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- Rating Key Figure FFO to Debt
Rating Key Figure FFO to Debt
Funds from operations (FFO) represent operating cash flows before changes in working capital plus interest and dividends received less interest paid and adjusted for operating leases, pensions and non-recurring income or expenses. In addition to financial liabilities and available cash and cash equivalents, the figure for debt also includes operating lease liabilities as well as unfunded pension liabilities.
FFO to debt declined versus the prior year, primarily due to the decrease in our liquidity as a result of higher capital expenditure. Funds from operations also decreased slightly in the reporting year 2011.
FFO to Debt
| €m |
2010 | 2011 |
| Operating cash flow before changes in working capital |
2,109 | 2,234 |
 Interest and dividends received |
59 | 72 |
 Interest paid |
183 |
163 |
| Adjustment for operating leases |
1,055 | 1,104 |
| Adjustment for pensions |
198 | 153 |
 Non-recurring items |
531 | 208 |
 Funds from operations (FFO) |
3,769 | 3,608 |
| Reported financial liabilities |
7,022 |
7,010 |
| Financial liabilities related to the sale of Deutsche Postbank AG |
4,164 | 4,344 |
| Financial liabilities recognised at fair value through profit or loss |
115 | 137 |
| Adjustment for operating leases |
5,527 |
5,295 |
| Adjustment for pensions |
5,323 | 5,639 |
| Surplus cash and near-cash investments1) |
2,893 | 2,286 |
| Debt |
10,700 |
11,177 |
| FFO to Debt (%) | 35.2 | 32.3 |
- 1)
- Surplus cash and near-cash investments are defined as cash and cash equivalents and investment funds callable at sight, less cash needed for operations.
