Net financial debt – Equity – Gearing ratio
In millions of euros
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:
In millions of euros |
|
03/31/2020 |
|
03/31/2021 |
|---|---|---|---|---|
|
|
|
|
|
Financial liabilities, non-current |
|
3,889.7 |
|
2,846.2 |
Financial liabilities, current |
|
754.1 |
|
1,220.7 |
Cash and cash equivalents |
|
–794.7 |
|
–1,159.7 |
Other financial assets |
|
–55.4 |
|
–145.3 |
Loans and other receivables from financing |
|
–18.5 |
|
–19.1 |
Net financial debt |
|
3,775.0 |
|
2,742.8 |
