Let's reason through this step by step, following S&P's methodology for calculating the Net Debt / EBITDA ratio. **Step 1: Calculate EBITDA** EBITDA is not directly given, so we need to derive it from operating profit ("Profit Loss From Operating Activities") plus "Amortisation Depreciation And Provisions." From the facts: - Profit Loss From Operating Activities (2022): 533,800,000 EUR - Amortisation Depreciation And Provisions (2022): 667,100,000 EUR EBITDA = 533,800,000 + 667,100,000 = **1,200,900,000 EUR** **Step 2: Calculate Net Debt** S&P’s net debt typically includes: - Short-term and long-term debt (financial liabilities) - Lease liabilities - Less: Cash and cash equivalents From the balance sheet as of 2023-01-01 (end of 2022): - Noncurrent Financial Liabilities: 5,689,900,000 EUR - Noncurrent Lease Liabilities: 55,100,000 EUR - Current Financial Liabilities: 650,100,000 EUR - Current Lease Liabilities: 21,300,000 EUR - Cash and Cash Equivalents: 1,942,400,000 EUR (Note: S&P sometimes also adjusts for other items like pensions, derivatives, etc., but for a basic estimate, we use the main components above.) Total Debt = 5,689,900,000 + 55,100,000 + 650,100,000 + 21,300,000 = **6,416,400,000 EUR** Net Debt = Total Debt - Cash = 6,416,400,000 - 1,942,400,000 = **4,474,000,000 EUR** **Step 3: Net Debt / EBITDA** Ratio = 4,474,000,000 / 1,200,900,000 ≈ **3.725** So, the ratio is roughly **3.73**. 3.73