Debt coverage
| Debt coverage (€ million) | H1 | Change | H1 2019 | |||
2021 | 2020 | absolute | % | |||
EBITDA adjusted 1) | 883 | 157 | +726 | – | 2,534 | |
Operating interest balance 1) | –235 | –282 | +47 | –16.7 | –333 | |
Original tax expenses 1) | –135 | –80 | –55 | +68.8 | –90 | |
| Operating cash flow after taxes | 513 | –205 | +718 | – | 2,111 | |
Net financial debt as of Jun 30 | 32,002 | 27,513 | +4,489 | +16.3 | 25,409 | |
Pension obligations as of Jun 30 | 5,343 | 5,917 | –574 | –9.7 | 5,270 | |
Hybrid capital 2) as of Jun 30 | 1,003 | 1,003 | – | – | – | |
Adjusted net debt as of Jun 30 | 38,348 | 34,433 | +3,915 | +11.4 | 30,679 | |
| Debt coverage (%) | 2.7 | –1.2 | – | – | 13.8 | |
Target (%) | ≥20 | ≥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 increased as of June 30, 2021, but remained very low:
- Operating cash flow after taxes increased, mainly as a result of the improved profits. The very strong development of DB Schenker more than compensated for the tense situation in the Integrated Rail System as a result of the Covid-19 pandemic.
- Adjusted net debt rose sharply as a result of higher net financial debt. The decline in pension obligations had only a slight dampening effect.
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