentsOAO Severstaland subsidiariesConsolidated financial statementsfor the years ended December 31, 2008, 2007 and 2006Independent Auditors’ Report 102Consolidated income statements 104Consolidated balance sheets 105Consolidated statements of cash flows 106Consolidated statements of changes in equity 107Notes to the consolidated financial statements 108-1811. Operations 1082. Presentation of the consolidated financial statements 1093. Summary of the principal accounting policies 1154. Sales 1275. Staff costs 1276. Net (loss)/income from securities operations 1287. Net other operating income/(expenses) 1288. Impairment of non-current assets 1299. Net other non-operating income/(expenses) 13410. Financing 13411. Taxation 13512. Related party transactions 13713. Related party balances 13814. Cash and cash equivalents 13915. Short-term bank deposits 13916. Short-term financial investments 14017. Trade accounts receivable 14018. Inventories 14019. Other current assets 14120. Long-term financial investments 14121. Investment in associates and joint ventures 14222. Property, plant and equipment 14323. Intangible assets 14524. Debt finance 14625. Other current liabilities 14726. Retirement benefit liabilities 14727. Other non-current liabilities 14928. Share capital 15129. Discontinued operations and assets held for sale 15430. Subsidiaries, associates and joint ventures 15631. Segment information 16732. Financial instruments 17333. Commitments and contingencies 18034. Subsequent events 181100 100 10101