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:
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New and revised standards adopted for the first time in the business year 2014/15 |
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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 |
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IFRS 11 |
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Joint Arrangements |
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January 1, 2014 |
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IFRS 12 |
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Disclosure of Interests in Other Entities |
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January 1, 2014 |
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IAS 27, new version |
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Separate Financial Statements |
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January 1, 2014 |
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IAS 28, new version |
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Investments in Associates and Joint Ventures |
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January 1, 2014 |
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IAS 32, amendments |
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Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities |
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January 1, 2014 |
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IAS 36, amendments |
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Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets |
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January 1, 2014 |
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IAS 39, amendments |
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Novation of Derivatives and Continuation of Hedge Accounting |
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January 1, 2014 |
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Various standards, 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 |
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Various standards, 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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1 These standards are applicable to reporting periods beginning on or after the effective date. |
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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, 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:
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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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13.0 |
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13,092.3 |
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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 |
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thereof Other intangible assets |
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320.9 |
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–0.6 |
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320.3 |
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thereof Investments in associates |
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156.4 |
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77.6 |
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234.0 |
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thereof Other financial assets non-current |
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109.2 |
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–0.5 |
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108.7 |
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thereof Deferred tax assets |
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343.6 |
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–1.4 |
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342.2 |
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thereof Inventories |
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2,876.9 |
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–37.4 |
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2,839.5 |
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thereof Trade and other receivables |
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1,655.5 |
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2.2 |
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1,657.7 |
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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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13.0 |
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13,092.3 |
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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 |
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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 |
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thereof Provisions current |
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612.2 |
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–6.5 |
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605.7 |
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thereof Financial liabilities current |
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1,324.6 |
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47.1 |
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1,371.8 |
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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 |
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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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–3.2 |
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12,634.3 |
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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 |
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thereof Other intangible assets |
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336.7 |
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–0.5 |
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336.2 |
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thereof Investments in associates |
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133.4 |
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81.3 |
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214.7 |
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thereof Other financial assets non-current |
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91.0 |
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–0.4 |
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90.6 |
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thereof Deferred tax assets |
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313.5 |
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–1.2 |
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312.3 |
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thereof Inventories |
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2,937.2 |
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–53.5 |
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2,883.7 |
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thereof Trade and other receivables |
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1,619.1 |
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1.3 |
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1,620.4 |
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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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–3.2 |
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12,634.3 |
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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 |
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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 |
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thereof Provisions current |
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504.7 |
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–6.8 |
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497.9 |
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thereof Financial liabilities current |
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806.2 |
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25.6 |
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831.8 |
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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 |
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Change in the consolidated income statement |
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04/01–09/30/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Revenue |
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5,723.6 |
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–80.2 |
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5,643.4 |
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Cost of sales |
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–4,534.7 |
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41.4 |
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–4,493.3 |
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Gross profit |
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1,188.9 |
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–38.8 |
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1,150.1 |
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Other operating income |
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133.2 |
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–0.5 |
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132.7 |
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Distribution costs |
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–488.3 |
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10.8 |
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–477.5 |
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Administrative expenses |
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–297.3 |
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1.5 |
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–295.8 |
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Other operating expenses |
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–136.0 |
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–1.8 |
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–137.8 |
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Share of profit of associates |
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0.0 |
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24.6 |
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24.6 |
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EBIT |
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400.5 |
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–4.2 |
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396.3 |
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Share of profit of associates |
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4.4 |
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–4.4 |
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0.0 |
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Finance income |
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18.0 |
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0.1 |
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18.1 |
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Finance costs |
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–102.5 |
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0.2 |
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–102.3 |
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Profit before tax (EBT) |
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320.4 |
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–8.3 |
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312.1 |
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Income tax expense |
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–80.4 |
