I need to calculate Net Debt / EBITDA for 2022 (meaning the balance sheet date 2023-01-01 and the income statement period 2022-01-01 to 2023-01-01) using S&P methodology.

## EBITDA Calculation

S&P EBITDA = Profit Loss From Operating Activities + Depreciation, Amortisation and Impairment

From the income statement (2022-01-01 to 2023-01-01):
- Profit Loss From Operating Activities = 1,333,500,000 EUR
- Depreciation Amortisation And Impairment = 725,700,000 EUR

EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR

However, S&P methodology typically treats operating leases and other items. Let me also consider that S&P treats hybrid bonds (perpetual) with partial equity/debt treatment. But let me first focus on the standard calculation.

## Net Debt Calculation

S&P methodology for Net Debt = Total Debt - Cash and Cash Equivalents - Short-term investments

**Total Debt components (at 2023-01-01):**
- Long-term Borrowings = 8,416,700,000 EUR
- Short-term Borrowings = 444,100,000 EUR
- Current Portion of Long-term Borrowings = 1,909,300,000 EUR

Total Gross Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR

**S&P treatment of hybrid bonds:** S&P typically assigns intermediate equity content to perpetual hybrid bonds, treating 50% as debt and 50% as equity. The hybrid bond amount is 989,000,000 EUR. Since it's recorded in equity, I need to add 50% back as debt under S&P methodology.

Debt adjustment for hybrid = 989,000,000 × 50% = 494,500,000 EUR

Adjusted Total Debt = 10,770,100,000 + 494,500,000 = 11,264,600,000 EUR

**Cash and liquid investments (at 2023-01-01):**
- Cash and Cash Equivalents = 2,155,100,000 EUR
- Current Financial Assets = 255,300,000 EUR

Total Cash/Liquid = 2,155,100,000 + 255,300,000 = 2,410,400,000 EUR

**Net Debt** = 11,264,600,000 - 2,410,400,000 = 8,854,200,000 EUR

**EBITDA adjustment for hybrid:** S&P adds back the coupon on hybrid bonds (treated as interest for the debt portion). The coupon payable to holders of hybrid bonds = 21,100,000 EUR. 50% of this would be treated as interest = 10,550,000 EUR.

Adjusted EBITDA = 2,059,200,000 + 10,550,000 ≈ 2,069,750,000 EUR

**Net Debt / EBITDA** = 8,854,200,000 / 2,069,750,000 ≈ 4.28

Let me reconsider - perhaps a simpler approach without hybrid adjustment, or with full hybrid as debt:

Without hybrid adjustment:
Net Debt = 10,770,100,000 - 2,410,400,000 = 8,359,700,000
Net Debt/EBITDA = 8,359,700,000 / 2,059,200,000 = 4.06

With 50% hybrid:
Net Debt/EBITDA = 8,854,200,000 / 2,069,750,000 ≈ 4.28

S&P typically uses intermediate equity content (50% equity/50% debt) for such instruments. I'll go with the hybrid-adjusted figure.

Net Debt / EBITDA ≈ 4.28

But let me reconsider whether to include non-current financial liabilities as debt:
- Noncurrent Financial Liabilities = 247,200,000 EUR
- Current Financial Liabilities = 44,900,000 EUR

Adding these: Total Debt = 10,770,100,000 + 247,200,000 + 44,900,000 = 11,062,200,000

With hybrid 50%: 11,062,200,000 + 494,500,000 = 11,556,700,000
Net Debt = 11,556,700,000 - 2,410,400,000 = 9,146,300,000
Ratio = 9,146,300,000 / 2,069,750,000 ≈ 4.42

Given the complexity, I'll use the more standard approach with borrowings + hybrid adjustment:

≈ 4.3

<answer>4.3</answer>