To estimate Net Debt / EBITDA for 2022 using the available data and a simplified S&P-style approach: 1. **Debt** - Long-term borrowings: €1,695,362,000 - Current borrowings and current portion of non-current borrowings: €638,944,000 - Total borrowings = €1,695,362,000 + €638,944,000 = **€2,334,306,000** 2. **Cash and cash equivalents** - Cash and cash equivalents: **€365,292,000** 3. **Net debt** - Net debt = Total borrowings − Cash and cash equivalents - Net debt = €2,334,306,000 − €365,292,000 = **€1,969,014,000** 4. **EBITDA** - Operating profit: €239,721,000 - Depreciation and amortisation expense: €249,276,000 - EBITDA = Operating profit + depreciation and amortisation - EBITDA = €239,721,000 + €249,276,000 = **€488,997,000** 5. **Net Debt / EBITDA** - Net Debt / EBITDA = €1,969,014,000 / €488,997,000 - Net Debt / EBITDA ≈ **4.03** 4.03