I need to calculate Net Debt / EBITDA for 2022 using S&P methodology.

## EBITDA

EBITDA is given directly:
- "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" 2022-01-01 - 2023-01-01: **499,430,000 EUR**

Note: S&P typically adjusts EBITDA, but based on the data available, I'll use the reported EBITDA figure. S&P might include operating lease adjustments, but the reported EBITDA likely already includes these given IFRS 16 treatment.

## Net Debt (S&P Methodology)

S&P's Net Debt = Total Debt - Cash and Cash Equivalents - Short-term investments (liquid)

**Total Debt components (as of 2023-01-01, which represents end of 2022):**

1. **Other Noncurrent Financial Liabilities**: 1,751,255,000 EUR
2. **Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss**: 0 EUR
3. **Noncurrent Lease Liabilities**: 150,955,000 EUR
4. **Other Current Financial Liabilities**: 389,716,000 EUR
5. **Current Financial Liabilities At Fair Value Through Profit Or Loss**: 76,644,000 EUR
6. **Current Lease Liabilities**: 6,362,000 EUR

Total Gross Debt = 1,751,255,000 + 0 + 150,955,000 + 389,716,000 + 76,644,000 + 6,362,000 = **2,374,932,000 EUR**

S&P typically includes lease liabilities and treats financial liabilities at fair value (derivatives) differently. However, S&P generally excludes mark-to-market derivatives from debt. The "Current/Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss" likely represent derivatives, which S&P would typically exclude from debt.

So adjusted Total Debt = 1,751,255,000 + 150,955,000 + 389,716,000 + 6,362,000 = **2,298,288,000 EUR**

**Cash and liquid assets:**
- Cash And Cash Equivalents: 392,811,000 EUR

S&P may also consider readily marketable securities. However, being conservative, I'll use just cash.

**Net Debt** = 2,298,288,000 - 392,811,000 = **1,905,477,000 EUR**

**Net Debt / EBITDA** = 1,905,477,000 / 499,430,000 = **3.82**

However, let me reconsider. S&P methodology typically includes operating leases in debt and adds back lease payments to EBITDA. Under IFRS 16, leases are already capitalized, so the reported EBITDA already excludes lease expenses (they're in depreciation and interest). So the reported figures should be consistent.

Also, I should consider whether to exclude the held-for-sale liabilities. The liabilities included in disposal groups (89,421,000) might contain some debt, but without breakdown, I'll exclude them.

Let me also reconsider whether S&P would include the fair value derivatives. S&P typically excludes surplus cash and derivatives from net debt. So excluding derivatives:

Net Debt = (1,751,255,000 + 150,955,000 + 389,716,000 + 6,362,000) - 392,811,000
= 2,298,288,000 - 392,811,000
= 1,905,477,000

Net Debt / EBITDA = 1,905,477,000 / 499,430,000 ≈ 3.82

Rounding: approximately 3.8

<answer>3.8</answer>