To estimate **Net Debt / EBITDA** for 2022 under a simplified **S&P-style methodology**, use adjusted debt-like obligations net of cash, and EBITDA based on operating profit plus depreciation/amortization and impairment-type charges.

**1. Estimate gross financial debt**

From the 2022 year-end balance sheet, financial borrowings are:

- Long-term borrowings: €68.191bn  
- Short-term borrowings: €18.392bn  
- Current portion of long-term borrowings: €2.835bn  

Gross borrowings:

\[
68.191 + 18.392 + 2.835 = 89.418
\]

So, gross debt ≈ **€89.418bn**.

**2. Subtract cash and cash equivalents**

Cash and cash equivalents at 2022 year-end:

\[
11.041
\]

Net debt:

\[
89.418 - 11.041 = 78.377
\]

So, estimated net debt ≈ **€78.377bn**.

**3. Estimate EBITDA**

Start with profit from operating activities:

- Profit from operating activities: €11.193bn

Add back depreciation, amortisation and impairment losses:

- Depreciation, amortisation and impairment: €7.447bn

EBITDA estimate:

\[
11.193 + 7.447 = 18.640
\]

So, EBITDA ≈ **€18.640bn**.

**4. Compute Net Debt / EBITDA**

\[
\frac{78.377}{18.640} = 4.2048
\]

Rounded:

\[
\approx 4.20
\]

<answer>4.20</answer>