We first compute EBITDA. Starting from the operating profit (EBIT) of €533.8 million and adding back the whole “Amortisation, depreciation and provisions” of €667.1 million (which includes both depreciation/amortisation and non‑cash provisions) gives: EBITDA = 533.8 M + 667.1 M = 1 200.9 M €. Next, total debt under S&P’s definition includes all interest‑bearing liabilities: the non‑current and current financial liabilities plus the lease liabilities. - Non‑current financial liabilities: €5 689.9 M - Current financial liabilities: €650.1 M - Non‑current lease liabilities: €55.1 M - Current lease liabilities: €21.3 M Total debt = 5 689.9 M + 650.1 M + 55.1 M + 21.3 M = €6 416.4 M. Cash (and cash‑equivalent) funds to be netted are cash and cash equivalents (€1 942.4 M) plus short‑term financial assets (€77.7 M), giving net cash of €2 020.1 M. Net debt = total debt – net cash = €6 416.4 M – €2 020.1 M = €4 396.3 M. Finally, the Net Debt / EBITDA ratio is: Net Debt / EBITDA = 4 396.3 M / 1 200.9 M ≈ 3.66. 3.66