To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we first need to calculate the values for Net Debt and EBITDA for the year 2022. 1. **Calculate Net Debt:** According to S&P methodology, Net Debt is typically calculated as Total Financial Debt minus Cash and Cash Equivalents. - **Total Financial Debt:** This includes both noncurrent and current borrowings. - Longterm Borrowings (2022-01-01): 5,896,170,000 EUR - Current Borrowings And Current Portion Of Noncurrent Borrowings (2022-01-01): 1,391,722,000 EUR - Total Financial Debt = 5,896,170,000 + 1,391,722,000 = 7,287,892,000 EUR - **Cash and Cash Equivalents (2022-01-01):** 1,574,427,000 EUR - **Net Debt** = 7,287,892,000 - 1,574,427,000 = 5,713,465,000 EUR 2. **Calculate EBITDA:** S&P defines EBITDA as Operating Profit (Profit Loss From Operating Activities) plus Depreciation and Amortisation. (Note: "Other Work Performed By Entity And Capitalised" is an operating item that is already included in the operating profit and does not require a separate add-back for EBITDA under S&P standards). - **Profit Loss From Operating Activities (2022-01-01 - 2023-01-01):** 961,554,000 EUR - **Depreciation And Amortisation Expense (2022-01-01 - 2023-01-01):** 544,992,000 EUR - **EBITDA** = 961,554,000 + 544,992,000 = 1,506,546,000 EUR 3. **Calculate Net Debt / EBITDA Ratio:** - Ratio = Net Debt / EBITDA = 5,713,465,000 / 1,506,546,000 ≈ 3.79358 Rounding to two decimal places, the ratio is 3.79. 3.79