Debt coverage
Debt coverage / € million | 2022 | 2021 | Change | 2019 | |
absolute | % | ||||
EBITDA adjusted | 5,210 | 2,287 | +2,923 | +128 | 5,436 |
Operating interest balance | –467 | –464 | –3 | +0.6 | –620 |
Original tax expenses | –455 | –302 | –153 | +50.7 | –137 |
Operating cash flow after taxes | 4,288 | 1,521 | +2,767 | – | 4,679 |
Net financial debt as of Dec 31 | 28,827 | 29,107 | –280 | –1.0 | 24,175 |
Pension obligations as of Dec 31 | 2,970 | 5,031 | –2,061 | –41.0 | 5,354 |
1) as of Dec 31 Hybrid capital | 1,001 | 1,001 | – | – | 999 |
Net debt as of December 31 | 32,798 | 35,139 | –2,341 | –6.7 | 30,528 |
Debt coverage (%) | 13.1 | 4.3 | +8.8 | – | 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.
As of December 31, 2022, debt coverage increased significantly, due in particular to profit development:
- The operating cash flow after tax increased as a result of the improved operating profit.
- Net debt fell compared with December 31, 2021. This was mainly the result of lower pension obligations. Net financial debt fell slightly.