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 2015/16:
The following new and revised standards and interpretations were adopted for the first time in the business year 2015/16 |
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Standard |
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Content |
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Effective date1 |
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|
|
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IAS 19, amendments |
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Defined Benefit Plans: Employee Contributions |
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February 1, 2015 |
Various standards, amendments |
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Annual Improvements to International Financial Reporting Standards, 2010–2012 Cycle |
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February 1, 2015 |
Various standards, amendments |
|
Annual Improvements to International Financial Reporting Standards, 2011–2013 Cycle |
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January 1, 2015 |
IFRIC 21 |
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Levies |
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June 17, 2014 |
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|
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|
|
|
There were no material effects of the mentioned standards on the consolidated financial statements.
The following three issues were adjusted retroactively in these consolidated financial statements according to IAS 8:
- As a result of changes to the Austrian AFRAC Opinion “Auswirkungen der steuerlichen Teilwertabschreibung nach § 12 Abs. 3 Z 2 KStG auf die Bilanzierung von Ertragsteuern nach IAS 12 in einem Konzern- oder separaten Einzelabschluss nach IFRS” (Impact of the write-down to current value for tax purposes in accordance with Section 12 (3) (2) of the Austrian Corporation Tax Act (KStG) on accounting for income taxes in accordance with IAS 12 in consolidated or single entity financial statements in accordance with IFRS) no provisions have to be considered for anticipated write-ups.
- In addition, deferred taxes are also netted for all companies per tax group.
- Provisions were formed for the first time for obligations similar to pension payments for a South American subsidiary.
Change in the consolidated statement of financial position |
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04/01/2014 = 03/31/2014 |
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Values without restatement |
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Adjustments |
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Values retroactively adjusted |
|
|
|
|
|
|
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Total assets |
|
12,634.9 |
|
–100.9 |
|
12,534.0 |
thereof Deferred tax assets |
|
312.4 |
|
–100.9 |
|
211.5 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
12,634.9 |
|
–100.9 |
|
12,534.0 |
thereof Equity |
|
5,261.6 |
|
11.2 |
|
5,272.8 |
thereof Pensions and other employee obligations |
|
1,015.3 |
|
14.0 |
|
1,029.3 |
thereof Deferred tax liabilities |
|
187.5 |
|
–126.1 |
|
61.4 |
|
|
|
|
|
|
|
In millions of euros |
Change in the consolidated statement of financial position |
||||||
03/31/2015 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Total assets |
|
13,294.9 |
|
–90.2 |
|
13,204.7 |
thereof Deferred tax assets |
|
328.9 |
|
–90.2 |
|
238.7 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
13,294.9 |
|
–90.2 |
|
13,204.7 |
thereof Equity |
|
5,102.5 |
|
12.5 |
|
5,115.0 |
thereof Pensions and other employee obligations |
|
1,252.2 |
|
15.1 |
|
1,267.3 |
thereof Deferred tax liabilities |
|
180.9 |
|
–117.8 |
|
63.1 |
|
|
|
|
|
|
|
In millions of euros |
Change in the consolidated statement of cash flows |
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2014/15 |
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Values without restatement |
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Adjustments |
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Values retroactively adjusted |
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|
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|
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Operating activities |
|
|
|
|
|
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Profit after tax |
|
594.2 |
|
0.8 |
|
595.0 |
Non-cash expenses and income |
|
581.5 |
|
–0.8 |
|
580.7 |
Changes in working capital |
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–55.8 |
|
0.0 |
|
–55.8 |
|
|
|
|
|
|
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Cash flows from operating activities |
|
1,119.9 |
|
0.0 |
|
1,119.9 |
Cash flows from investing activities |
|
–928.0 |
|
0.0 |
|
–928.0 |
Cash flows from financing activities |
|
–289.6 |
|
0.0 |
|
–289.6 |
|
|
|
|
|
|
|
Net decrease/increase in cash and cash equivalents |
|
–97.7 |
|
0.0 |
|
–97.7 |
Cash and cash equivalents, beginning of year |
|
532.4 |
|
0.0 |
|
532.4 |
Net exchange differences |
|
29.8 |
|
0.0 |
|
29.8 |
Cash and cash equivalents, end of year |
|
464.5 |
|
0.0 |
|
464.5 |
|
|
|
|
|
|
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In millions of euros |
Change in the consolidated income statement |
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2014/15 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
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|
|
|
|
|
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Revenue |
|
11,189.5 |
|
0.0 |
|
11,189.5 |
Cost of sales |
|
–8,917.4 |
|
–0.1 |
|
–8,917.5 |
|
2,272.1 |
|
–0.1 |
|
2,272.0 |
|
|
|
|
|
|
|
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Other operating income |
|
454.4 |
|
0.0 |
|
454.4 |
Distribution costs |
|
–975.4 |
|
–0.1 |
|
–975.5 |
Administrative expenses |
|
–603.1 |
|
0.0 |
|
–603.1 |
Other operating expenses |
|
–321.8 |
|
0.0 |
|
–321.8 |
Share of profit of entities consolidated according to the equity method |
|
60.1 |
|
0.1 |
|
60.2 |
Profit from operations (EBIT) |
|
886.3 |
|
–0.1 |
|
886.2 |
|
|
|
|
|
|
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Finance income |
|
44.0 |
|
0.0 |
|
44.0 |
Finance costs |
|
–189.4 |
|
–1.8 |
|
–191.2 |
Profit before tax (EBT) |
|
740.9 |
|
–1.9 |
|
739.0 |
|
|
|
|
|
|
|
Tax expense |
|
–146.7 |
|
2.7 |
|
–144.0 |
Profit after tax |
|
594.2 |
|
0.8 |
|
595.0 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
