I need to estimate the Net Debt / EBITDA ratio for 2022 using S&P methodology. Let me work through this step by step.

## Understanding S&P Methodology for Net Debt/EBITDA

S&P Global typically defines:
- **Net Debt** = Total Debt (short-term + long-term interest-bearing debt) - Cash and Cash Equivalents
- **EBITDA** = Earnings Before Interest, Taxes, Depreciation and Amortization

From the data, I need to identify:
1. Financial liabilities (debt)
2. Cash and cash equivalents
3. EBITDA

## Step 1: Calculate EBITDA

From the income statement data for period 2022-01-01 to 2023-01-01 (which represents 2022 results):

- "Gross Operating Income EBITDA" = 1,505,000,000 EUR

This is already provided as EBITDA. Let me verify this is correct by checking if we can calculate it:
- Revenue: 23,166,000,000 EUR
- Operating Expense: 20,896,000,000 EUR
- Employee Benefits Expense: 765,000,000 EUR

Wait, let me recalculate: Revenue - Operating Expense = 23,166,000,000 - 20,896,000,000 = 2,270,000,000 EUR. This doesn't match EBITDA of 1,505,000,000.

Actually, looking more carefully: "Operating Expense" of 20,896,000,000 includes "Raw Materials And Consumables Used" (20,502,000,000) + "Other Expense By Nature" (394,000,000). 

But "Gross Operating Income EBITDA" is explicitly given as 1,505,000,000 EUR. This is the EBITDA figure I should use.

Let me verify: Revenue (23,166,000,000) - Raw Materials (20,502,000,000) - Other Expense by Nature (394,000,000) - Employee Benefits (765,000,000) = 23,166,000,000 - 20,502,000,000 - 394,000,000 - 765,000,000 = 1,505,000,000 EUR. ✓

So **EBITDA = 1,505,000,000 EUR**

## Step 2: Calculate Net Debt

Net Debt = Total Financial Debt - Cash and Cash Equivalents

I need to identify all debt/financial liabilities. From the balance sheet at 2023-01-01 (end of 2022):

**Non-current financial liabilities:**
- "Other Noncurrent Financial Liabilities" = 5,867,000,000 EUR

**Current financial liabilities:**
- "Other Current Financial Liabilities" = 1,022,000,000 EUR

Total Financial Debt = 5,867,000,000 + 1,022,000,000 = 6,889,000,000 EUR

**Cash and Cash Equivalents** at 2023-01-01 = 2,584,000,000 EUR

**Net Debt** = 6,889,000,000 - 2,584,000,000 = **4,305,000,000 EUR**

Wait - I need to check if there are other items I should include. Let me also check if "Trade And Other Current Payables To Trade Suppliers" should be included. Under S&P methodology, trade payables are typically NOT included in debt - only interest-bearing financial debt is included.

However, I should also check if there are lease liabilities embedded in other line items. The "Payments Of Lease Liabilities Classified As Financing Activities" suggests there are lease liabilities. But in the balance sheet, these might be included in "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities."

Let me also check the 2022-01-01 balance to understand the beginning position, but for 2022 ratio, we typically use end-of-period or average. S&P typically uses end-of-period debt for leverage ratios, or sometimes average. For consistency with the EBITDA (which is a flow for the year), let me check if I should use average net debt or year-end.

Actually, for the 2022 fiscal year (period 2022-01-01 to 2023-01-01), the balance sheet at 2023-01-01 represents the end of 2022. Let me also check the beginning of 2022 to see if there's a significant difference.

At 2022-01-01:
- Other Noncurrent Financial Liabilities = 4,322,000,000 EUR
- Other Current Financial Liabilities = 746,000,000 EUR
- Cash and Cash Equivalents = 964,000,000 EUR

Beginning Net Debt = 4,322,000,000 + 746,000,000 - 964,000,000 = 4,104,000,000 EUR

Average Net Debt = (4,305,000,000 + 4,104,000,000) / 2 = 4,204,500,000 EUR

However, S&P methodology typically uses **end-of-period** net debt for leverage ratios, or sometimes they use "adjusted" figures. Let me use end-of-period as it's more conservative and common.

But wait - I need to be more careful. The EBITDA of 1,505,000,000 is for the period 2022-01-01 to 2023-01-01. The net debt at 2023-01-01 is the end of this period. This is the standard matching.

