I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology.

First, let me identify the relevant figures from the annual report data.

**Net Debt for 2022-01-01 (which represents end of 2021/start of 2022):**
From the data: "Net Debt" 2022-01-01: 941000000 EUR

Wait, let me re-read. The dates in this data seem to use 2023-01-01 for end of 2022, and 2022-01-01 for end of 2021. So for "2022" (the year 2022), I need:
- Net Debt at end of 2022 = "Net Debt" 2023-01-01: 7440000000 EUR
- EBITDA for 2022 (the period 2022-01-01 to 2023-01-01)

Actually, let me reconsider. The question asks for "Net Debt / EBITDA ratio for 2022". In S&P methodology, this typically uses:
- Net Debt at the end of the period (end of 2022, which is 2023-01-01 in this data format)
- EBITDA for the 12-month period ending at that point (2022-01-01 to 2023-01-01)

**Net Debt at end of 2022:** 7,440,000,000 EUR (from "Net Debt" 2023-01-01)

**Now I need to calculate EBITDA for 2022 (period 2022-01-01 to 2023-01-01):**

EBITDA = Earnings Before Interest, Tax, Depreciation and Amortization

From the income statement data for 2022-01-01 to 2023-01-01:

Starting point: "Profit Loss From Operating Activities" = 1,872,000,000 EUR

This is operating profit (EBIT). To get EBITDA, I need to add back depreciation and amortization.

"Depreciation And Amortisation Expense" = 2,228,000,000 EUR

Wait - I need to check if this includes right-of-use asset depreciation. Let me check:
- "Depreciation And Amortisation Expense" = 2,228,000,000 EUR
- "Depreciation Rightofuse Assets" = 446,000,000 EUR

The total depreciation and amortization would be 2,228,000,000 + 446,000,000 = 2,674,000,000 EUR if these are separate. But I need to check if "Depreciation And Amortisation Expense" already includes right-of-use assets or not.

Looking at typical IFRS presentation, "Depreciation And Amortisation Expense" in the income statement usually includes all depreciation. The separate line "Depreciation Rightofuse Assets" might be a breakdown. Let me check if the numbers add up reasonably.

Actually, looking more carefully at the expense items:
- "Depreciation And Amortisation Expense" = 2,228,000,000 EUR
- "Depreciation Rightofuse Assets" = 446,000,000 EUR

In many reports, the total depreciation and amortization charge includes both regular PPE depreciation and right-of-use asset depreciation. But here they seem to be reported separately in the notes.

Let me verify by checking the cash flow statement adjustments:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261,000,000 EUR

And "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000 EUR

This suggests total D&A for cash flow purposes is about 2,261,000,000 + 424,000,000 = 2,685,000,000 EUR

But wait, the 2,261,000,000 includes impairment as well. Let me check:
"Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000 EUR

So depreciation and amortization (excluding impairment) from the first adjustment would be roughly 2,261,000,000 - 172,000,000 = 2,089,000,000 EUR? Or is impairment separate?

Actually, let me re-read: "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" - this is one line item that combines several things.

Looking at the P&L:
- "Depreciation And Amortisation Expense" = 2,228,000,000 EUR
- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000 EUR

For EBITDA, I want to add back D&A to EBIT. The standard approach is:

EBITDA = Operating Profit + Depreciation and Amortization

If "Profit Loss From Operating Activities" = 1,872,000,000 EUR is EBIT, then:
EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 ? 

Or is operating profit already after all D&A?

Let me think about this more carefully. In IFRS, operating profit typically includes all operating expenses including D&A. So:

"Profit Loss From Operating Activities" = 1,872,000,000 EUR (this is EBIT, after D&A)

To get EBITDA, add back D&A. The question is whether to add back just 2,228,000,000 or also the 446,000,000.

Looking at the cash flow adjustments:
- "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261,000,000
- "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000

Total D&A add-back in cash flow = 2,261,000,000 + 424,000,000 = 2,685,000,000

But wait, the 2,261,000,000 might include impairment. Let me check: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000

If I subtract impairment from 2,261,000,000: 2,261,000,000 - 172,000,000 = 2,089,000,000. Then add right-of-use 424,000,000 = 2,513,000,000. This doesn't match 2,228,000,000 + 446,000,000 = 2,674,000,000.

