To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the Net Debt and the EBITDA for the period ending 2022-12-31 (which corresponds to the 2022-01-01 to 2023-01-01 interval). **1. Calculate Net Debt:** S&P defines Net Debt as Total Debt minus Cash and Cash Equivalents. - **Short-term Borrowings (2023-01-01):** 444,100,000 EUR - **Current Portion of Long-term Borrowings (2023-01-01):** 1,909,300,000 EUR - **Long-term Borrowings (2023-01-01):** 8,416,700,000 EUR - **Total Debt** = 444,100,000 + 1,909,300,000 + 8,416,700,000 = 10,770,100,000 EUR - **Cash and Cash Equivalents (2023-01-01):** 2,155,100,000 EUR - **Net Debt** = Total Debt - Cash and Cash Equivalents = 10,770,100,000 - 2,155,100,000 = 8,615,000,000 EUR **2. Calculate EBITDA:** S&P typically defines EBITDA as Profit From Operating Activities (Operating Income) plus Depreciation, Amortisation, and Impairment. - **Profit Loss From Operating Activities (2022-01-01 to 2023-01-01):** 1,333,500,000 EUR - **Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss (2022-01-01 to 2023-01-01):** 725,700,000 EUR - **EBITDA** = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR **3. Calculate Net Debt / EBITDA ratio:** - **Ratio** = Net Debt / EBITDA = 8,615,000,000 / 2,059,200,000 ≈ 4.18367 4.18