In the first three quarters of the business year 2013/14, investments amounting to EUR 664.3 million exceeded depreciations of EUR 433.9 million. Nevertheless, non-current assets increased only from EUR 6,980.9 million to EUR 7,091.7 million mainly due to negative exchange rate effects. Despite negative currency translation differences, inventories rose by EUR 174.7 million in comparison to March 31, 2013, due primarily to higher inventory volumes. Furthermore, the decrease of cash and cash equivalents from EUR 1,092.7 million to EUR 363.1 million resulted mainly from repayment of borrowed funds and dividends.
VA Intertrading Aktiengesellschaft has been recognized under other current financial investments (previously recognized according to the equity method) as the prerequisites for the application of IFRS 5 provisions have now been met; however, as these are immaterial and negligible, it is not appropriate to list them as a separate line item in the consolidated statement of financial position.
As of December 31, 2013, voestalpine AG’s share capital amounted to EUR 313,309,235.65 (March 31, 2013: EUR 313,309.235.65) and is divided into 172,449,163 shares (March 31, 2013: 172,449,163). The Company held 28,597 of its own shares as of the reporting date. In the first three quarters of the business year 2013/14, the Company sold 62,032 of its own shares.
Effective October 16, 2007, voestalpine AG issued a hybrid bond subordinated to all other creditors with a total issue volume of EUR 1 billion. The bond has an indefinite term and a 7.125% coupon rate. The Company may defer coupon payments if no dividends are being paid. In the fourth quarter of the business year 2012/13, voestalpine AG issued a new subordinated bond with an indefinite term (hybrid bond 2013) with a volume of EUR 500 million following an invitation extended to the holders of the hybrid bond to exchange their existing investment for a new hybrid bond on a 1:1 basis. As a result of this exchange, the outstanding nominal value of the hybrid bond 2007 is therefore EUR 500 million. The nominal value of both the hybrid bond 2007 and the hybrid bond 2013 again totals EUR 1 billion. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issues are recognized as part of equity. Accordingly, coupon payments are also reported as dividend payments.
Profit for the period amounting to EUR 351.6 million has contributed to the increase in equity. For the business year 2012/13, a dividend per share of EUR 0.90 was decided upon at the Annual General Meeting on July 3, 2013. Therefore, voestalpine AG distributed dividends amounting to EUR 155.2 million to its shareholders during the current business year. Interest for hybrid capital 2007 and hybrid capital 2013 amounting to EUR 42.8 million was also deducted from equity in the form of a dividend. Therefore, due to negative currency conversion effects amounting to EUR 113.6 million, overall equity remained almost unchanged in comparison to March 31, 2013.
Although non-current loans have been repaid according to our redemption schedule and loans were repaid before maturity, non-current financial liabilities increased to EUR 2,613.0 million due to new borrowings.