To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the Net Debt and the EBITDA for the period ending 2022-12-31 (which corresponds to the interval 2022-01-01 to 2023-01-01 in the provided data). **1. Calculate Net Debt:** According to S&P methodology, Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents (including liquid funds). - **Short-term Financial Debt:** Look for "Other Current Financial Liabilities" = 4,127,000,000 EUR - **Long-term Financial Debt:** Look for "Other Noncurrent Financial Liabilities" = 3,658,000,000 EUR - **Total Financial Debt** = 4,127,000,000 + 3,658,000,000 = 7,785,000,000 EUR - **Cash and Cash Equivalents:** Look for "Liquid Funds" = 3,919,000,000 EUR - **Net Debt** = Total Financial Debt - Cash and Cash Equivalents = 7,785,000,000 - 3,919,000,000 = 3,866,000,000 EUR *(Note: Derivative assets and liabilities, margin receivables/liabilities, and lease liabilities are typically treated as operating items under standard S&P adjustments unless specified otherwise, so they are excluded from the debt calculation here).* **2. Calculate EBITDA:** The report provides a "Comparable EBITDA" metric, which is typically the preferred measure under S&P methodologies to adjust for non-recurring items. - **Comparable EBITDA** (2022-01-01 - 2023-01-01) = 2,436,000,000 EUR Alternatively, one could calculate the standard EBITDA from reported Profit from operating activities plus D&A: - **Profit Loss From Operating Activities** = 1,277,000,000 EUR - **Depreciation And Amortisation Expense** = 566,000,000 EUR - **Reported EBITDA** = 1,277,000,000 + 566,000,000 = 1,843,000,000 EUR Using the Comparable EBITDA as it aligns with the normalized earnings approach preferred in credit ratios: **3. Net Debt / EBITDA Ratio:** Ratio = Net Debt / Comparable EBITDA = 3,866,000,000 / 2,436,000,000 ≈ 1.587 If using the Reported EBITDA: Ratio = Net Debt / Reported EBITDA = 3,866,000,000 / 1,843,000,000 ≈ 2.097 Given the explicit presence of "Comparable EBITDA" and "Comparable Operating Profit" aligning with the S&P standard of adjusting for comparability items, the Comparable EBITDA is the primary metric for this ratio. 1.587