To estimate **Net Debt / EBITDA for 2022 using an S&P-style methodology**, use adjusted gross debt less cash, divided by EBITDA. **1. Gross debt components at 2022 year-end** From the 2023-01-01 balance sheet: - Noncurrent borrowings: €10,776m - Current borrowings: €877m - Noncurrent lease liabilities: €120m - Current lease liabilities: €64m So, gross debt including leases: \[ 10{,}776 + 877 + 120 + 64 = 11{,}837 \text{ million} \] **2. Cash and cash equivalents** - Cash and cash equivalents: €5,130m S&P-style net debt generally nets readily available cash against debt: \[ \text{Net debt} = 11{,}837 - 5{,}130 = 6{,}707 \text{ million} \] **3. EBITDA** Using reported operating profit and adding back amortisation/depreciation: - Profit from operating activities: €423m - Amortisation expense: €299m \[ \text{EBITDA} = 423 + 299 = 722 \text{ million} \] **4. Net Debt / EBITDA** \[ \frac{6{,}707}{722} = 9.29 \] Rounded to one decimal place: \[ 9.3 \] 9.3