Gearing ratio

      Net financial debt – Equity – Gearing ratio

      In millions of euros

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

      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:

      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





      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.