I need to calculate Net Debt / EBITDA for 2022 (the fiscal year ending 2023-01-01) using S&P methodology.

## S&P Net Debt Calculation

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
- Minus: Short-term investments (if readily available)

Let me gather the components:

**Total Debt (as of 2023-01-01):**
- Long-term Borrowings: 12,689M EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 2,110M EUR
- Noncurrent Lease Liabilities: 1,309M EUR
- Current Lease Liabilities: 177M EUR
- Other Noncurrent Financial Liabilities: 1M EUR
- Other Current Financial Liabilities: 15M EUR

Total Gross Debt = 12,689 + 2,110 + 1,309 + 177 + 1 + 15 = 16,301M EUR

**Cash and Cash Equivalents:** 3,985M EUR

S&P typically doesn't net all cash - they may apply some haircut, but for a standard calculation, I'll use readily available cash. S&P sometimes also considers short-term financial assets as surplus cash, but I'll be conservative and just use cash.

**Net Debt = 16,301 - 3,985 = 12,316M EUR**

However, S&P methodology often focuses on financial debt (borrowings + lease liabilities). Let me reconsider - S&P typically includes lease liabilities post-IFRS 16. The core approach:

- Gross Financial Debt = Short-term borrowings + Long-term borrowings + Lease liabilities
- = 2,110 + 12,689 + 1,309 + 177 = 16,285M EUR
- Net Debt = 16,285 - 3,985 = 12,300M EUR

## S&P EBITDA Calculation

S&P's EBITDA = reported EBITDA, but S&P typically adjusts for lease payments (adding back lease depreciation and interest that are already in EBITDA under IFRS 16). Since the company reports under IFRS 16, the reported EBITDA of 4,954M EUR already includes lease effects (i.e., lease costs are not in operating expenses but instead in depreciation and interest).

The reported EBITDA for 2022 (period 2022-01-01 to 2023-01-01): 4,954M EUR

S&P EBITDA typically uses the reported EBITDA figure. Under S&P methodology post-IFRS 16, they may use EBITDA as reported since lease payments are already capitalized.

## Ratio Calculation

Net Debt / EBITDA = 12,300 / 4,954 ≈ 2.48

Let me reconsider whether to include the small "Other Financial Liabilities":
- Without them: (12,689 + 2,110 + 1,309 + 177 - 3,985) / 4,954 = 12,300 / 4,954 ≈ 2.48

If I exclude lease liabilities (some interpretations):
- (12,689 + 2,110 - 3,985) / 4,954 = 10,814 / 4,954 ≈ 2.18

S&P methodology includes lease liabilities in debt, so I'll go with the inclusive figure.

Net Debt / EBITDA ≈ 2.5

<answer>2.5</answer>