Let’s break this down step by step.

**1. EBITDA for 2022**  
From the data:
- Profit from operations before impairment and disposals (EBIT before non-recurring): 429,000,000 EUR  
- Add back Amortisation: 299,000,000 EUR  
- No depreciation given directly, but amortisation here likely includes depreciation (common in infrastructure). The label “Ajustes al Resultado por Gastos por Depreciacion y Amortizacion” is 299,000,000 EUR, so that’s D&A.  

Thus, **EBITDA = 429,000,000 + 299,000,000 = 728,000,000 EUR**.

**2. Net Debt calculation (S&P methodology)**  
S&P typically defines net debt as:
- Short-term + long-term debt  
- Minus cash and cash equivalents  
- Plus adjustments like restricted cash in infrastructure projects (if treated as not freely usable)  
- Lease liabilities may be included in debt.  

From the balance sheet at 2022-01-01 (end of 2021):

**Debt:**
- Noncurrent debt securities and bank borrowings total: 9,513,000,000 EUR  
- Current borrowings and current portion of noncurrent: 1,096,000,000 EUR  
- Noncurrent lease liabilities: 115,000,000 EUR  
- Current lease liabilities: 58,000,000 EUR  
Total debt = 9,513 + 1,096 + 115 + 58 = **10,782,000,000 EUR**.

**Cash:**
- Cash and cash equivalents: 5,536,000,000 EUR  
- Infrastructure project cash: 207,000,000 EUR (already inside cash line above).  

S&P sometimes restricts infrastructure cash, but here it’s already reported within total cash.

**Net Debt = 10,782,000,000 − 5,536,000,000 = 5,246,000,000 EUR**.

**3. Ratio**  
Net Debt / EBITDA = 5,246 / 728 ≈ 7.21  

**Final Answer:**
<answer>7.21</answer>