To estimate the Net Debt / EBITDA ratio for 2022 using the S&P methodology, we need to derive the components based on the provided facts: 1. **Net Debt**: * **Financial Liabilities (Borrowings)**: * Noncurrent portion of bonds: 22,212 million EUR (2022-01-01 position, effectively end of 2021) * Noncurrent portion of other borrowings: 2,757 million EUR * Short-term borrowings: 5,769 million EUR * Total Gross Debt (approx.): 22,212 + 2,757 + 5,769 = 30,738 million EUR. * **Cash and Cash Equivalents**: 11,065 million EUR. * **Current Cash Management Financial Assets**: 200 million EUR. * **Net Debt** = Total Gross Debt - Cash - Cash Management Assets = 30,738 - 11,065 - 200 = 19,473 million EUR. 2. **EBITDA**: * S&P usually defines EBITDA as Operating Profit + Depreciation & Amortization. * Profit Loss From Operating Activities (2021-01-01 - 2022-01-01): 4,438 million EUR. * Adjustments For Depreciation And Amortisation Expense (2021-01-01 - 2022-01-01): 3,219 million EUR. * EBITDA = 4,438 + 3,219 = 7,657 million EUR. 3. **Calculation**: * Ratio = Net Debt / EBITDA = 19,473 / 7,657 ≈ 2.543. (Using the 2022 end-of-year data points to calculate the ratio as of the 2022 annual report): * Net Debt (end 2022): Bonds (20,425) + Other Borrowings (3,205) + Short-term (6,368) = 29,998 million EUR. * Cash & Equivalents (end 2022): 12,578 + 755 = 13,333 million EUR. * Net Debt = 16,665 million EUR. * EBITDA (2022): Profit Loss From Operating Activities (6,489) + Depreciation & Amortization (3,613) = 10,102 million EUR. * Ratio = 16,665 / 10,102 ≈ 1.649. Given the instructions reflect the state of the entity at the end of 2022 (using the 2022 financial year performance), we use the 2022 figures. 1.649