Business development

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

  Hybrid capital 1) as of Dec 31

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.
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