To estimate the Net Debt / EBITDA ratio for VEOLIA ENVIRONNEMENT for the year 2022 (ending Dec 31, 2022 / starting Jan 1, 2023), we follow the S&P methodology, which defines Net Debt as total financial debt minus cash and liquid assets.

**1. Calculating Net Debt (as of 2023-01-01):**
*   **Noncurrent financial liabilities (excl. concession):** 19,692,100,000 EUR
*   **Noncurrent lease liabilities:** 1,656,200,000 EUR
*   **Current financial liabilities (excl. concession):** 6,521,400,000 EUR
*   **Current lease liabilities:** 496,500,000 EUR
*   **Bank overdrafts:** 213,600,000 EUR
*   *Gross Debt* = 19,692.1 + 1,656.2 + 6,521.4 + 496.5 + 0.2136 = 28,579.8 million EUR
*   *Cash and cash equivalents* = 9,012,200,000 EUR
*   *Other current financial assets* = 2,213,500,000 EUR
*   *Noncurrent derivative financial assets* = 127,800,000 EUR
*   *Current derivative financial assets* = 634,400,000 EUR
*   *Liquid Assets* = 9,012.2 + 2,213.5 + 127.8 + 634.4 = 11,987.9 million EUR
*   **Net Debt** = 28,579.8 - 11,987.9 = 16,591.9 million EUR

**2. Calculating EBITDA (for 2022-01-01 to 2023-01-01):**
S&P typically calculates EBITDA as Operating Income + Depreciation & Amortization.
*   **Operating Income before share of net income of equity accounted entities:** 2,206,300,000 EUR
*   **Operating Depreciation, Amortization, Provisions, and Impairment Losses:** 3,178,600,000 EUR
*   **EBITDA** = 2,206.3 + 3,178.6 = 5,384.9 million EUR

**3. Net Debt / EBITDA Ratio:**
*   Ratio = 16,591.9 / 5,384.9 ≈ 3.0812

<answer>3.0812</answer>