C. Scope of consolidation

The consolidated Group (see the “Investments” appendix to the Notes) is defined in accordance with IFRS requirements. In addition to the annual financial statements of voestalpine AG, the Consolidated Financial Statements also include the financial statements of entities controlled by voestalpine AG (and its subsidiaries). Entities controlled by voestalpine AG that are not included in the Consolidated Financial Statements of voestalpine AG are negligible, both individually and collectively.

Subsidiaries are entities controlled by the Group. Control exists when the voestalpine Group has power over the investee, is exposed to fluctuating returns on its investment, and has the ability to use its power over the investee to affect the amount of the investor`s returns. The annual financial statements of subsidiaries are included in the Consolidated Financial Statements as of the point in time at which the Group acquires control over the subsidiary up to the point in time at which the Group ceases to exercise control over the subsidiary.

Associates are entities over which the voestalpine Group has significant influence, because it participates in the entities’ financial and operating policy decisions, but the decision-making processes are not controlled nor jointly managed. Joint ventures are joint arrangements in which partner companies (the voestalpine Group and one or more partners) exercise joint control over the arrangement and possess rights to the entity’s net assets. The annual financial statements of associates and joint ventures are included in the Consolidated Financial Statements using the equity method from the acquisition date until the disposal date. The Group’s associates and joint ventures are listed in the “Investments” appendix to the Notes.

Changes in the scope of consolidation

The scope of consolidation changed as follows during the past business year:



Full consolidation


Equity method






As of April 1, 2019





Additions from acquisitions





Change in the consolidation method and incorporation




















Divestments or disposals





As of March 31, 2020





Of which foreign companies





The following entities were deconsolidated during the business year 2019/20:

Name of entity


Date of




Full consolidation in the business year 2018/19



Compania de Industria y Comercio, S.A. de C.V.


February 12, 2020

V54 Fonds


March 31, 2020







IS Intersteel Stahlhandel GmbH


April 1, 2019

voestalpine ME Beteiligung GmbH


April 1, 2019

voestalpine Metal Engineering Verwaltung GmbH


April 1, 2019

voestalpine Wire Technology GmbH


April 1, 2019

All shares were sold and deconsolidated as of the close of the past business year in connection with the dissolution of the securities fund of funds, V54. Its effects on the Consolidated Financial Statements are deemed immaterial.

The sale of the Mexican subsidiary of voestalpine Precision Strip, Compania de Industria y Comercio, S.A. de C.V., was completed on February 12, 2020. Sales of special steel for special applications in the Mexican market are the company’s core business. The sale is rooted in the voestalpine Group’s consistent pursuit of its strategic orientation on processed products. The aforementioned Mexican company generated revenue of around EUR 3.6 million in the business year 2018/19 and has 19 employees.

The disposal had the following effect on the Consolidated Financial Statements:



Recognized values




Non-current assets



Current assets



Non-current liabilities



Current liabilities



Net assets



Result from the loss of control



Consideration received



Portion of selling price not yet paid



Cash and cash equivalents disposed of



Net cash outflow






In millions of euros

About voestalpine

In its business segments, voestalpine is a globally leading steel and technology group with a unique combination of materials and processing expertise. voestalpine, which operates globally, has around 500 Group companies and locations in more than 50 countries on all five continents. It has been listed on the Vienna Stock Exchange since 1995. With its top-quality products and system solutions, it is a leading partner to the automotive and consumer goods industries as well as the aerospace and oil & gas industries, and is also the world market leader in railway systems, tool steel, and special sections. voestalpine is fully committed to the global climate goals and is working intensively to develop technologies which will allow it to decarbonize and reduce its CO2 emissions over the long term. In the business year 2019/20, the Group generated revenue of EUR 12.7 billion, with an operating result (EBITDA) of EUR 1.2 billion; it had about 49,000 employees worldwide.


50 Countries on all 5 continents
500 Group companies and locations
49,000 Employees worldwide

Earnings FY 2019/20

€ 12.7 Billion


€ 1.2 Billion


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