I need to calculate Net Debt / EBITDA for 2022 using S&P methodology.

**Step 1: Net Debt**

The report gives "Net Debt" at 2023-01-01 (end of 2022) as 7,440,000,000 EUR.

However, S&P's methodology for net debt typically includes lease liabilities. Let me check what's included in the reported net debt figure.

The reported net debt of €7,440M likely equals:
- Long-term borrowings: 11,586M
- Current borrowings: 1,361M
- Current overdrafts: 418M
- Less: Cash and cash equivalents: 5,736M
- Less: Other current financial assets: 32M
- Plus/minus hedging instruments

Let me check: 11,586 + 1,361 + 418 - 5,736 = 7,629M. With adjustments for hedging instruments (193M assets - 4M liabilities = 189M net), and other items: 7,629 - 189 = 7,440M. This matches.

S&P methodology treats operating leases as debt. So I need to add lease liabilities:
- Noncurrent lease liabilities: 2,107M
- Current lease liabilities: 498M
- Total lease liabilities: 2,605M

S&P adjusted Net Debt = 7,440 + 2,605 = 10,045M EUR

**Step 2: EBITDA (S&P methodology)**

S&P EBITDA includes lease depreciation add-back (since leases are treated as debt, the lease expense is split into interest and depreciation, both removed from EBITDA calculation - actually, S&P adds back lease-related depreciation to get EBITDA).

Starting from Operating Profit (Profit Loss From Operating Activities): 1,872M

Add back:
- Depreciation and amortisation expense: 2,228M
- Depreciation of right-of-use assets: 446M
- Impairment/provision expense: 172M (net of reversals already included)

Wait, let me reconsider. S&P EBITDA = Revenue - Operating costs + D&A add-backs.

EBITDA = Operating profit + D&A + D&A of RoU assets

Actually, S&P typically calculates EBITDA as:
EBITDA = Operating income + Depreciation & Amortization

The reported depreciation already seems separate from RoU depreciation based on the line items.

From the income statement:
- Profit from operating activities: 1,872M
- Depreciation and amortisation: 2,228M
- Depreciation RoU assets: 446M

S&P EBITDA = 1,872 + 2,228 + 446 = 4,546M

But I should also consider the impairment line. The impairment/provision expense of 172M - but this likely includes provisions which S&P may or may not add back. For a cleaner approach, S&P typically adds back D&A and impairment.

However, the "Impairment Loss..." line of 172M minus the "Reversal Of Unutilised Provisions..." of 364M gives a net. These may already be in operating profit.

Let me keep it simpler. S&P's standard EBITDA:
EBITDA = Operating profit + D&A (including RoU) = 1,872 + 2,228 + 446 = 4,546M

**Step 3: Ratio**

S&P Net Debt / EBITDA = 10,045 / 4,546 = 2.21x

Wait, but S&P's approach: they add lease liabilities to debt and add lease depreciation to EBITDA. The interest on leases (62M) is below operating profit, so it doesn't affect operating profit. The RoU depreciation (446M) is already deducted in arriving at operating profit, so adding it back is correct.

Net Debt / EBITDA = 10,045 / 4,546 ≈ 2.21

<answer>2.21</answer>