General information
The accounting policies applied to the consolidated financial statements are consistent with those of the previous year with the exceptions listed below.
The following new and revised standards were adopted for the first time in the business year 2014/15:
Standard |
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Content |
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Effective date1 |
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IFRS 10 |
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Consolidated Financial Statements |
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January 1, 2014 |
IFRS 11 |
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Joint Arrangements |
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January 1, 2014 |
IFRS 12 |
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Disclosure of Interests in Other Entities |
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January 1, 2014 |
IAS 27, new version |
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Separate Financial Statements |
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January 1, 2014 |
IAS 28, new version |
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Investments in Associates and Joint Ventures |
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January 1, 2014 |
IAS 32, amendments |
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Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities |
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January 1, 2014 |
IAS 36, amendments |
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Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets |
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January 1, 2014 |
IAS 39, amendments |
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Novation of Derivatives and Continuation of Hedge Accounting |
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January 1, 2014 |
IFRS 10, IFRS 11 and IFRS 12, amendments |
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Amendments to IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements, and IFRS 12, Disclosure of Interests in Other Entities – Transition Guidance |
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January 1, 2014 |
IFRS 10, IFRS 12 and IAS 27, amendments |
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Amendments to IFRS 10, Consolidated Financial Statements, IFRS 12, Disclosure of Interests in Other Entities, and IAS 27, Separate Financial Statements – Investment Entities |
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January 1, 2014 |
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IFRS 10 comprehensively redefines the concept of control. This is intended to create a uniform basis for defining the consolidated group. This standard replaces the provisions of the previous IAS 27 “Consolidated and Separate Financial Statements” for consolidated financial statements.
IFRS 11 governs the accounting of entities that jointly control an arrangement that is classified either as a joint venture or a joint operation. This standard replaces IAS 31 “Interests in Joint Ventures” and eliminates the possibility of proportionate consolidation of joint ventures; these are to be included in the consolidated group in the future using equity method accounting. IAS 28 now includes the provisions for associates and joint ventures that are measured based on the equity method under IFRS 11. Starting with the business year 2014/15, the results of entities consolidated according to the equity method are reported under EBIT in the consolidated financial statements. Amended disclosure in EBIT reflects the operational nature of investments accounted for using the equity method. Analogous to corporations, the annual profits (net including taxes) of partnerships included in the consolidated financial statements according to the equity method are also recorded under EBIT. voestalpine Tubulars GmbH and voestalpine Tubulars GmbH & Co KG were proportionately consolidated up to March 31, 2014, and, beginning with the business year 2014/15, the equity method is being applied. The currently seven associates and two further joint ventures, which were already previously accounted for using the equity method, are also recognized in EBIT.
IFRS 12 includes the disclosure requirements for subsidiaries, joint arrangements, associates, and unconsolidated structured entities, which resulted in additional disclosures in the consolidated financial statements of voestalpine AG.
Changes to IFRS 10, IFRS 11, and IFRS 12 were published in June 2012 in order to clarify the content and scope of certain guidelines regarding their first-time application.
Changes to IFRS 10, IFRS 12, and IAS 27 were published in October 2012 in order to create an exception for qualified investment entities from the regulation requiring consolidation of subsidiaries.
The amendments to IAS 32 clarify the requirements for offsetting financial instruments in the statement of financial position; as a result, new provisions governing disclosures have been added to IFRS 7.
The changes to IAS 36 represent a correction of disclosure requirements regarding the recoverable amount for non-financial assets that were changed to a greater extent than intended in connection with IFRS 13.
Due to the change to IAS 39, the novation of a hedging instrument to a central counterparty as a result of statutory requirements does not result in a dissolution of a hedge relationship under certain conditions.
In order to reflect the adjustments caused by the application of IFRS 11 and the change in the method of disclosure for results of entities consolidated according to the equity method (formerly reported as part of the financial result; from April 1, 2014 onward, reported as part of EBIT), the business year 2013/14 was retroactively adjusted. In these consolidated financial statements, the tax effects on hybrid capital interest and on costs associated with issuing hybrid capital are furthermore reported directly in equity (and no longer in the consolidated statement of comprehensive income) in accordance with IAS 8. These two items were also retroactively adjusted in the comparative period of 2013/14.
