These interim consolidated financial statements of voestalpine AG as of September 30, 2016 for the first half of the business year 2016/17 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 2015/16 with the following exceptions:
The following new and revised standards and interpretations were adopted for the first time in the business year 2016/17 |
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Standard |
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Content |
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Effective date1 |
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|
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|
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IAS 1, amendments |
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Disclosure Initiative |
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January 1, 2016 |
IAS 16 and IAS 38, amendments |
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Clarification of Acceptable Methods of Depreciation and Amortization |
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January 1, 2016 |
IAS 16 and IAS 41, amendments |
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Agriculture: Bearer Plants |
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January 1, 2016 |
IAS 27, amendments |
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Equity Method in Separate Financial Statements |
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January 1, 2016 |
Various standards, amendments |
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Annual Improvements to International Financial Reporting Standards, 2012–2014 Cycle |
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January 1, 2016 |
IFRS 11, amendments |
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Accounting for Acquisitions of Interests in Joint Operations |
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January 1, 2016 |
IFRS 10, IFRS 12 and IAS 28, amendments |
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Investment Entities – Applying the Consolidation Exception |
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January 1, 2016 |
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There were no material effects of the new and revised standards on voestalpine AG’s interim consolidated financial statements.
The following three issues were adjusted retroactively in the first half of the business year 2015/16 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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04/01/2015 = 03/31/2015 |
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Values without restatement |
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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 |
|
|
|
|
|
|
|
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In millions of euros |
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Change in the consolidated statement of financial position |
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09/30/2015 |
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Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Total assets |
|
13,548.9 |
|
–103.3 |
|
13,445.6 |
thereof Deferred tax assets |
|
339.9 |
|
–103.3 |
|
236.6 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
13,548.9 |
|
–103.3 |
|
13,445.6 |
thereof Equity |
|
5,509.4 |
|
15.0 |
|
5,524.4 |
thereof Pensions and other employee obligations |
|
1,202.3 |
|
12.7 |
|
1,215.0 |
thereof Deferred tax liabilities |
|
234.9 |
|
–131.0 |
|
103.9 |
|
|
|
|
|
|
|
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In millions of euros |
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Change in the consolidated statement of cash flows |
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04/01–09/30/2015 |
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Values without restatement |
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Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
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Operating activities |
|
|
|
|
|
|
Profit after tax |
|
420.6 |
|
0.2 |
|
420.8 |
Non-cash expenses and income |
|
169.6 |
|
–0.2 |
|
169.4 |
Changes in working capital |
|
–42.5 |
|
0.0 |
|
–42.5 |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
547.7 |
|
0.0 |
|
547.7 |
Cash flows from investing activities |
|
–665.7 |
|
0.0 |
|
–665.7 |
Cash flows from financing activities |
|
–9.0 |
|
0.0 |
|
–9.0 |
|
|
|
|
|
|
|
Net decrease/increase in cash and cash equivalents |
|
–127.0 |
|
0.0 |
|
–127.0 |
Cash and cash equivalents, beginning of reporting period |
|
464.5 |
|
0.0 |
|
464.5 |
Net exchange differences |
|
–8.4 |
|
0.0 |
|
–8.4 |
Cash and cash equivalents, end of reporting period |
|
329.1 |
|
0.0 |
|
329.1 |
|
|
|
|
|
|
|
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In millions of euros |
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Change in the consolidated income statement |
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04/01–09/30/2015 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Revenue |
|
5,786.7 |
|
0.0 |
|
5,786.7 |
Cost of sales |
|
–4,513.5 |
|
–0.1 |
|
–4,513.6 |
Gross profit |
|
1,273.2 |
|
–0.1 |
|
1,273.1 |
|
|
|
|
|
|
|
Other operating income |
|
166.5 |
|
0.0 |
|
166.5 |
Distribution costs |
|
–514.6 |
|
0.0 |
|
–514.6 |
Administrative expenses |
|
–308.9 |
|
–0.1 |
|
–309.0 |
Other operating expenses |
|
–193.3 |
|
0.0 |
|
–193.3 |
Share of profit of entities consolidated according to the equity method |
|
152.4 |
|
0.0 |
|
152.4 |
EBIT |
|
575.3 |
|
–0.2 |
|
575.1 |
|
|
|
|
|
|
|
Finance income |
|
15.3 |
|
–0.0 |
|
15.3 |
Finance costs |
|
–84.9 |
|
–0.9 |
|
–85.8 |
Profit before tax |