Let me try another approach. The cash flow starts with "Profit Loss" = 1,131,000,000 and adds back various items to get to operating cash flow.

Actually, for S&P methodology, EBITDA is typically calculated as:
- Operating profit before depreciation and amortization
- Or: Revenue - Operating expenses (excluding D&A)

Let me use: EBITDA = "Profit Loss From Operating Activities" + Total D&A

From the cash flow statement, the total adjustment for D&A and impairment is:
2,261,000,000 (which includes D&A, impairment, and provisions) + 424,000,000 (right-of-use) = 2,685,000,000

But we need to isolate just D&A. 

Looking at the P&L lines:
- "Depreciation And Amortisation Expense" = 2,228,000,000
- "Depreciation Rightofuse Assets" = 446,000,000

I think these are separate expense lines in the P&L by nature. Total D&A = 2,228,000,000 + 446,000,000 = 2,674,000,000 EUR

Wait, let me verify: 2,228,000,000 + 446,000,000 = 2,674,000,000

But in cash flow: 2,261,000,000 + 424,000,000 = 2,685,000,000

The small difference (11,000,000) might be due to different classifications or the 2,261,000,000 including some provisions/impairment.

Actually, re-reading: "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261,000,000

This includes: provisions + D&A + impairment. If impairment is 172,000,000 and provisions change... actually we don't know the provision change separately.

For S&P methodology, EBITDA typically excludes impairment (as it's non-recurring or special). So we want just D&A add-back.

Let me use the explicit D&A figures from the P&L:
- "Depreciation And Amortisation Expense" = 2,228,000,000
- "Depreciation Rightofuse Assets" = 446,000,000

Total D&A = 2,674,000,000 EUR

EBITDA = Operating Profit + D&A = 1,872,000,000 + 2,674,000,000 = 4,546,000,000 EUR

But wait - I need to check if "Profit Loss From Operating Activities" is before or after the "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" of 172,000,000.

Looking at the P&L structure:
- "Profit Loss From Operating Activities Recurring" = 1,962,000,000
- Then "Other Operating Income Non Recurring" = 93,000,000
- "Other Operating Expense Non Recurring" = 183,000,000
- "Profit Loss From Operating Activities" = 1,872,000,000

So 1,962,000,000 + 93,000,000 - 183,000,000 = 1,872,000,000. ✓

Now, where does impairment fit? "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000

This seems to be part of operating expenses. The recurring operating profit is 1,962,000,000, which would be after this impairment.

For S&P EBITDA, we typically add back D&A but not impairment (unless it's a recurring adjustment). Actually, S&P does adjust for certain items, but standard EBITDA adds back all D&A.

Let me verify my EBITDA calculation another way. Looking at the cash flow:
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000

This is after interest and taxes but before working capital changes. Not directly helpful for EBITDA.

Let me try: Revenue - Cash operating costs + D&A... this gets complicated.

Actually, let me look at this more carefully. The standard formula is:

EBITDA = Operating profit + Depreciation + Amortization

Where operating profit = EBIT = "Profit Loss From Operating Activities" = 1,872,000,000

And D&A = 2,228,000,000 + 446,000,000 = 2,674,000,000

But wait - is the 2,228,000,000 already including the 446,000,000? The naming suggests "Depreciation And Amortisation Expense" might be separate from "Depreciation Rightofuse Assets".

In IFRS 16, lessees recognize right-of-use asset depreciation separately or as part of total depreciation. Looking at the balance sheet:
- "Property Plant And Equipment" = 9,187,000,000
- "Rightofuse Assets" = 2,472,000,000

These are separate line items, so their depreciation might also be separate.

Given the cash flow has separate add-backs:
- "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261,000,000
- "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000

This strongly suggests total D&A is about 2,261M + 424M = 2,685M, but the first number includes some provisions/impairment.

If I assume the pure D&A in the first line is approximately 2,228M (matching the P&L), then total D&A = 2,228M + 424M = 2,652M or about 2,674M.

Let me use: EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

But I want to double-check. Actually, let me see if there's another way to compute this.

