## Reasoning

### Step 1: Calculate Net Debt (S&P methodology)

S&P's Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt** includes short-term and long-term borrowings:
- Long-term Borrowings (2023-01-01 = end of 2022): 1,695,362,000 EUR
- Current Borrowings and Current Portion of Non-current Borrowings (2023-01-01): 638,944,000 EUR
- Total Debt = 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR

**Cash and Cash Equivalents** (2023-01-01): 365,292,000 EUR

**Net Debt** = 2,334,306,000 - 365,292,000 = 1,969,014,000 EUR

### Step 2: Calculate EBITDA (S&P methodology)

S&P EBITDA = Profit from Operating Activities + Depreciation & Amortisation

For the period 2022-01-01 to 2023-01-01 (i.e., fiscal year 2022):
- Profit from Operating Activities: 239,721,000 EUR
- Depreciation and Amortisation Expense: 249,276,000 EUR

**EBITDA** = 239,721,000 + 249,276,000 = 488,997,000 EUR

Note: S&P may also consider the share of profit from equity method investments as already included in operating profit (which it is here - 11,812,000 EUR is part of Revenue and Operating Income). The operating profit already includes this.

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 1,969,014,000 / 488,997,000 ≈ 4.03

<answer>4.0</answer>