## Reasoning

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

S&P's Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt** includes short-term and long-term borrowings:
- Long-term Borrowings (2023-01-01): 1,695,362,000 EUR
- Current Borrowings (2023-01-01): 638,944,000 EUR
- Total Debt = 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR

**Cash and Cash Equivalents** (2023-01-01): 365,292,000 EUR

**Net Debt** = 2,334,306,000 - 365,292,000 = 1,969,014,000 EUR

Note: The question asks for the 2022 ratio. The balance sheet dates labeled "2023-01-01" represent the end of fiscal year 2022 (December 31, 2022), and the income statement period "2022-01-01 - 2023-01-01" represents fiscal year 2022.

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

S&P EBITDA = Profit from Operating Activities + Depreciation & Amortisation + Impairment losses

From the income statement (2022-01-01 - 2023-01-01, i.e., FY2022):
- Profit from Operating Activities: 239,721,000 EUR
- Depreciation and Amortisation: 249,276,000 EUR

EBITDA = 239,721,000 + 249,276,000 = 489,997,000 EUR

Note: S&P may also add back provisions and impairments. Let me check:
- Changes in Other Provisions: -2,230,000 EUR (this is a negative, meaning a provision increase/charge)
- Impairment Loss: 1,437,000 EUR

For a basic S&P EBITDA calculation, D&A is the primary add-back. Let me stick with the standard EBITDA calculation:

EBITDA = 239,721,000 + 249,276,000 = 488,997,000 EUR

Wait, let me recalculate: 239,721 + 249,276 = 488,997 thousand EUR

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 1,969,014,000 / 488,997,000 = approximately 4.03

Let me double-check: 1,969,014 / 488,997 ≈ 4.027

Rounding to two decimal places: approximately 4.03

<answer>4.03</answer>