I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology. First, let me identify the relevant figures and understand S&P methodology for Net Debt/EBITDA. **EBITDA (2022):** From the data, "Gross Operating Income EBITDA" for 2022-01-01 - 2023-01-01 is: 1,505,000,000 EUR **Net Debt calculation (S&P methodology):** Net Debt = Total Financial Debt - Cash and Cash Equivalents I need to identify financial liabilities (debt) from the balance sheet: **Non-current financial liabilities:** - "Other Noncurrent Financial Liabilities" 2023-01-01: 5,867,000,000 EUR (this is end of 2022) **Current financial liabilities:** - "Other Current Financial Liabilities" 2023-01-01: 1,022,000,000 EUR (this is end of 2022) Wait - I need to be careful about timing. The dates show 2023-01-01 as the balance at end of 2022, and 2022-01-01 as balance at end of 2021. For 2022 (the year 2022-01-01 to 2023-01-01), I need the debt position at the end of 2022, which is 2023-01-01. **Total Financial Debt at end of 2022 (2023-01-01):** - Other Noncurrent Financial Liabilities: 5,867,000,000 EUR - Other Current Financial Liabilities: 1,022,000,000 EUR - Total Financial Debt = 5,867,000,000 + 1,022,000,000 = 6,889,000,000 EUR **Cash and Cash Equivalents at end of 2022 (2023-01-01):** - 2,584,000,000 EUR **Net Debt at end of 2022:** = Total Financial Debt - Cash and Cash Equivalents = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR **EBITDA for 2022:** = 1,505,000,000 EUR **Net Debt / EBITDA ratio:** = 4,305,000,000 / 1,505,000,000 = 2.860465... Let me double-check if there are any other financial liabilities I should include. Looking at the data again: - "Other Noncurrent Financial Liabilities" 2023-01-01: 5,867,000,000 EUR - "Other Current Financial Liabilities" 2023-01-01: 1,022,000,000 EUR These appear to be the main financial debt items. The "Trade And Other Current Payables To Trade Suppliers" (5,524,000,000 EUR) and "Other Current Nonfinancial Liabilities" (3,006,000,000 EUR) are operating liabilities, not financial debt. Also checking if there are lease liabilities included - "Payments Of Lease Liabilities Classified As Financing Activities" suggests leases are in financing activities, but I don't see separate lease liability on balance sheet. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" likely include all financial debt including lease liabilities under IFRS 16. Let me verify: 5,867 + 1,022 = 6,889 million EUR total debt Cash: 2,584 million EUR Net debt: 4,305 million EUR EBITDA: 1,505 million EUR Ratio: 4,305 / 1,505 = 2.860465116... Rounding to two decimal places: 2.86 2.86