I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology. First, let me understand the S&P methodology for Net Debt: - Net Debt = Total Debt (short-term + long-term interest-bearing debt) minus Cash and Cash Equivalents Let me identify the relevant figures for 2022 (period 2022-01-01 to 2023-01-01, so balance sheet at 2022-01-01 and 2023-01-01 for year-end 2022): For year 2022 (using 2023-01-01 balance sheet as year-end 2022): - Current Financial Liabilities: 1,109,297,000 EUR - Noncurrent Financial Liabilities: 2,844,559,000 EUR - Cash And Cash Equivalents: 409,252,000 EUR Total Debt = Current Financial Liabilities + Noncurrent Financial Liabilities Total Debt = 1,109,297,000 + 2,844,559,000 = 3,953,856,000 EUR Net Debt = Total Debt - Cash and Cash Equivalents Net Debt = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR For EBITDA 2022 (period 2022-01-01 - 2023-01-01): EBITDA = 3,160,679,000 EUR Wait - I need to be more careful. The S&P methodology typically uses: - Gross debt = short-term borrowings + current portion of long-term debt + long-term debt - Sometimes including lease liabilities if they're debt-like Looking at the data, I need to check if there are lease liabilities included. The "Payments Of Lease Liabilities Classified As Financing Activities" suggests there are lease liabilities, but they're not separately broken out in the balance sheet liabilities. Let me check if Right-of-use assets might give us a clue, but under IFRS 16, lease liabilities are typically included in financial liabilities. Let me assume "Current Financial Liabilities" and "Noncurrent Financial Liabilities" include all interest-bearing debt including lease liabilities. Actually, let me re-check: the S&P methodology typically includes: - All interest-bearing debt - Bank overdrafts - Sometimes capitalized leases / lease liabilities - Minus cash and cash equivalents For 2022 year-end (2023-01-01): - Current Financial Liabilities: 1,109,297,000 - Noncurrent Financial Liabilities: 2,844,559,000 - Cash and Cash Equivalents: 409,252,000 Net Debt = (1,109,297,000 + 2,844,559,000) - 409,252,000 = 3,544,604,000 EBITDA for 2022 = 3,160,679,000 Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 = 1.1215... Let me double-check by also considering if we should use average net debt or year-end net debt. S&P typically uses year-end net debt for this ratio. Actually, I should also verify if there are any other debt-like items. Looking at the balance sheet, I don't see separate lease liabilities broken out. The "Payments Of Lease Liabilities Classified As Financing Activities" of 11,447,000 suggests lease liabilities exist, but they're likely already included in the financial liabilities lines. Let me also check if we need to subtract other liquid assets. S&P methodology typically only subtracts "Cash and Cash Equivalents" and sometimes "Liquid Investments." We have "Current Derivative Financial Assets" and "Noncurrent Derivative Financial Assets" but these are not typically considered cash-like for net debt purposes. Let me recalculate: Total Debt = 1,109,297,000 + 2,844,559,000 = 3,953,856,000 Less: Cash and Cash Equivalents = 409,252,000 Net Debt = 3,544,604,000 EBITDA = 3,160,679,000 Ratio = 3,544,604,000 / 3,160,679,000 = 1.1214... Rounding to two decimal places: 1.12 Wait - I want to double check if S&P uses "Total Debt" slightly differently. Sometimes S&P includes: - Short-term debt (including current portion of long-term debt) - Long-term debt - Bank overdrafts - Sometimes commercial paper And excludes: - Derivative financial liabilities (these are typically not debt) - Trade payables - Provisions - Deferred tax liabilities Looking at our data, "Current Financial Liabilities" and "Noncurrent Financial Liabilities" should capture the interest-bearing debt. Actually, let me also verify: some S&P methodologies might also subtract certain liquid financial assets. But standard is just cash and cash equivalents. Let me also check if I should use the 2022-01-01 or 2023-01-01 balance sheet. For the year 2022 performance, we typically use year-end 2022 balance sheet, which is 2023-01-01 in this data (since the periods are labeled as start date to end date). Actually, looking more carefully at the data format: - "Noncurrent Financial Liabilities" 2023-01-01: 2844559000 EUR - "Current Financial Liabilities" 2023-01-01: 1109297000 EUR - "Cash And Cash Equivalents" 2023-01-01: 409252000 EUR These are the year-end 2022 figures (as of 2023-01-01). And EBITDA 2022-01-01 - 2023-01-01: 3160679000 EUR is the 2022 full year EBITDA. So calculation: Net Debt = 2,844,559,000 + 1,109,297,000 - 409,252,000 = 3,544,604,000 EBITDA = 3,160,679,000 Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 = 1.1214... Let me verify this is approximately 1.12 Actually, let me be more precise: 3,544,604,000 / 3,160,679,000 = 1.121456... Rounded to two decimal places: 1.12 1.12