In the first half of the business year 2022/23, depreciation totaling EUR 547.5 million exceeded actual investments of EUR 318.7 million. By contrast, shares in equity-consolidated companies rose by EUR 156.6 million largely as a result of the at-equity consolidation of the remaining 20% share in the ArcelorMittal Texas HBI Group. These effects mainly lowered non-current assets from EUR 7,886.6 million to EUR 7,796.0 million. Due to an increase in inventories arising from both prices and volumes (see the consolidated statement of cash flows), compared with March 31, 2022, the carrying amount of the inventories as of the reporting date rose by EUR 1,345.8 million.
In the High Performance Metals Division, a property in Germany with a carrying amount of EUR 19.7 million was recognized as an asset held for sale due to its planned sale.
As of September 30, 2022, voestalpine AG’s share capital was EUR 324,391,840.99 (March 31, 2022: EUR 324,391,840.99) and was divided into 178,549,163 shares (March 31, 2022: 178,549,163). The company held 28,547 of its treasury shares as of the reporting date.
Due primarily to changes in the actuarial result (positive), the currency translations (negative) and the cash flow hedges (negative), the profit after tax of EUR 715.1 million was reduced to total comprehensive income of EUR 705.6 million. The Annual General Meeting on July 6, 2022, resolved a dividend per share of EUR 1.20 for the business year 2021/22. Therefore, voestalpine AG has distributed dividends of EUR 214.2 million to its shareholders in the current business year. Equity increased to EUR 7,532.9 million, mainly as a result of the positive total comprehensive income.
In the current business year, particularly the adjustment of the discount rate from 1.9% as of March 31, 2022, to 3.7% as of September 30, 2022, resulted in a decrease in the provisions for pension and severance obligations and consequently in an actuarial gain of EUR 114.6 million (after deferred taxes) that is recognized in other comprehensive income. The adjustment in the discount rate led to a decrease (recognized in income) of EUR 19.7 million (or EUR 15.0 million after deferred taxes) in the provisions for long-service bonuses.