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Gearing ratio

Net financial debt – Equity – Gearing ratio

In millions of euros

Net financial debt – Equity – Gearing ratio (bar chart)

After having already declined in the previous year despite record investment in a year-to-year comparison, the voestalpine Group’s gearing ratio (net financial debt as a percentage of equity) again decreased in the business year 2016/17 from 54.5% as of March 31, 2016, to 53.2% as of March 31, 2017. This was achieved despite the fact that investment in the past business year was again much higher than the level of depreciation, an increase in net working capital, mainly due to pricing factors, and another increase in the dividend. The long-term level of investment required to focus on the high-end quality segment and to implement the growth-driven internationalization strategy is therefore once again not in contradiction with solid financial growth. Against this backdrop, equity also rose by 7.2% from EUR 5,651.6 million as of March 31, 2016, to EUR 6,060.3 million as of March 31, 2017. Consequently, this also rose at a faster rate than net financial debt, which increased by 4.6% from EUR 3,079.9 million to EUR 3,221.1 million in the same period.

Net financial debt can be broken down as follows:

Net financial debt

In millions of euros










Financial liabilites non-current





Financial liabilites current





Cash and cash equivalents





Other financial assets





Loans and other receivables from financing





Net financial debt





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
50,000 Employees worldwide

Earnings FY 2016/17

€ 11.3 Billion


€ 1.54 Billion


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