I need to calculate Net Debt / EBITDA for 2022 (fiscal year ending 2023-01-01) using S&P methodology.

## S&P Net Debt Calculation

S&P's Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Lease liabilities (S&P typically includes operating lease liabilities)
- Minus: Cash and cash equivalents
- Minus: Short-term investments (sometimes)

Let me identify the components at 2023-01-01 (end of fiscal 2022):

**Total Debt:**
- Long-term Borrowings: 12,689M EUR
- Current Borrowings and Current Portion of Non-current Borrowings: 2,110M EUR
- Non-current Lease Liabilities: 1,309M EUR
- Current Lease Liabilities: 177M EUR

Total Gross Debt = 12,689 + 2,110 + 1,309 + 177 = 16,285M EUR

**Cash and Cash Equivalents:** 3,985M EUR

**Net Debt** = 16,285 - 3,985 = 12,300M EUR

## S&P EBITDA Calculation

S&P uses adjusted EBITDA. The company reports EBITDA (Beneficio Bruto De Explotacion Ebitda) for 2022-01-01 to 2023-01-01 as 4,954M EUR.

Under S&P methodology, EBITDA typically includes lease depreciation (since lease liabilities are treated as debt). S&P adds back operating lease payments and treats them as debt-like. However, since this company already reports under IFRS 16 (leases are capitalized), the EBITDA figure already excludes lease expenses (they're split into depreciation of right-of-use assets and interest on lease liabilities). So EBITDA of 4,954M should already reflect IFRS 16 treatment, which is consistent with S&P's approach.

S&P also sometimes adjusts for non-recurring items, but with the data available, I'll use the reported EBITDA of 4,954M EUR.

## Net Debt / EBITDA

Net Debt / EBITDA = 12,300 / 4,954 ≈ 2.48

Let me double-check: S&P might not subtract all cash. Sometimes they apply a haircut, but typically for investment-grade companies, they allow full cash offset. I'll use the straightforward calculation.

12,300 / 4,954 = 2.483

<answer>2.5</answer>