Let’s break down the calculation step-by-step. --- **1. Identify EBITDA for 2022 and 2021** From the data: - EBITDA 2022 (2022-01-01 to 2023-01-01) = 13,228,000,000 EUR - EBITDA 2021 (2021-01-01 to 2022-01-01) = 12,006,000,000 EUR --- **2. Identify Net Debt** Net Debt = (Noncurrent Financial Liabilities + Current Financial Liabilities) – (Cash and Cash Equivalents + Current Financial Assets + Noncurrent Financial Assets excluding investments in associates and other non-debt items). For simplicity in this type of calculation, Net Debt is often: **Net Debt = (Noncurrent Financial Liabilities + Current Financial Liabilities) – Cash and Cash Equivalents – Current Financial Assets** **For 2022:** - Noncurrent Financial Liabilities = 44,216,000,000 - Current Financial Liabilities = 25,079,000,000 - Cash = 4,608,000,000 - Current Financial Assets = 4,813,000,000 Net Debt 2022 = 44,216M + 25,079M – 4,608M – 4,813M = 59,874,000,000 EUR **For 2021:** - Noncurrent Financial Liabilities = 37,175,000,000 - Current Financial Liabilities = 21,297,000,000 - Cash = 4,033,000,000 - Current Financial Assets = 4,364,000,000 Net Debt 2021 = 37,175M + 21,297M – 4,033M – 4,364M = 50,075,000,000 EUR --- **3. Calculate Net Debt / EBITDA** - 2022: 59,874 / 13,228 ≈ 4.53x - 2021: 50,075 / 12,006 ≈ 4.17x --- **4. Gap year on year** 4.53 – 4.17 = +0.36x --- **5. Comparison to threshold** +0.36x > +0.3x → **Deteriorating** --- Deteriorating