To estimate the Net Debt / EBITDA ratio based on the S&P methodology, we first need to calculate the standard components: Net Debt and adjusted EBITDA. **1. EBITDA Calculation:** S&P generally calculates EBITDA starting from EBIT (Profit Loss From Operating Activities) and adding back Depreciation and Amortization. Standard methodology may also make further adjustments for equity income, non-cash government grant amortizations, and non-recurring items. For standard approximations: - Profit Loss From Operating Activities (EBIT): 961,554,000 EUR - Depreciation and Amortisation Expense: 544,992,000 EUR Basic EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR. *(Note: Making strict S&P adjustments for equity income and non-cash items yields a closely aligned adjusted EBITDA figure typically around 1.45B - 1.49B EUR, but the standard proxy EBIT + D&A is 1,506,546,000 EUR).* **2. Net Debt Calculation:** Under S&P methodology, Net Debt includes both short-term and long-term interest-bearing borrowings, minus accessible cash and cash equivalents, as well as highly liquid short-term financial assets (surplus cash). - Long-term Borrowings: 5,491,124,000 EUR - Current Borrowings and Current Portion of Noncurrent Borrowings: 721,845,000 EUR - Total Gross Debt = 5,491,124,000 + 721,845,000 = 6,212,969,000 EUR Next, we subtract cash and highly liquid investments: - Cash and Cash Equivalents: 794,824,000 EUR - Current Financial Assets At Amortised Cost (highly liquid term deposits into which cash was moved in 2022): 752,505,000 EUR - Total Liquidity = 794,824,000 + 752,505,000 = 1,547,329,000 EUR Net Debt = 6,212,969,000 - 1,547,329,000 = 4,665,640,000 EUR **3. Net Debt / EBITDA Ratio:** Ratio = 4,665,640,000 EUR / 1,506,546,000 EUR ≈ 3.0969 3.10