From the cash flow statement, starting from profit:
"Profit Loss" = 1,131,000,000
Add back: "Adjustments For Income Tax Expense" = 424,000,000
Add back: "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260,000,000

This gets to something like EBIT: 1,131,000,000 + 424,000,000 + 260,000,000 = 1,815,000,000

Hmm, this is close to 1,872,000,000 but not exact. The difference might be due to share of profit/loss of associates (-30,000,000) and other items.

Actually "Profit Loss From Continuing Operations" = 1,131,000,000 includes:
- Operating profit 1,872,000,000
- Less: finance costs, tax, etc.

Let me recalculate: 1,872,000,000 (operating) - 198,000,000 (cost of net debt) - 62,000,000 (lease interest) + 91,000,000 (other finance income) - 118,000,000 (other finance cost) - 30,000,000 (share of associates) - 424,000,000 (tax) = ?

1,872 - 198 - 62 + 91 - 118 - 30 - 424 = 1,131. Yes! ✓

So operating profit is definitely 1,872,000,000.

Now for EBITDA, S&P methodology typically uses:
EBITDA = Operating profit before depreciation and amortization

= 1,872,000,000 + total D&A

For total D&A, I'll use the cash flow add-backs which are clearer:
- "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261,000,000
- "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000

But I need to remove impairment from the first item. The P&L shows "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000.

However, the cash flow adjustment says "Provisions And...Depreciation And Amortisation Expense And Impairment Loss". This is ambiguous - it could mean provisions + D&A + impairment, or it could mean the net amount.

Looking at the amount 2,261,000,000 vs P&L D&A of 2,228,000,000: the difference is 33,000,000. This could be provisions minus impairment, or something else.

Actually, for S&P methodology, they often use "adjusted EBITDA" which might include add-backs for certain items. But standard EBITDA is just operating profit + D&A.

Let me check if 2,228,000,000 includes right-of-use or not. Given the separate line "Depreciation Rightofuse Assets" = 446,000,000, and the cash flow has a separate line for right-of-use depreciation of 424,000,000, I think total D&A is approximately 2,228,000,000 + 446,000,000 = 2,674,000,000.

But wait - the cash flow right-of-use amount is 424,000,000, not 446,000,000. The difference might be exchange differences or other adjustments.

For consistency with S&P methodology which often uses reported figures, let me use:
- D&A from P&L: 2,228,000,000 + 446,000,000 = 2,674,000,000

Or should I use the cash flow figures which might be more accurate for actual cash-based adjustments?

Actually, for EBITDA (Earnings Before Interest Tax Depreciation Amortization), we want the accounting D&A, not necessarily cash-based. So P&L figures are more appropriate.

EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000 EUR

But let me also consider: is "Profit Loss From Operating Activities" after all operating expenses including D&A? Yes. Is it after impairment? The impairment of 172,000,000 is listed as an expense item, so yes, operating profit is after impairment.

For S&P, they sometimes adjust EBITDA for impairment if it's non-recurring. But standard EBITDA doesn't adjust for impairment.

Actually, let me reconsider. "Profit Loss From Operating Activities Recurring" = 1,962,000,000. This is before non-recurring items. Then non-recurring items net to 93 - 183 = -90, giving 1,872.

For S&P adjusted EBITDA, they might start from recurring operating profit and add back D&A. But standard S&P Global Ratings methodology for Net Debt/EBITDA typically uses reported EBITDA or adjusted EBITDA depending on the context.

Let me check if there's a better approach. S&P typically calculates EBITDA as:
- Operating income + D&A + other adjustments (like restructuring, etc.)

For a clean calculation, let me use:
EBITDA = "Profit Loss From Operating Activities" + "Depreciation And Amortisation Expense" + "Depreciation Rightofuse Assets"

= 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

But I want to verify this makes sense. Let me also try from revenue:
Revenue = 44,322,000,000 + 76,000,000 = 44,398,000,000 (total revenue)

Operating expenses (by nature):
- Raw materials: 19,372,000,000
- Employee benefits: 10,381,000,000
- Services: 10,572,000,000
- Tax other than income: 639,000,000
- D&A: 2,228,000,000 + 446,000,000 = 2,674,000,000
- Impairment: 172,000,000
- Change in inventories: -61,000,000
- Other income: -2,565,000,000
- Other expense: 1,252,000,000

Total expenses = 19,372 + 10,381 + 10,572 + 639 + 2,674 + 172 - 61 + 1,252 - 2,565 = 42,526,000,000

Revenue - Total expenses = 44,398 - 42,526 = 1,872,000,000 ✓

So operating profit is correct.

