To estimate the Net Debt / EBITDA ratio for 2022 according to standard S&P Capital IQ methodology: **1. Calculate EBITDA** EBITDA is calculated by taking the Operating Profit (EBIT) and adding back Depreciation and Amortization (D&A). * Operating Profit (Profit Loss From Operating Activities) = 239,721,000 EUR * Depreciation and Amortisation Expense = 249,276,000 EUR * EBITDA = 239,721,000 + 249,276,000 = 488,997,000 EUR **2. Calculate Net Debt** Net Debt is calculated as Total Debt (Short-term + Long-term Borrowings) minus Cash and Cash Equivalents. * Long-term Borrowings = 1,695,362,000 EUR * Current Borrowings And Current Portion Of Non-current Borrowings = 638,944,000 EUR * Total Debt = 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR * Cash And Cash Equivalents = 365,292,000 EUR * Net Debt = 2,334,306,000 - 365,292,000 = 1,969,014,000 EUR **3. Calculate Net Debt / EBITDA Ratio** * Net Debt / EBITDA = 1,969,014,000 EUR / 488,997,000 EUR ≈ 4.0266 Rounding to two decimal places gives 4.03. 4.03