To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the company's Net Debt and its EBITDA for the year ending on 2023-01-01 (which corresponds to the 2022 fiscal year). 1. **Calculate Net Debt**: According to S&P methodology, Net Debt is calculated as Total Financial Debt (including both current and non-current interest-bearing financial liabilities) minus Cash and Cash Equivalents. - Noncurrent Financial Liabilities (2022-01-01): 1,834,155,000 EUR - Current Financial Liabilities (2022-01-01): 1,462,453,000 EUR - Cash And Cash Equivalents (2022-01-01): 318,562,000 EUR Net Debt = (1,834,155,000 + 1,462,453,000) - 318,562,000 = 3,296,608,000 - 318,562,000 = 2,978,046,000 EUR. 2. **Determine EBITDA**: The report explicitly provides the EBITDA for the 2022 period (2022-01-01 to 2023-01-01). - EBITDA (2022-01-01 - 2023-01-01): 3,160,679,000 EUR. 3. **Calculate Net Debt / EBITDA Ratio**: Ratio = Net Debt / EBITDA = 2,978,046,000 / 3,160,679,000 ≈ 0.9422... 0.94