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6.7 |
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–73.7 |
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Profit for the period |
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240.0 |
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–1.6 |
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238.4 |
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In millions of euros |
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Change in the consolidated statement of comprehensive income |
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04/01–09/30/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Profit for the period |
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240.0 |
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–1.6 |
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238.4 |
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Items of other comprehensive income that will be subsequently reclassified to profit or loss |
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Hedge accounting |
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–1.5 |
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0.0 |
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–1.5 |
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Currency translation |
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–79.3 |
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0.0 |
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–79.3 |
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Share of result of associates |
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–0.6 |
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1.6 |
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1.0 |
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Subtotal of items of other comprehensive income that will be subsequently reclassified to profit or loss |
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–81.4 |
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1.6 |
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–79.8 |
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Other comprehensive income for the period, net of income tax |
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–81.4 |
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1.6 |
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–79.8 |
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Total comprehensive income for the period |
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158.6 |
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0.0 |
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158.6 |
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In millions of euros |
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Change in the consolidated income statement |
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07/01–09/30/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Revenue |
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2,787.5 |
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–39.4 |
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2,748.1 |
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Cost of sales |
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–2,216.9 |
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23.3 |
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–2,193.6 |
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Gross profit |
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570.6 |
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–16.1 |
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554.5 |
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Other operating income |
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64.1 |
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0.1 |
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64.2 |
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Distribution costs |
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–239.3 |
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4.1 |
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–235.2 |
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Administrative expenses |
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–146.6 |
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0.8 |
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–145.8 |
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Other operating expenses |
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–71.6 |
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–1.0 |
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–72.6 |
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Share of profit of associates |
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0.0 |
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9.6 |
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9.6 |
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EBIT |
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177.2 |
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–2.5 |
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174.7 |
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Share of profit of associates |
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1.0 |
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–1.0 |
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0.0 |
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Finance income |
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6.3 |
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0.1 |
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6.4 |
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Finance costs |
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–44.0 |
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0.0 |
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–44.0 |
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Profit before tax (EBT) |
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140.5 |
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–3.4 |
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137.1 |
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Income tax expense |
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–39.1 |
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2.8 |
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–36.3 |
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Profit for the period |
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101.4 |
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–0.6 |
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100.8 |
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In millions of euros |
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Change in the consolidated statement of comprehensive income |
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07/01–09/30/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Profit for the period |
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101.4 |
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–0.6 |
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100.8 |
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Items of other comprehensive income that will be subsequently reclassified to profit or loss |
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Hedge accounting |
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–4.7 |
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0.0 |
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–4.7 |
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Currency translation |
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–21.8 |
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0.0 |
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–21.8 |
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Share of result of associates |
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–0.4 |
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0.6 |
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0.2 |
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Subtotal of items of other comprehensive income that will be subsequently reclassified to profit or loss |
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–26.9 |
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0.6 |
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–26.3 |
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Other comprehensive income for the period, net of income tax |
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–26.9 |
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0.6 |
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–26.3 |
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Total comprehensive income for the period |
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74.5 |
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0.0 |
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74.5 |
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In millions of euros |
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Change in the consolidated statement of cash flows |
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04/01–09/30/2013 |
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Values as originally reported |
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Adjustment |
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Values retroactively adjusted |
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Operating activities |
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Profit for the period |
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240.0 |
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–1.6 |
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238.4 |
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Adjustments |
|
310.4 |
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21.6 |
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332.0 |
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Changes in working capital |
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–111.8 |
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12.2 |
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–99.6 |
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Cash flows from operating activities |
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438.6 |
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32.2 |
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470.8 |
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Cash flows from investing activities |
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–352.2 |
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–3.8 |
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–356.0 |
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Cash flows from financing activities |
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–590.6 |
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–28.4 |
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–619.0 |
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Net decrease/increase in cash and cash equivalents |
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–504.2 |
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0.0 |
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–504.2 |
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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 |
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Net exchange differences |
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–11.7 |
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0.0 |
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–11.7 |
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Cash and cash equivalents, end of period |
|
576.8 |
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–0.1 |
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576.7 |
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In millions of euros |
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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.