Key economic performance indicators

Debt coverage

We use debt coverage as a value management figure to steer our debt.

Debt coverage represents the relationship between operational cash flow and adjusted net financial debt. To determine the debt coverage the cash flow is more leasing adjusted as well as adjusted for tax payments. The debt include not only net financial debt and lease liabilities, but also pension liabilities.

The target value for debt coverage is ≥ 20%.

For details of debt coverage, please refer to the 2020 Integrated Report of the DB Group.

Derivation of debt coverage

Debt coverage (€ million or %)201220132014201520162017201820192020H1 2021
 EBITDA adjusted5,6015,1395,1104,7784,7974,9304,7395,4361,002883
+ Net operating
   interest
-865-842-824-759-721-682-618-620-541-235
+ Depreciation ratio lease rate8508869069511,0051,0791,114---
+ Original tex expenses-156-145-134-137-157-180-192-137-180-135
= Operating cash flow after taxes5,4305,0385,0584,8334,9245,1475,0434,679281513
Net financial debt16,36616,36216,21217,49117,62418,62319,54924,15729,34532,002
+ Present value of operating leases5,0754,6464,3364,2085,0024,9344,245---
 = Adjusted net financial debt21,44121,00820,54821,69922,62623,55723,794

24,157

29.34532,002
 + Pension obligation3,0743,1644,3573,6884,5223.9404,8235,3546,5175,343

 + Hybrid capital as of Dec. 31

-------9991,0011,003
 ÷ Adjusted net debt24,51524,17224,90525,38727,14827,49728,61730,52836,86338,348
Debt coverage22.220.820.319.018.118.717.615.30.82.7
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