To determine the Net Debt / EBITDA ratio for ERG S.p.A. based on the S&P Capital IQ methodology, we calculate the Net Debt and EBITDA using the standard definitions:

**1. Calculate EBITDA**
Under the S&P methodology, EBITDA is generally calculated as Operating Income (EBIT) plus Depreciation and Amortisation. Based on the provided facts, the company reports this directly:
*Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense (EBITDA)* = 499,430,000 EUR

**2. Calculate Total Debt**
Total Debt includes all short-term and long-term interest-bearing obligations, as well as capitalized lease liabilities.
* Short-Term Borrowings (Other Current Financial Liabilities) = 389,716,000 EUR
* Current Lease Liabilities = 6,362,000 EUR
* Long-Term Borrowings (Other Noncurrent Financial Liabilities) = 1,751,255,000 EUR
* Noncurrent Lease Liabilities = 150,955,000 EUR
*Total Debt* = 389,716,000 + 6,362,000 + 1,751,255,000 + 150,955,000 = 2,298,288,000 EUR

**3. Calculate Cash and Short-Term Investments**
S&P Capital IQ deducts Cash and Equivalents as well as Short-Term Investments to arrive at Net Debt.
* Cash and Cash Equivalents = 392,811,000 EUR
* Current Financial Assets At Fair Value Through Profit Or Loss = 141,568,000 EUR
* Other Current Financial Assets = 211,136,000 EUR
*Total Cash & Short-Term Investments* = 392,811,000 + 141,568,000 + 211,136,000 = 745,515,000 EUR

**4. Calculate Net Debt**
*Net Debt* = Total Debt - Total Cash & Short-Term Investments
*Net Debt* = 2,298,288,000 EUR - 745,515,000 EUR = 1,552,773,000 EUR

**5. Calculate Net Debt / EBITDA Ratio**
*Net Debt / EBITDA* = 1,552,773,000 EUR / 499,430,000 EUR ≈ 3.109

<answer>3.11</answer>