Annual report 2007 - Magnitogorsk Iron & Steel Works ...

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230 CONSOLIDATED BALANCE SHEETS (CONTINUED) AS OF DECEMBER 31, 2007 AND 2006 (Amounts in millions of U.S. dollars) LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Note December 31, 2007 200 Bank overdrafts 9 2 Short-term borrowings and current portion of long-term debt 12 1,189 373 Current portion of long-term capital lease obligations 14 26 25 Accounts payable and accrued liabilities 15 673 545 Accounts payable to related parties 24 13 8 Current deferred income tax liabilities 21 11 11 Total current liabilities 1,921 964 Long-term debt, net of current portion 13 200 577 Long-term capital lease obligations, net of current portion 14 30 29 Employee benefit obligations 16 37 30 Long-term deferred income tax liabilities 21 283 50 Total liabilities 2,471 1,650 Commitments and contingencies 25,26 - - Minority interest 22 87 12 Shareholders’ equity: Common stock 17 386 363 Treasury stock, at cost 17 (1) (85) Additional paid-in capital 17 1,105 254 Accumulated other comprehensive income 5 614 18 Retained earnings 4,720 3,477 Total shareholders’ equity 6,824 4,027 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 9,382 5,689
Note Years ended December 31, 2007 200 Net revenue 19 8,197 6,424 Cost of products sold (exclusive of depreciation and amortization shown separately below) (4,912) (3,619) Depreciation and amortization (211) (188) Selling and distribution expenses (551) (415) Administrative and other expenses (278) (285) Social expenses ANNUAL REPORT OPEN JOINT-STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 (Amounts in millions of U.S. dollars, except earnings per share amounts) Social asset construction costs (7) (18) Social and maintenance expenses (75) (58) Taxes other than income tax (85) (63) Loss on disposal of property, plant and equipment (52) (52) Other operating income, net 20 53 39 Income from operating activities 2,079 1,765 Equity in net losses of affiliates (7) (8) Interest income 133 69 Interest expense (87) (63) Net foreign exchange gain 175 132 Income before income tax and minority interest 2,293 1,895 Income tax expense 21 (507) (468) Income before minority interest 1,786 1,427 Minority interest 22 (14) (1) Net income 1,772 1,426 Other comprehensive income: Unrealized gain on securities classified as available for sale, net of income tax effect of USD 188 and USD 5 for the years ended December 31, 2007 and 2006, respectively SEASON 2007 5 596 18 Comprehensive income 2,368 1,444 Basic and diluted earnings per common share (USD) 18 0.164 0.140 231
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DISCLAIMER The present Annual Repor
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Victor Rashnikov, Chairman of the M
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Description Capitalization (as at y
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Content INTRODUCTORY ADDRESS of Vic
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In 2007 the Magnitogorsk Iron and S
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ANNUAL REPORT OPEN JOINT-STOCK COMP
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Human Resources The average payroll
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Using these mills, MMK manufactures
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as regards the organization of thei
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Relations with Local Communities in
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• • • ANNUAL REPORT OPEN JOIN
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10,000 8,000 6,000 4,000 2,000 0 AN
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70 60 50 40 30 20 10 0 Assets Curre
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4 3 2 1 0 Liquidity dynamics of MMK
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In accordance with its borrowing po
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1.0 0.8 0.6 0.4 0.2 Trends in OJSC
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The growing demand and buoyant pric
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8 Major Regional Markets for OJSC M
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70 LLC Uralsibtrade OJSC Uraltrubpr
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72 The changes in the domestic sale
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7 Victor Kutischev, OJSC MMK’s Co
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7 Overview of the Iron Ore and Coal
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• • Expenditures on major capit
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tons thanks to the installation of
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Currency Risk A significant portion
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Goals Planned value Actual value Ac
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The average wages at MMK are 35% hi
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# Causes of injuries 2003 200 200 2
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Environmental Expenditures 2007 saw
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6.00 5.16 5.00 4.00 3.00 2.00 1.00
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128 Exhaustive, precise and timely
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130 Report on Payment of Declared (
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132
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13 Information on Equity Capital As
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13 Liubov Gamper, OJSC MMK’s Dire
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138 Audit Committee Chairman of the
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1 0 # 5. 6. 7. Provisions of the Co
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1 2 # 18. 19. 20. 21. 22. 23. Provi
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1 # 31. 32. 33. 34. 35. 36. 37. Pro
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1 # 45. 46. 47. 48. Provisions of t
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1 8 # Provisions of the Code of Cor
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1 0 # 73. 74. 75. Provisions of the
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1 2 Director for Sales Director for
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1 Commercial Director Director for
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1 • • • • • • • •
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1 8 • • • • • • • •
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1 0 Protection Policy which regulat
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1 2 Sergey V. Krivoshchekov (born i
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1 - exercises the authorities of th
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1 Victor A. Kutischev (born in 1958
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1 8
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170
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172 1. Date of Publication of the L
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Page 179 and 180: ANNUAL REPORT OPEN JOINT-STOCK COMP
Page 181 and 182: • settlement procedure - by insta
Page 185 and 186: 24) Services Agreement # 150577 bet
Page 187 and 188: • • • validity period - till
Page 189 and 190: The following persons are recognize
Page 191 and 192: The following persons are recognize
Page 193 and 194: 61) rental agreement # 152445 betwe
Page 195 and 196: • validity period - from the date
Page 197 and 198: days from the receipt of invoice;
Page 201 and 202: • • • settlement procedure -
Page 203 and 204: The Body which approved the transac
Page 205 and 206: • • • validity period - till
Page 211 and 212: • • • • ANNUAL REPORT OPEN
Page 213 and 214: • settlement procedure - funds tr
Page 215 and 216: 164) paid service agreement # 16001
Page 219 and 220: There are no beneficiaries under th
Page 221 and 222: during the shipment, with a discoun
Page 223 and 224: • supply period - until next Annu
Page 229: CONSOLIDATED BALANCE SHEETS AS OF D
Page 233 and 234: ASSETS I. NON-CURRENT ASSETS Line c
Page 235 and 236: LOSS AND PROFIT STATEMENT for 2007
Page 237 and 238: BREAKDOWN OF INDIVIDUAL PROFITS AND
Page 239 and 240: 3.3 Reporting cycle Date of Publica
Page 241 and 242: EN10 Percentage and total volume of
Page 244: The OJSC MMK’s Annual Report is e
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