Debt coverage
DEBT COVERAGE / € million | H 1 | Change | H 1 | |||
2022 | 2021 | absolute | % | |||
EBITDA adjusted 1) | 2,804 | 883 | +1,921 | – | 2,534 | |
Operating interest balance 1) | –239 | –235 | –4 | +1.7 | –333 | |
Original tax expenses 1) | –262 | –135 | –127 | +94.1 | –90 | |
Operating cash flow after taxes 1) | 2,303 | 513 | +1,790 | – | 2,111 | |
Net financial debt as of Jun 30 | 30,504 | 32,002 | –1,498 | –4.7 | 25,409 | |
Pension obligations as of Jun 30 | 3,435 | 5,343 | –1,908 | –35.7 | 5,270 | |
Hybrid capital 2) as of Jun 30 | 1,003 | 1,003 | – | – | ‒ | |
Net debt as of Jun 30 | 34,942 | 38,348 | –3,406 | –8.9 | 30,679 | |
Debt coverage (%) | 13.2 | 2.7 | +10.5 | – | 13.8 | |
Target value (%) | ≥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 improved significantly compared to June 30, 2021:
- The operating cash flow after taxes increased as a result of the improved operating profit.
- Net debt fell significantly compared to June 30, 2021. This resulted from lower pension obligations and lower net financial debt.