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|
|÷ EBITDA (IFRS16)1)||6.655||6.201||6.180||5.885||5.957||6.166||5.996|
1) Adjusted for proportionate lease expenses of the operating lease present value.