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Changes in the scope of consolidated financial statements

The changes made in the scope of Consolidated Financial Statements during the first three quarters of the business year 2017/18 were as follows:



Full consolidation


Equity method






As of April 1, 2017










Change in consolidation method




















Divestments or disposals





As of December 31, 2017





Of which foreign companies





The following entities were deconsolidated in the first three quarters of the business year 2017/18:

Name of entity


Full consolidation in the business year 2016/17


voestalpine Finanzierungs GmbH

voestalpine Finanzierungs Holding GmbH

Eifeler Swiss AG

The following entities are being included in the Interim Consolidated Financial Statements for the first time in the first three quarters of the business year 2017/18:

Name of entity


Interest in %




Full consolidation



voestalpine Automotive Components Tianjing Co., Ltd.



voestalpine Rotec Coating SRL



voestalpine Böhler Welding Austria Vertriebs-GmbH



voestalpine Böhler Welding Automation GmbH



voestalpine Additive Manufacturing Centre Ltd.



voestalpine Böhler Welding Germany Vertriebs-GmbH



voestalpine Böhler weldCare AB



The additions to the scope of Consolidated Financial Statements of fully consolidated entities include one acquisition, five newly established subsidiaries, and the consolidation of one entity not previously included in the scope of the Consolidated Financial Statements.

Put options granted to non-controlling shareholders in exchange for their shares in Group companies are recorded in the statement of financial position as liabilities stated at fair value. If the risks and rewards associated with ownership of a non-controlling interest have already been transferred at the time the majority interest was acquired, an acquisition of 100% of the entity is assumed. If, however, the risks and rewards are not transferred, the non-controlling interests continue to be shown in equity. The liability is covered by a direct transfer from retained earnings with no effect on profit or loss (double credit approach).

Outstanding put options, which are offset against equity, had a fair value of EUR 0.4 million (March 31, 2017: EUR 0.3 million) as of December 31, 2017. For the purposes of the valuation, the discounted cash flow method was applied, taking the contractual maximum limits into account. Input factors in the discounted cash flow method include but are not limited to the medium-term business plan and the discount rate.

As of September 23, 2017, voestalpine Böhler Welding Group GmbH (Metal Engineering Division) acquired 70.04% of the business and voting shares in WELTRON GmbH, Germany, the welding automation specialist. This business combination now enables the Group to offer customers complete turnkey solutions and to expand its existing product range in the Welding Consumables business segment by control, steering, and regulating devices for welding plants. From now on, the company will be known as voestalpine Böhler Welding Automation GmbH.

On October 3, 2017, BOHLER-UDDEHOLM (UK) LIMITED, a company that is part of the High Performance Metals Division, acquired CMP Alloys Ltd. under an asset deal. CMP’s strong presence on the Scottish market makes it possible to serve key global OEMs (and their supply chains) in Great Britain as well as improve both customer proximity and customer service.

In December 2017, voestalpine Rotec GmbH (Metal Forming Division) took over the CDC facilities of Barum Technik, a Romanian company, as part of an asset deal. From now on, this 160-employee company will be known as voestalpine Rotec Coating SRL. The new company is domiciled in the Romanian city of Timisoara, which is close to the tri-border area that Romania shares with Serbia and Hungary.

These acquisitions have the following impact on the Consolidated Financial Statements:



Recognized values




Non-current assets



Current assets



Current provisions and liabilities



Net assets



Addition of non-controlling interests






Costs of acquisition



Cash and cash equivalents acquired



Net cash outflow






In millions of euros

Goodwill of EUR 0.3 million, which is not eligible for corporate tax deductions, results from the profit potential of the company, which cannot be allocated to individual capitalizable items according to IFRS. Goodwill is assigned completely to the Welding Consumables unit, which carries the goodwill.

Since their initial consolidation, these acquisitions have contributed revenue of EUR 0.8 million to consolidated revenue. Their share of the Group’s profit after tax was EUR 0.0 million for the same period. The consolidated revenue would have been EUR 1.4 million higher and the Group’s profit after tax would have been EUR 0.1 million higher if the acquisitions had been consolidated as of April 1, 2017.

As part of the first-time full consolidation of voestalpine Böhler Welding Automation GmbH and voestalpine Rotec Coating SRL, fair values for trade receivables of EUR 0.2 million (gross carrying amount: EUR 0.2 million) were taken over. Receivables that are expected to be uncollectible are considered immaterial and negligible. Acquisition-related costs of EUR 0.1 million were recognized in other operating expenses.

In the current reporting period, EUR 0.2 million were paid for earlier acquisitions made in accordance with IFRS 3.

About voestalpine

In its business segments, voestalpine is a globally leading technology and capital goods group with a unique combination of material and processing expertise. With its top-quality products and system solutions using steel and other metals, it is a leading partner to the automotive and consumer goods industries in Europe and to the aerospace, oil and gas industries worldwide. The voestalpine Group is also the world market leader in turnout technology, special rails, tool steel, and special sections.


50 Countries on all 5 continents
500 Group companies and locations
50,000 Employees worldwide

Earnings FY 2016/17

€ 11.3 Billion


€ 1.54 Billion


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