To estimate Net Debt / EBITDA under an S&P-style approach, use adjusted debt-like financial liabilities net of cash and financial assets readily available to offset debt.

Key 2022 figures at 2023-01-01:

- Noncurrent financial liabilities: €44,216m  
- Current financial liabilities: €25,079m  
- Total financial liabilities: €69,295m  

Less debt-offsetting assets:

- Cash and cash equivalents: €4,608m  
- Current financial assets: €4,813m  
- Noncurrent financial assets: €10,508m  

Estimated net debt:

\[
69{,}295 - 4{,}608 - 4{,}813 - 10{,}508 = 49{,}366 \text{ million EUR}
\]

EBITDA:

- Beneficio Bruto de Explotación / EBITDA: €13,228m

Net Debt / EBITDA:

\[
\frac{49{,}366}{13{,}228} = 3.73
\]

<answer>3.73</answer>