## Reasoning

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

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

From the balance sheet at 2023-01-01 (end of fiscal year 2022):

**Total Debt:**
- Long-term Borrowings: 5,491,124,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 721,845,000 EUR
- Other Noncurrent Financial Liabilities: 52,631,000 EUR (S&P may include lease liabilities and other financial obligations)
- Other Current Financial Liabilities: 983,432,000 EUR

However, S&P typically focuses on gross financial debt. Let me be more precise:

**Gross Debt (S&P approach):**
- Longterm Borrowings: 5,491,124,000
- Current Borrowings: 721,845,000
- Other Noncurrent Financial Liabilities: 52,631,000
- Other Current Financial Liabilities: 983,432,000

Total Gross Debt = 5,491,124 + 721,845 + 52,631 + 983,432 = 7,249,032,000 EUR

**Cash and Liquid Investments:**
- Cash and Cash Equivalents: 794,824,000
- Current Financial Assets at Amortised Cost: 752,505,000 (these appear to be short-term liquid investments)

Total Cash & Equivalents = 794,824 + 752,505 = 1,547,329,000 EUR

However, S&P is often conservative about what cash to subtract. Let me use a simpler approach focusing on borrowings:

**Simpler S&P Net Debt:**
- Noncurrent Financial Liabilities: 5,543,755,000 (includes borrowings + other noncurrent financial liabilities)
- Current Financial Liabilities: 1,705,277,000 (includes current borrowings + other current financial liabilities)
- Minus Cash: 794,824,000
- Minus Current Financial Assets: 752,505,000

Actually, let me focus on the core debt items. S&P typically considers:
- Short-term debt + Long-term debt (including current portion) + lease obligations

The most straightforward approach:
- Long-term borrowings: 5,491,124,000
- Current borrowings: 721,845,000
- Total borrowings = 6,212,969,000

Net Debt = 6,212,969 - 794,824 = 5,418,145,000 EUR

But S&P may also include other financial liabilities. Let me include them:
- Other Noncurrent Financial Liabilities: 52,631,000 (likely lease liabilities)
- Gross Debt = 6,212,969 + 52,631 = 6,265,600,000

Net Debt = 6,265,600 - 794,824 = 5,470,776,000 EUR

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

S&P EBITDA = Operating Profit + Depreciation & Amortization

- Profit from Operating Activities: 961,554,000 EUR
- Depreciation and Amortisation: 544,992,000 EUR

But note: S&P's EBITDA typically excludes equity method income. The operating profit here includes "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" (equity method income) of 50,405,000 EUR.

S&P EBITDA = Operating Profit + D&A
= 961,554 + 544,992 = 1,506,546,000 EUR

However, S&P may adjust for equity method. Let me check - under S&P methodology, they often replace equity income with dividends received. Dividends received from operating activities = 7,578,000.

Adjusted EBITDA = 961,554 - 50,405 + 7,578 + 544,992 = 1,463,719,000 EUR

But let me keep it simpler - the standard S&P EBITDA:

EBITDA = Operating Profit + D&A = 961,554 + 544,992 = 1,506,546,000

### Step 3: Net Debt / EBITDA

Using borrowings-based net debt:
Net Debt / EBITDA = 5,418,145 / 1,506,546 ≈ 3.60

Using broader definition with other financial liabilities:
Net Debt / EBITDA = 5,470,776 / 1,506,546 ≈ 3.63

Let me use the simpler core borrowings approach:
= 5,418,145 / 1,506,546 ≈ 3.6

<answer>3.6</answer>