Business development

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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