## Reasoning

### Step 1: Calculate EBITDA (S&P methodology)

S&P's EBITDA typically starts with operating income and adds back depreciation and amortization.

**Profit from Operating Activities (2022):** €6,489,000,000

**Depreciation and Amortization (2022):** €3,613,000,000

**EBITDA = Operating Profit + D&A = 6,489 + 3,613 = €10,102 million**

Note: S&P methodology may also consider lease-related adjustments, but for a standard estimate, this is the core calculation.

### Step 2: Calculate Net Debt (S&P methodology)

S&P's net debt includes all financial debt (short-term and long-term borrowings, bonds, lease liabilities) minus cash and cash equivalents and current financial assets.

**Gross Debt components (as of end 2022 = 2023-01-01):**

- Noncurrent bonds issued: €20,425,000,000
- Other noncurrent borrowings: €3,205,000,000
- Noncurrent lease liabilities: €1,580,000,000
- Current lease liabilities: €522,000,000
- Short-term borrowings: €6,368,000,000

**Total Gross Debt = 20,425 + 3,205 + 1,580 + 522 + 6,368 = €32,100 million**

**Cash and liquid assets:**
- Cash and cash equivalents: €12,578,000,000
- Current cash management financial assets: €755,000,000

**Total Cash = 12,578 + 755 = €13,333 million**

**Net Debt = 32,100 - 13,333 = €18,767 million**

However, S&P typically includes lease liabilities in debt. Some approaches exclude operating leases or treat them differently, but since IFRS 16 is already applied, lease liabilities are included.

### Step 3: Calculate Net Debt / EBITDA

**Net Debt / EBITDA = 18,767 / 10,102 ≈ 1.858**

Let me also consider whether S&P would adjust EBITDA for lease payments. Under S&P's methodology post-IFRS 16, they often add back D&A (which includes right-of-use asset depreciation) and the EBITDA already captures this. The operating profit already excludes interest on leases (which is in finance costs), so EBITDA as calculated should be consistent.

Rounding: **≈ 1.86**

<answer>1.86</answer>