Key Debt Ratios

The main financial ratios are shown below:

€ Million

RATIOS 31.12.2020 31.12.2019 31.12.2018
Net financial position 2,948 2,706 2,453
Net equity 2,764 2,651 2,562
Net invested capital 5,712 5,357 5,015
Cash flows from operating activities 822 725 778
Ebitda 927 917 967
Net financial position / Net invested capital 52% 51% 49%
Net financial position / Net equity 1.1x 1.0x 1.0x
Cash flows from operating activities / Net financial position 28% 27% 32%
Net financial position /Ebitda 3.2x 3.0x 2.5x