Debt coverage
Debt coverage / € million | H 1 | Change | H 1 2019 | ||
2023 | 2022 | absolute | % | ||
EBITDA adjusted 1) | 2,375 | 2,804 | –429 | –15.3 | 2,534 |
Operating interest balance 1) | –280 | –239 | –41 | +17.2 | –333 |
Original tax expenses 1) | –126 | –262 | +136 | –51.9 | –90 |
Operating cash flow after taxes 1) | 1,969 | 2,303 | –334 | –14.5 | 2,111 |
Net financial debt as of Jun 30 | 30,278 | 30,504 | –226 | –0.7 | 25,409 |
Pension obligations as of Jun 30 | 3,235 | 3,435 | –200 | –5.8 | 5,270 |
Hybrid capital 2) as of Jun 30 | 1,003 | 1,003 | – | – | ‒ |
Net debt as of Jun 30 | 34,516 | 34,942 | –426 | –1.2 | 30,679 |
Debt coverage (%) | 11.4 | 13.2 | –1.8 | – | 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 deteriorated somewhat compared to June 30, 2022:
- The operating cash flow after taxes was down as a result of the decline in operating profit.
- Net debt was around the level as of June 30, 2022. Pension obligations and net financial debt did not change significantly.