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Notes on the consolidated statement of financial position

In the first three quarters of the business year 2014/15, investments amounting to EUR 747.1 million exceeded depreciation totaling EUR 459.8 million. This essentially led to an increase of the non-current assets from EUR 7,168.0 million to EUR 7,418.4 million—despite the disposal of assets. Despite disposal of inventories as a result of the aforementioned deconsolidations, inventories increased, primarily as a result of higher stock quantities and positive currency translation differences compared to March 31, 2014 of EUR 123.5 million.

As of December 31, 2014, voestalpine AG’s share capital amounted to EUR 313,309,235.65 (March 31, 2014: EUR 313,309,235.65) and is divided into 172,449,163 shares (March 31, 2014: 172,449,163). The Company held 28,597 of its own shares as of the reporting date. In the first three quarters of the business year 2014/15, the Company neither bought nor sold any 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. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issues are recognized as part of equity. Accordingly, coupon payments are also reported as part of appropriation of profit. In the fourth quarter of the business year 2012/13, voestalpine AG issued a new subordinated bond with an indefinite term (hybrid bond 2013) with a volume of EUR 500 million following an invitation extended to the holders of the hybrid bond to exchange their existing investment for a new hybrid bond on a 1:1 basis. As a result of this exchange, the outstanding nominal value of the hybrid bond 2007 is therefore EUR 500 million. The nominal value of both the hybrid bond 2007 and the hybrid bond 2013 again totals EUR 1 billion. On September 9, 2014, the Management Board of voestalpine AG adopted a resolution to call the entire issue of hybrid bond 2007 (issued by voestalpine AG in 2007) effective on the first possible call date for this bond, namely October 31, 2014 (redemption date). The interest payments for the hybrid bond 2007 from September 10, 2014 on will be recognized in the consolidated statement of comprehensive income. The hybrid bond 2013 is not affected by this call of hybrid bond 2007. A total of EUR 71.3 million were paid out on October 31, 2014 for interest on the hybrid bond 2007 and the hybrid bond 2013. The hybrid bond 2007 was fully redeemed as of October 31, 2014.

Profit for the period amounting to EUR 442.8 million has contributed to the increase in equity. For the business year 2013/14, a dividend per share of EUR 0.95 was decided upon at the Annual General Meeting on July 2, 2014. Therefore, voestalpine AG distributed dividends amounting to EUR 163.8 million to its shareholders during the current business year. Interest for the hybrid bond 2007 and the hybrid bond 2013 amounting to EUR 66.2 million was also deducted from equity in the form of a dividend. The previously described redemption of the hybrid bond 2007 (EUR 500 million) reduces equity accordingly.

voestalpine AG successfully placed a EUR 400 million corporate bond on the capital market. The bond is intended to partially refinance the hybrid bond 2007, which the company called on September 9, 2014, effective October 31, 2014, and for general funding purposes. The bond has a term of seven years and a coupon rate of 2.25%.

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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.


50 Countries on all 5 continents
500 Group companies and locations
46,461 Employees (FTE, 12/31/2014)

Earnings FY 2013/14

€ 11.2 Billion


€ 1.4 Billion


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