Net financial debt – Equity – Gearing ratio
In millions of euros
Continuing the process it initiated a few years ago, the voestalpine Group accelerated payments on its liabilities during the reporting period as well. At EUR 1,661.0 million as of March 31, 2023 (EUR 2,291.2 million as of March 31, 2022), net financial debt was the lowest since the business year 2006/07. Over and above the Group’s excellent earnings performance, this outcome is also due to the proceeds from the sale of the 80% stake in the Texas-based direct reduction plant and from the sale of real property in Düsseldorf by the High Performance Metals Division. The voestalpine Group thus succeeded in lowering its net financial debt by more than half within a mere three years. This consolidation provides a comfortable starting point for the Group’s planned cutting-edge investments over the next few years, especially with respect to the decarbonization of its steel production. Compared with the March 31, 2022, reporting date (EUR 7,069.3 million), voestalpine substantially boosted its equity by 9.9% as of March 31, 2023, to EUR 7,769.4 million. Year over year, therefore, the gearing ratio (net financial debt as a percentage of equity) fell significantly from 32.4% as of March 31, 2022, to 21.4% as of March 31, 2023.
Net financial debt can be broken down as follows:
In millions of euros |
|
03/31/2022 |
|
03/31/2023 |
|---|---|---|---|---|
|
|
|
|
|
Financial liabilities, non-current |
|
2,646.2 |
|
2,242.2 |
Financial liabilities, current |
|
623.9 |
|
836.6 |
Cash and cash equivalents |
|
–842.8 |
|
–1,055.8 |
Other financial assets |
|
–145.6 |
|
–341.3 |
Loans and other receivables from financing |
|
–21.0 |
|
–20.7 |
Net financial debt from discontinued operations |
|
30.5 |
|
0.0 |
Net financial debt |
|
2,291.2 |
|
1,661.0 |
