Reasoning:

To estimate Net Debt / EBITDA using an S&P-style approach, use:

- **Adjusted debt** ≈ gross financial debt including lease liabilities, less unrestricted cash
- **EBITDA** ≈ operating profit plus depreciation and amortisation

For 2022:

**Debt components at 2023-01-01**
- Long-term borrowings: €19,006m
- Short-term borrowings: €709m
- Non-current lease liabilities: €574m
- Current lease liabilities: €155m

Gross debt including leases:

19,006 + 709 + 574 + 155 = **€20,444m**

Less cash and cash equivalents:

20,444 - 6,547 = **€13,897m net debt**

**EBITDA**
- Profit/loss from operating activities: **-€976m**
- Depreciation and amortisation expense: **€1,233m**

EBITDA:

-976 + 1,233 = **€257m**

**Net Debt / EBITDA**

13,897 / 257 = **54.07x**, approximately **54.1x**.

<answer>54.1</answer>