## Reasoning

### Step 1: Calculate EBITDA (S&P methodology)

S&P's EBITDA is typically calculated as:
**EBITDA = Profit from Operating Activities + Depreciation & Amortisation + Impairment losses**

However, S&P typically starts with operating income and adds back D&A. Let me use the data available.

From the income statement for the period 2022-01-01 to 2023-01-01 (fiscal year 2022):

- **Profit Loss From Operating Activities**: 17,510M EUR
- **Depreciation And Amortisation Expense**: 7,205M EUR
- **Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss**: 1,140M EUR
- **Write Off Of Tangible And Intangible Assets**: 599M EUR

S&P's EBITDA typically adds back depreciation, amortization, and impairment to operating profit:

**EBITDA = 17,510 + 7,205 + 1,140 + 599 = 26,454M EUR**

Wait - looking at the income statement structure, the "Profit Loss From Operating Activities" of 17,510M already has D&A, impairments, and write-offs subtracted. So adding them back gives EBITDA.

**EBITDA = 17,510 + 7,205 + 1,140 + 599 = 26,454M EUR**

### Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt typically includes:
- Short-term borrowings
- Current portion of long-term borrowings
- Long-term borrowings
- Lease liabilities (S&P typically includes operating leases post-IFRS 16)
- Minus: Cash and cash equivalents
- Minus: Current financial assets at fair value through profit or loss (liquid investments)

**Gross Debt:**
- Short-term Borrowings: 4,446M
- Current Portion of Long-term Borrowings: 3,097M
- Current Lease Liabilities: 884M
- Long-term Borrowings: 19,374M
- Non-current Lease Liabilities: 4,067M

**Total Gross Debt = 4,446 + 3,097 + 884 + 19,374 + 4,067 = 31,868M EUR**

**Cash and liquid investments to subtract:**
- Cash and Cash Equivalents: 10,155M (balance sheet date 2023-01-01, which is end of 2022)
- Current Financial Assets At Fair Value Through Profit Or Loss: 8,251M

S&P may or may not deduct all short-term financial assets. Typically S&P is conservative and may only deduct cash and readily marketable securities. Let me consider just cash and the short-term financial assets at FVTPL as surplus cash.

**Net Debt = 31,868 - 10,155 - 8,251 = 13,462M EUR**

However, S&P's standard approach often doesn't net off all financial assets. A more conservative S&P approach might only deduct cash:

**Net Debt (conservative) = 31,868 - 10,155 = 21,713M EUR**

But S&P does typically allow netting of readily available cash equivalents and short-term investments that are liquid. The "Current Financial Assets At Fair Value Through Profit Or Loss" of 8,251M likely represents short-term liquid investments that S&P would consider as surplus cash.

Let me reconsider. S&P's methodology for Net Debt:
- Total debt (including lease liabilities under IFRS 16, which S&P adjusts)
- Minus surplus cash

S&P often considers "surplus cash" as cash and short-term investments minus some operating cash requirement. But for a standard calculation:

**Net Debt = Total Financial Debt - Cash - Short-term investments**

Actually, let me reconsider whether S&P includes lease liabilities. Under S&P's post-2019 methodology, they do include IFRS 16 lease liabilities in debt.

Using the standard approach:
- Total Debt = 4,446 + 3,097 + 884 + 19,374 + 4,067 = 31,868M
- Cash = 10,155M
- Short-term financial assets at FVTPL = 8,251M

**Net Debt = 31,868 - 10,155 - 8,251 = 13,462M**

### Step 3: Net Debt / EBITDA

**Net Debt / EBITDA = 13,462 / 26,454 ≈ 0.51**

Let me also consider the scenario without netting short-term financial assets:
**Net Debt / EBITDA = 21,713 / 26,454 ≈ 0.82**

And without lease liabilities:
- Total Debt = 4,446 + 3,097 + 19,374 = 26,917M
- Net Debt = 26,917 - 10,155 - 8,251 = 8,511M
- Ratio = 8,511 / 26,454 ≈ 0.32

S&P's standard methodology would include lease liabilities and net off cash and liquid short-term investments. The most standard S&P calculation would be:

**Net Debt / EBITDA ≈ 0.51**

<answer>0.51</answer>