Net debt is an important key performance indicator for investors, analysts and rating agencies. It is one of the Group's key management ratios, especially as a component of relative financial ratios such as net debt/ EBITDA, and fundamental information for the international financial markets. The main factors influencing this change are given in the overview below.
- Net debt increased from EUR 50.0 billion at the end of 2016 to EUR 55.2 billion.
The increase was attributable to the spectrum acquisition (EUR 7.3 billion) and the dividend payments – including to non-controlling interests – (EUR 1.5 billion), which were only partially offset by the positive effects from free cash flow (EUR 2.5 billion) and the sale of Strato (EUR 0.6 billion) and further shares in Scout24 AG (EUR 0.3 billion). Exchange rate effects of EUR 1.7 billion also had a positive effect.
More information on net debt and how it has developed please refer to the interim report as of June 30 (pdf, 663.6 KB), 2017 on page 13.