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

**Step 1: Determine Net Debt (as of end of 2022, i.e., 2023-01-01)**

The report gives "Net Debt" at 2023-01-01 as 7,440,000,000 EUR.

However, S&P methodology typically includes lease liabilities in debt. Let me check if the reported net debt already includes lease liabilities.

The reported net debt of 7,440M EUR can be checked:
- Long-term borrowings: 11,586M
- Current borrowings: 1,361M
- Current overdrafts: 418M
- Total gross debt (excluding leases): 13,365M
- Less: Cash and cash equivalents: 5,736M
- Net debt (excluding leases): 7,629M

The reported net debt of 7,440M is close but slightly different, possibly due to other financial assets/liabilities adjustments.

For S&P methodology, we need to add lease liabilities:
- Noncurrent lease liabilities: 2,107M
- Current lease liabilities: 498M
- Total lease liabilities: 2,605M

S&P adjusted net debt = 7,440M + 2,605M = 10,045M

Wait, let me reconsider. The reported net debt might already include some items. Let me recalculate:

Gross financial debt = 11,586 + 1,361 + 418 = 13,365M
Cash = 5,736M
Other current financial assets = 32M + 193M (hedging) = 225M

Net debt = 13,365 - 5,736 = 7,629M. The difference to 7,440M could be from netting other items. 

For S&P, I'll use: Net Debt = 7,440M (reported) + 2,605M (lease liabilities) = 10,045M

**Step 2: Determine EBITDA for the period 2022-01-01 to 2023-01-01 (fiscal year 2022)**

S&P EBITDA = Operating profit + D&A + Depreciation of right-of-use assets

- Profit from operating activities (recurring): 1,962M
- Non-recurring operating income: 93M
- Non-recurring operating expense: 183M
- Profit from operating activities: 1,872M
- Depreciation and amortisation: 2,228M
- Depreciation right-of-use assets: 446M

S&P typically uses EBITDA including lease depreciation add-back (since leases are treated as debt):

EBITDA (S&P) = Operating profit + D&A + D&A RoU
= 1,872 + 2,228 + 446 = 4,546M

But wait, S&P's EBITDA definition. Under S&P methodology, EBITDA = Revenue - Operating expenses + D&A. They also add back impairment/provision charges that are non-cash.

Let me also consider: S&P adds back lease depreciation to EBITDA since they capitalize leases. The interest on leases (62M) would be part of the interest expense side.

So S&P EBITDA = 1,872 + 2,228 + 446 = 4,546M

Also need to add back impairment/provision expense (non-cash): 172M net (but this might already be included in operating profit calculation). Looking at the income statement, "Impairment Loss Reversal..." of 172M is already deducted in arriving at operating profit, so it's already reflected.

Actually, let me reconsider. The D&A of 2,228M and impairment/provisions of 172M are already expenses deducted. The reversal of 364M is in "Other Income Recurring." These are all already in the operating profit figure.

EBITDA = Operating Profit + D&A + RoU Depreciation + Impairment/Provisions
= 1,872 + 2,228 + 446 + 172 - 364 = 4,354M

Hmm, but double counting is a risk. Let me just use the simpler approach:

EBITDA = Operating profit + D&A (including RoU) = 1,872 + 2,228 + 446 = 4,546M

**Step 3: Calculate ratio**

Net Debt / EBITDA = 10,045 / 4,546 = 2.21

But if S&P doesn't add lease liabilities (some methodologies don't), then:
7,440 / (1,872 + 2,228) = 7,440 / 4,100 = 1.81

Using S&P's lease-adjusted approach:
10,045 / 4,546 ≈ 2.21

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