To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we follow these steps: 1. **Calculate EBITDA:** * Operating Profit (Profit Loss From Operating Activities): 961,554,000 EUR * Depreciation and Amortisation Expense: 544,992,000 EUR * EBITDA = Operating Profit + Depreciation and Amortisation * EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR 2. **Calculate Net Debt:** S&P methodology typically defines Net Debt as total financial debt minus cash and liquid assets. * Current Financial Liabilities: 1,705,277,000 EUR * Noncurrent Financial Liabilities: 5,543,755,000 EUR * Total Financial Debt = 1,705,277,000 + 5,543,755,000 = 7,249,032,000 EUR * Cash and Cash Equivalents: 794,824,000 EUR * Other Current Financial Assets (which are classified as financial assets at amortized cost and are liquid): 752,505,000 EUR * Total Cash and Liquid Assets = 794,824,000 + 752,505,000 = 1,547,329,000 EUR * Net Debt = 7,249,032,000 - 1,547,329,000 = 5,701,703,000 EUR 3. **Calculate Ratio:** * Ratio = Net Debt / EBITDA * Ratio = 5,701,703,000 / 1,506,546,000 ≈ 3.7846 (Note: Using the reported figures for the fiscal year 2022, which concludes on 2023-01-01). 3.7846