Net debt/EBITDA

The net debt/EBITDA ratio takes the effects of IFRS 16 into account, which must be applied from the 2019 financial year onwards, since the year under review. In addition, the ratio is based more closely on the definition of rating agencies, as it now also includes pension obligations.

The current development of net debt/EBITDA can be found Integrated Report 2018 of the DB Group. The Integrated Report 2018 will be pubslished in English in May 2019.

Derivation of Net debt/EBITDA

Netto-Schulden/EBITDA in Mio. € 2012 2013 2014 2015 2016 2017 2018
  Adjustierte Netto-Schulden  24.515 24.172 24.905 25.387 27.148 27.497 28.617
÷ EBITDA (IFRS16)1) 6.655 6.201 6.180 5.885 5.957 6.166 5.996
Netto-Schulden/EBITDA (Multiplikator) 3,7 3,9 4,0 4,3 4,6 4,5 4,8

1) Adjusted for proportionate lease expenses of the operating lease present value.