To estimate Net Debt / EBITDA using an S&P-style approach, use adjusted gross financial debt net of readily available cash, divided by EBITDA. For 2022 year-end financial debt, include: - Other noncurrent financial liabilities: €1,751.255m - Noncurrent lease liabilities: €150.955m - Other current financial liabilities: €389.716m - Current lease liabilities: €6.362m Gross debt estimate: €1,751.255m + €150.955m + €389.716m + €6.362m = €2,298.288m Subtract cash and cash equivalents: - Cash and cash equivalents: €392.811m Net debt estimate: €2,298.288m - €392.811m = €1,905.477m Use 2022 EBITDA: - Profit/loss from operating activities before interest, taxes, depreciation and amortisation expense: €499.430m Net Debt / EBITDA: €1,905.477m / €499.430m = 3.8153 Rounded estimate: 3.82 3.82