The decrease in non-current assets mainly resulted from a lower level of in the first quarter of the business year 2012/13. Depreciations amounting to EUR 144.3 million exceeded investments that amounted to EUR 134.6 million. Inventories have increased by EUR 150.8 million in comparison to March 31, 2012 due mainly to increasing volumes. As cash and cash equivalents accrued from current operating activities and new loans also exceeded loan repayments in the first quarter of the business year 2012/13, cash and cash equivalents have increased from EUR 677.2 million to EUR 800.4 million.
As of June 30, 2012, voestalpine AG’s share capital amounted to EUR 307,132,044.75 (169,049,163 shares). The Company held 242,171 of its own shares as of the reporting date. In the first quarter of the business year 2012/13, the Company sold 57,557 of its own shares.
Effective October 16, 2007, voestalpine AG issued a hybrid bond subordinated to all other creditors with a total issue volume of EUR 1 billion. The bond has an indefinite term and a 7.125% coupon rate. The Company may defer coupon payments if no dividends are being paid. The first call option is after seven years, at which time voestalpine AG (but not the bond holders) may either call the bond at par or extend it at a higher, but variable, coupon rate. This hybrid bond is recognized as a component of equity under IAS 32.
Profit for the period amounting to EUR 144.9 million has contributed to the increase in equity. For the business year 2011/12, a dividend per share of EUR 0.80 was decided upon at the Annual General Meeting on July 4, 2012; the dividend will be distributed in the second quarter of the business year 2012/13.
Non-current loans developed according to our redemption schedule and non-current financial liabilities therefore declined to EUR 1,571.6 million.