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19. Provisions

 

 

Balance as of 04/01/2014

 

Changes in the scope of consolidated financial statements

 

Net exchange differences

 

Use

 

Reversals

 

Transfers

 

Additions

 

Balance as of 03/31/2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current provisions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other personnel expenses

 

40.9

 

–2.0

 

0.1

 

–15.9

 

0.0

 

–0.7

 

3.6

 

26.0

Warranties and other risks

 

4.6

 

0.0

 

0.0

 

–1.4

 

–0.1

 

3.0

 

0.7

 

6.8

Other non-current provisions

 

53.7

 

–0.5

 

–0.4

 

–3.5

 

–0.6

 

–16.3

 

5.2

 

37.6

 

 

99.2

 

–2.5

 

–0.3

 

–20.8

 

–0.7

 

–14.0

 

9.5

 

70.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current provisions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unused vacation entitlements

 

122.8

 

–1.9

 

–0.2

 

–70.6

 

–0.6

 

0.1

 

76.5

 

126.1

Other personnel expenses

 

149.6

 

–8.0

 

2.7

 

–120.9

 

–23.1

 

–0.2

 

156.1

 

156.2

Warranties and other risks

 

46.2

 

–1.2

 

0.7

 

–8.4

 

–11.4

 

0.1

 

20.6

 

46.6

Onerous contracts

 

22.5

 

0.0

 

0.4

 

–14.8

 

–2.5

 

3.2

 

10.9

 

19.7

Other current provisions

 

156.8

 

–0.4

 

1.4

 

–71.9

 

–11.6

 

10.5

 

80.2

 

165.0

 

 

497.9

 

–11.5

 

5.0

 

–286.6

 

–49.2

 

13.7

 

344.3

 

513.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

597.1

 

–14.0

 

4.7

 

–307.4

 

–49.9

 

–0.3

 

353.8

 

584.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

The provisions for personnel expenses mainly include bonuses. Provisions for warranties and other risks as well as onerous contracts apply to current operating activities. The other provisions mainly consist of provisions for commissions, litigation, legal, and consulting fees, and environmental protection obligations.

The amount recognized as a provision for warranties and other risks is calculated as the most reliable estimated value of the amount that would be required to settle these obligations at the reporting date. The statistical measure is the expected value, which is based on the probability of occurrence of an event according to past experience.

Provisions for onerous contracts are recognized when the earnings expected to be derived by the Group from contracts are lower than the unavoidable cost of meeting its obligations under these contracts. Before recognizing a separate provision for onerous contracts, the Group recognizes an impairment loss on the assets associated with such contracts.

The provisions recognized in the annual financial statements 2013/14 in the amount of EUR 76.4 million for the antitrust proceedings and associated actions and costs as well as for the closure of TSTG Schienen Technik GmbH & Co KG have been reduced to EUR 53.6 million due to the use of these provisions.

The provisions for the EU antitrust fine of voestalpine Austria Draht GmbH from the previous year amounting to EUR 17.1 million (with the exception of the provisions for interest) have been continued unchanged. An appeal was filed against the fine before the European General Court.

Increases in provisions totaling EUR 3.5 million are included in the reporting period, based on accrued interest and on changes in the discount rate.

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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