Reasoning: To estimate Net Debt / EBITDA using an S&P-style approach from the available annual-report facts: 1. Estimate gross financial debt Use interest-bearing borrowings: - Long-term borrowings: €5,491.124 million - Current borrowings and current portion of noncurrent borrowings: €721.845 million Gross debt ≈ 5,491.124 + 721.845 = €6,212.969 million 2. Subtract cash and cash equivalents - Cash and cash equivalents: €794.824 million Net debt ≈ 6,212.969 - 794.824 = €5,418.145 million 3. Estimate EBITDA EBITDA can be approximated as: - Operating profit: €961.554 million - Add back depreciation and amortisation: €544.992 million EBITDA ≈ 961.554 + 544.992 = €1,506.546 million 4. Calculate Net Debt / EBITDA Net Debt / EBITDA ≈ 5,418.145 / 1,506.546 = 3.596 Rounded to one decimal place, the estimated ratio is about 3.6. 3.6