Debt coverage
Debt coverage / € million | H1 | Change | ||
2024 | 2023 | absolute | % | |
EBITDA adjusted 1), 2) | 1,301 | 2,178 | –877 | –40.3 |
Operating interest balance 1), 2) | –396 | –284 | –112 | +39.4 |
Original tax expenses 1), 2) | –84 | –133 | +49 | –36.8 |
Operating cash flow after taxes 1), 2) | 821 | 1,761 | –940 | –53.4 |
Net financial debt as of Jun 30 | 33,084 | 30,278 | +2,806 | +9.3 |
Pension obligations as of Jun 30 | 3,240 | 3,235 | +5 | +0.2 |
Hybrid capital 3) as of Jun 30 | 1,003 | 1,003 | – | – |
Net debt as of Jun 30 | 37,327 | 34,516 | +2,811 | +8.1 |
Debt coverage 1) (%) | 4.4 | 10.2 | –5.8 | – |
Target value (%) | ≥20 | ≥20 | ‒ | ‒ |
1) Value for the first half of 2023 adjusted due to reclassification of DB Arriva.
2) Figures extrapolated to the full year for calculation of key figures.
3) 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.
As of June 30, 2024, debt coverage decreased significantly, due in particular to profit development:
- Operating cash flow after taxes fell, in particular, as a result of the weaker operating profit.
- The increase in net debt compared to June 30, 2023, was largely due to higher net financial debt.