In the first half of the business year 2024/25, depreciation totaling EUR 379.6 million was less than actual investments of EUR 500.7 million. This effect mainly increased non-current assets from EUR 7,877.2 million to EUR 7,958.7 million. The decrease in cash and cash equivalents of EUR 975.9 million in the first half of the business year 2024/25 is mainly due to the repayment of the 2017 corporate bond in the amount of EUR 500 million, as well as increased capital expenditure and the dividend payment.
The decrease in other assets and other provisions compared to the balance sheet date is due, in particular, to the required surrender of emission certificates in April of each calendar year for the greenhouse gas emissions of the previous calendar year.
As of September 30, 2024, voestalpine AG’s share capital is EUR 324,391,840.99 (March 31, 2024: EUR 324,391,840.99) and is divided into 178,549,163 shares (March 31, 2024: 178,549,163). The company held 7,098,547 of its treasury shares as of the reporting date.
On April 28, 2023, voestalpine AG issued senior unsecured convertible bonds in the amount of EUR 250 million with a term of five years in order to further optimize its financing structure. The convertible bonds, denominated in EUR 100,000 and with a maturity of five years, were issued at 100% of their nominal value and could initially be converted into approximately 6.1 million new and/or existing no-par bearer shares of voestalpine AG. The offering is being made by way of an accelerated bookbuilding process and is exclusively targeted at institutional investors in defined countries. The equity component of the convertible bond amounts to EUR 18.8 million.
If the dividend of voestalpine AG is more than EUR 1.20 per share, the conversion price is reduced. Due to the dividend of EUR 1.50 per share in July 2023, the conversion price has been reduced from EUR 40.8915 to EUR 40.4874 and the reference dividend was adjusted from EUR 1.20 to EUR 1.1881 per share. The adjustment of the conversion price serves as protection against dilution. Since then, there has been no change in either the conversion price or the reference dividend. The convertible bonds are considered potential ordinary shares and are included in the calculation of diluted earnings per share from the date of issue if they have a dilutive effect on earnings per share. See also the calculation of diluted and basic earnings per share in the notes to the consolidated income statement.
Due primarily to changes in the actuarial result (negative), the currency translations (negative), and the cash flow hedges (positive), the profit after tax of EUR 182.9 million was reduced to total comprehensive income of EUR 147.1 million. The Annual General Meeting on July 3, 2024, resolved a dividend per share of EUR 0.70 for the business year 2023/24. Therefore, voestalpine AG has distributed dividends of EUR 120.0 million to its shareholders in the current business year. A dividend of EUR 93.7 million was distributed to non-controlling interests. As these dividend distributions exceed the overall result, equity decreased to EUR 7,426.3 million.
In the current business year, the adjustment of the discount rate from 3.6% as of March 31, 2024, to 3.3% as of September 30, 2024, in particular, results in an increase in the provisions for pension and severance obligations and consequently in an actuarial loss of EUR 29.5 million (after deferred taxes) that is recognized in other comprehensive income. The adjustment in the discount rate leads to an increase (recognized in income) of EUR 8.4 million (or EUR 6.5 million after deferred taxes) in the provisions for long-service bonuses.
The reduction in financial liabilities is primarily attributable to the repayment of the aforementioned 2017 corporate bond in the amount of EUR 500 million. The decline in both raw material/energy prices and production volumes has led to a decrease in both trade payables from bills of exchange and trade payables from reverse factoring agreements and trade and other payables during the first half of the 2024/25 business year.