For EBITDA, we add back D&A to operating profit:
EBITDA = 1,872,000,000 + 2,674,000,000 = 4,546,000,000

But wait - should we also add back impairment? In some definitions, yes, if it's non-recurring. S&P adjusted EBITDA often adds back certain non-recurring items. But "standard" EBITDA typically doesn't.

Actually, let me re-check S&P methodology. S&P Global Ratings typically uses "adjusted EBITDA" which may include add-backs for restructuring, impairment, etc. But for a basic calculation, standard EBITDA is operating profit + D&A.

However, I notice that "Profit Loss From Operating Activities Recurring" = 1,962,000,000. This excludes non-recurring items. If I add D&A to this:
1,962,000,000 + 2,674,000,000 = 4,636,000,000

But this includes the impairment impact in a different way. Actually, recurring operating profit is before the non-recurring items (93M income, 183M expense). The impairment of 172M is listed separately - is it recurring or non-recurring?

Looking at the structure:
- Recurring operating profit: 1,962,000,000
- Non-recurring: +93,000,000 - 183,000,000 = -90,000,000
- Operating profit: 1,872,000,000

The impairment of 172,000,000 is part of the P&L by nature, not classified as recurring or non-recurring in this summary. It might be included in recurring or separate.

Given the cash flow adjustment combines "Provisions And...Depreciation And Amortisation Expense And Impairment Loss", this suggests impairment is treated similarly to D&A as a non-cash adjustment.

For S&P Net Debt/EBITDA, let me use the standard approach:
EBITDA = Operating profit + D&A = 1,872,000,000 + 2,674,000,000 = 4,546,000,000

But I want to also consider if we should use the recurring figure. S&P often adjusts for non-recurring items. The non-recurring net expense is 90,000,000. If we adjust for this:
Adjusted operating profit = 1,872,000,000 + 90,000,000 = 1,962,000,000
Adjusted EBITDA = 1,962,000,000 + 2,674,000,000 = 4,636,000,000

Or, if impairment is also considered non-recurring and should be added back:
Adjusted operating profit = 1,872,000,000 + 172,000,000 = 2,044,000,000
Adjusted EBITDA = 2,044,000,000 + 2,674,000,000 = 4,718,000,000

This is getting complicated. Let me look for a simpler approach.

Actually, in the cash flow statement, the starting point for operating cash flow is profit, and they add back:
- D&A and impairment: 2,261,000,000
- Right-of-use depreciation: 424,000,000
- Other adjustments

The total add-back for non-cash items is roughly 2,261 + 424 = 2,685,000,000.

If I use this with operating profit: 1,872,000,000 + 2,685,000,000 = 4,557,000,000

But this includes impairment. If I want "clean" EBITDA excluding impairment, I'd need to subtract the impairment portion.

Given the ambiguity, let me use the most standard definition:
EBITDA = EBIT + D&A = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

But actually, I realize I should double-check if 2,228,000,000 includes amortization of intangibles or just PPE depreciation. The line says "Depreciation And Amortisation Expense" so it includes both. And right-of-use is separate.

Hmm, but wait. Looking at the balance sheet:
- PPE: 9,187,000,000
- Right-of-use assets: 2,472,000,000
- Intangible assets other than goodwill: 3,969,000,000
- Goodwill: 12,626,000,000

Goodwill is typically not amortized under IFRS. Intangibles other than goodwill are amortized. So amortization expense should relate to the 3,969,000,000 intangibles.

Total D&A = PPE depreciation + Right-of-use depreciation + Intangible amortization = 2,228,000,000 + 446,000,000 = 2,674,000,000

This seems reasonable.

Now, Net Debt / EBITDA = 7,440,000,000 / 4,546,000,000 = 1.636...

Wait, I need to double-check my Net Debt figure. The data shows:
"Net Debt" 2023-01-01: 7440000000 EUR

But let me verify this from balance sheet items to make sure I understand the date convention correctly.

