# Net Debt / EBITDA Ratio Calculation - S&P Methodology

## Step 1: Calculate EBITDA for 2022

EBITDA = EBIT + Depreciation & Amortization

From the data for period 2021-01-01 to 2022-01-01:
- EBIT (Profit/Loss from Operating Activities) = 1,200,400,000 EUR
- Depreciation, Amortization & Impairment = 654,400,000 EUR

**EBITDA = 1,200,400,000 + 654,400,000 = 1,854,800,000 EUR**

## Step 2: Calculate Net Debt for 2022 (as of 2022-01-01)

**Total Debt:**
- Long-term Borrowings: 8,835,000,000 EUR
- Short-term Borrowings: 1,947,000,000 EUR
- Current Portion of Long-term Borrowings: 1,640,000,000 EUR
- Current Financial Liabilities: 45,800,000 EUR
- Noncurrent Financial Liabilities: 83,700,000 EUR

Total Debt = 8,835,000,000 + 1,947,000,000 + 1,640,000,000 + 45,800,000 + 83,700,000 = **12,551,500,000 EUR**

**Less: Cash and Cash Equivalents:**
- Cash and Cash Equivalents: 1,566,800,000 EUR

**Net Debt = 12,551,500,000 - 1,566,800,000 = 10,984,700,000 EUR**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 10,984,700,000 / 1,854,800,000 = **5.92**

<answer>5.92</answer>