Cash flows

Despite the decline in earnings, the voestalpine Group was able to significantly increase its cash flows from operating activities in the business year 2023/24 by more than half, from EUR 956.2 million in the previous year to EUR 1,447.9 million. This was mainly due to the development of working capital: While working capital rose sharply by EUR 1,013.3 million in the previous year due to the material increase in raw material costs and the first-time storage of natural gas, working capital was reduced by EUR 179.1 million in the current reporting period. Investment activities in other intangible assets and property, plant, and equipment were expanded in the business year 2023/24. In the previous year, cash flow from investing activities also included considerable cash inflows from the sale of 80% of the shares in voestalpine-Texas to ArcelorMittal and the sale of real property in Düsseldorf, Germany. Against this backdrop, cash flow from investing activities was only slightly negative at EUR –47.1 million in the business year 2022/23, while it amounted to EUR –853.0 million in the current reporting period. Cash flow from financing activities developed year-on-year from EUR –685.9 million to EUR –325.3 million. This resulted in an increase in cash and cash equivalents of EUR 269.6 million in the business year 2023/24 (business year 2022/23: increase of EUR 223.2 million). Including the change in currency translation, this results in a closing balance of cash and cash equivalents of EUR 1,322.1 million as of March 31, 2024 (March 31, 2023: EUR 1,055.8 million).