To estimate **Net Debt / EBITDA for 2022** using an S&P-style approach:

1. **Estimate gross debt**
   - Long-term borrowings: **€68.191bn**
   - Short-term borrowings: **€18.392bn**
   - Current portion of long-term borrowings: **€2.835bn**

   Gross debt = 68.191 + 18.392 + 2.835 = **€89.418bn**

2. **Subtract cash and cash equivalents**
   - Cash and cash equivalents: **€11.041bn**

   Net debt = 89.418 − 11.041 = **€78.377bn**

3. **Estimate EBITDA**
   - Profit/loss from operating activities: **€11.193bn**
   - Depreciation, amortisation and impairment: **€7.447bn**
   - Impairment loss on trade receivables: **€1.278bn**

   EBITDA = 11.193 + 7.447 + 1.278 = **€19.918bn**

4. **Calculate Net Debt / EBITDA**

   Net Debt / EBITDA = 78.377 / 19.918 = **3.93**

<answer>3.93</answer>