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 2022-01-01 (which represents the full year 2021 performance) or the period ending 2023-01-01 (which represents the full year 2022 performance). Given the prompt asks for the 2022 estimate, we will use the data corresponding to the period ending 2023-01-01. **1. Calculate EBITDA:** Under S&P methodology, EBITDA is typically calculated as Operating Profit (or Loss) plus Depreciation and Amortization. - Profit Loss From Operating Activities (2022-01-01 - 2023-01-01) = -976,000,000 EUR - Depreciation And Amortisation Expense (2022-01-01 - 2023-01-01) = 1,233,000,000 EUR EBITDA = -976,000,000 + 1,233,000,000 = 257,000,000 EUR **2. Calculate Net Debt:** Under S&P methodology, Net Debt is calculated as Total Debt (including short-term and long-term borrowings, and lease liabilities) minus Cash and Cash Equivalents. - Long-term Borrowings (2023-01-01) = 19,006,000,000 EUR - Short-term Borrowings (2023-01-01) = 709,000,000 EUR - Noncurrent Lease Liabilities (2023-01-01) = 574,000,000 EUR - Current Lease Liabilities (2023-01-01) = 155,000,000 EUR Total Debt = 19,006,000,000 + 709,000,000 + 574,000,000 + 155,000,000 = 20,444,000,000 EUR - Cash And Cash Equivalents (2023-01-01) = 6,547,000,000 EUR Net Debt = 20,444,000,000 - 6,547,000,000 = 13,897,000,000 EUR **3. Calculate Net Debt / EBITDA Ratio:** Net Debt / EBITDA = 13,897,000,000 / 257,000,000 = 54.0428... Rounding to two decimal places, the ratio is 54.04. 54.04