However, I should also consider if there are other debt-like items. Let me check if there are any "Liabilities Included In Disposal Groups Classified As Held For Sale" - but at 2023-01-01 this is 0.

Also, I need to check if there are any bank overdrafts or other borrowings not captured. Looking at the financing activities:
- Proceeds From Borrowings = 4,339,000,000
- Repayments Of Borrowings = 2,779,000,000

This suggests active borrowing/repayment during the year.

Let me also verify by looking at the cash flow statement if there's any indication of total debt. The "Total Changes In Financial Liabilities" = 1,503,000,000 EUR.

Beginning financial liabilities = 4,322,000,000 + 746,000,000 = 5,068,000,000
Ending financial liabilities = 5,867,000,000 + 1,022,000,000 = 6,889,000,000
Change = 1,821,000,000

Hmm, this doesn't match 1,503,000,000. The difference might be due to foreign exchange effects, fair value changes, or other non-cash items.

Actually, looking more carefully: "Total Changes In Financial Liabilities" = 1,503,000,000 EUR. But this might not include all items. There are also "Other Changes Financial Liabilities" = -46,000,000 EUR.

Let me recalculate: 5,068,000,000 + 1,503,000,000 + (-46,000,000)? No, the 1,503,000,000 already includes the -46,000,000 based on the structure.

Actually, looking at the components:
- Proceeds From Borrowings: 4,339,000,000
- Repayments Of Borrowings: 2,779,000,000
- Payments Of Lease Liabilities: 11,000,000
- Other Changes Financial Liabilities: -46,000,000

Total = 4,339,000,000 - 2,779,000,000 - 11,000,000 - 46,000,000 = 1,503,000,000 ✓

But 5,068,000,000 + 1,503,000,000 = 6,571,000,000, not 6,889,000,000. The difference of 318,000,000 might be from acquisitions or other non-cash changes.

Regardless, for the balance sheet-based calculation, I'll use the actual reported figures.

## Step 3: Calculate Net Debt / EBITDA

Net Debt at 2023-01-01 = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR

EBITDA for 2022 = 1,505,000,000 EUR

**Net Debt / EBITDA = 4,305,000,000 / 1,505,000,000 = 2.860465...**

Let me round to 2.86 or check if I should express more precisely.

Actually, let me reconsider if I should use average net debt. S&P sometimes uses average debt for ratios when comparing to flow measures like EBITDA. Let me calculate both:

Using average net debt: 4,204,500,000 / 1,505,000,000 = 2.7937...

However, the most common S&P practice for published leverage ratios is to use **end-of-period net debt** divided by **LTM (last 12 months) EBITDA**. This is more conservative and standard for credit ratings.

Let me also double-check my debt identification. Should I include any other liabilities?

Under S&P methodology, "debt" typically includes:
- Short-term borrowings and current portion of long-term debt
- Long-term debt
- Finance lease obligations
- Bank overdrafts
- Certain preferred stock (if debt-like)
- Sometimes pension deficits or other debt-like items

Trade payables are NOT included in debt. The "Trade And Other Current Payables To Trade Suppliers" of 5,524,000,000 EUR is NOT debt.

What about "Other Current Nonfinancial Liabilities" (3,006,000,000 EUR)? These are likely accrued expenses, deferred income, etc. - not debt.

"Other Noncurrent Liabilities" (370,000,000 EUR)? Likely deferred tax or other non-financial liabilities - not debt.

So my debt identification seems correct.

Let me also verify if there are any "debt-like" items I might have missed. Looking at the equity section, there are no preferred shares mentioned. The issued capital is all ordinary shares.

One more check: Are there any derivatives or hedging instruments that should be included? The cash flow hedge reserves suggest some hedging activity, but these are typically derivatives that may or may not be in debt depending on whether they are assets or liabilities.

Actually, looking at the balance sheet more carefully, I don't see separate line items for derivative financial instruments. They might be embedded in "Other Noncurrent Financial Assets" or "Other Current Financial Assets" or the liability lines.

For S&P methodology, derivative liabilities that are part of hedging strategies are typically included in debt if they are liabilities.

However, without specific information on derivative liabilities, I'll proceed with the identified financial liabilities.

