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, 2020





      Additions from acquisitions





      Change in the consolidation method and incorporation




















      Divestments or disposals





      As of March 31, 2021





      Of which foreign companies





      The following entities were deconsolidated during the business year 2020/21:

      Name of entity


      Date of deconsolidation




      Full consolidation in the business year 2019/20



      voestalpine Dienstleistungs- und Finanzierungs GmbH


      January 1, 2021

      Importkohle Gesellschaft m.b.H.


      February 28, 2021

      voestalpine HR Services GmbH


      March 31, 2021

      voestalpine Elmsteel Group Limited


      March 31, 2021

      voestalpine Special Steels China Limited


      March 31, 2021







      Sturdell Industries Inc., CAN


      April 1, 2020

      Sturdell Industries, Inc., USA


      April 1, 2020

      Sermetal Barcelona, S.L.


      April 1, 2020

      voestalpine VAE Italia S.r.l.


      April 1, 2020

      voestalpine Automotive Components Schwäbisch Gmünd Beteiligung GmbH


      April 1, 2020

      voestalpine Railway Systems Nortrak I LLC


      March 31, 2021

      voestalpine Bohler Welding USA I LLC


      March 31, 2021

      voestalpine Precision Strip II (USA) LLC


      March 31, 2021

      The following, previously fully consolidated subsidiaries—voestalpine Dienstleistungs- und Finanzierungs GmbH; Importkohle Gesellschaft m.b.H.; voestalpine HR Services GmbH; voestalpine Elmsteel Group Limited; and voestalpine Special Steels China Limited—were deconsolidated as of the discontinuation of their businesses. Their effects on the Consolidated Financial Statements are deemed immaterial.

      Takeover or purchase of companies or of interests in companies.
      Assets made available to a corporation by the owners through deposits and/or contributions or from retained profits.
      IFRS (International Financial Reporting Standards)
      Accounting regulations developed to guarantee comparable accounting and disclosure.