These interim consolidated financial statements of voestalpine AG as of June 30, 2013 for the first quarter of the business year 2013/14 were prepared in accordance with IAS 34 – Interim Financial Reporting. The accounting policies are unchanged from the annual consolidated financial statements for the business year 2012/13 with the following exceptions:
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New and revised Standards adopted for the first time in the business year 2013/14 |
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Standard |
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Content |
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Effective date1 |
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IFRS 13 |
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Fair Value Measurement |
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January 1, 2013 |
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IFRS 7, amendments |
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Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities |
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January 1, 2013 |
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IAS 12, amendments |
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Income Taxes – Deferred Tax: Recovery of Underlying Assets |
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January 1, 2013 |
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IAS 1, amendments |
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Presentation of Financial Statements – Presentation of Items of Other Comprehensive Income |
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July 1, 2012 |
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IAS 19, amendments |
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Employee Benefits |
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January 1, 2013 |
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Various Standards |
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Annual Improvements to International Financial Reporting Standards, 2009–2011 Cycle |
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January 1, 2013 |
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1 These Standards are applicable to reporting periods beginning on or after the effective date. | ||||
IFRS 13 defines the concept of fair value, provides a framework for measuring fair value in a single Standard, and prescribes the disclosures related to the measurement of fair value. There are additional notes and disclosures in interim consolidated financial statements of voestalpine AG as a result of the first-time application of IFRS 13.
New provisions governing disclosures for offsetting financial instruments in the statement of financial position are added as a result of the amendments to IFRS 7. This change had no impact on interim consolidated financial statements of voestalpine AG as of June 30, 2013.
The amendments to IAS 1 require that the items of other comprehensive income are grouped according to whether they will be recycled later to the income statement or not. The presentation of the statement of comprehensive income was adjusted accordingly.
The corridor method is eliminated and finance costs are determined on a net basis as a result of the amendments to IAS 19. Furthermore, past service cost is to be recognized immediately through profit or loss in the future and additional disclosures are required in relation to defined benefit plans. In the voestalpine Group, actuarial gains and losses from severance and pension obligations have already been recognized directly in equity in the year in which they are incurred. The amendments to IAS 19 result in a change in the accounting treatment of expected return on plan assets of voestalpine AG. Until March 31, 2013, the expected return on plan assets was reported based on the underlying contracts with the pension funds in the voestalpine Group; now it is recognized in full under net financial income.
The relevant line items were retroactively adjusted for the first quarter of the business year 2012/13 to reflect the following adjustments due to the amendments to IAS 19:
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Adjustments to the income statement |
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04/01–06/30/2012 |
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Cost of sales |
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–1.1 |
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Distribution costs |
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–0.4 |
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Administrative expenses |
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–1.1 |
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Other operating expenses |
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–0.1 |
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Total |
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–2.7 |
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In millions of euros |
The application of the other new standards does not have a significant impact on the interim consolidated financial statements. Further information on the principles of preparation is provided in the consolidated financial statements as of March 31, 2013, on which these interim consolidated financial statements are based.
The interim consolidated financial statements are presented in millions of euros (the functional currency of the parent company). The use of automated calculation systems may result in rounding differences.
Unless otherwise stated, comparative information relates to the first quarter of the business year 2012/13 (reporting date: June 30, 2012).
The interim consolidated financial statements have not been audited or reviewed by auditors.