Let me also consider: should I use gross debt or net debt? The question asks for "Net Debt / EBITDA", so clearly net debt.

Final calculation:
- Net Debt = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR
- EBITDA = 1,505,000,000 EUR
- Ratio = 4,305,000,000 / 1,505,000,000 = 2.860465116...

Rounding to two decimal places: 2.86

Let me verify once more if there's any adjustment needed to EBITDA. S&P sometimes adjusts EBITDA for non-recurring items, acquisitions, etc.

"Result From Nonrecurring Transactions" = 157,000,000 EUR (positive, so a gain)

S&P typically adjusts EBITDA to exclude non-recurring items. However, the EBITDA of 1,505,000,000 is already "Gross Operating Income EBITDA" which is before non-recurring items. Let me check:

"Profit Loss From Operating Activities" = 687,000,000 EUR
"Result From Nonrecurring Transactions" = 157,000,000 EUR

If I add: 687,000,000 + 157,000,000 = 844,000,000... this doesn't equal EBITDA.

Actually, let me recalculate EBITDA from the components:
- "Depreciation Amortization Provisions And Writedowns" = 818,000,000 EUR
- "Profit Loss From Operating Activities" = 687,000,000 EUR

Operating Profit + D&A = 687,000,000 + 818,000,000 = 1,505,000,000 EUR = EBITDA ✓

But wait, "Depreciation Amortization Provisions And Writedowns" includes provisions and writedowns, not just D&A. Let me check the detailed D&A:
- Depreciation Expense = 491,000,000 EUR
- Amortisation Expense = 233,000,000 EUR
- Total D&A = 724,000,000 EUR

But "Depreciation Amortization Provisions And Writedowns" = 818,000,000 EUR, which is 94,000,000 more than pure D&A. This extra includes impairment and other provisions/writedowns.

For S&P EBITDA, they typically want "adjusted EBITDA" which adds back only pure D&A, not all provisions and writedowns. However, the "Gross Operating Income EBITDA" line item suggests this is already the clean EBITDA figure.

Actually, looking at the term "Gross Operating Income EBITDA", this seems to be the Italian/European terminology for EBITDA. The 1,505,000,000 EUR should be the correct EBITDA figure.

But let me also consider: should I adjust for non-recurring items? The "Result From Nonrecurring Transactions" of 157,000,000 EUR is below operating profit. If this is included in operating profit, then:

"Profit Loss From Operating Activities" = 687,000,000 EUR might or might not include non-recurring items. Looking at the structure:
- EBITDA = 1,505,000,000
- Less: Depreciation Amortization Provisions And Writedowns = 818,000,000
- = Profit Loss From Operating Activities = 687,000,000
- Plus: Result From Nonrecurring Transactions = 157,000,000
- = some subtotal? 

Actually, the presentation seems to be:
Profit Loss From Operating Activities = 687,000,000
+ Result From Nonrecurring Transactions = 157,000,000
= some adjusted operating profit?

Or is Result From Nonrecurring Transactions already included? Looking at the signs and structure, it seems like non-recurring items are presented as a separate line that adjusts operating profit.

Let me check: 687,000,000 + 157,000,000 = 844,000,000... then we have finance items, etc.

Actually, looking at "Profit Loss Before Tax" = 756,000,000 EUR

From operating profit to profit before tax:
- Profit Loss From Operating Activities: 687,000,000
- Result From Nonrecurring Transactions: 157,000,000
- Total Financial Balance: -88,000,000
- Share Of Profit Loss Of Associates: 2,000,000

687,000,000 + 157,000,000 - 88,000,000 + 2,000,000 = 758,000,000... close to 756,000,000 but not exact. The 2,000,000 difference might be rounding or other items.

Actually, let me recheck: 687 + 157 = 844; 844 - 88 = 756; 756 + 2 = 758. Hmm, but Profit Loss Before Tax is 756. Maybe Share Of Profit Loss is already included differently, or there's a sign convention issue.

Regardless, for S&P EBITDA, they might adjust out non-recurring gains. The 157,000,000 EUR non-recurring gain would typically be excluded from "adjusted EBITDA" for credit analysis.