|
505.7 |
|
–1.1 |
|
504.6 |
|
|
|
|
|
|
|
Tax expense |
|
–85.1 |
|
1.3 |
|
–83.8 |
Profit after tax |
|
420.6 |
|
0.2 |
|
420.8 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
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Owners of the parent |
|
401.0 |
|
0.2 |
|
401.2 |
Non-controlling interests |
|
8.3 |
|
0.0 |
|
8.3 |
Share planned for hybrid capital owners |
|
11.3 |
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0.0 |
|
11.3 |
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|
|
|
|
|
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Basic and diluted earnings per share (euros) |
|
2.29 |
|
0.0 |
|
2.29 |
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|
|
|
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|
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In millions of euros |
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Change in the consolidated other comprehensive income |
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04/01–09/30/2015 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Profit after tax |
|
420.6 |
|
0.2 |
|
420.8 |
|
|
|
|
|
|
|
Items of other comprehensive income that will be reclassified to profit or loss |
|
|
|
|
|
|
Cash flow hedges |
|
–19.4 |
|
0.0 |
|
–19.4 |
Net investment hedges |
|
–7.6 |
|
0.0 |
|
–7.6 |
Currency translation |
|
–96.9 |
|
2.3 |
|
–94.6 |
Share of result of entities consolidated according to the equity method |
|
–3.7 |
|
0.0 |
|
–3.7 |
Subtotal of items of other comprehensive income that will be reclassified to profit or loss |
|
–127.6 |
|
2.3 |
|
–125.3 |
|
|
|
|
|
|
|
Items of other comprehensive income that will not be reclassified to profit or loss |
|
|
|
|
|
|
Actuarial gains/losses |
|
59.9 |
|
0.0 |
|
59.9 |
Subtotal of items of other comprehensive income that will not be reclassified to profit or loss |
|
59.9 |
|
0.0 |
|
59.9 |
Other comprehensive income for the period, net of income tax |
|
–67.7 |
|
2.3 |
|
–65.4 |
Total comprehensive income for the period |
|
352.9 |
|
2.5 |
|
355.4 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Owners of the parent |
|
337.9 |
|
2.5 |
|
340.4 |
Non-controlling interests |
|
3.7 |
|
0.0 |
|
3.7 |
Share planned for hybrid capital owners |
|
11.3 |
|
0.0 |
|
11.3 |
Total comprehensive income for the period |
|
352.9 |
|
2.5 |
|
355.4 |
|
|
|
|
|
|
|
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In millions of euros |
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Change in the consolidated income statement |
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07/01–09/30/2015 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Revenue |
|
2,785.0 |
|
0.0 |
|
2,785.0 |
Cost of sales |
|
–2,167.1 |
|
–0.0 |
|
–2,167.1 |
Gross profit |
|
617.9 |
|
–0.0 |
|
617.9 |
|
|
|
|
|
|
|
Other operating income |
|
81.4 |
|
0.0 |
|
81.4 |
Distribution costs |
|
–250.5 |
|
0.0 |
|
–250.5 |
Administrative expenses |
|
–153.0 |
|
–0.1 |
|
–153.1 |
Other operating expenses |
|
–92.1 |
|
0.0 |
|
–92.1 |
Share of profit of entities consolidated according to the equity method |
|
3.1 |
|
0.0 |
|
3.1 |
EBIT |
|
206.8 |
|
–0.1 |
|
206.7 |
|
|
|
|
|
|
|
Finance income |
|
5.7 |
|
–0.0 |
|
5.7 |
Finance costs |
|
–35.6 |
|
–0.4 |
|
–36.0 |
Profit before tax |
|
176.9 |
|
–0.5 |
|
176.4 |
|
|
|
|
|
|
|
Tax expense |
|
–45.7 |
|
0.6 |
|
–45.1 |
Profit after tax |
|
131.2 |
|
0.1 |
|
131.3 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Owners of the parent |
|
119.8 |
|
0.1 |
|
119.9 |
Non-controlling interests |
|
5.7 |
|
0.0 |
|
5.7 |
Share planned for hybrid capital owners |
|
5.7 |
|
0.0 |
|
5.7 |
|
|
|
|
|
|
|
Basic and diluted earnings per share (euros) |
|
0.68 |
|
0.0 |
|
0.68 |
|
|
|
|
|
|
|
|
In millions of euros |
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Change in the consolidated other comprehensive income |
||||||
07/01–09/30/2015 |
|
Values without restatement |
|
Adjustments |
|
Values retroactively adjusted |
|
|
|
|
|
|
|
Profit after tax |
|
131.2 |
|
0.1 |
|
131.3 |
|
|
|
|
|
|
|
Items of other comprehensive income that will be reclassified to profit or loss |
|
|
|
|
|
|
Cash flow hedges |
|
–1.3 |
|
0.0 |
|
–1.3 |
Net investment hedges |
|
–2.0 |
|
0.0 |
|
–2.0 |
Currency translation |
|
–63.5 |
|
2.4 |
|
–61.1 |
Share of result of entities consolidated according to the equity method |
|
–1.0 |
|
0.0 |
|
–1.0 |
Subtotal of items of other comprehensive income that will be reclassified to profit or loss |
|
–67.8 |
|
2.4 |
|
–65.4 |
|
|
|
|
|
|
|
Items of other comprehensive income that will not be reclassified to profit or loss |
|
|
|
|
|
|
Actuarial gains/losses |
|
59.9 |
|
0.0 |
|
59.9 |
Subtotal of items of other comprehensive income that will not be reclassified to profit or loss |
|
59.9 |
|
0.0 |
|
59.9 |
Other comprehensive income for the period, net of income tax |
|
–7.9 |
|
2.4 |
|
–5.5 |
Total comprehensive income for the period |
|
123.3 |
|
2.5 |
|
125.8 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Owners of the parent |
|
114.0 |
|
2.5 |
|
116.5 |
Non-controlling interests |
|
3.6 |
|
0.0 |
|
3.6 |
Share planned for hybrid capital owners |
|
5.7 |
|
0.0 |
|
5.7 |
Total comprehensive income for the period |
|
123.3 |
|
2.5 |
|
125.8 |
|
|
|
|
|
|
|
|
In millions of euros |
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Further information on the other principles of preparation is provided in the consolidated financial statements as of March 31, 2016, 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 2015/16 (reporting date: September 30, 2015).
The present interim consolidated financial statements have not been audited or reviewed by auditors.
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