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 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 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.

 Summarized statement of financial position

 

 

ArcelorMittal Texas HBI Group

 

 

03/31/2024

 

09/30/2024

 

 

 

 

 

Non-current assets

 

411.8

 

365.3

Current assets

 

385.5

 

389.1

Non-current liabilities

 

34.2

 

32.0

Current liabilities

 

120.4

 

113.1

Net assets (100%)

 

642.7

 

609.3

 

 

 

 

 

In millions of euros

 Summarized income statement

 

 

ArcelorMittal Texas HBI Group

 

 

04/01–
09/30/2023

 

04/01–
09/30/2024

 

 

 

 

 

Revenue

 

364.3

 

296.2

 

 

 

 

 

Profit after tax

 

13.3

 

–24.6

Profit after tax (20%)

 

2.7

 

–4.9

Other comprehensive income

 

2.7

 

–2.9

Periodic update of PPA

 

2.8

 

2.1

Elimination of intra-Group profits incl. deferred taxes

 

0.0

 

0.0

Comprehensive income (20%)

 

8.2

 

–5.7

 

 

 

 

 

Proportional dividends received

 

0.0

 

0.0

 

 

 

 

 

In millions of euros

 Reconciliation of carrying amounts

 

 

ArcelorMittal Texas HBI Group

 

 

03/31/2024

 

09/30/2024

 

 

 

 

 

Net assets, closing balance

 

642.7

 

609.3

20% Group share of net assets

 

128.6

 

121.9

Goodwill incl. net exchange differences

 

3.1

 

3.0

Impairment incl. net exchange differences

 

–31.8

 

–30.7

Carrying amount of the Group’s equity interest

 

99.9

 

94.2

 

 

 

 

 

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–
09/30/2023

 

04/01–
09/30/2024

 

 

 

 

 

Group share of

 

 

 

 

Profit after tax

 

0.0

 

0.0

Other comprehensive income

 

–0.1

 

0.0

Comprehensive income

 

–0.1

 

0.0

 

 

 

 

 

Carrying amount, immaterial joint ventures

 

4.5

 

4.3

 

 

 

 

 

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–
09/30/2023

 

04/01–
09/30/2024

 

 

 

 

 

Group share of

 

 

 

 

Profit after tax

 

13.0

 

11.3

Other comprehensive income

 

–0.7

 

–0.2

Comprehensive income

 

12.3

 

11.1

 

 

 

 

 

Carrying amount, immaterial associates

 

168.9

 

166.1

 

 

 

 

 

In millions of euros