However, the question asks me to estimate based on the S&P methodology using the given data. The "Gross Operating Income EBITDA" is explicitly provided and likely already represents the standard EBITDA. The non-recurring items are typically below EBITDA in this presentation.

Actually, looking more carefully at Italian financial reporting, "Risultato della Gestione Caratteristica" or similar concepts might include or exclude certain items. But "Gross Operating Income EBITDA" (Margine Operativo Lordo or MOL in Italian) is typically a clean EBITDA measure before non-recurring items.

Given the explicit EBITDA line item, I'll use 1,505,000,000 EUR.

## Final Calculation

Net Debt at year-end 2022 (2023-01-01):
- Financial Debt = 5,867,000,000 + 1,022,000,000 = 6,889,000,000 EUR
- Less: Cash and Cash Equivalents = 2,584,000,000 EUR
- Net Debt = 4,305,000,000 EUR

EBITDA for 2022 = 1,505,000,000 EUR

Net Debt / EBITDA = 4,305,000,000 / 1,505,000,000 = 2.860465...

Expressed as a ratio: approximately 2.86x

Let me also consider if I should use a slightly different approach. Some S&P analysts use "Total Debt" including certain non-financial liabilities that are debt-like. But standard S&P methodology for Net Debt is:

Total Debt = short-term debt + long-term debt + current portion of long-term debt + bank overdrafts + finance leases + preference shares (if debt-like) + minority interest (if debt-like, in some cases) + pension deficit (in some cases)

I've included the main financial liabilities. I don't see evidence of other significant debt-like items.

One more check: Should I include the "Noncontrolling Interests" in debt? S&P sometimes treats noncontrolling interests as a quasi-equity item, not debt. So no adjustment needed there.

Also, should I consider "Net Deferred Tax Assets" or "Other Noncurrent Assets" as reducing net debt? S&P typically does NOT include these in the net debt calculation - only cash and liquid investments are deducted from gross debt.

Final answer: 4,305 / 1,505 = 2.86 (rounded to two decimal places)

Actually, let me provide more precision: 4305/1505 = 2.86046511627907...

For financial ratios, typically 2 or 3 decimal places are used. I'll provide 2.86.

Wait - I want to double-check one thing. Should I use the beginning or ending cash balance, or average? For a ratio that compares a stock (debt) to a flow (EBITDA), the standard is to use the ending balance for the stock variable, or sometimes average if there's significant change during the year.

Actually, looking at S&P's published methodology more carefully, they often use "adjusted debt" and "adjusted EBITDA." For the debt figure, they might use a "two-point average" (beginning + ending) / 2 for seasonal businesses, or year-end for most others.

Given the significant increase in cash during 2022 (from 964M to 2,584M), using average net debt might be more representative. But standard practice in credit ratios is end-of-period.

Let me also check if there's any seasonality or if the year-end is artificially high. The cash increased by 1,620M during the year, which is substantial. This might reflect working capital management or timing of transactions.

For conservative credit analysis, end-of-period is standard. I'll stick with 2.86.

However, let me also calculate with beginning net debt to see the range:
Beginning Net Debt = 5,068,000,000 - 964,000,000 = 4,104,000,000
Beginning Net Debt / EBITDA = 4,104 / 1,505 = 2.73

Average Net Debt / EBITDA = 4,204.5 / 1,505 = 2.79

Given the question asks for "the" ratio, I'll use the most standard approach: end-of-period net debt with LTM EBITDA = 2.86.

One final verification: Let me make sure I haven't missed any debt items.

Looking at all liability items at 2023-01-01:
- Other Noncurrent Financial Liabilities: 5,867,000,000 ← debt
- Noncurrent Provisions For Employee Benefits: 248,000,000 ← not debt (provision)
- Other Longterm Provisions: 729,000,000 ← not debt (provision)
- Other Noncurrent Liabilities: 370,000,000 ← likely not debt (deferred income, etc.)
- Trade And Other Current Payables To Trade Suppliers: 5,524,000,000 ← not debt (trade payable)
- Other Current Nonfinancial Liabilities: 3,006,000,000 ← not debt
- Other Current Financial Liabilities: 1,022,000,000 ← debt
- Current Tax Liabilities: 134,000,000 ← not debt

Total debt identified: 6,889,000,000 EUR ✓

I believe my calculation is correct.

<answer>2.86</answer>