I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology. First, let me identify the relevant figures for 2022 (2022-01-01 to 2023-01-01): **EBITDA for 2022**: 3,160,679,000 EUR **Net Debt calculation (S&P methodology)**: S&P methodology typically defines Net Debt as: - Total Debt (short-term + long-term interest-bearing debt) minus - Cash and Cash Equivalents minus - Liquid investments (if any) From the balance sheet at 2022-01-01 (start of 2022) and 2023-01-01 (end of 2022): Let me find debt figures. Looking at the data: **Financial Liabilities:** - Noncurrent Financial Liabilities 2023-01-01: 2,844,559,000 EUR - Current Financial Liabilities 2023-01-01: 1,109,297,000 EUR **Cash and Cash Equivalents 2023-01-01**: 409,252,000 EUR Wait - I need to be more careful. For Net Debt at year-end 2022, I should use 2023-01-01 balance sheet figures (which represent end of 2022). However, I also need to check if there are other items. Let me also look at 2022-01-01 figures for comparison, but for the 2022 ratio, we typically use end-of-period debt. Actually, looking more carefully at S&P methodology: Net Debt is usually calculated as: - Short-term debt + Long-term debt + Current portion of long-term debt - Cash and cash equivalents From the data: - Noncurrent Financial Liabilities 2023-01-01: 2,844,559,000 EUR - Current Financial Liabilities 2023-01-01: 1,109,297,000 EUR Total Debt = 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR Cash and Cash Equivalents 2023-01-01: 409,252,000 EUR **Net Debt** = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR Wait - I should also check if there are other items to consider. Let me check "Current Derivative Financial Liabilities" and "Noncurrent Derivative Financial Liabilities" - these are typically not part of debt in the traditional sense for Net Debt calculations, but rather operating/hedging items. Also, I need to check if there are money market transactions or other liquid investments. The data shows: - "Cash Inflow From Money Market Transactions" and "Cash Outflow From Money Market Transactions" - these are cash flow items, not balance sheet items. Looking at "Investments And Other Receivables" - 2023-01-01: 945,454,000 EUR. Some of these might be liquid, but without more detail, I'll stick to standard definition. Actually, let me reconsider. S&P methodology sometimes includes: - Total debt (financial liabilities) - Less: Cash and cash equivalents - Less: Short-term liquid investments From the balance sheet, I don't see a separate line for short-term liquid investments. "Current Derivative Financial Assets" 2023-01-01: 1,833,683,000 EUR - these are derivatives, not typically counted as cash-like. Let me also check if there are lease liabilities included in financial liabilities. The data shows "Payments Of Lease Liabilities Classified As Financing Activities" - this suggests leases are part of financing activities. Actually, I need to be more careful. Looking at the cash flow statement, "Payments Of Lease Liabilities Classified As Financing Activities" 2022-01-01 - 2023-01-01: 11,447,000 EUR. This is a financing outflow, suggesting lease liabilities are in financial liabilities. For S&P methodology, we typically want: - Gross debt: All interest-bearing liabilities (including bank loans, bonds, finance leases) - Less: Cash and cash equivalents - Less: Marketable securities/liquid investments Let me check if there are other potential debt items. Looking at "Noncurrent Payables" and "Trade And Other Current Payables" - these are typically trade payables, not debt. Also, I should check "Current Derivative Financial Liabilities" 2023-01-01: 1,491,588,000 EUR and "Noncurrent Derivative Financial Liabilities" 2023-01-01: 1,069,177,000 EUR. These are derivative liabilities, not typically included in "debt" for Net Debt purposes unless they are net-settled and in-the-money against the company. Usually, for credit analysis, derivative liabilities might be included if they represent actual obligations. However, standard S&P Net Debt typically focuses on: - Bank debt - Bonds - Finance leases - Less: Cash Let me recalculate with a more conservative approach including all financial liabilities: **Gross Debt** = Noncurrent Financial Liabilities + Current Financial Liabilities = 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR **Cash and Cash Equivalents** = 409,252,000 EUR **Net Debt** = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR **EBITDA** = 3,160,679,000 EUR **Net Debt / EBITDA** = 3,544,604,000 / 3,160,679,000 = 1.121 Wait - I need to double check. Let me also verify if I should use average or year-end debt. S&P typically uses year-end debt for this ratio, though some variations use average. For consistency with typical reporting, I'll use year-end (2023-01-01) figures. Actually, let me reconsider whether to include derivative liabilities. In many credit analyses, derivative liabilities that are not collateralized or are part of normal hedging operations might be excluded. However, for a conservative S&P approach, one might include them if they represent actual economic obligations. Let me check if there's any guidance in the data. The "Valuation And Realisationof Energyderivatives" in the income statement is -857,961,000 EUR for 2022, suggesting significant derivative activity. For a cleaner S&P Net Debt, let me stick with financial liabilities only: - Noncurrent Financial Liabilities: 2,844,559,000 - Current Financial Liabilities: 1,109,297,000 Total: 3,953,856,000 Less: Cash and Cash Equivalents: 409,252,000 Net Debt = 3,544,604,000 Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 = 1.1214... Let me also consider if I should include the 2022-01-01 (beginning of year) or 2023-01-01 (end of year) balance. For a 2022 ratio, typically we use end-of-2022 figures, which are 2023-01-01 in this data structure. Actually, I want to double-check my understanding of the dates. The period "2022-01-01 - 2023-01-01" represents the year 2022. The balance at "2023-01-01" represents the end of 2022. Let me verify: EBITDA 2022-01-01 - 2023-01-01 = 3,160,679,000. This is the 2022 EBITDA. For Net Debt at end of 2022, I use 2023-01-01 balance sheet figures. Calculation: Net Debt = (2,844,559,000 + 1,109,297,000) - 409,252,000 = 3,544,604,000 Ratio = 3,544,604,000 / 3,160,679,000 = 1.1214 Rounding to 2 decimal places: 1.12 Actually, let me think once more if there are other cash-like items. "Current Derivative Financial Assets" 2023-01-01: 1,833,683,000 EUR - these are derivative assets, not cash. "Investments And Other Receivables" 2023-01-01: 945,454,000 EUR - these include investments, which might have some liquid components, but without knowing the breakdown, I shouldn't assume they're cash-like. I'll stick with the standard definition. 1.12