To determine the Net Debt to EBITDA ratio based on the standard S&P Global Ratings methodology, we calculate Net Debt and EBITDA using the appropriate line items. **1. Calculate S&P EBITDA:** S&P typically defines EBITDA as Operating Income (EBIT) plus Depreciation and Amortization (D&A), plus any cash dividends received from equity-method investments. Operating provisions (like bad debt) are treated as operating expenses and are not added back. * **Operating Income (EBIT):** "Profit Loss From Operating Activities" = 533,800,000 EUR * **D&A and Impairments:** "Adjustments For Depreciation And Amortisation Expense And Impairment Loss..." = 478,600,000 EUR * **Dividends Received:** "Dividends Received Classified As Operating Activities" = 13,400,000 EUR *EBITDA* = 533.8 + 478.6 + 13.4 = 1,025,800,000 EUR **2. Calculate S&P Net Debt:** S&P includes short- and long-term financial debt, lease liabilities, and post-retirement employee benefit obligations in its definition of gross debt. It then deducts accessible cash and cash equivalents. * **Noncurrent Financial Liabilities:** 5,689,900,000 EUR * **Current Financial Liabilities:** 650,100,000 EUR * **Noncurrent Lease Liabilities:** 55,100,000 EUR * **Current Lease Liabilities:** 21,300,000 EUR * **Noncurrent Provisions For Employee Benefits (Pensions):** 92,000,000 EUR * **Cash And Cash Equivalents:** -1,942,400,000 EUR *Net Debt* = 5,689.9 + 650.1 + 55.1 + 21.3 + 92.0 - 1,942.4 = 4,566,000,000 EUR **3. Calculate the Ratio:** *Net Debt / EBITDA* = 4,566.0 / 1,025.8 ≈ 4.45 4.45