Annual report 2007 - Magnitogorsk Iron & Steel Works ...
Annual report 2007 - Magnitogorsk Iron & Steel Works ...
Annual report 2007 - Magnitogorsk Iron & Steel Works ...
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2<br />
Liabilities and equity<br />
Current liabilities<br />
200 200 200 <strong>2007</strong><br />
Bank overdraft - - 2 9<br />
Short-term loans, credits , financial lease<br />
liabilities<br />
847 171 398 1, 215<br />
Accounts payable 404 469 553 686<br />
Other liabilities 11 26 11 11<br />
Total current liabilities 1, 262 666 964 1, 921<br />
Long-term loans, credits, financial lease<br />
liabilities<br />
388 468 606 230<br />
Pension liabilities 23 26 30 37<br />
Other long-term liabilities 4 6 50 283<br />
Total liabilities 1, 677 1, 166 1, 650 2, 471<br />
Minority interest 11 11 12 87<br />
Total equity 3, 728 3, 677 4, 027 6, 824<br />
Total liabilities and equity 5, 416 4, 854 5, 689 9, 382<br />
The financial performance of MMK is characterized by high liquidity. The value of the current assets grew by<br />
USD 1.811 bn or by 73.0 percent (mainly as a result of receiving proceeds from the IPO ), while the Company’s<br />
current liabilities grew by USD 957 million, or 99 percent (as a result of the growth in loans, borrowings and<br />
payables). The current liquidity ratio went down from 2.57 as of 31.12.2006 to 2.23 as of 31.12.<strong>2007</strong>. Cash on MMK’s<br />
accounts as of December 30, <strong>2007</strong> amounted to USD 256 million. MMK’s free cash flow was placed in highly liquid<br />
financial instruments: short-term bank deposits– USD 1.279 bn, and trading securities, USD 393 million.<br />
200 200 200 <strong>2007</strong><br />
Current ratio 2.69 3.50 2.57 2.23<br />
Quick ratio 2.33 2.64 1.92 1.74
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