## Reasoning

### Step 1: Calculate Net Debt (S&P Methodology)

S&P's Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Lease liabilities (S&P typically includes these)
- Minus: Cash and cash equivalents

**Gross Debt components (as of 2023-01-01, which represents end of fiscal year 2022):**

1. **Non-current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes"):** 3,101M EUR
2. **Non-current loans received:** 2,624M EUR
3. **Non-current lease liabilities:** 439M EUR
4. **Current bonds/securities ("Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes"):** 1,139M EUR
5. **Current loans received:** 553M EUR
6. **Current lease liabilities:** 72M EUR

**Total Gross Debt** = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = **7,928M EUR**

**Cash and Cash Equivalents** = 2,360M EUR

**Net Debt** = 7,928 - 2,360 = **5,568M EUR**

### Step 2: Calculate EBITDA (S&P Methodology)

S&P's EBITDA starts with operating profit and adds back depreciation/amortization. S&P also typically includes equity method results that are operational in nature.

From the income statement (2022-01-01 to 2023-01-01):

**Profit Loss From Operating Activities:** 1,334M EUR

This already includes:
- "Resultado De Puesta En Equivalencia Operativa" (Operational equity method result): 159M EUR
- "Dotacion Amortizacion YVariacion De Provisiones" (D&A and provisions): 762M EUR
- "Impairment Loss Reversal": -15M EUR

**EBITDA = Operating Profit + D&A + Impairment**

EBITDA = 1,334 + 762 + (-15) = 1,334 + 762 - 15 = **2,081M EUR**

Wait, let me reconsider. The operating profit already has D&A subtracted, so we add it back:

EBITDA = Operating Profit + D&A charges = 1,334 + 762 = 2,096M EUR

The impairment of -15M means it's a reversal (negative impairment loss = gain), which is already included in operating profit. For S&P EBITDA, we'd typically add back impairment losses. Since this is a reversal (negative), we might need to subtract it back. Actually, looking at the sign convention: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = -15M means a net reversal of 15M (a gain). For S&P, we'd want to exclude non-recurring impairments. Let me keep it simple.

S&P EBITDA typically = Revenue + Other Income - Operating Expenses (excluding D&A)

Let me verify:
- Revenue: 11,195
- Other Income: 1,016
- Changes in Inventories: -72
- Raw Materials: -3,483
- Employee Benefits: -2,077
- Other Expenses: -4,814
- Impairment: +15 (reversal)
- Other Gains/Losses: +13
- Equity method (operational): +159

**Operating Profit** = 11,195 + 1,016 - 72 - 3,483 - 2,077 - 4,814 - 762 + 15 + 13 + 159 = 1,190... 

Let me recompute: 11,195 + 1,016 = 12,211; 12,211 - 72 = 12,139; 12,139 - 3,483 = 8,656; 8,656 - 2,077 = 6,579; 6,579 - 4,814 = 1,765; 1,765 - 762 = 1,003; 1,003 + 15 = 1,018; 1,018 + 13 = 1,031; 1,031 + 159 = 1,190...

That gives 1,190, not 1,334. There's a discrepancy of 144M. Let me re-examine. The "Changes In Inventories" of -72M - this might be an income item (increase in WIP adds to income). If changes = -72 means a decrease, that reduces income. 

Actually, looking at the IFRS format: changes in inventories is typically shown as a positive when inventories increase (income side). A negative value means decrease. So it's -72M impact on income.

Hmm, the discrepancy suggests I'm misreading something. Let me just use the reported operating profit + D&A.

**EBITDA = 1,334 + 762 = 2,096M EUR**

For S&P, they also typically add back lease payments (operating leases are already capitalized under IFRS 16, so lease depreciation is in D&A and interest is in finance costs - already handled).

### Step 3: Net Debt / EBITDA

Net Debt / EBITDA = 5,568 / 2,096 = **2.66**

Let me also consider whether S&P would exclude lease liabilities from debt. Under S&P's methodology post-IFRS 16, they generally include lease liabilities in debt but also include lease depreciation in EBITDA (which is already included in the 762M D&A figure). So this should be consistent.

**Net Debt / EBITDA ≈ 2.7**

More precisely: 5,568 / 2,096 = 2.656

<answer>2.7</answer>