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8 Facts & Figures 2011
Value management
Value management targets and cost of capital
— € million resp. %
DB
Group
DB ML
Group
Infrastructure
roCE (pre-tax) 10.0 14.0 8.0
Cost of capital (WACC pre-tax) 9.3 9.9 8.1
Redemption coverage 30 50 30
Gearing 100 100 100
Net financial debt /ebitda (multiple) 2,5 1,5 2,5
Return on capital employed
— € million resp. % 2011 2010 ± absolute ± %
ebit adjusted 2,309 1,866 + 443 +23.7
÷ Capital employed as of Dec 31 31,732 31,312 + 420 + 1.3
ROCE 7.3 6.0 – –
Redemption coverage
— € million resp. % 2011 2010 ± absolute ± %
ebitda adjusted 5,141 4,651 + 490 + 10.5
+ net operating interest 1 ), 2) –742 –752 + 10 + 1.3
Operating cash flow 4,399 3,899 + 500 + 12.8
Net financial debt 16,592 16,939 – 347 –2.0
+ Present value operate leases 4,828 4,610 +218 + 4.7
÷ adjusted net financial debt 21,420 21,549 – 129 – 0.6
Redemption coverage 20.5 18.1 – –
Gearing — € million resp. % 2011 2010 ± absolute ± %
Net financial debt 16,592 16,939 – 347 –2.0
÷ Equity 15,126 14,316 + 810 + 5.7
Gearing 110 118 – –
Net financial debt /ebitda
— € million 2011 2010 ± absolute ± %
Net financial debt 16,592 16,939 – 347 –2.0
÷ ebitda adjusted 5,141 4,651 + 490 + 10.5
Net financial debt /EBITDA
(multiple) 3.2 3.6 – –
1)
to properly determine redemption coverage we utilize net operating interest
by eliminating those components of net interest income/expense related to
the compounding of non-current liabilities and provisions and the reversal of
deferred income.
2)
adjusted for special items.