First, we need to calculate EBITDA for 2022 under the S&P methodology. From the income statement: - **Revenue** (2022): 20,082,000,000 EUR - **Other Revenue** (2022): 548,200,000 EUR - **Raw Materials and Consumables Used** (2022): 16,730,000,000 EUR - **Services Expense** (2022): 2,105,800,000 EUR - **Employee Benefits Expense** (2022): 601,100,000 EUR - **Other Expense By Nature** (2022): 74,900,000 EUR - **Other Work Performed and Capitalised** (2022): 82,500,000 EUR (adds to income, reduces costs) Operating costs (excluding D&A) = Raw materials + Services + Employee benefits + Other expenses – Other work capitalised = 16,730,000,000 + 2,105,800,000 + 601,100,000 + 74,900,000 – 82,500,000 = 19,429,300,000 EUR EBITDA = (Revenue + Other Revenue) – Operating costs = (20,082,000,000 + 548,200,000) – 19,429,300,000 = 1,200,900,000 EUR Next, net debt under S&P methodology typically includes: - **Noncurrent Financial Liabilities**: 5,689,900,000 EUR - **Current Financial Liabilities**: 650,100,000 EUR - **Noncurrent Lease Liabilities**: 55,100,000 EUR - **Current Lease Liabilities**: 21,300,000 EUR Less: - **Cash and Cash Equivalents**: 1,942,400,000 EUR - **Current Financial Assets**: 77,700,000 EUR - **Noncurrent Financial Assets** (if liquid and available to repay debt, but usually excluded unless specified; here we exclude as they may not be cash equivalents). Net Debt = (5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000) – (1,942,400,000 + 77,700,000) = 6,416,400,000 – 2,020,100,000 = 4,396,300,000 EUR Net Debt / EBITDA = 4,396,300,000 / 1,200,900,000 ≈ 3.66 3.66