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General information/accounting policies

These interim consolidated financial statements of voestalpine AG as of September 30, 2014 for the first half of the business year 2014/15 were prepared in accordance with IAS 34 – Interim Financial Reporting. The accounting policies are unchanged from the annual consolidated financial statements for the business year 2013/14 with the following exceptions:

New and revised standards adopted for the first time in the business year 2014/15

 

(XLS:) Download

Standard

 

Content

 

Effective date1

 

 

 

 

 

IFRS 10

 

Consolidated Financial Statements

 

January 1, 2014

IFRS 11

 

Joint Arrangements

 

January 1, 2014

IFRS 12

 

Disclosure of Interests in Other Entities

 

January 1, 2014

IAS 27, new version

 

Separate Financial Statements

 

January 1, 2014

IAS 28, new version

 

Investments in Associates and Joint Ventures

 

January 1, 2014

IAS 32, amendments

 

Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities

 

January 1, 2014

IAS 36, amendments

 

Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets

 

January 1, 2014

IAS 39, amendments

 

Novation of Derivatives and Continuation of Hedge Accounting

 

January 1, 2014

Various standards, amendments

 

Amendments to IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements, and IFRS 12, Disclosure of Interests in Other Entities – Transition Guidance

 

January 1, 2014

Various standards, amendments

 

Amendments to IFRS 10, Consolidated Financial Statements, IFRS 12, Disclosure of Interests in Other Entities, and IAS 27, Separate Financial Statements – Investment Entities

 

January 1, 2014

 

 

 

 

 

1 These standards are applicable to reporting periods beginning on or after the effective date.

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, whereby 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 (interim) consolidated financial statements. Amended disclosure in EBIT reflects the operational nature of investments accounted for using the equity method. voestalpine Tubulars GmbH and voestalpine Tubulars GmbH & Co KG were proportionately consolidated by March 31, 2014, and, beginning with the business year 2014/15, the equity method is being applied. The currently ten associates, 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 will result in additional disclosures in the consolidated annual 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 due to 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 relevant line items were retroactively adjusted for the opening statement of financial position as of April 1, 2013, for the consolidated statement of financial position as of March 31, 2014, for the consolidated statement of comprehensive income for the first half and the second quarter of the business year 2013/14 as well as for the consolidated statement of cash flows for the first half of the business year 2013/14:

Change in the consolidated statement of financial position

(XLS:) Download

04/01/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Total assets

 

13,079.3

 

13.0

 

13,092.3

thereof Property, plant and equipment

 

4,580.6

 

–26.8

 

4,553.8

thereof Other intangible assets

 

320.9

 

–0.6

 

320.3

thereof Investments in associates

 

156.4

 

77.6

 

234.0

thereof Other financial assets non-current

 

109.2

 

–0.5

 

108.7

thereof Deferred tax assets

 

343.6

 

–1.4

 

342.2

thereof Inventories

 

2,876.9

 

–37.4

 

2,839.5

thereof Trade and other receivables

 

1,655.5

 

2.2

 

1,657.7

thereof Cash and cash equivalents

 

1,092.7

 

–0.1

 

1,092.6

 

 

 

 

 

 

 

Total equity and liabilities

 

13,079.3

 

13.0

 

13,092.3

thereof Pensions and other employee obligations

 

1,004.6

 

–12.9

 

991.7

thereof Financial liabilities non-current

 

2,558.8

 

–0.2

 

2,558.6

thereof Provisions current

 

612.2

 

–6.5

 

605.7

thereof Financial liabilities current

 

1,324.6

 

47.1

 

1,371.8

thereof Trade and other payables

 

2,139.7

 

–14.5

 

2,125.2

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated statement of financial position

(XLS:) Download

03/31/2014

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Total assets

 

12,637.5

 

–3.2

 

12,634.3

thereof Property, plant and equipment

 

4,772.0

 

–30.1

 

4,741.9

thereof Other intangible assets

 

336.7

 

–0.5

 

336.2

thereof Investments in associates

 

133.4

 

81.3

 

214.7

thereof Other financial assets non-current

 

91.0

 

–0.4

 

90.6

thereof Deferred tax assets

 

313.5

 

–1.2

 

312.3

thereof Inventories

 

2,937.2

 

–53.5

 

2,883.7

thereof Trade and other receivables

 

1,619.1

 

1.3

 

1,620.4

thereof Cash and cash equivalents

 

532.5

 

–0.1

 

532.4

 

 

 

 

 

 

 

Total equity and liabilities

 

12,637.5

 

–3.2

 

12,634.3

thereof Pensions and other employee obligations

 

1,028.9

 

–13.6

 

1,015.3

thereof Financial liabilities non-current

 

2,596.9

 

–0.1

 

2,596.8

thereof Provisions current

 

504.7

 

–6.8

 

497.9

thereof Financial liabilities current

 

806.2

 

25.6

 

831.8

thereof Trade and other payables

 

2,094.9

 

–8.3

 

2,086.6

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated income statement

(XLS:) Download

04/01–09/30/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Revenue

 

5,723.6

 

–80.2

 

5,643.4

Cost of sales

 

–4,534.7

 

41.4

 

–4,493.3

Gross profit

 

1,188.9

 

–38.8

 

1,150.1

 

 

 

 

 

 

 

Other operating income

 

133.2

 

–0.5

 

132.7

Distribution costs

 

–488.3

 

10.8

 

–477.5

Administrative expenses

 

–297.3

 

1.5

 

–295.8

Other operating expenses

 

–136.0

 

