I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology. **Step 1: Identify EBITDA for 2022** EBITDA = EBIT + Depreciation & Amortization From the data: - Profit from Operating Activities (EBIT) 2022: 1,333,500,000 EUR - Depreciation, Amortisation And Impairment Loss 2022: 725,700,000 EUR EBITDA 2022 = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR **Step 2: Calculate Net Debt** Net Debt = Total Debt - Cash and Cash Equivalents **Total Debt components (as of 2022-01-01, which is the start of the 2022 fiscal year):** - Long-term Borrowings: 8,835,000,000 EUR - Short-term Borrowings: 1,947,000,000 EUR - Current Portion of Long-term Borrowings: 1,640,000,000 EUR Total Debt = 8,835,000,000 + 1,947,000,000 + 1,640,000,000 = 12,422,000,000 EUR **Cash and Cash Equivalents (as of 2022-01-01):** - Cash and Cash Equivalents: 1,566,800,000 EUR **Net Debt = 12,422,000,000 - 1,566,800,000 = 10,855,200,000 EUR** **Step 3: Calculate Net Debt / EBITDA ratio** Net Debt / EBITDA = 10,855,200,000 / 2,059,200,000 = 5.27 Let me verify this calculation: 10,855,200,000 รท 2,059,200,000 = 5.2729... 5.27