To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the Net Debt and the EBITDA for the year ending on 2023-01-01 (which represents the full year 2022). **1. Calculating EBITDA:** The given facts directly provide the EBITDA for the period 2022-01-01 to 2023-01-01. EBITDA = 3,160,679,000 EUR **2. Calculating Net Debt:** According to S&P methodology, Net Debt is generally calculated as: Net Debt = Total Financial Debt (Short-term + Long-term) - Cash and Cash Equivalents From the balance sheet items at the end of the period (2023-01-01): - Noncurrent Financial Liabilities (Long-term Debt) = 2,844,559,000 EUR - Current Financial Liabilities (Short-term Debt) = 1,109,297,000 EUR - Cash And Cash Equivalents = 409,252,000 EUR Total Financial Debt = 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 (Note: Under strict S&P methodology, non-current and current payables, as well as derivatives, are typically excluded from the debt calculation unless they are identified as debt-like items, which is not explicitly stated here.) **3. Calculating the Ratio:** Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 ≈ 1.1214 1.12