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General information/accounting policies

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

Standard

 

Content

 

Effective date1

 

 

 

 

 

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

 

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 11, amendments

 

Accounting for Acquisitions of Interests in Joint Operations

 

January 1, 2016

IFRS 10, IFRS 12 and IAS 28, amendments

 

Investment Entities – Applying the Consolidation Exception

 

January 1, 2016

 

 

 

 

 

1
In accordance with EU endorsements, these standards are applicable to reporting periods beginning on or after the effective date.

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

04/01/2015 = 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 financial position

09/30/2015

 

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

 

 

 

 

 

 

 

  

In millions of euros

Change in the consolidated statement of cash flows

04/01–09/30/2015

 

Values without restatement

 

Adjustments

 

Values retroactively adjusted

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

  

In millions of euros

Change in the consolidated income statement

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:

 

 

 

 

 

 

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

 

0.0

 

11.3

 

 

 

 

 

 

 

Basic and diluted earnings per share (euros)

 

2.29

 

0.0

 

2.29

 

 

 

 

 

 

 

  

In millions of euros

Change in the consolidated other comprehensive income

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

 

 

 

 

 

 

 

  

In millions of euros

Change in the consolidated income statement

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

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

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.

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
48,500 Employees worldwide

Earnings FY 2015/16

€ 11.1 Billion

Revenue

€ 1.6 Billion

EBITDA

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