Debt coverage
| Debt coverage (€ million) | H1 | Change | |||
2020 | 2019 | absolute | % | ||
| EBITDA adjusted 1) | 157 | 2,534 | – 2,377 | – 93,8 |
Net operating interest 1) | – 282 | – 333 | + 51 | – 15,3 | |
Actual taxes on income 1) | – 80 | – 90 | + 10 | – 11,1 | |
| Operating cash flow after taxes | – 205 | 2,111 | – 2,316 | – | |
| Net financial debt as of Jun 30 | 27,513 | 25,409 | + 2,104 | + 8,3 | |
Pension obligations as of Jun 30 | 5,917 | 5,270 | + 647 | + 12,3 | |
Hybrid capital 2) as of Jun 30 | 1,003 | – | + 1,003 | – | |
Net debt as of Jun 30 | 34,433 | 30,679 | + 3,754 | + 12,2 | |
| Debt coverage (%) | – 1,2 | 13,8 | – | – | |
| Target value (%) | ≥20 | ≥20 | – | – | |
1) Figures extrapolated to the full year for calculation purposes.
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.
Debt coverage has fallen. Operating cash flow after taxes declined significantly as a result of the fall in income caused by Covid-19. In addition, net debt increased significantly more than net financial debt as a result of the proportional inclusion of hybrid capital and the increase in pension obligations.