To calculate the Net Debt / EBITDA ratio based on the typical S&P methodology, we use the following financial figures for 2022 (ending 2023-01-01): **1. Calculate EBITDA:** EBITDA is calculated as Operating Profit (Profit Loss From Operating Activities) plus Depreciation, Amortisation, and Impairment. * Profit Loss From Operating Activities: 1,333,500,000 EUR * Depreciation Amortisation And Impairment Loss: 725,700,000 EUR * **EBITDA** = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR **2. Calculate Net Debt:** Net Debt is computed as the sum of all interest-bearing borrowings (short-term, long-term, and the current portion of long-term borrowings) minus cash and cash equivalents. * Long-term Borrowings: 8,416,700,000 EUR * Current Portion Of Long-term Borrowings: 1,909,300,000 EUR * Short-term Borrowings: 444,100,000 EUR * Total Gross Debt = 8,416,700,000 + 1,909,300,000 + 444,100,000 = 10,770,100,000 EUR * Less: Cash And Cash Equivalents = 2,155,100,000 EUR * **Net Debt** = 10,770,100,000 - 2,155,100,000 = 8,615,000,000 EUR **3. Net Debt / EBITDA Ratio:** * Ratio = 8,615,000,000 / 2,059,200,000 ≈ 4.18366 4.18