The consequences of the described retroactive adjustments are as follows:
Change in the consolidated statement of financial position |
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04/01/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Total assets |
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13,079.3 |
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13.7 |
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13,093.0 |
thereof Property, plant and equipment |
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4,580.6 |
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–26.8 |
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4,553.8 |
thereof Other intangible assets |
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320.9 |
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–0.6 |
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320.3 |
thereof Investments in entities consolidated according to the equity method |
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156.4 |
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77.6 |
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234.0 |
thereof Other financial assets non-current |
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109.2 |
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–0.5 |
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108.7 |
thereof Deferred tax assets |
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343.6 |
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–1.4 |
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342.2 |
thereof Inventories |
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2,876.9 |
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–37.4 |
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2,839.5 |
thereof Trade and other receivables |
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1,655.5 |
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2.9 |
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1,658.4 |
thereof Cash and cash equivalents |
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1,092.7 |
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–0.1 |
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1,092.6 |
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Total equity and liabilities |
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13,079.3 |
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13.7 |
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13,093.0 |
thereof Equity |
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5,075.2 |
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0.7 |
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5,075.9 |
thereof Pensions and other employee obligations |
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1,004.6 |
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–12.9 |
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991.7 |
thereof Financial liabilities non-current |
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2,558.8 |
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–0.2 |
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2,558.6 |
thereof Provisions current |
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612.2 |
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–6.5 |
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605.7 |
thereof Financial liabilities current |
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1,324.6 |
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47.1 |
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1,371.7 |
thereof Trade and other payables |
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2,139.7 |
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–14.5 |
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2,125.2 |
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In millions of euros |
Change in the consolidated statement of financial position |
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03/31/2014 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Total assets |
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12,637.5 |
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–2.6 |
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12,634.9 |
thereof Property, plant and equipment |
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4,772.0 |
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–30.1 |
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4,741.9 |
thereof Other intangible assets |
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336.7 |
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–0.5 |
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336.2 |
thereof Investments in entities consolidated according to the equity method |
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133.4 |
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81.3 |
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214.7 |
thereof Other financial assets non-current |
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91.0 |
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–0.4 |
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90.6 |
thereof Deferred tax assets |
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313.5 |
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–1.2 |
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312.3 |
thereof Inventories |
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2,937.2 |
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–53.5 |
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2,883.7 |
thereof Trade and other receivables |
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1,619.1 |
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1.9 |
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1,621.0 |
thereof Cash and cash equivalents |
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532.5 |
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–0.1 |
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532.4 |
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Total equity and liabilities |
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12,637.5 |
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–2.6 |
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12,634.9 |
thereof Equity |
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5,261.0 |
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0.6 |
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5,261.6 |
thereof Pensions and other employee obligations |
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1,028.9 |
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–13.6 |
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1,015.3 |
thereof Financial liabilities non-current |
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2,596.9 |
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–0.1 |
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2,596.8 |
thereof Provisions current |
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504.7 |
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–6.8 |
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497.9 |
thereof Financial liabilities current |
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806.2 |
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25.6 |
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831.8 |
thereof Trade and other payables |
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2,094.9 |
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–8.3 |
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2,086.6 |
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In millions of euros |
Change in the consolidated income statement |
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2013/14 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Revenue |
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11,227.9 |
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–150.7 |
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11,077.2 |
Cost of sales |
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–8,938.3 |
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71.2 |
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–8,867.1 |
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2,289.6 |
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–79.5 |
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2,210.1 |
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Other operating income |
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360.6 |
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–1.5 |
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359.1 |
Distribution costs |
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–976.5 |
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23.4 |
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–953.1 |
Administrative expenses |
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–589.1 |
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2.9 |
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–586.2 |
Other operating expenses |
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–292.3 |
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–1.3 |
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–293.6 |
Share of profit of entities consolidated according to the equity method |
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0.0 |
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52.1 |
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52.1 |
EBIT |
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792.3 |
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–3.9 |
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788.4 |
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Share of profit of entities consolidated according to the equity method |
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12.0 |
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–12.0 |
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0.0 |
Finance income |
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40.5 |
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0.1 |
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40.6 |
Finance costs |
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–188.8 |
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0.6 |
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–188.2 |
Profit before tax (EBT) |
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656.0 |
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–15.2 |
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640.8 |
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Income tax expense |
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–133.1 |
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–4.3 |
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–137.4 |
Profit for the period |
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522.9 |
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–19.5 |
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503.4 |
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Attributable to: |
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Equity holders of the parent |
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448.1 |
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–1.7 |
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446.4 |
Non-controlling interests |
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3.2 |
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0.0 |
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3.2 |
Share planned for hybrid capital owners |
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71.6 |
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–17.8 |
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53.8 |
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Basic and diluted earnings per share (euros) |
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2.60 |
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–0.01 |
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2.59 |
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In millions of euros |
The positive income tax expense effect on hybrid capital interest of EUR 17.8 million in the business year 2013/14 has now been recognized retroactively directly in equity rather than in the statement of comprehensive income.
