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.

For details of debt coverage in 2023, please refer to the 2023 Integrated Report of the DB Group.

Derivation of debt coverage

Debt coverage (€ million or %)2012201320142015201620172018201920202021202220232024
 EBITDA adjusted 1)5,6015,1395,1104,7784,7974,9304,7395,4361,0022,2874.783882

2,943

+ Net operating
   interest
-865-842-824-759-721-682-618-620-541-464-467-558

-689

+ Depreciation ratio lease rate8508869069511,0051,0791,114-----

-

+ Original tex expenses-156-145-134-137-157-180-192-137-180-302

-447

-31

-28

= Operating cash flow after taxes 1)5,4305,0385,0584,8334,9245,1475,0434,6792811,521

3.869

293

2,226

Net financial debt as of Dec. 3116,36616,36216,21217,49117,62418,62319,54924,15729,34529,107

28.827

33,953

32,574

+ 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

29,34529,107

28.827

33,953

32,574

 + Pension obligation3,0743,1644,3573,6884,5223.9404,8235,3546,5175,031

2.970

3,492

3,318

 + Hybrid capital 2) as of Dec. 31

-------9991,0011,001

1.001

1,001

1,001

 ÷ Net debt as of Dec. 3124,51524,17224,90525,38727,14827,49728,61730,52836,86335,139

32.798

38,446

36,893

Debt coverage 1)22.220.820.319.018.118.717.615.30.84.3

13,1

0.8

6.0

1) 2023 figures for external revenues and employees adjusted due to changes to the presentation of DB Schenker as a discontinued business unit.
2) 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.

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