Gearing ratio

      Net financial debt – Equity – Gearing ratio

      In millions of euros

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

      The gearing ratio (net financial debt as a per­centage of equity) improved year over year, from 67.2% as of March 31, 2020, to 48.5% as of March 31, 2021. As a result, the Group not only met its gearing ratio target of no more than 50% but also managed to slightly surpass it. Given its good working capital performance and the ­lower expenditures for both investments and acquisitions, the voestalpine Group substantially reduced its net financial debt during the reporting period. At EUR 2,742.8 million as of March 31, 2021, not only did the Group bring the gearing ratio down significantly year over year, it also brought it to the lowest level since the business year 2014/15. As of March 31, 2021, equity is EUR 5,649.9 million and thus fairly stable (March 31, 2020: EUR 5,614.9 million).

      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





      Takeover or purchase of companies or of interests in companies.
      Assets made available to a corporation by the owners through deposits and/or contributions or from retained profits.
      Ratio of net financial debt to equity.
      Net financial debt
      Interest-bearing liabilities less interest-earning assets.