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Notes on the consolidated statement of financial position

In the first half of the business year 2016/17, actual investments amounting to EUR 470.7 million exceeded depreciation totaling EUR 336.0 million. This essentially led to an increase in non-current assets from EUR 8,389.6 million to EUR 8,569.6 million. Due primarily to an operational increase in inventories (see consolidated cash flow statement), the carrying amount of the inventories on the reporting date compared to March 31, 2016 rose by EUR 89.0 million.

As of September 30, 2016, voestalpine AG’s share capital amounted to EUR 317,851,287.79 (March 31, 2016: EUR 317,851,287.79) and is divided into 174,949,163 shares (March 31, 2016: 174,949,163). The Company held 28,597 of its own shares as of the reporting date. In the first half of the business year 2016/17, the Company neither bought nor sold any of its own shares.

In 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. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issue are recognized as part of equity. Accordingly, coupon payments are also reported as part of appropriation of profit. The issue costs of the hybrid bond 2013 amounted to EUR 2.8 million, less EUR 0.7 million in tax effects. Therefore, equity increased by EUR 497.9 million in the business year 2012/13.

Despite a positive profit after tax amounting to EUR 233.7 million, equity was reduced to EUR 5,610.5 million due mainly to dividend distribution and a negative actuarial result. For the business year 2015/16, a dividend per share of EUR 1.05 was decided upon at the Annual General Meeting on July 6, 2016. Therefore, voestalpine AG distributed dividends amounting to EUR 183.7 million to its shareholders in the current business year.

Provisions for pensions, severance, and long-service bonus obligations are taken into account for the interim consolidated financial statements based on an expert opinion on the forecast for the entire current business year 2016/17. If significant changes of the parameters occur during the year, a reassessment of the net debt is carried out.

Despite a positive performance of the pension fund of 7.0% during the current business year, a reduction of the discount interest rate from 1.9% to 1.2% resulted in an increase overall of the provisions for pension and severance obligations and consequently in an actuarial loss of EUR 95.9 million (after deferred taxes). This also resulted in an increase of the provisions for long-service bonus obligations amounting to EUR 8.9 million and a loss recognized in the income statement (after deferred taxes) amounting to EUR 6.7 million.

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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