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Notes on the consolidated statement of financial position

The label of the item “Other financial assets” shown in the non-current assets was changed for clarification purposes to “Other financial assets and other shares in companies” in connection with the first-time adoption of IFRS 9 as of April 1, 2018, in order to reflect that the item comprises both financial assets and other shares in companies.

In the first half of the business year 2018/19, depreciation totaling EUR 380.6 million was less than actual investments in the amount of EUR 474.4 million. This and positive currency translation effects amounting to EUR 41.6 million essentially led to an increase in non-current assets from EUR 8,589.7 million to EUR 8,736.7 million. Due primarily to an operational increase in inventories (see Consolidated Cash Flow Statement), compared to March 31, 2018, the carrying amount of the inventories on the reporting date rose by EUR 31.7 million despite the negative transition effect resulting from the adoption of IFRS 15 in the amount of EUR 99.3 million.

As of September 30, 2018, voestalpine AG’s share capital amounted to EUR 320,394,836.99 (March 31, 2018: EUR 320,394,836.99) and was divided into 176,349,163 shares (March 31, 2018: 176,349,163). The Company held 28,597 of its own shares as of the reporting date. In the first half of the business year 2018/19, the Company neither bought nor sold any own shares.

In the business year 2012/13, voestalpine AG issued a new subordinate undated bond (hybrid bond 2013) with a volume of EUR 500.0 million. As the hybrid bond satisfies the IAS 32 criteria for equity, the proceeds from the bond issue are recognized as part of equity. Accordingly, coupon payments are also presented as part of the appropriation of profit. The issue costs of the hybrid bond 2013 amounted to EUR 2.8 million, less EUR 0.7 million in tax effects. Therefore, equity increased by EUR 497.9 million in the business year 2012/13.

Due primarily to changes in the actuarial result (negative), the profit after tax of EUR 316.2 million was reduced to total comprehensive income of EUR 271.9 million. This decreased equity to EUR 6,550.9 million including the dividend distribution (and including the effect from adoption of IFRS 15). For the business year 2017/18, a dividend per share of EUR 1.40 was decided upon at the Annual General Meeting on July 4, 2018. Therefore, voestalpine AG has distributed dividends amounting to EUR 246.8 million to its shareholders in the current business year.

Provisions for pensions, severance, and long-service bonus obligations are taken into account in the Interim Consolidated Financial Statements based on an expert opinion on the forecast for the entire current business year 2018/19. If significant changes of the parameters occur during the year, a reassessment of the net debt is carried out.

An adjustment of the mortality tables in both Austria and Germany as well as a slightly negative performance of the pension fund during the current business year resulted in an increase overall in the provisions for pension and severance obligations and consequently in an actuarial loss of EUR 34.1 million (after deferred taxes) recognized in the other comprehensive income. This also resulted in an (expensed) increase in the provisions for long-service bonus obligations amounting to EUR 7.7 million and, in sum, a total loss (after deferred taxes) of EUR 5.8 million that is recognized in the income statement.

About voestalpine

In its business segments, voestalpine is a globally leading technology and capital goods group with a unique combination of material and processing expertise. With its top-quality products and system solutions using steel and other metals, it is a leading partner to the automotive and consumer goods industries in Europe and to the aerospace, oil and gas industries worldwide. The voestalpine Group is also the world market leader in turnout technology, special rails, tool steel, and special sections.


50 Countries on all 5 continents
500 Group companies and locations
51,600 Employees worldwide

Earnings FY 2017/18

€ 13 Billion


€ 2 Billion


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