Notes on the consolidated statement of cash flows

Non-cash expenses and income include depreciation/revaluation (including financial assets) of EUR 604.3 million. Taking the change in working capital into consideration, the cash flows from operating activities are EUR 562.8 million compared with EUR 202.0 million in the first half of the previous year; this represents an increase of 178.6%. A total of EUR –287.3 million in cash flows from investing activities (which include EUR –5.5 million in investments in other financial assets) and EUR –0.7 million in cash flows from financing activities lead to a change in cash and cash equivalents (excluding net exchange differences) of EUR 274.8 million. The cash flows from financing activities include the renewed utilization of a EUR 150 million refinancing facility made available by Oesterreichische Kontrollbank, OeKB.

A total of EUR 188.4 million in funds from deferrals of social security contributions, non-wage costs, and taxes had a positive impact on the cash flows from operating activities. But the reduction in the factoring volume on account of lower revenue had a slightly higher countervailing effect.

Because investments were postponed to preserve liquidity, the cash flows of EUR –290.3 million from additions to other intangible assets, property, plant and equipment are substantially lower than they were in the same period the previous year (EUR –387.0 million).

Thanks to the excellent cash flows, net financial debt of EUR 3,775.0 million as of March 31, 2020, fell substantially to EUR 3,491.0 million as of September 30, 2020.

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


To the Top