To estimate the Net Debt / EBITDA ratio based on the standard S&P Global Ratings methodology, we must make specific adjustments to the reported figures.

**1. S&P EBITDA Calculation:**
S&P defines EBITDA as EBIT (Operating Profit) plus Depreciation and Amortization (D&A), adjusted for non-recurring items (like gains/losses on asset sales) and the cash impact of equity investments (excluding the non-cash share of profit from associates and including the actual cash dividends received). 

*   **Operating Profit (EBIT):** -976 million EUR
*   **Add D&A:** +1,233 million EUR
*   **Deduct Share of Profit of Associates:** -120 million EUR
*   **Add Dividends Received from Associates:** +92 million EUR
*   **Add back Loss on Disposal of Noncurrent Assets** (Non-recurring/non-cash adjustment): +38 million EUR

*S&P Adjusted EBITDA = -976 + 1,233 - 120 + 92 + 38 = 267 million EUR*

**2. S&P Net Debt Calculation:**
Under S&P methodology, gross debt includes standard financial borrowings, lease liabilities, unfunded defined-benefit pension liabilities, and 50% of hybrid capital (as standard hybrid bonds with intermediate equity content are treated as 50% debt and 50% equity). Accessible cash and cash equivalents are then deducted.

*   **Long-term Borrowings:** 19,006 million EUR
*   **Short-term Borrowings:** 709 million EUR
*   **Noncurrent Lease Liabilities:** 574 million EUR
*   **Current Lease Liabilities:** 155 million EUR
*   **Pension Liabilities (Defined Benefit Plan):** 174 million EUR
*   **Hybrid Capital (50% Debt Treatment of 2,125M):** 1,062.5 million EUR
*   *Total S&P Adjusted Gross Debt = 21,680.5 million EUR*

*   **Less Cash and Cash Equivalents:** -6,547 million EUR
*   *S&P Adjusted Net Debt = 21,680.5 - 6,547 = 15,133.5 million EUR*

**3. Ratio Calculation:**
*Net Debt / EBITDA = 15,133.5 / 267 ≈ 56.68*

<answer>56.68</answer>