Investments amounting to EUR 301.1 million exceeded depreciations that amounted to EUR 289.1 million in the first half of the business year 2012/13. Non-current assets have decreased from EUR 6,801.2 million to EUR 6,791.1 million mainly caused by a decline in deferred tax assets in the first half of the business year 2012/13. Inventories have increased by EUR 99.3 million in comparison to March 31, 2012 due primarily to increasing volumes. Cash and cash equivalents accrued from current operating activities and through new loans on the one hand, and on the other hand, they have decreased from EUR 677.2 million to EUR 616.7 million due to loan repayments and dividend distribution to shareholders.
As of September 30, 2012, voestalpine AG’s share capital amounted to EUR 307,132,044.75 (169,049,163 shares). The Company held 146,368 of its own shares as of the reporting date. In the first half of the business year 2012/13, the Company sold 153,360 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 269.5 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. Therefore, voestalpine AG distributed dividends amounting to EUR 135.1 million to its shareholders during the current business year. Interest for hybrid capital amounting to EUR 65.2 million (distributed on October 31, 2012) was also deducted from equity in the form of a dividend.
Non-current loans developed according to our redemption schedule and non-current financial liabilities therefore declined to EUR 1,607.8 million.