Non-current assets have decreased from EUR 6,980.9 million to EUR 6,927.6 million due to exchange rate effects despite investments amounting to EUR 175.8 million and depreciations that amounted to EUR 143.0 million. Inventories have increased by EUR 48.5 million in comparison to March 31, 2013, due primarily to higher inventory volumes. The balance of cash and cash equivalents decreased from EUR 1,092.7 million to EUR 698.2 million mainly due to the repayment of borrowed funds.
As of June 30, 2013, voestalpine AG’s share capital amounted to EUR 313,309,235.65 (June 30, 2012: EUR 307,132,044.75) and is divided into 172,449,163 shares (June 30, 2012: 169,049,163). The Company held 28,597 of its own shares as of the reporting date. In the first quarter of the business year 2013/14, the Company sold 62,032 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. In the fourth quarter of the business year 2012/13, voestalpine AG issued a new subordinate undated bond (hybrid bond 2013) with a volume of EUR 500 million following an invitation extended to the holders of the hybrid bond to exchange the bond for a new hybrid bond in a 1:1 ratio. The outstanding nominal value of the hybrid bond 2007 as a result of this exchange is thus EUR 500 million. The nominal value of the hybrid bond 2007 and the hybrid bond 2013 is again EUR 1 billion in total. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issues are recognized as part of equity. Accordingly, coupon payments are also presented as dividend payments.
Profit for the period amounting to EUR 138.6 million has contributed to the increase in equity. For the business year 2012/13, a dividend per share of EUR 0.90 was decided upon at the Annual General Meeting on July 3, 2013; the dividend will be distributed in the second quarter of the business year 2013/14.
Despite non-current loans developed according to our redemption schedule and loan repayments before maturity, non-current financial liabilities increased to EUR 2,725.3 million due to new loans.