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 in 2021, please refer to the 2021 Integrated Report or the Integrated Interim Report 2022 of the DB Group.

Derivation of debt coverage

Debt coverage (€ million or %)2012201320142015201620172018201920202021H1 2022
 EBITDA adjusted5,6015,1395,1104,7784,7974,9304,7395,4361,0022,2872,804
+ Net operating
   interest
-865-842-824-759-721-682-618-620-541-464-239
+ Depreciation ratio lease rate8508869069511,0051,0791,114----
+ Original tex expenses-156-145-134-137-157-180-192-137-180-302-262
= Operating cash flow after taxes5,4305,0385,0584,8334,9245,1475,0434,6792811,5212,303
Net financial debt as of Dec. 3116,36616,36216,21217,49117,62418,62319,54924,15729,34529,10730,504
+ 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

29,34529,10730,504
 + Pension obligation3,0743,1644,3573,6884,5223.9404,8235,3546,5175,0313,435

 + Hybrid capital1) as of Dec. 31

-------9991,0011,0011,003
 ÷ Net debt as of Dec. 3124,51524,17224,90525,38727,14827,49728,61730,52836,86335,13934,942
Debt coverage22.220.820.319.018.118.717.615.30.84.313.2

1) 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.

to overview