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D. Acquisitions and other additions to the scope of consolidation

The following entities were included in the Consolidated Financial Statements for the first time in the business year 2018/19:

Name of entity


Interest in %


Date of initial consolidation






Full consolidation





voestalpine HR Services GmbH




April 1, 2018





April 1, 2018

voestalpine Metal Engineering Verwaltung GmbH




April 1, 2018

voestalpine Automotive Components Hungaria Kft.




August 14, 2018

Travertec S.R.L.




November 1, 2018

voestalpine Automotive Components Arad Beteiligung GmbH




February 25, 2019

voestalpine Automotive Components Cartersville Beteiligung GmbH




February 25, 2019

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

In accordance with IFRS 3, acquired companies are included in the Consolidated Financial Statements at the fair value carried forward of the acquired assets, liabilities, and contingent liabilities determined as of the acquisition date, taking into account depreciation and amortization as appropriate. The carrying amount of the non-controlling interests is determined based on the fair values carried forward for the assets and liabilities acquired. As regards the first-time full consolidations in accordance with IFRS 3, note that due to time constraints and/or the fact that not all valuations have been completed, the following items shall be considered provisional: property, plant and equipment; intangible assets; as well as inventories and provisions—and consequently goodwill as well.

The increase in majority interests is treated as a transaction between owners. The difference between the acquisition costs of additional shares and the pro-rated carrying amount of the non-controlling interests is recognized directly in equity. In the reporting period, EUR 2.4 million (2017/18: EUR 0.0 million) was paid for the acquisition of non-controlling interests or provisions were formed for the payment thereof. Non-controlling interests in the amount of EUR 2.4 million (2017/18: EUR 0.0 million) were derecognized.

Put options granted to non-controlling shareholders in exchange for their shares in Group companies are recognized 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, the assumption is that 100% of the entity was acquired. 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). The subsequent fair value measurement is recognized through profit or loss.

The liabilities for outstanding put options as of March 31, 2019 are EUR 6.4 million (March 31, 2018: EUR 0.4 million). The discounted cash flow method is applied for valuation purposes, taking the contractual maximum limits into account. The medium-term business plan and the discount rate, in particular, are some of the input factors in the discounted cash flow method.

On November 1, 2018, voestalpine VAE Apcarom SA (Metal Engineering Division) acquired a 60% stake in Travertec S.R.L. (the Romanian manufacturer of concrete sleepers) from PCM Rail.One AG (a German entity). The acquisition was made with the aim of broadening the Group’s existent local product portfolio, which includes the production of turnouts and track sleepers, by key components as well as expanding and securing its market position in Romania and adjacent export markets.

As of February 25, 2019, voestalpine Metal Forming GmbH acquired 100% of the shares of both voestalpine Automotive Components Arad Beteiligung GmbH and voestalpine Automotive Components Cartersville Beteiligung GmbH.

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



Recognized values




Non-current assets



Current assets



Non-current provisions and liabilities



Current provisions and liabilities



Net assets



Addition of non-controlling interests



Acquisition costs



Cash and cash equivalents acquired



Net cash outflow






In millions of euros

Since their initial consolidation, the acquisitions have contributed revenue of EUR 0.2 million to consolidated revenue. Their share in the Group’s profit after tax for the same period was EUR 0.1 million. The reported consolidated revenue would have been EUR 0.8 million higher and the reported Group’s profit after tax would have been EUR 0.4 million higher if the acquisitions had been consolidated as of April 1, 2018.

As part of the first-time full consolidation of Travertec S.R.L., fair values for trade receivables of EUR 0.4 million (gross carrying amount: EUR 0.4 million) and for other receivables of EUR 0.2 million (gross carrying amount: EUR 0.2 million) were taken over. Receivables that are probably uncollectible are considered immaterial.

About voestalpine

In its business segments, voestalpine is a globally leading technology group with a unique combination of materials and processing expertise. With its top-quality products and system solutions using steel and other metals, it is a leading partner of the automotive and consumer goods industries as well as of the aerospace and oil & gas industries. voestalpine is also the world market leader in complete railway systems as well as in tool steel and special sections.


50 Countries on all 5 continents
500 Group companies and locations
52,000 Employees worldwide

Earnings FY 2018/19

€ 13.6 Billion


€ 1.6 Billion


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