To estimate the Net Debt / EBITDA ratio for 2022 under S&P methodology, I first need to determine Net Debt. S&P typically defines Net Debt as: **Net Debt = Total Debt – Cash and Cash Equivalents** (with adjustments for certain items like surplus cash, but here we'll use the basic definition from the balance sheet and supplement with notes for debt-like items). From the balance sheet at **2023-01-01** (end of 2022): - Noncurrent Financial Liabilities: 2,844,559,000 EUR - Current Financial Liabilities: 1,109,297,000 EUR - Cash and Cash Equivalents: 409,252,000 EUR Total Debt = Noncurrent + Current Financial Liabilities = 2,844,559,000 + 1,109,297,000 = **3,953,856,000 EUR** Net Debt = 3,953,856,000 - 409,252,000 = **3,544,604,000 EUR** S&P may also include lease liabilities and other debt-like items, but here "Right-of-use Assets" indicate leases. The balance sheet doesn’t separately show lease liabilities, but noncurrent payables could include them; however, without a clear breakdown, I’ll use only the financial liabilities stated. EBITDA for 2022 is given directly: **EBITDA** (2022-01-01 to 2023-01-01) = **3,160,679,000 EUR** Now, the ratio: Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 ≈ **1.1215** Rounding to two decimals gives **1.12**. 1.12