Shares in material joint ventures
Specifics regarding material joint ventures of the voestalpine Group are enumerated in the following remarks:
|
Name of the joint venture |
|
Main business |
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Domicile |
|
Share |
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|
|
03/31/2014 |
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03/31/2015 |
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|
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|
voestalpine Tubulars GmbH & Co KG |
|
Seamless steel tubes |
|
Kindberg, Austria |
|
49.985% |
|
49.985% |
In voestalpine Tubulars GmbH & Co KG, the company Grant Prideco European Holding LLC (subsidiary of the U.S.-based group National Oilwell Varco, Inc. with expertise in the segments drill pipes and premium pipe couplings) is merging with voestalpine Bahnsysteme Vermögensverwaltungs GmbH which possesses corresponding expertise in the steel field through its subsidiary, voestalpine Stahl Donawitz GmbH, and supplies the relevant precursor materials in compliance with exacting quality requirements, and voestalpine Tubulars GmbH & Co KG, which possesses years of cumulative skill in the production of oilfield pipes and untreated green pipes to implement production of premium oilfield pipes and exploit joint accesses to the market. Decisions regarding significant activities require the unanimous consent of the parties sharing control (voestalpine Bahnsysteme Vermögensverwaltungs GmbH and Grant Prideco European Holding LLC); this means that the requirements for a joint venture exist in which control is exercised jointly by several shareholders. voestalpine Tubulars GmbH & Co KG is a strategic partner of the voestalpine Group. The joint venture identified above is included in the voestalpine consolidated financial statements using the equity method. voestalpine Tubulars GmbH is significant for the structure of the joint venture voestalpine Tubulars GmbH & Co KG (it functions as a management body), yet does not play a material role for the voestalpine Group and is therefore presented in immaterial joint ventures.
The summarized financial information for this material joint venture, which corresponds to the statements prepared in accordance with IFRS, as well as the reconciliation of this financial information to the carrying amount of the share in this joint venture, is broken down in the voestalpine consolidated financial statements as follows. This information is related to 100% of the voestalpine Tubulars GmbH & Co KG, not to the interest held by the voestalpine Group.
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Revenue |
|
554.6 |
|
574.5 |
|
Profit for the period1 |
|
107.1 |
|
101.3 |
|
of which depreciation/amortisation |
|
–9.6 |
|
–10.3 |
|
of which interest income |
|
0.1 |
|
0.1 |
|
of which interest expenses |
|
–1.5 |
|
–1.9 |
|
of which tax expense |
|
0.5 |
|
–4.5 |
|
Other comprehensive income |
|
2.8 |
|
–14.2 |
|
Comprehensive income |
|
109.9 |
|
87.1 |
|
|
|
|
|
|
|
In millions of euros |
|||
|
|
|
03/31/2014 |
|
03/31/2015 |
|
|
|
|
|
|
|
Non-current assets |
|
62.3 |
|
67.2 |
|
Current assets |
|
187.6 |
|
193.0 |
|
of which cash and cash equivalents |
|
0.1 |
|
0.3 |
|
Non-current provisions and liabilities |
|
27.4 |
|
34.5 |
|
of which non-current financial liabilities |
|
0.2 |
|
0.2 |
|
Current provisions and liabilities |
|
55.5 |
|
77.7 |
|
of which current financial liabilities |
|
0.2 |
|
0.2 |
|
Net assets (100%) |
|
167.0 |
|
148.0 |
|
|
|
|
|
|
|
Group share of net assets of the joint venture at the beginning of the business year |
|
79.6 |
|
83.5 |
|
Share of comprehensive income |
|
55.0 |
|
43.5 |
|
Dividends received |
|
–51.1 |
|
–53.0 |
|
Group share of net assets of the joint venture at the end of the business year |
|
83.5 |
|
74.0 |
|
Elimination of profits from intra-Group sales |
|
–2.5 |
|
–2.3 |
|
Carrying amount of the joint venture at the end of the business year |
|
81.0 |
|
71.7 |
|
|
|
|
|
|
|
Dividends received |
|
51.1 |
|
53.0 |
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
Shares in immaterial joint ventures
The profit from the joint ventures voestalpine Tubulars GmbH, Jiaxing NYC Industrial Co., Ltd, and CNTT Chinese New Turnout Technologies Co., Ltd., which are individually immaterial for the voestalpine consolidated financial statements, is included using the equity method and break down as follows. Interests held are presented in the appendix to the Notes on “Investments.” This information is related to the interest held by the voestalpine Group in immaterial joint ventures.
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Group share of |
|
|
|
|
|
Profit for the period |
|
1.8 |
|
7.8 |
|
Other comprehensive income |
|
–1.7 |
|
6.8 |
|
Comprehensive income |
|
0.1 |
|
14.6 |
|
|
|
|
|
|
|
Carrying amount immaterial joint ventures |
|
19.3 |
|
30.3 |
|
|
|
|
|
|
|
|
|
|
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In millions of euros |
voestalpine Giesserei Linz GmbH holds 51.0% of shares in Jiaxing NYC Industrial Co., Ltd. The articles of association require at least one vote from another partner for all significant decisions (budget, investments). From this is deduced that despite a 51.0 percent interest, control is not exercised in the interest.
Two companies of the voestalpine Group hold 50% of CNTT Chinese New Turnout Technologies Co., Ltd. Given the alternating right to appoint the CEO (between the joint venture partner and voestalpine) who is empowered to render decisions in all material respects, CNTT Chinese New Turnout Technologies Co., Ltd. has so far been considered a company under joint control, and included in the voestalpine consolidated financial statements through March 31, 2015 according to the equity method.
Shares in immaterial associates
The profit from associates that are individually immaterial for the voestalpine consolidated financial statements are included using the equity method and break down as follows. This information is related to the interest held by the voestalpine Group in associates.
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Group share of |
|
|
|
|
|
Profit for the period |
|
10.2 |
|
12.5 |
|
Other comprehensive income |
|
–2.2 |
|
7.9 |
|
Comprehensive income |
|
8.0 |
|
20.4 |
|
|
|
|
|
|
|
Carrying amount immaterial associates |
|
114.4 |
|
117.1 |
|
|
|
|
|
|
|
|
|
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In millions of euros |
Associates and interests held in them are presented in the appendix to the Notes on “Investments.”
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