To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the three components: Net Debt, EBITDA, and the ratio itself for the period ending 2022-12-31 (represented in the data as 2023-01-01). 1. **Calculate Net Debt**: S&P defines Net Debt as total debt minus cash, cash equivalents, and liquid investments. - **Total Debt**: We sum the long-term and short-term borrowings. - Noncurrent Portion Of Noncurrent Bonds Issued (2023-01-01): 20,425,000,000 EUR - Noncurrent Portion Of Other Noncurrent Borrowings (2023-01-01): 3,205,000,000 EUR - Shortterm Borrowings (2023-01-01): 6,368,000,000 EUR - Total Debt = 20,425,000,000 + 3,205,000,000 + 6,368,000,000 = 29,998,000,000 EUR - **Cash & Cash Equivalents**: - Cash And Cash Equivalents (2023-01-01): 12,578,000,000 EUR - **Net Debt** = Total Debt - Cash & Cash Equivalents = 29,998,000,000 - 12,578,000,000 = 17,420,000,000 EUR 2. **Calculate EBITDA**: Under S&P methodology, EBITDA is calculated by adding back depreciation, amortization, and impairment to the operating profit (Profit From Operating Activities). - Profit Loss From Operating Activities (2022): 6,489,000,000 EUR - Adjustments For Depreciation And Amortisation Expense (2022): 3,613,000,000 EUR - EBITDA = 6,489,000,000 + 3,613,000,000 = 10,102,000,000 EUR 3. **Calculate Net Debt / EBITDA Ratio**: - Ratio = Net Debt / EBITDA = 17,420,000,000 / 10,102,000,000 ≈ 1.7245 1.72