Shares in immaterial joint ventures
As of March 31, 2016 only Jiaxing NYC Industrial Co., Ltd is reported as a joint venture. Up to March 31, 2015, the equity method was used for the former joint ventures voestalpine Tubulars GmbH & Co KG (up to now classified as material joint venture), voestalpine Tubulars GmbH, and CNTT Chinese New Turnout Technologies Co., Ltd. (up to now classified as immaterial joint ventures) and, beginning with the business year 2015/16, full consolidation is being applied as the Group has obtained control over these companies. For the resulting effects on the consolidated financial statements, see Chapter D. Acquisitions and other additions to the scope of consolidated financial statements.
Profits from the joint ventures, which are individually immaterial for the voestalpine interim consolidated financial statements, are included using the equity method. 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 and breaks down as follows:
|
|
2014/15 |
|
2015/16 |
|
|
|
|
|
Group share of |
|
|
|
|
Profit after tax |
|
7.8 |
|
0.2 |
Other comprehensive income |
|
6.8 |
|
–0.3 |
Comprehensive income |
|
14.6 |
|
–0.1 |
|
|
|
|
|
Carrying amount immaterial joint ventures |
|
30.3 |
|
3.2 |
|
|
|
|
|
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% interest, control is not exercised in the interest.
Shares in immaterial associates
The profit from associates that are individually immaterial for the voestalpine interim consolidated financial statements are included using the equity method. This information is related to the interest held by the voestalpine Group in associates and breaks down as follows:
|
|
2014/15 |
|
2015/16 |
|
|
|
|
|
Group share of |
|
|
|
|
Profit after tax |
|
12.5 |
|
7.0 |
Other comprehensive income |
|
7.9 |
|
–3.8 |
Comprehensive income |
|
20.4 |
|
3.2 |
|
|
|
|
|
Carrying amount immaterial associates |
|
117.1 |
|
109.2 |
|
|
|
|
|
In millions of euros |
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In the first half the business year 2015/16, WS Service GmbH, which specializes in the inspection, service, and corrective maintenance of turnouts, was included in the consolidated financial statements for the first time as an associate. By way of a share deal (share exchange), voestalpine Weichensysteme GmbH (Metal Engineering Division) now holds 49.0% of WS Service GmbH (reporting date: December 31). As part of this share deal, 13.05% of the shares of Weichenwerk Wörth GmbH were divested and 49.0% of the WS Service GmbH shares were added.
Associates and interests held in them are presented in the appendix to the Notes on “Investments.”
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