Consolidated Group

In addition to the annual financial statements of the parent company, the consolidated financial statements include the annual financial statements of 34 (2004: 34) domestic and 11 (2004: 11) foreign affiliated companies.

Three domestic and five foreign joint ventures are included on a proportionate basis in the consolidated financial statements by means of proportionate consolidation.

The following assets, debts and expenses and earnings items (excluding income from shareholdings, net interest income and the tax result) are attributable to the Group on the basis of its proportionate shares in the respective joint ventures:

in T €	FY 2005	FY 2004
Noncurrent assets	66,884	91,099
Current assets	140,635	112,499
Noncurrent debts	28,768	48,866
Current debts	82,717	78,893
Earnings	354,930	356,251
Expenses	288,315	287,385

Two domestic and three foreign shareholdings over which Salzgitter AG or another Group company exercises a significant influence are also included in the consolidated financial statements using the equity method.

A total of 23 (2004: 23) domestic and 25 (2004: 25) foreign subsidiaries have not been consolidated due to their minor overall significance for the assets, financial and earnings position of the Group.

The composition and development of the consolidated group (excluding Salzgitter AG) and the group of companies valued using the equity method is as follows:

	Status 31/12/2004	Additions	Disposals	Status 31/12/2005
Consolidated subsidiaries	45	1	1	45
of which domestic	34	1	1	34
of which foreign	11	−	−	11
Joint ventures	8	−	−	8
of which domestic	3	−	−	3
of which foreign	5	−	−	5
Associated companies	7	−	2	5
of which domestic	2	−	−	2
of which foreign	5	−	2	3

The addition results from a foundation of a new company in the Tubes Division; the disposal from the merger of a so far consolidated domestic subsidiary.