Gearing ratio

      Net financial debt – Equity – Gearing ratio

      In millions of euros

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

      While the voestalpine Group had already lowered the gearing ratio (net financial debt as a percentage of equity) in the previous business year by a significant amount to 48.5%, the ratio as of March 31, 2022, is 32.4% and thus lower yet again. This equates to the lowest year-end net financial debt since the business year 2012/13 and to the lowest gearing ratio since the acquisition of Böhler-Uddeholm in the business year 2007/08. The consolidation of investments that the Group undertook in recent years helped to reduce its financial liabilities. While net financial debt had fallen in the business year 2020/21 by more than EUR 1 billion to EUR 2,742.8 million, in the business year 2021/22 it shrank yet again to EUR 2,291.2 million (in each case as of March 31). The probable proceeds for the sale of 80% of the Group’s equity interest in voestalpine Texas will further help to extinguish net financial debt in the current business year 2022/23. At EUR 7,069.3 million as of March 31, 2022, the voestalpine Group’s equity surpassed the EUR 7 billion mark for the first time in its history. Compared with the level of EUR 5,649.9 million as of March 31, 2021, equity thus rose by EUR 1.4 billion or 25.1% in the reporting period thanks to the Group’s record results.

      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 from discontinued operations





      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.