Gearing ratio

Net financial debtEquityGearing ratio

In millions of euros

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

At 67.2%, the gearing ratio (net financial debt as a percentage of equity) as of March 31, 2020, rose significantly from its level of 46.6% as of the previous year’s reporting date. In addition to the negative earnings performance, this increase also stems from accounting rules and the redemption of the hybrid bond. The EUR 500 million hybrid bond issued in 2013 was repaid as of October 31, 2019. It was recognized in equity as of September 9, 2019, and refinanced through borrowings. Moreover, in the business year 2019/20 net financial debt increased by EUR 436.4 million due to the initial recognition pursuant to IFRS 16 of both the capitalization of right-of-use assets and the corresponding lease liabilities under rental and leasing contracts. Against this backdrop, the net financial debt rose by 20.8%, from EUR 3,125.4 million as of March 31, 2019, to EUR 3,775.0 million as of March 31, 2020. Equity fell in the same period by 16.3%, from EUR 6,709.8 million as of March 31, 2019, to EUR 5,614.9 million as of March 31, 2020.

Net financial debt can be broken down as follows:

Net financial debt

In millions of euros










Financial liabilities, non-current





Financial liabilities, 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 steel and technology group with a unique combination of materials and processing expertise. voestalpine, which operates globally, has around 500 Group companies and locations in more than 50 countries on all five continents. It has been listed on the Vienna Stock Exchange since 1995. With its top-quality products and system solutions, it is a leading partner to the automotive and consumer goods industries as well as the aerospace and oil & gas industries, and is also the world market leader in railway systems, tool steel, and special sections. voestalpine is fully committed to the global climate goals and is working intensively to develop technologies which will allow it to decarbonize and reduce its CO2 emissions over the long term. In the business year 2019/20, the Group generated revenue of EUR 12.7 billion, with an operating result (EBITDA) of EUR 1.2 billion; it had about 49,000 employees worldwide.


50 Countries on all 5 continents
500 Group companies and locations
49,000 Employees worldwide

Earnings FY 2019/20

€ 12.7 Billion


€ 1.2 Billion


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