Gearing ratio

      Net financial debt – Equity – Gearing ratio

      In millions of euros

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

      The voestalpine Group has been able to continuously reduce its net financial debt in recent years. In the current reporting period, the Group succeeded in keeping the debt ratio stable at a low level despite accelerated investment activity. Specifically, net financial debt decreased from EUR 1,661.0 million as of March 31, 2023 to EUR 1,650.8 million as of March 31, 2024, creating a solid basis for the Group’s further growth and the transformation of steel production. By contrast, the voestalpine Group’s equity weakened slightly in a year-on-year comparison. In particular, the negative one-off effects in the form of impairment losses in the business year 2023/24 had an impact. Compared to the reporting date of March 31, 2023 (EUR 7,686.4 million), equity decreased slightly by 2.4% to EUR 7,499.6 million as of March 31, 2024. It should be noted that equity as of March 31, 2023 was adjusted retrospectively from EUR 7,769.4 million to EUR 7,686.4 million. Despite the slight decrease in equity in the current reporting period, the gearing ratio (net financial debt as a percentage of equity) remained virtually unchanged compared to the previous year at 22.0% as of March 31, 2024 (March 31, 2023: 21.6%).

      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 disposal groups





      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.