Net debt/EBITDA deteriorated
Net debt / EBITDA | H1 | Change | ||||
2019 | 2018 | absolute | thereof IFRS | % | ||
Net financial debt as of Jun 30 | 25,409 | 19,704 | + 5,705 | +4,272 | + 29.0 | |
Present calue operate leases as of Jun 30 | – | 4,875 | – 4,875 | –4,875 | – 100 | |
Adjusted net financial debt as of Jun 30 | 25,409 | 24,579 | + 830 | –603 | + 3.4 | |
Pension obligations as of Jun 30 | 5,270 | 4,269 | +1,001 | – | +23.4 | |
Adjusted net debt as of Jun 30 | 30,679 | 28,848 | +1,831 | –603 | +6.3 | |
EBITDA 1) | 2,534 | 2,304 | + 230 | +459 | + 10.0 | |
Lease rate 1) | – | 625 | –625 | –625 | –100 | |
EBITDA (IFRS 16) 1), 2) | 2,534 | 2,929 | –395 | –166 | –13.5 | |
Net debt/EBITDA | 6.1 | 4.9 | – | – | – | |
Target value | ≤ 3.0 | ≤ 2.5 | – | – | – | |
1) Figures extrapolated to the full year for calculation purposes.
2) Adjusted for pro rata leasing expenses of the present value operate leases.
The net debt/EBITDA ratio deteriorated due to the operating profit development. The increase in adjusted net financial debt and pension obligations also had a negative impact.