Change in the consolidated statement of comprehensive income |
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2013/14 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Profit for the period |
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522.9 |
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–19.5 |
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503.4 |
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Items of other comprehensive income that will be subsequently reclassified to profit or loss |
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Cash flow hedges |
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–1.2 |
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0.0 |
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–1.2 |
Currency translation |
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–107.9 |
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0.0 |
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–107.9 |
Share of profit of entities consolidated according to the equity method |
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–3.8 |
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1.6 |
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–2.2 |
Subtotal of items of other comprehensive income that will be subsequently reclassified to profit or loss |
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–112.9 |
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1.6 |
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–111.3 |
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Items of other comprehensive income that will not be reclassified to profit or loss |
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Actuarial gains/losses |
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–28.0 |
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0.1 |
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–27.9 |
Share of profit of entities consolidated according to the equity method – Actuarial gains/losses |
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–0.2 |
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–0.1 |
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–0.3 |
Subtotal of items of other comprehensive income that will not be reclassified to profit or loss |
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–28.2 |
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0.0 |
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–28.2 |
Other comprehensive income for the period, net of income tax |
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–141.1 |
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1.6 |
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–139.5 |
Total comprehensive income for the period |
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381.8 |
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–17.9 |
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363.9 |
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Attributable to: |
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Equity holders of the parent |
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310.2 |
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–0.1 |
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310.1 |
Non-controlling interests |
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0.0 |
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0.0 |
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0.0 |
Share planned for hybrid capital owners |
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71.6 |
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–17.8 |
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53.8 |
Total comprehensive income for the period |
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381.8 |
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–17.9 |
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363.9 |
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In millions of euros |
Change in the consolidated statement of cash flows |
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2013/14 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Operating activities |
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Profit for the period |
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522.9 |
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–19.5 |
|
503.4 |
Adjustments |
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652.5 |
|
10.1 |
|
662.6 |
Changes in working capital |
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–258.4 |
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27.0 |
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–231.4 |
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Cash flows from operating activities |
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917.0 |
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17.6 |
|
934.6 |
Cash flows from investing activities |
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–786.6 |
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3.9 |
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–782.7 |
Cash flows from financing activities |
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–674.2 |
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–21.5 |
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–695.7 |
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Net decrease/increase in cash and cash equivalents |
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–543.8 |
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0.0 |
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–543.8 |
Cash and cash equivalents, beginning of period |
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1,092.7 |
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–0.1 |
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1,092.6 |
Net exchange differences |
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–16.4 |
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0.0 |
|
–16.4 |
Cash and cash equivalents, end of period |
|
532.5 |
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–0.1 |
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532.4 |
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In millions of euros |
With the exception of the described effects of IFRS 11, the new and revised standards had no material effects on voestalpine AG’s consolidated financial statements.
The following standards are already published as of the reporting date, but their application was not yet mandatory for the business year 2014/15 or they have not been adopted by the European Union:
Adopted by the European Union as of the reporting date:
Standard |
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Content |
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Effective date1 |
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IAS 19, amendments |
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Defined Benefit Plans: Employee Contributions |
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July 1, 2014 |
Various standards, amendments |
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Annual Improvements to International Financial Reporting Standards, 2010–2012 Cycle |
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July 1, 2014 |
Various standards, amendments |
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Annual Improvements to International Financial Reporting Standards, 2011–2013 Cycle |
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July 1, 2014 |
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Published by IASB but not adopted by the European Union as of the reporting date:
Standard |
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Content |
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Effective date according to IASB1 |
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IAS 1, amendments |
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Disclosure initiative |
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January 1, 2016 |
IAS 16 and IAS 38, amendments |
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Clarification of Acceptable Methods of Depreciation and Amortization |
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January 1, 2016 |
IAS 16 and IAS 41, amendments |
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Agriculture: Bearer Plants |
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January 1, 2016 |
IAS 27, amendments |
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Equity Method in Separate Financial Statements |
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January 1, 2016 |
Various standards, amendments |
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Annual Improvements to International Financial Reporting Standards, 2012–2014 Cycle |
|
January 1, 2016 |
IFRS 10 and IAS 28, amendments |
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Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
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January 1, 2016 |
IFRS 10, IFRS 12 and IAS 28, amendments |
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Investment Entities: Applying the Consolidation Exception |
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January 1, 2016 |
IFRS 11, amendments |
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Accounting for Acquisitions of Interests in Joint Operations |
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January 1, 2016 |
IFRS 14 |
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Regulatory Deferral Accounts |
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January 1, 2016 |
IFRS 15 |
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Revenue from Contracts with Customers |
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January 1, 2017 |
IFRS 9 |
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Financial Instruments |
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January 1, 2018 |
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These standards—in so far as they have been adopted by the European Union—are not being adopted early by the Group. From today’s perspective, material effects of the new and revised standards on the voestalpine Group’s financial situation and profitability are not expected.
The use of automated calculation systems may result in rounding differences.
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