In the first half of the business year 2020/21, depreciation totaling EUR 610.0 million exceeded actual investments of EUR 238.0 million. This, along with negative currency translation effects of EUR 77.6 million, essentially led to a decline in non-current assets from EUR 8,869.7 million to EUR 8,438.3 million. Due primarily to an operational decrease in inventories (see the ), compared to March 31, 2020, the carrying amount of the inventories as of the reporting date fell by EUR 270.7 million.
As of September 30, 2020, voestalpine AG’s share capital was EUR 324,391,840.99 (March 31, 2020: EUR 324,391,840.99) and was divided into 178,549,163 shares (March 31, 2020: 178,549,163). The company held 28,547 of its treasury shares as of the reporting date. In the first half of the business year 2020/21, 50 shares were withdrawn from the company’s treasury shares for a sweepstake.
Due primarily to changes in the actuarial result (negative) and the cash flow hedges (positive), the profit after tax of EUR –275.8 million was reduced to total comprehensive income of EUR –306.3 million. The Annual General Meeting on July 1, 2020, resolved a dividend per share of EUR 0.20 for the business year 2019/20. Therefore, voestalpine AG has distributed dividends of EUR 35.7 million to its shareholders in the current business year. This reduced equity to EUR 5,270.6 million.
In the current business year, the adjustment of the discount rate from 1.5% as of March 31, 2020, to 0.8% as of September 30, 2020, resulted in an increase over all in the provisions for pension and severance obligations and consequently in an actuarial loss of EUR –63.0 million (after deferred taxes) recognized in other comprehensive income. Despite the increase (recognized in income) in the fluctuation discount based on an analysis conducted by an external actuary, over all the reduction in the discount rate led to an increase (recognized in expenses) of EUR 1.9 million (or EUR 1.4 million after deferred taxes) in the provisions for long-service bonuses.
A total of EUR 13.6 million were recognized in the reporting period as expenses associated with redundancy agreements. In particular, these redundancy agreements concern approximately 600 employees particularly at the Group’s facilities in Kindberg and Kapfenberg (both Austria) as well as at a few German entities.