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Debt coverage
Debt coverage (€ million) | 2020 | 2019 | Change | ||
absolute | % | ||||
EBITDA adjusted | 1,002 | 5,436 | –4,434 | –81.6 | |
Operating interest balance | –541 | –620 | +79 | –12.7 | |
Original tax expenses | –180 | –137 | –43 | +31.4 | |
Operating cash flow after taxes | 281 | 4,679 | –4,398 | –94.0 | |
Net financial debt as of Dec 31 | 29,345 | 24,175 | +5,170 | +21.4 | |
Pension obligations as of Dec 31 | 6,517 | 5,354 | +1,163 | +21.7 | |
Hybrid capital 1) as of Dec 31 | 1,001 | 999 | +2 | +0.2 | |
Adjusted net debt as of Dec 31 | 36,863 | 30,528 | +6,335 | +20.8 | |
Debt coverage (%) | 0.8 | 15.3 | – | – | |
1) As assessed by the rating agencies, half of the hybrid capital shown on the balance sheet is taken into account in the calculation of the adjusted net debt.
Debt coverage as of December 31,2020 decreased significantly:
- Operating cash flow after taxes declined significantly as a result of the fall in income caused by Covid-19.
- In addition, the adjusted netdebt increased sharply, mainly due to higher net financial debt.