Generally weak development of key debt ratios
Redemption coverage declining
Redemption coverage | H1 | Change | |||
2018 | 2017 | absolute | % | ||
EBITDA adjusted 1) | 2,304 | 2,574 | – 270 | – 10.5 | |
Net operating interest 1) | – 315 | – 332 | + 17 | – 5.1 | |
Depreciation share leasing rate 1) | 553 | 522 | + 31 | + 5.9 | |
Original tax expenses 1) | – 99 | – 82 | – 17 | + 20.7 | |
Operating cash flow after taxes | 2,443 | 2,682 | – 239 | – 8.9 | |
Net financial debt as of Jun 30 | 19,704 | 19,030 | + 674 | + 3.5 | |
Present value operate leases | 4,875 | 4,798 | + 77 | + 1.6 | |
Adjusted net financial debt as of Jun 30 | 24,579 | 23,828 | + 751 | + 3.2 | |
Pension obligations | 4,269 | 3,958 | +311 | +7.9 | |
Adjusted net debt as of Jun 30 2) | 28,848 | 27,786 | +1,062 | +3.8 | |
Redemption coverage (%) | 16.9 | 19.3 | – | – | |
Target value (%) | ≥ 25.0 | ≥ 25.0 | – | – | |
1) Figures extrapolated to the full year for calculation purposes.
2) Figure as of June 30, 2017 adjusted.
A significant decline in operating cash flow after taxes and a simultaneous increase in adjusted net debt led to a decline in redemption coverage. In addition to net financial debt, pension obligations also increased.
Gearing improved
Gearing | 2018 | 2017 | Change | ||
absolute | % | ||||
Net financial debt | 19,704 | 19,030 | + 674 | + 3.5 | |
Equity 1) | 14,143 | 13,362 | + 781 | + 5.8 | |
Gearing (%) | 139 | 142 | – | – | |
Target value (%) | 100 | 100 | – | – | |
1) Figure as of 30 June 2017 adjusted.
Gearing has improved slightly, but it remains above the target value of 100%. The increase in equity through the capital measures put in place by the Federal Government in the previous year was decisive for this development. Higher net financial debt partially compensated for this effect.
Net financial debt/EBITDA deteriorated significantly
Net financial debt/EBITDA | H1 | Change | |||
2018 | 2017 | absolute | % | ||
Net financial debt as of Jun 30 | 19,704 | 19,030 | + 674 | + 3.5 | |
EBITDA adjusted 1) | 2,304 | 2,574 | – 270 | – 10.5 | |
Net financial debt/EBITDA | 4.3 | 3.7 | – | – | |
Target value (multiple) | ≤2.5 | ≤2.5 | – | – | |
1) Figures extrapolated to the full year for calculation purposes.
The net financial debt/EBITDA ratio deteriorated significantly in the first half of 2018 due to a rise in net financial debt and a simultaneous decline in adjusted EBITDA.