Let’s reason step by step. --- **1. Identify EBITDA** EBITDA = Profit from operating activities + Depreciation, amortization & impairment losses. For 2022 (period 2022-01-01 to 2023-01-01): - Profit from operating activities = 641,338,000 EUR - Depreciation, amortisation and impairment = 479,186,000 EUR EBITDA = 641,338,000 + 479,186,000 = **1,120,524,000 EUR** --- **2. Identify Net Debt (S&P methodology)** S&P’s net debt calculation typically includes: - Short-term debt + Long-term debt – Cash and cash equivalents - Often includes current financial assets as offsets, but may exclude certain items. S&P may also adjust for derivatives, leases, and other financial liabilities. From the balance sheet at 2023-01-01: - Cash and cash equivalents = 451,946,000 EUR - Short-term financial liabilities (excl. other current financial liabilities) = 142,437,000 EUR - Other current financial liabilities = 290,000 EUR - Long-term financial liabilities (excl. other non-current financial liabilities) = 6,402,913,000 EUR - Other non-current financial liabilities = 34,000 EUR Also: - Current financial assets (excl. other current financial assets) = 5,770,000 EUR - Other current financial assets = 17,455,000 EUR - Non-current financial assets = 22,945,000 EUR - Other non-current financial assets = 35,442,000 EUR For a simplified S&P-style calculation: Gross Debt = Short-term debt + Long-term debt = (142,437,000 + 290,000) + (6,402,913,000 + 34,000) = 6,545,674,000 EUR Net Debt = Gross Debt – Cash and cash equivalents = 6,545,674,000 – 451,946,000 = **6,093,728,000 EUR** --- **3. Net Debt / EBITDA** Ratio = 6,093,728,000 / 1,120,524,000 ≈ **5.44** --- 5.44