Restrictions on the comparability with the first half of 2018
| IFRS 16 effects (€ million) | H 1 2019 (excluding IFRS 16) | IFRS 16 effects | H 1 | |
EBITDA | 2,075 | +459 | 2,534 | |
EBIT | 737 | +20 | 757 | |
Net capital expenditures | 1,906 | +444 | 2,350 | |
Net financial debt as of Jun 30, 2019 | 21,137 | +4,272 | 25,409 | |
| Capital employed as of Jun 30, 2019 | 37,842 | +4,272 | 42,114 | |
ROCE (%) | 3.9 | –0.3 1) | 3.6 | |
1) Percentage Points.
Since the 2019 financial year DB Group has applied the new accounting standard IFRS 16.
The changes in the disclosure of obligations under leasing agreements influenced the earnings and financial position of DB Group and its business units in the first half of 2019 (IFRS 16 effects):
- The elimination of leasing expenses as operating expenses will result in higher operating income before depreciation and amortization (EBITDA).
- EBIT is positively influenced to a lesser extent as a result of additional depreciation on the leased assets.
- Capital expenditures have increased, as new leases are now included.
- ROCE has fallen to a lower level, as capital employed has increased disproportionately to EBIT. At the same time, the cost of capital also fell.
- Financial debt increased as of June 30, 2019 due to the inclusion of lease liabilities.
- Under the first-time application of IFRS 16, we have adjusted our target values for ROCE (≥ 7.0%) and redemption coverage (≥ 20.0%).
Changes in the scope of consolidation have not significantly affected income and expense development in the first half of 2019.