# Reasoning for Net Debt / EBITDA Ratio (S&P Methodology)

## Step 1: Identify EBITDA
According to the data, Gross Operating Income (EBITDA) for 2022-01-01 to 2023-01-01 is:
- **EBITDA 2022 = 1,505,000,000 EUR**

## Step 2: Calculate Net Debt using S&P Methodology

S&P typically defines Net Debt as:
**Net Debt = Total Debt - Cash and Cash Equivalents**

Where Total Debt includes:
- Current Financial Liabilities
- Noncurrent Financial Liabilities

### Identifying Debt Components (as of 2023-01-01, which represents the end of 2022 fiscal year):

**Noncurrent Financial Liabilities:**
- Other Noncurrent Financial Liabilities: 5,867,000,000 EUR

**Current Financial Liabilities:**
- Other Current Financial Liabilities: 1,022,000,000 EUR

**Total Debt:**
5,867,000,000 + 1,022,000,000 = **6,889,000,000 EUR**

**Cash and Cash Equivalents (as of 2023-01-01):**
- 2,584,000,000 EUR

**Net Debt:**
6,889,000,000 - 2,584,000,000 = **4,305,000,000 EUR**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 4,305,000,000 / 1,505,000,000 = **2.86**

<answer>2.86</answer>