From balance sheet at 2023-01-01 (end of 2022):
- Cash: 5,736,000,000
- Current overdrafts and short-term borrowings: 418,000,000
- Current borrowings and current portion of noncurrent borrowings: 1,361,000,000
- Long-term borrowings: 11,586,000,000

Gross debt = 418 + 1,361 + 11,586 = 13,365,000,000
Less cash = 5,736,000,000
Net debt = 13,365 - 5,736 = 7,629,000,000

But reported Net Debt is 7,440,000,000. The difference might be due to other cash equivalents or different classification.

Actually, looking more carefully: "Cash And Cash Equivalents" = 5,736,000,000. But there's also "Cash And Cash Equivalents If Different From Statement Of Financial Position" = 5,318,000,000.

The difference might be bank overdrafts or other items. Net Debt is reported as 7,440,000,000, so I should use this figure.

Now for EBITDA, let me reconsider once more. I want to make sure I'm using the right figure.

Actually, I realize I should check if S&P uses calendar year or fiscal year. The data shows periods like 2022-01-01 to 2023-01-01, which is a 12-month period. And balance sheet dates are 2023-01-01 for year-end 2022.

So for "2022":
- Net Debt at end of 2022 = 7,440,000,000
- EBITDA for 2022 = for period 2022-01-01 to 2023-01-01

Now, let me recalculate EBITDA more carefully.

From the income statement by function (not shown directly), or by nature:

Revenue: 44,322,000,000 + 76,000,000 = 44,398,000,000

Expenses by nature:
- Raw materials and consumables: 19,372,000,000
- Employee benefits: 10,381,000,000
- Services: 10,572,000,000
- Tax other than income tax: 639,000,000
- Depreciation and amortization: 2,228,000,000
- Depreciation right-of-use: 446,000,000
- Impairment: 172,000,000
- Change in inventories: -61,000,000
- Other income: -2,565,000,000 (this is income, not expense)
- Other expense: 1,252,000,000

Total expenses = 19,372 + 10,381 + 10,572 + 639 + 2,228 + 446 + 172 - 61 + 1,252 = 44,001,000,000? 

Wait, let me recalculate: 19,372 + 10,381 = 29,753; + 10,572 = 40,325; + 639 = 40,964; + 2,228 = 43,192; + 446 = 43,638; + 172 = 43,810; - 61 = 43,749; + 1,252 = 45,001.

Then revenue 44,398 - expenses 45,001 + other income 2,565 = 1,962? 

Hmm, this doesn't work cleanly because "Other Income Recurring" is separate.

Let me try: Total revenue 44,398 - total costs (excluding other income) + other income - other expense = operating profit.

Actually, the standard format is:
Revenue
- Cost of sales (raw materials, employee, services, etc.)
= Gross profit
- D&A
- Other operating expenses
+ Other operating income
= Operating profit

Given the complexity, let me trust the reported "Profit Loss From Operating Activities" = 1,872,000,000 and add back D&A.

EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

But I want to check one more thing. Is "Depreciation And Amortisation Expense" of 2,228,000,000 the total, and "Depreciation Rightofuse Assets" of 446,000,000 a subset? Or are they separate?

Looking at typical IFRS presentation, companies often show:
- Depreciation of PPE
- Amortization of intangibles  
- Depreciation of right-of-use assets

As separate lines or combined. The fact that there are two separate lines suggests they might be separate.

But looking at the cash flow: "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000. This is clearly separate from the other D&A adjustment of 2,261,000,000.

So total D&A add-back in cash flow = 2,261 + 424 = 2,685,000,000 (including some provisions/impairment).

For EBITDA, if I use the cash flow approach: start from operating profit 1,872, add back total D&A. But I need to separate D&A from provisions and impairment in the 2,261.

Given that impairment is 172,000,000 and the total is 2,261,000,000, if we assume the rest is D&A and provisions... actually we don't know provisions.

Let me try another approach. Look at the balance sheet change in provisions:
Noncurrent provisions: 2,250 - 2,093 = 157,000,000 increase
Current provisions: 1,832 - 1,330 = 502,000,000 increase
Total increase = 659,000,000

But the P&L shows "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172,000,000. This is the net expense, not the cash flow change.

Actually, for cash flow, the add-back would include the net provision expense (increase in provisions). But the 2,261,000,000 line combines multiple things.

Given the complexity, let me use the simplest and most standard approach:

EBITDA = Operating profit + Depreciation and Amortization (from P&L)

= 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

Net Debt / EBITDA = 7,440,000,000 / 4,546,000,000 = 1.6366...

