Investments amounting to EUR 498.4 million exceeded depreciations that amounted to EUR 436.6 million in the first three quarters of the business year 2012/13. Non-current assets have decreased from EUR 6,801.2 million to EUR 6,757.7 million mainly caused by a decline in non-current financial assets. Inventories have increased by EUR 39.3 million in comparison to March 31, 2012 due primarily to higher inventory volumes. Cash and cash equivalents accrued from current operating activities and through new loans on the one hand, and on the other hand, they have decreased from EUR 677.2 million to EUR 490.2 million due to loan repayments and dividend distribution to shareholders.
The Management Board of voestalpine AG resolved on September 12, 2012 to exercise its authorization to increase voestalpine AG’s share capital pursuant to Section 4 (2) of the Articles of Incorporation by issuing 3,400,000 new, no-par value bearer shares, thus increasing the share capital by approximately 2%. This capital increase from authorized capital was recorded in the Commercial Register effective November 24, 2012. Therefore, as of December 31, 2012, voestalpine AG’s share capital amounted to EUR 313,309,235.65 and is divided into 172,449,163 shares. The Company held 90,629 of its own shares as of the reporting date. In the first three quarters of the business year 2012/13, the Company sold 209,099 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. The first call option is after seven years, at which time voestalpine AG (but not the bond holders) may either call the bond at par or extend it at a higher, but variable, coupon rate. This hybrid bond is recognized as a component of equity under IAS 32.
Profit for the period amounting to EUR 369.5 million has contributed to the increase in equity. For the business year 2011/12, a dividend per share of EUR 0.80 was decided upon at the Annual General Meeting on July 4, 2012. Therefore, voestalpine AG distributed dividends amounting to EUR 135.0 million to its shareholders during the current business year. Interest for hybrid capital amounting to EUR 71.3 million was also distributed and recognized in the form of a dividend.
Despite non-current loans developed according to our redemption schedule and loan repayments before maturity, non-current financial liabilities increased slightly to EUR 2,007.8 million due to new loans and capital market borrowings.