Debt coverage
| Debt coverage (€ million) | 2019 | 2018 | Change | |||
absolute | thereof IFRS | % | ||||
| EBITDA adjusted | 5,436 | 4,739 | + 697 | +943 | + 14.7 |
Net operating interest | – 620 | – 618 | – 2 | –69 | + 0.3 | |
Depreciable portion of lease rates | – | 1,114 | – 1,114 | –1,114 | – 100 | |
Original tax expenditure | – 137 | – 192 | + 55 | – | – 28.6 | |
| Operating cash flow after taxes | 4,679 | 5,043 | – 364 | –240 | – 7.2 | |
| Net financial debt as of Dec 31 | 24,175 | 19,549 | + 4,626 | +4,487 | + 23.7 | |
Present value of operating leases as of Dec 31 | – | 4,245 | – 4,245 | –4,245 | – 100 | |
| Adjusted net financial debt as of Dec 31 | 24,175 | 23,794 | + 381 | +242 | + 1.6 | |
Pension obligations as of Dec 31 | 5,354 | 4,823 | + 531 | – | + 11.0 | |
Hybrid capital 1) as of Dec 31 | 999 | – | + 999 | – | – | |
Adjusted net debt as of Dec 31 | 30,528 | 28,617 | + 1,911 | +242 | + 6.7 | |
Debt coverage (%) | 15.3 | 17.6 | – | – | – | |
1) In accordance with the assessment by the rating agencies, half of the hybrid capital reported in the balance sheet is taken into account when determining the adjusted net debt.
Debt coverage as of December 31, 2019 has decreased. As a result of the pro rata inclusion of the hybrid capital and the increase of pension obligations, the adjusted net debt increased significantly more than the adjusted net financial debt. At the same time, the operating cash flow after taxes decreased because of the profit development.
