28. Discontinued operations and assets held for sale

The Group’s discontinued operations consisted of OAO Metallurgical Commercial Bank (representing the Group’s Financing segment) which was disposed of in November 2007, and Lucchini companies which were classified as held for sale as at December 31, 2007.

The post-tax loss on the disposal of OAO Metallurgical Commercial Bank amounted to US$10.2 million.

The results of discontinued operations and net cash flows were as follows:

	Year ended December 31,
	2009	2008	2007
Revenue	–	–	831
Expenses	–	–	(2,914)
Other income	–	–	3,821
Profit before income tax	–	–	1,738
Income tax expense	–	–	(1,305)
Profit for the year	–	–	433
Net cash from operating activities	–	–	(64,446)
Net cash from financing activities	–	–	–

The Group’s assets held for sale as at December 31, 2007 were primarily the Kuzbass coal mines, a group of subsidiaries, which the Group disposed of in the first half of 2008, and the Lucchini and Metalware segments’ companies.

The major classes of assets and liabilities of the disposal groups measured at the lower of carrying amount and fair value less costs to sell at December 31, 2009, 2008 and 2007 were as follows:

	December 31,
	2009	2008	2007
Current assets:
Cash and cash equivalents	1,267	46	6,199
Short-term financial investments	–	–	18,550
Trade accounts receivable	5,868	–	2,365
Accounts receivable from related parties	–	–	2,732
Inventories	1,617	5,525	9,182
VAT recoverable	263	1,406	1,808
Income tax recoverable	–	–	422
Other current assets	1,627	–	5,160
Total current assets	10,642	6,977	46,418
Non-current assets:
Long-term financial investments	–	–	2,540
Investments in associates	–	–	1
Property, plant and equipment	13,773	1,895	332,632
Intangible assets	–	–	30,710
Deferred tax assets	–	–	24,913
Other non-current assets	–	–	28,127
Total non-current assets	13,773	1,895	418,923
Total assets	24,415	8,872	465,341
Current liabilities:
Trade accounts payable	2,870	–	7,938
Other taxes and social security payable	111	4	3,862
Other current liabilities	8,360	–	6,980
Total current liabilities	11,341	4	18,780
Non-current liabilities:
Retirement benefit liabilities	–	–	9,260
Other non-current liabilities	638	–	63,710
Total non-current liabilities	638	–	72,970
Total liabilities	11,979	4	91,750