The gearing ratio (net financial debt in percent of equity) was 46.6% at the end of the business year 2018/19 and thus is largely stable compared with the previous year’s level of 45.7%.
While equity rose 2.4% from EUR 6,554.3 million as of the end of March 2018 to EUR 6,709.8 million as of the current reporting date (March 31, 2019), the net financial debt rose by 4.4% year over year, from EUR 2,995.1 million as of March 31, 2018, to EUR 3,125.4 million as of the close of the business year 2018/19. While negative effects resulted, for one, from the development of working capital, which was driven by a significant increase in value throughout the business year 2018/19 due to rising raw material and alloy prices, for another, investment expenditure for other intangible assets, property, plant and equipment also went up year over year, from EUR 850.2 million to EUR 1,045.7 million.
Net financial debt can be broken down as follows:
Net financial debt |
||||
In millions of euros |
|
03/31/2018 |
|
03/31/2019 |
|
|
|
|
|
Financial liabilities, non-current |
|
2,783.6 |
|
2,661.8 |
Financial liabilities, current |
|
1,315.5 |
|
1,142.3 |
Cash and cash equivalents |
|
–705.8 |
|
–485.9 |
Other financial assets |
|
–388.1 |
|
–182.3 |
Loans and other receivables from financing |
|
–10.1 |
|
–10.5 |
Net financial debt |
|
2,995.1 |
|
3,125.4 |
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