To estimate the Net Debt / EBITDA ratio for 2022 according to S&P methodology, I need to calculate **Net Debt** and **EBITDA** for the fiscal year 2022 (2022-01-01 to 2023-01-01). **1. EBITDA** From the data: "EBITDA" 2022-01-01 - 2023-01-01: 3,160,679,000 EUR **2. Net Debt (S&P Methodology)** S&P’s standard calculation for net debt typically includes: - Short-term and long-term financial debt (loans, bonds, leases) - + Derivatives liabilities (net of derivative assets), if material - - Cash and cash equivalents - +/- Other adjustments (pension deficits, guarantees, etc.) However, based *only* on the provided data, a simplified but standard net debt calculation is: Debt items (end of period 2023-01-01): - Noncurrent Financial Liabilities: 2,844,559,000 - Current Financial Liabilities: 1,109,297,000 - Lease liabilities (Right-of-use assets are shown, which correspond to lease liabilities under IFRS 16; these are included in the financial liabilities figures above, so no separate addition is needed to avoid double counting). Deduct: - Cash and Cash Equivalents: 409,252,000 Derivative treatment (S&P often adjusts, but here netting derivative assets vs. liabilities is common): - Current + Noncurrent Derivative Financial Assets: 437,341,000 + 1,833,683,000 = 2,271,024,000 - Current + Noncurrent Derivative Financial Liabilities: 1,069,177,000 + 1,491,588,000 = 2,560,765,000 Because derivative liabilities exceed derivative assets, this represents a net liability that S&P might add to debt. Net derivative liability = 2,560,765,000 - 2,271,024,000 = 289,741,000. **Net Debt Calculation:** Total Debt = 2,844,559,000 + 1,109,297,000 = 3,953,856,000 Add Net Derivative Liability = 289,741,000 Less Cash = -409,252,000 Net Debt = 3,953,856,000 + 289,741,000 - 409,252,000 = 3,834,345,000 EUR **3. Ratio** Net Debt / EBITDA = 3,834,345,000 / 3,160,679,000 ≈ 1.213 1.213