Comparability with the previous year

IFRS 16 effect (€ million)		2019	IFRS 16 effect	2019 (excluding IFRS 16 effect	2018
	EBITDA	5,436	943	4,493	4,739
	EBIT	1,837	46	1,791	2,111
	Net capital expenditures	5,646	1,097	4,549	3,996
	Net financial debt as of Dec 31	24,175	4,487	19,688	19,549
	Capital employed as of Dec 31	42,999	4,487	38,512	36,657
	ROCE (%)	4.3	–0.4 ¹⁾	4.7	5.8

1) Percentage points.

In the year under review, DB Group began applying the new accounting standard IFRS 16. As a result of the changed presentation of leasing contract liabilities, the income and financial positions of DB Group and its business units were affected in the year under review (IFRS 16 effect):

The elimination of leasing expenses as operating expenses led to a higher operating profit before depreciation (EBITDA) being reported.
EBIT was only slightly positively affected as a result of the additional depreciation on leased assets.
Capital expenditures increased due to the fact that new leases are now being reported under capital expenditures.
ROCE declined to a lower level, as the capital employed increased disproportionately to EBIT. At the same time, the cost of capital also declined.
Financial debt increased as of December 31, 2019 through the inclusion of leasing liabilities.
As part of the first-time application of IFRS 16, we have adjusted our target value for roce and debt coverage.

Changes in the scope of consolidation on the other hand, did not significantly affect the trends in expenses and income in the year under review.

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Comparability with the previous year