Investments in associates and joint ventures

Shares in material associates

Following the sale of 80% of its equity interest in the ArcelorMittal Texas HBI Group (formerly the voestalpine Texas Group) domiciled in the State of Delaware, USA, voestalpine now holds a 20% share and exercises substantial influence over this company and its subsidiary. This share is accounted for at equity. The voestalpine Group has not retained any contingent liabilities in connection with the sale of the 80% share package.

The deal was closed on June 30, 2022. Control was transferred to the buyer as of said date. This was followed by the deconsolidation of the subsidiary and its initial recognition as an associate. The gain on the sale of the equity interest is recognized in the income from discontinued operations (see Changes in the Scope of Consolidation). The ArcelorMittal Texas HBI Group operates a direct reduction plant and supplies hot briquetted iron (HBI) to the voestalpine Group. The company is not a listed entity.

The following tables contain the financial data on the ArcelorMittal Texas HBI Group. These financial data reflect preliminary adjustments in the fair value as of the acquisition on June 30, 2022. The disclosures for the business year shown comprise the earnings of the ArcelorMittal Texas HBI Group for the period from July 01, 2022 (closing date: June 30, 2022) through September 30, 2022.

 Summarized statement of financial position

 

 

ArcelorMittal Texas
HBI Group

 

 

09/30/2022

 

 

 

Non-current assets

 

547.3

Current assets

 

382.1

Non-current liabilities

 

57.4

Current liabilities

 

119.5

Net assets (100%)

 

752.5

 

 

 

In millions of euros

 Summarized income statement

 

 

ArcelorMittal Texas
HBI Group

 

 

07/01–09/30/2022

 

 

 

Revenue

 

241.8

 

 

 

Profit after tax

 

23.3

Comprehensive income

 

4.7

Other comprehensive income

 

9.0

Elimination of intra-Group profits incl. deferred taxes

 

–0.3

Comprehensive income (20%)

 

13.4

 

 

 

Proportional dividends received

 

0.0

 

 

 

In millions of euros

 Reconciliation of carrying amounts

 

 

ArcelorMittal Texas
HBI Group

 

 

09/30/2022

 

 

 

Net assets, closing balance

 

752.5

20% Group share of net assets

 

150.5

Goodwill and other adjustments incl. net exchange differences

 

0.9

Elimination of intra-Group profits incl. deferred taxes

 

–0.3

Carrying amount of the Group’s equity interest

 

151.1

 

 

 

In millions of euros

Shares in immaterial joint ventures

Profits from the joint ventures, which are individually immaterial to voestalpine’s Interim Consolidated Financial Statements, are included using the equity method. This information relates to the interests of the voestalpine Group in the immaterial joint ventures and is broken down as follows:

 

 

04/01–09/30/2021

 

04/01–09/30/2022

 

 

 

 

 

Group share of

 

 

 

 

Profit after tax

 

–0.5

 

–0.1

Other comprehensive income

 

0.1

 

0.1

Comprehensive income

 

–0.4

 

0.0

 

 

 

 

 

Carrying amount, immaterial joint ventures

 

4.9

 

4.4

 

 

 

 

 

In millions of euros

Shares in immaterial associates

The profit from associates that are individually immaterial to voestalpine’s Interim Consolidated Financial Statements are included using the equity method. This information relates to the interests of the voestalpine Group in associates and is broken down as follows:

 

 

04/01–09/30/2021

 

04/01–09/30/2022

 

 

 

 

 

Group share of

 

 

 

 

Profit after tax

 

10.4

 

16.2

Other comprehensive income

 

0.9

 

0.7

Comprehensive income

 

11.3

 

16.9

 

 

 

 

 

Carrying amount, immaterial associates

 

135.1

 

163.8

 

 

 

 

 

In millions of euros