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

## Step 1: Identify the Required Components

According to S&P methodology, the formula is:
**Net Debt / EBITDA = (Total Debt - Cash) / EBITDA**

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

Total Debt includes:
- Noncurrent Financial Liabilities: 5,953,434,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 1,391,722,000 EUR

**Total Debt = 5,953,434,000 + 1,391,722,000 = 7,345,156,000 EUR**

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

**Cash and Cash Equivalents = 1,574,427,000 EUR**

## Step 4: Calculate Net Debt

**Net Debt = 7,345,156,000 - 1,574,427,000 = 5,770,729,000 EUR**

## Step 5: Calculate EBITDA for 2022 (period 2021-01-01 to 2022-01-01)

Starting with Operating Profit:
- Profit/Loss from Operating Activities: 991,970,000 EUR

Add back:
- Depreciation and Amortisation Expense: 522,114,000 EUR

**EBITDA = 991,970,000 + 522,114,000 = 1,514,084,000 EUR**

## Step 6: Calculate Net Debt / EBITDA Ratio

**Net Debt / EBITDA = 5,770,729,000 / 1,514,084,000 = 3.812**

<answer>3.81</answer>