To determine the company's utilization of hybrid bonds relative to S&P Global Ratings' cap, we need to calculate its Total Adjusted Capital (TAC) and the total amount of outstanding hybrid bonds. S&P typically defines Capitalization (or TAC) for the purpose of the 15% hybrid cap as Adjusted Net Debt plus Total Equity.

**1. Identify Total Equity:**
From the end of 2022 (2023-01-01):
* Total Equity = 55,230,000,000 EUR

**2. Identify Total Outstanding Hybrid Bonds:**
Looking at the statements for the net issues of "Perpetual Subordinated Bonds Equity":
* 2020 Issue = 3,000,000,000 EUR
* 2021 Issue = 2,000,000,000 EUR
* Total Hybrids Outstanding = 5,000,000,000 EUR

**3. Calculate Adjusted Net Debt:**
First, sum the reported debt items:
* Short-term Borrowings = 4,446,000,000 EUR
* Current Portion of Long-term Borrowings = 3,097,000,000 EUR
* Long-term Borrowings = 19,374,000,000 EUR
* Current Lease Liabilities = 884,000,000 EUR
* Non-current Lease Liabilities = 4,067,000,000 EUR
* **Total Gross Debt** = 31,868,000,000 EUR

Next, sum the highly liquid assets to arrive at Net Debt:
* Cash and Cash Equivalents = 10,155,000,000 EUR
* Current Financial Assets At Fair Value = 8,251,000,000 EUR
* Other Current Financial Assets = 1,504,000,000 EUR
* **Total Liquidity** = 19,910,000,000 EUR

* **Net Debt** = Total Gross Debt - Total Liquidity = 31,868,000,000 EUR - 19,910,000,000 EUR = 11,958,000,000 EUR

**4. Calculate S&P Capitalization & Hybrid Capacity:**
* **Total Adjusted Capital (TAC)** = Net Debt + Total Equity = 11,958,000,000 EUR + 55,230,000,000 EUR = 67,188,000,000 EUR
* **S&P 15% Cap** = 15% of 67,188,000,000 EUR = 10,078,200,000 EUR

**5. Calculate Hybrid Utilization:**
* **Utilization** = Total Hybrids / S&P Cap = 5,000,000,000 EUR / 10,078,200,000 EUR ≈ 49.61%

Rounding to the nearest given option, the company utilizes 50% of its available hybrid equity credit capacity under S&P criteria.

<answer>50%</answer>