Rounded to 2 decimal places: 1.64

But wait - I want to double check if I should use a different EBITDA. Let me also consider if S&P would adjust for the non-recurring items.

S&P adjusted EBITDA often adds back non-recurring expenses. The net non-recurring is 90,000,000 expense (93 income - 183 expense). If we add this back to operating profit: 1,872 + 90 = 1,962. Then EBITDA = 1,962 + 2,674 = 4,636.

Net Debt / EBITDA = 7,440 / 4,636 = 1.605

Or if we also add back impairment (if considered non-recurring in nature): 1,872 + 172 + 90 = 2,134? No wait, impairment might already be in operating profit but not in recurring.

Actually, "Profit Loss From Operating Activities Recurring" = 1,962,000,000. This is before non-recurring items. So impairment of 172 is likely included in recurring (as it's a normal business risk), while the 93 and 183 are truly non-recurring.

If S&P uses recurring operating profit: 1,962,000,000 + 2,674,000,000 = 4,636,000,000
Ratio = 7,440 / 4,636 = 1.605

But standard EBITDA typically uses reported operating profit, not recurring.

Let me check one more thing. Is there any guidance in the data about how EBITDA or operating cash flow is calculated?

Looking at "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000. This is not EBITDA.

Actually, I realize I should look at whether S&P uses "adjusted EBITDA" with specific adjustments. Without explicit S&P adjustment guidance, standard EBITDA is:

EBITDA = EBIT + D&A = 1,872 + 2,228 + 446 = 4,546 (in millions)

Net Debt / EBITDA = 7,440 / 4,546 = 1.6366...

Let me also verify: could "Depreciation And Amortisation Expense" of 2,228 include the right-of-use 446? If so, total D&A would be just 2,228, and EBITDA = 1,872 + 2,228 = 4,100. Ratio = 7,440 / 4,100 = 1.81.

But the separate cash flow line for right-of-use suggests they're separate. Also, the naming "Depreciation Rightofuse Assets" as a separate line item suggests it's not included in the main "Depreciation And Amortisation Expense".

Given that right-of-use assets are a relatively new accounting concept (IFRS 16), many companies report them separately.

I'll stick with total D&A = 2,674,000,000 and EBITDA = 4,546,000,000.

Net Debt / EBITDA = 7,440 / 4,546 = 1.6366...

Let me round to 2 decimal places: 1.64

Actually, let me also try the calculation with just the explicit D&A and see if there's an alternative interpretation.

If we look at "Retained Earnings Profit Loss For Reporting Period" = 973,000,000, this is the net profit attributable to owners. The total "Profit Loss" = 1,131,000,000. The difference is non-controlling interests 158,000,000.

For EBITDA, we want pre-interest, pre-tax, so we don't care about attribution.

Final calculation:
Net Debt = 7,440,000,000
EBITDA = 4,546,000,000
Ratio = 1.6366...

I'll provide 1.64 as the answer, or should I use more precision? Let me check if 4,546 is correct.

Actually, I want to try one more verification. Let me see if I can derive EBITDA from the cash flow statement more directly.

"Cash Flows From Used In Operating Activities" = 2,978,000,000

This includes:
- Changes in working capital: 606,000,000
- Income taxes paid: 518,000,000
- Interest paid (financing): not in operating? Actually interest might be in operating or financing.

Looking at the adjustments from profit to operating cash flow:
Start: Profit Loss = 1,131,000,000
Add back: various items to get to "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000

This intermediate figure is before working capital and after interest and taxes. To get to EBITDA from here:
3,324,000,000 
+ Income taxes paid 518,000,000
+ Cost of net debt and lease interest 260,000,000
= 4,102,000,000

This is roughly EBIT + D&A - working capital changes? No wait, this is getting confusing.

Actually 3,324 is "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid". So it's after interest and taxes but before working capital.

To get EBITDA from this:
3,324,000,000
+ Income taxes paid 518,000,000
+ Interest expense 260,000,000 (cost of net debt + lease interest)
= 4,102,000,000

But this is still not EBITDA - it's more like EBIT + D&A - some other cash items, or roughly operating cash flow before working capital changes.

