Debt coverage
Debt coverage / € million | 2023 | 2022 | Change | |
absolute | % | |||
EBITDA adjusted 1) | 2,877 | 4,783 | –1,906 | –39.8 |
Operating interest balance | –620 | –467 | –153 | +32.8 |
Original tax expenses 1) | –265 | –447 | +182 | –40.7 |
Operating cash flow after taxes 1) | 1,992 | 3,869 | –1,877 | –48.5 |
Net financial debt as of Dec 31 | 33,953 | 28,827 | +5,126 | +17.8 |
Pension obligations as of Dec 31 | 3,492 | 2,970 | +522 | +17.6 |
Hybrid capital 2) as of Dec 31 | 1,001 | 1,001 | – | – |
Net debt as of Dec 31 | 38,446 | 32,798 | +5,648 | +17.2 |
Debt coverage 1) (%) | 5.2 | 11.8 | –6.6 | – |
1) Value for 2022 adjusted due to reclassification of DB Arriva.
2) 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, 2023, debt coverage (including the net debt from discontinued operations) decreased significantly, due in part to profits:
- Operating cash flow after taxes fell as a result of the weaker operating profit.
- The increase in net debt resulted mainly from higher net financial debt.
Taking into account a complete adjustment of DB Arriva, the debt coverage for DB Group in 2023 was 5.4% (previous year: 12.2%).
