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Notes on the consolidated statement of financial position

In the first half of the business year 2015/16, actual investments amounting to EUR 642.2 million exceeded depreciation totaling EUR 317.0 million. Furthermore, additions to assets resulting from the initial full consolidation of voestalpine Tubulars GmbH, voestalpine Tubulars GmbH & Co KG, and CNTT Chinese New Turnout Technologies Co., Ltd. amounting to EUR 326.9 million generated an increase in non-current assets of EUR 7,772.2 million to EUR 8,235.6 million. Besides an operational increase in inventories (see consolidated cash flow statement), the carrying amount of the inventories on the reporting date compared to March 31, 2015 rose by EUR 80.3 million due primarily to the aforementioned initial full consolidation of voestalpine Tubulars GmbH, voestalpine Tubulars GmbH & Co KG, and CNTT Chinese New Turnout Technologies Co., Ltd.

As of September 30, 2015, voestalpine AG’s share capital amounted to EUR 317,851,287.79 (March 31, 2015: EUR 313,309,235.65) and is divided into 174,949,163 shares (March 31, 2015: 172,449,163). The capital increase decided by the Management Board on March 9, 2015, and approved by the Supervisory Board on March 26, 2015, in the amount of 2.5 million shares was recorded in the Commercial Register on April 25, 2015 and is therefore effective as of this date. The Company held 28,597 of its own shares as of the reporting date. In the first half of the business year 2015/16, the Company neither bought nor sold any of its own shares.

In 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. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issue are recognized as part of equity. Accordingly, coupon payments are also reported as part of appropriation of profit. The issue costs of the hybrid bond 2013 amounted to EUR 2.8 million, less EUR 0.7 million in tax effects. Therefore, equity increased by EUR 497.9 million in the business year 2012/13.

Profit for the period amounting to EUR 420.6 million has contributed to the increase in equity. For the business year 2014/15, a dividend per share of EUR 1.00 was decided upon at the Annual General Meeting on July 1, 2015. Therefore, voestalpine AG distributed dividends amounting to EUR 174.8 million to its shareholders in the current business year.

Provisions for pensions, severance, and long-service bonus obligations are taken into account for the interim consolidated financial statements based on an expert opinion on the forecast for the entire current business year 2015/16. If significant changes of the parameters occur during the year, a reassessment of the net debt is carried out.

As of September 30, 2015, an increase of the discount interest rate from 1.5% to 2.0% and a negative performance of the pension fund of –3.05% resulted in a reduction of the provisions for pension and severance obligations and consequently to an actuarial gain of EUR 59.9 million (after deferred taxes).

In connection with the provisions for long-service bonus obligations, another adjustment will be needed due to the latest Austrian tax reform. According to the law that will come into effect on January 1, 2016 (which must already be taken into account at the present time), a social insurance employer contribution will be required for long-service bonuses, which must also be recognized in the provisions for long-service bonus obligations. This adjustment and the increase of the discount interest rate from 1.5% to 2.0% resulted in a reduction of the provisions for long-service bonus obligations amounting to EUR 1.6 million and income recognized in the income statement (after deferred taxes) amounting to EUR 1.2 million.

About voestalpine

The voestalpine Group is a steel-based technology and capital goods group that operates worldwide. With its top-quality products, the Group is one of the leading partners to the automotive and consumer goods industries in Europe and to the oil and gas industries worldwide.

Facts

50 Countries on all 5 continents
500 Group companies and locations
48,100 Employees worldwide

Earnings FY 2014/15

€ 11.2 Billion

Revenue

€ 1.5 Billion

EBITDA

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