In the first quarter of the business year 2014/15, investments amounting to EUR 184.4 million exceeded depreciation totaling EUR 145.3 million. Nevertheless, non-current assets decreased from EUR 7,168.0 million to EUR 7,151.8 million mainly due to negative exchange rate effects. Inventories remained almost unchanged compared to March 31, 2014. Cash and cash equivalents decreased by EUR 77.2 million to EUR 455.2 million.
As of June 30, 2014, voestalpine AG’s share capital amounted to EUR 313,309,235.65 (March 31, 2014: EUR 313,309,235.65) and is divided into 172,449,163 shares (March 31, 2014: 172,449,163). The Company held 28,597 of its own shares as of the reporting date. In the first quarter of the business year 2014/15, the Company neither bought nor sold any 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 subordinated bond with an indefinite term (hybrid bond 2013) with a volume of EUR 500 million following an invitation extended to the holders of the hybrid bond to exchange their existing investment for a new hybrid bond on a 1:1 basis. As a result of this exchange, the outstanding nominal value of the hybrid bond 2007 is therefore EUR 500 million. The nominal value of both the hybrid bond 2007 and the hybrid bond 2013 again totals EUR 1 billion. 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 reported as part of appropriation of profit.
Profit for the period amounting to EUR 154.4 million has contributed to the increase in equity. For the business year 2013/14, a dividend per share of EUR 0.95 was decided upon at the Annual General Meeting on July 2, 2014; the dividend will be distributed in the second quarter of the business year 2014/15.