To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, I need to: 1. **Calculate EBITDA** for the period 2022-01-01 to 2023-01-01. 2. **Calculate Net Debt** as of 2023-01-01. 3. **Divide** Net Debt by EBITDA. **Step 1: Calculate EBITDA** EBITDA is generally calculated as "Profit Loss From Operating Activities" + "Depreciation Amortisation And Impairment Loss". From the data: * Profit Loss From Operating Activities (2022-01-01 - 2023-01-01) = 641,338,000 EUR * Depreciation Amortisation And Impairment Loss (2022-01-01 - 2023-01-01) = 479,186,000 EUR *EBITDA = 641,338,000 + 479,186,000 = 1,120,524,000 EUR* **Step 2: Calculate Net Debt (S&P Methodology)** S&P methodology typically defines Net Debt as: **Debt** (Short-term + Long-term borrowings, including current portion of long-term debt and finance leases) *Minus* **Cash and Cash Equivalents**. Sometimes S&P adjusts for readily monetizable current financial assets, restricted cash, etc., but based on standard calculation using the provided items: * Cash and Cash Equivalents (2023-01-01) = 451,946,000 EUR * Short-term Financial Liabilities (2023-01-01): * Short Term Financial Liabilities Excluding Other Current Financial Liabilities = 142,437,000 EUR * Other Current Financial Liabilities = 290,000 EUR * Long-term Financial Liabilities (2023-01-01): * Long Term Financial Liabilities Excluding Other Non Current Financial Liabilities = 6,402,913,000 EUR * Other Noncurrent Financial Liabilities = 34,000 EUR *Total Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 EUR* *Net Debt = 6,545,674,000 - 451,946,000 = 6,093,728,000 EUR* **Step 3: Calculate Ratio** *Net Debt / EBITDA = 6,093,728,000 / 1,120,524,000* *Ratio ≈ 5.438* 5.44