To estimate **Net Debt / EBITDA** for 2022 using an S&P-style approach: 1. **Debt** - Short-term borrowings: €4,446m - Current portion of long-term borrowings: €3,097m - Current lease liabilities: €884m - Long-term borrowings: €19,374m - Noncurrent lease liabilities: €4,067m Total debt including lease liabilities: \[ 4{,}446 + 3{,}097 + 884 + 19{,}374 + 4{,}067 = 31{,}868 \text{ million} \] 2. **Cash and cash equivalents** - Cash and cash equivalents: €10,155m Net debt: \[ 31{,}868 - 10{,}155 = 21{,}713 \text{ million} \] 3. **EBITDA** - Profit/loss from operating activities: €17,510m - Depreciation and amortisation: €7,205m - Impairment loss/reversal: €1,140m - Write-off of tangible and intangible assets: €599m EBITDA estimate: \[ 17{,}510 + 7{,}205 + 1{,}140 + 599 = 26{,}454 \text{ million} \] 4. **Net Debt / EBITDA** \[ \frac{21{,}713}{26{,}454} \approx 0.82 \] 0.82