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 |