Business development

Debt coverage

Debt coverage
(€ million)

2019

2018

Change

absolute

thereof IFRS
16 effect

%

 

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.

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