# Reasoning for Net Debt / EBITDA Ratio (2022) - S&P Methodology

## Step 1: Identify the Components Needed

For S&P methodology, Net Debt / EBITDA requires:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = Earnings Before Interest, Taxes, Depreciation, and Amortization

The data point is as of 2022-01-01 (end of 2022), comparing to 2021-01-01 baseline.

## Step 2: Calculate Total Debt (2022-01-01)

Total Debt = Long-term Borrowings + Current Portion of Borrowings
- Long-term Borrowings (2022-01-01): €2,390,852,000
- Current Borrowings and Current Portion of Noncurrent Borrowings (2022-01-01): €375,221,000

**Total Debt = €2,390,852,000 + €375,221,000 = €2,766,073,000**

## Step 3: Identify Cash and Cash Equivalents (2022-01-01)

**Cash and Cash Equivalents (2022-01-01): €398,759,000**

## Step 4: Calculate Net Debt (2022)

**Net Debt = €2,766,073,000 - €398,759,000 = €2,367,314,000**

## Step 5: Calculate EBITDA for 2022

From the income statement for period 2021-01-01 to 2022-01-01:
- Profit Loss from Operating Activities: €218,863,000
- Add back: Depreciation and Amortisation Expense: €241,940,000

**EBITDA = €218,863,000 + €241,940,000 = €460,803,000**

## Step 6: Calculate Net Debt / EBITDA Ratio

**Net Debt / EBITDA = €2,367,314,000 / €460,803,000 = 5.14**

<answer>5.14</answer>