Debt coverage
| DEBT COVERAGE / € million | 2021 | 2020 | Change | 2019 | ||
absolute | % | |||||
EBITDA adjusted | 2,287 | 1,002 | +1,285 | + 128 | 5,436 | |
Operating interest balance | –464 | –541 | +77 | –14.2 | –620 | |
Original tax expenses | –302 | –180 | – 122 | +67.8 | –137 | |
Operating cash flow after taxes | 1,521 | 281 | +1,240 | – | 4,679 | |
Net financial debt as of Dec 31 | 29,107 | 29,345 | –238 | –0.8 | 24,175 | |
Pension obligations as of Dec 31 | 5,031 | 6,517 | –1,486 | –22.8 | 5,354 | |
Hybrid capital 1) as of Dec 31 | 1,001 | 1,001 | – | – | 999 | |
Net debt as of Dec 31 | 35,139 | 36,863 | –1,724 | –4.7 | 30,528 | |
Debt coverage (%) | 4.3 | 0.8 | +3.5 | – | 15.3 | |
1) As assessed by the credit 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 increased as of December 31, 2021, but remained at a very low level:
- The operating cash flow after taxes increased, mainly as a result of improved operating profit.
- Net debt fell, due in part to lower pension liabilities. The slight decline in net financial debt also had supporting effect.
Do you like the site?
0