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Owners of the parent |
|
548.3 |
|
0.8 |
|
549.1 |
Non-controlling interests |
|
8.8 |
|
0.0 |
|
8.8 |
Share planned for hybrid capital owners |
|
37.1 |
|
0.0 |
|
37.1 |
|
|
|
|
|
|
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Basic and diluted earnings per share (euros) |
|
3.181 |
|
0.0 |
|
3.18 |
|
|
|
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|
|
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In millions of euros |
Change in the consolidated other comprehensive income |
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2014/15 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Profit after tax |
|
594.2 |
|
0.8 |
|
595.0 |
|
|
|
|
|
|
|
Items of other comprehensive income that will be reclassified to profit or loss |
|
|
|
|
|
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Cash flow hedges |
|
22.4 |
|
0.0 |
|
22.4 |
Net investment hedges |
|
10.3 |
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0.0 |
|
10.3 |
Currency translation |
|
127.4 |
|
1.2 |
|
128.6 |
Share of result of entities consolidated according to the equity method |
|
9.8 |
|
0.0 |
|
9.8 |
Subtotal of items of other comprehensive income that will be reclassified to profit or loss |
|
169.9 |
|
1.2 |
|
171.1 |
|
|
|
|
|
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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 |
|
–184.2 |
|
–0.7 |
|
–184.9 |
Actuarial gains/losses of entities consolidated according to the equity method |
|
–2.3 |
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0.0 |
|
–2.3 |
Subtotal of items of other comprehensive income that will not be reclassified to profit or loss |
|
–186.5 |
|
–0.7 |
|
–187.2 |
Other comprehensive income for the period, net of income tax |
|
–16.6 |
|
0.5 |
|
–16.1 |
Total comprehensive income for the period |
|
577.6 |
|
1.3 |
|
578.9 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Owners of the parent |
|
527.8 |
|
1.3 |
|
529.1 |
Non-controlling interests |
|
12.7 |
|
0.0 |
|
12.7 |
Share planned for hybrid capital owners |
|
37.1 |
|
0.0 |
|
37.1 |
Total comprehensive income for the period |
|
577.6 |
|
1.3 |
|
578.9 |
|
|
|
|
|
|
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In millions of euros |
The following standards are already published as of the reporting date, but their application was not yet mandatory for the business year 2015/16 or they have not been adopted by the European Union:
Published by IASB but not adopted by the European Union or their application was not yet mandatory as of the reporting date |
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Standard |
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Content |
|
Effective date according to IASB1 |
|
|
|
|
|
IAS 1, amendments |
|
Disclosure Initiative |
|
January 1, 2016 |
IAS 16 and IAS 38, amendments |
|
Clarification of Acceptable Methods of Depreciation and Amortization |
|
January 1, 2016 |
IAS 16 and IAS 41, amendments |
|
Agriculture: Bearer Plants |
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January 1, 2016 |
IAS 27, amendments |
|
Equity Method in Separate Financial Statements |
|
January 1, 2016 |
Various standards, amendments |
|
Annual Improvements to International Financial Reporting Standards, 2012–2014 Cycle |
|
January 1, 2016 |
IFRS 10, IFRS 12 and IAS 28, amendments |
|
Investment Entities: Applying the Consolidation Exception |
|
January 1, 20162 |
IFRS 11, amendments |
|
Accounting for Acquisitions of Interests in Joint Operations |
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January 1, 2016 |
IAS 12, amendments |
|
Recognition of Deferred Tax Assets for Unrealised Losses |
|
January 1, 2017 |
IAS 7, amendments |
|
Disclosure Initiative |
|
January 1, 2017 |
IFRS 9 |
|
Financial Instruments |
|
January 1, 2018 |
IFRS 15 |
|
Revenue from Contracts with Customers |
|
January 1, 2018 |
IFRS 16 |
|
Leases |
|
January 1, 2019 |
IFRS 10 and IAS 28, amendments |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
|
postponed |
IFRS 14 |
|
Regulatory Deferral Accounts |
|
January 1, 20163 |
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|
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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 revised standards on the voestalpine Group’s financial situation and profitability are not expected. The following effects are expected from the new standards:
IFRS 9 Financial Instruments results in amendments and revisions in the area of financial instruments and will replace IAS 39 (except portfolio fair value hedge). Going forward, the classification rules vary according to the characteristics of the business model and the contractual cash flows of financial assets. Another fundamental innovation arises in connection with impairment, which in the future will be based on an expected loss model rather than, as has been the case, on incurred loss. In addition, IFRS 9 contains new general accounting requirements for hedge accounting. From the present vantage point, no significant effects are expected from the changes brought about by IFRS 9.
IFRS 15 Revenue from Contracts with Customers embraces the rules for revenue recognition and replaces IAS 18 and IAS 11 as well as the interpretations relating to revenues. In the future, it is no longer the conferring of significant opportunities and risks that is decisive but rather the point in time when the transfer of control over the goods and services occurs and thus the benefits to be derived through it. Currently, an analysis of the revenue groups is being conducted within the Group in order to evaluate the impact of the initial application of IFRS 15.
IFRS 16 Leases governs accounting for leasing arrangements and will replace IAS 17 as well as previous interpretations. The new rules eliminate the prior distinction between finance and operating leasing arrangements. In this respect, operating leases will in the future be treated in the same way as finance leases. The voestalpine Group companies currently operate as lessees in operating leases, which is why it can be expected that the application of IFRS 16 will have effects on assets and on financial and earning positions. However, it is not possible to quantify these effects at the moment – for a list of existing operating leases as of the reporting date, see chapter 9 Fixed Assets.
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