Actually 4,102,000,000 vs my EBITDA of 4,546,000,000. Difference is 444,000,000. This could be due to working capital already included? No, 3,324 is before working capital.

Wait, let me re-read: "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000

Then "Increase Decrease In Working Capital" = 606,000,000
Then "Cash Flows From Used In Operating Activities" = 2,978,000,000

So 3,324 - 606 = 2,718, but reported is 2,978. Hmm, doesn't match. Let me check: 3,324 - 606 = 2,718, but actual operating cash flow is 2,978. Difference is 260.

Actually, looking more carefully, there might be other items. The cash flow reconciliation shows many adjustments.

Let me try: from "Profit Loss" 1,131, add back all non-cash and financing items:
+ Tax 424
+ Cost of net debt and lease interest 260
+ D&A and impairment and provisions 2,261
+ Right-of-use depreciation 424
+ Losses/gains on disposal 285 (negative, so subtract? Actually "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -285,000,000, meaning gain was 285, so subtract)
+ Other adjustments 194
+ Undistributed profits of equity method 92
- Dividend income from NCI -11

Let me calculate: 1,131 + 424 + 260 + 2,261 + 424 - 285 + 194 + 92 - 11 = 4,490

Hmm, this is getting messy with signs. Let me try simpler:

The cash flow adjustments total should bridge from profit to operating cash flow before working capital.

Actually, I think my original EBITDA calculation is reasonable. Let me verify with a different approach.

From the P&L by nature, EBITDA should be:
Revenue + Other income - Cash operating expenses (excluding D&A)

Revenue: 44,322 + 76 = 44,398
Other income: 2,565
Total income: 46,963

Cash expenses:
- Raw materials: 19,372
- Employee: 10,381
- Services: 10,572
- Tax other: 639
- Change in inventories: -61 (this is a negative expense, i.e., income)
- Other expense: 1,252

Wait, change in inventories of -61 means inventory increased, which is a use of cash but actually in the P&L by nature, a negative number here means it reduced costs (added to inventory rather than expensed).

Let me recalculate more carefully:
Total revenue = 44,398
Less: Raw materials 19,372
Less: Employee 10,381
Less: Services 10,572
Less: Tax other 639
Less: Other expense 1,252
Plus: Other income 2,565
Plus: Change in inventories 61 (since it's negative in expense, it's positive for EBITDA)

= 44,398 - 19,372 - 10,381 - 10,572 - 639 - 1,252 + 2,565 + 61
= 44,398 - 42,216 + 2,626
= 4,808

Hmm, this is not matching 4,546. The difference is 262. Let me check - I haven't included all items.

Actually, I think the issue is that "Services Expense" might include some items that are not operating, or my categorization is wrong.

Let me try yet another way. The standard formula is:
EBITDA = Revenue - Cost of goods sold (cash portion) - SGA (cash portion)

But without detailed breakdown, this is hard.

Given my multiple approaches, let me trust:
EBITDA = Operating profit + D&A = 1,872 + 2,228 + 446 = 4,546

Or, if "Depreciation And Amortisation Expense" already includes right-of-use:
EBITDA = 1,872 + 2,228 = 4,100

The cash flow separate treatment suggests they're separate. I'll use 4,546.

Net Debt / EBITDA = 7,440 / 4,546 = 1.6366...

Let me also check if there's any other D&A I missed. What about amortization of intangibles? The 2,228 line says "Depreciation And Amortisation Expense" so it includes amortization.

Final answer: 1.64 (rounded to 2 decimal places)

Or should I provide more precision? 1.637 or 1.64?

Given the data precision (millions), I'll provide 2 decimal places: 1.64

Actually, let me recalculate 7,440 / 4,546 more precisely:
7,440 ÷ 4,546 = 1.6366049...

Rounded to 2 decimal places: 1.64

But wait - I want to double-check one thing. Should I use Net Debt at end of period, or average? S&P typically uses end-of-period Net Debt for leverage ratios.

Yes, end-of-period is standard for point-in-time ratios.

One more check: is 2022-01-01 to 2023-01-01 the right period for "2022"? Yes, this is calendar year 2022.

And 2023-01-01 balance sheet is end of 2022. Correct.

Final calculation:
Net Debt = 7,440 million EUR
EBITDA = 4,546 million EUR
Ratio = 1.64

<answer>1.64</answer>