–1.8

 

–137.8

Share of profit of associates

 

0.0

 

24.6

 

24.6

EBIT

 

400.5

 

–4.2

 

396.3

 

 

 

 

 

 

 

Share of profit of associates

 

4.4

 

–4.4

 

0.0

Finance income

 

18.0

 

0.1

 

18.1

Finance costs

 

–102.5

 

0.2

 

–102.3

Profit before tax (EBT)

 

320.4

 

–8.3

 

312.1

 

 

 

 

 

 

 

Income tax expense

 

–80.4

 

6.7

 

–73.7

Profit for the period

 

240.0

 

–1.6

 

238.4

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated statement of comprehensive income

(XLS:) Download

04/01–09/30/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Profit for the period

 

240.0

 

–1.6

 

238.4

 

 

 

 

 

 

 

Items of other comprehensive income that will be subsequently reclassified to profit or loss

 

 

 

 

 

 

Hedge accounting

 

–1.5

 

0.0

 

–1.5

Currency translation

 

–79.3

 

0.0

 

–79.3

Share of result of associates

 

–0.6

 

1.6

 

1.0

Subtotal of items of other comprehensive income that will be subsequently reclassified to profit or loss

 

–81.4

 

1.6

 

–79.8

Other comprehensive income for the period, net of income tax

 

–81.4

 

1.6

 

–79.8

Total comprehensive income for the period

 

158.6

 

0.0

 

158.6

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated income statement

(XLS:) Download

07/01–09/30/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Revenue

 

2,787.5

 

–39.4

 

2,748.1

Cost of sales

 

–2,216.9

 

23.3

 

–2,193.6

Gross profit

 

570.6

 

–16.1

 

554.5

 

 

 

 

 

 

 

Other operating income

 

64.1

 

0.1

 

64.2

Distribution costs

 

–239.3

 

4.1

 

–235.2

Administrative expenses

 

–146.6

 

0.8

 

–145.8

Other operating expenses

 

–71.6

 

–1.0

 

–72.6

Share of profit of associates

 

0.0

 

9.6

 

9.6

EBIT

 

177.2

 

–2.5

 

174.7

 

 

 

 

 

 

 

Share of profit of associates

 

1.0

 

–1.0

 

0.0

Finance income

 

6.3

 

0.1

 

6.4

Finance costs

 

–44.0

 

0.0

 

–44.0

Profit before tax (EBT)

 

140.5

 

–3.4

 

137.1

 

 

 

 

 

 

 

Income tax expense

 

–39.1

 

2.8

 

–36.3

Profit for the period

 

101.4

 

–0.6

 

100.8

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated statement of comprehensive income

(XLS:) Download

07/01–09/30/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Profit for the period

 

101.4

 

–0.6

 

100.8

 

 

 

 

 

 

 

Items of other comprehensive income that will be subsequently reclassified to profit or loss

 

 

 

 

 

 

Hedge accounting

 

–4.7

 

0.0

 

–4.7

Currency translation

 

–21.8

 

0.0

 

–21.8

Share of result of associates

 

–0.4

 

0.6

 

0.2

Subtotal of items of other comprehensive income that will be subsequently reclassified to profit or loss

 

–26.9

 

0.6

 

–26.3

Other comprehensive income for the period, net of income tax

 

–26.9

 

0.6

 

–26.3

Total comprehensive income for the period

 

74.5

 

0.0

 

74.5

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Change in the consolidated statement of cash flows

(XLS:) Download

04/01–09/30/2013

 

Values as originally reported

 

Adjustment

 

Values retroactively adjusted

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Profit for the period

 

240.0

 

–1.6

 

238.4

Adjustments

 

310.4

 

21.6

 

332.0

Changes in working capital

 

–111.8

 

12.2

 

–99.6

 

 

 

 

 

 

 

Cash flows from operating activities

 

438.6

 

32.2

 

470.8

Cash flows from investing activities

 

–352.2

 

–3.8

 

–356.0

Cash flows from financing activities

 

–590.6

 

–28.4

 

–619.0

 

 

 

 

 

 

 

Net decrease/increase in cash and cash equivalents

 

–504.2

 

0.0

 

–504.2

Cash and cash equivalents, beginning of period

 

1,092.7

 

–0.1

 

1,092.6

Net exchange differences

 

–11.7

 

0.0

 

–11.7

Cash and cash equivalents, end of period

 

576.8

 

–0.1

 

576.7

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

With the exception of the described effects of IFRS 11, there were no material effects of the new and revised standards on voestalpine AG’s interim consolidated financial statements.

The two entities voestalpine Polynorm Van Niftrik B.V and voestalpine Polynorm Plastics B.V. (together voestalpine Plastics Solutions) are shown as “Disposal Group” under IFRS 5 in the interim consolidated financial statements as of September 30, 2014 (see notes on the consolidated statement of financial position). Intragroup financial relationships will continue to be eliminated.

Further information on the other principles of preparation is provided in the consolidated financial statements as of March 31, 2014, on which these interim consolidated financial statements are based.

The interim consolidated financial statements are presented in millions of euros (the functional currency of the parent company). The use of automated calculation systems may result in rounding differences.

Unless otherwise stated, comparative information relates to the first half of the business year 2013/14 (reporting date: September 30, 2013).

The present interim consolidated financial statements have not been audited or reviewed by auditors.

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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
47,379 Employees (FTE, 09/30/2014)

Earnings FY 2013/14

€ 11.2 Billion

Revenue

€ 1.4 Billion

EBITDA

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