To estimate Net Debt / EBITDA for 2022 under an S&P-style approach, use debt net of cash and EBITDA adjusted from operating profit by adding back depreciation and amortisation.

1. Debt:
- Long-term borrowings at 2023-01-01: 1,695,362,000
- Current borrowings and current portion of noncurrent borrowings at 2023-01-01: 638,944,000
- Total borrowings: 2,334,306,000

2. Cash and cash equivalents:
- Cash and cash equivalents at 2023-01-01: 365,292,000

3. Net debt:
- Net debt = 2,334,306,000 − 365,292,000 = 1,969,014,000

4. EBITDA:
- Profit from operating activities 2022: 239,721,000
- Depreciation and amortisation expense 2022: 249,276,000
- EBITDA = 239,721,000 + 249,276,000 = 488,997,000

5. Net Debt / EBITDA:
- 1,969,014,000 / 488,997,000 = 4.03

<answer>4.03</answer>