A headphone down mix signal can be efficiently derived from a parametric down mix of a multi-channel signal, when modified HRTFs (head related transfer functions) are derived from HRTFs of a multi-channel signal using a level parameter having information on a level relation between two channels of the multi-channel signals such that a modified HRTF is stronger influenced by the HRTF of a channel having a higher level than by the HRTF of a channel having a lower level. Modified HRTFs are derived within the decoding process taking into account the relative strength of the channels associated to the HRTFs. The HRTFs are thus modified such that a down mix signal of a parametric representation of a multi-channel signal can directly be used to synthesize the headphone down mix signal without the need of an intermediate full parametric multi-channel reconstruction of the parametric down mix.