Net debt is calculated as total financial liabilities (non‑current plus current financial liabilities) less cash and cash equivalents. - Total financial liabilities at end‑2022 = 5 543 755 000 € + 1 705 277 000 € = 7 249 032 000 € - Cash and cash equivalents at end‑2022 = 794 824 000 € - Net debt = 7 249 032 000 € – 794 824 000 € = 6 454 208 000 € EBITDA is operating profit plus depreciation and amortisation: - Operating profit (profit from operating activities) = 961 554 000 € - Depreciation and amortisation = 544 992 000 € - EBITDA = 961 554 000 € + 544 992 000 € = 1 506 546 000 € Net debt / EBITDA = 6 454 208 000 € / 1 506 546 000 € ≈ 4.28 4.28