To estimate Net Debt / EBITDA for 2022 using an S&P-style approach, I treat debt as gross borrowings and financial liabilities less cash and cash equivalents.

**1. Estimate gross debt at 2022 year-end**

Relevant 2023-01-01 balance sheet amounts:

- Long-term borrowings: 8,416.7m
- Short-term borrowings: 444.1m
- Current portion of long-term borrowings: 1,909.3m
- Noncurrent financial liabilities: 247.2m
- Current financial liabilities: 44.9m

Gross debt / financial debt:

8,416.7 + 444.1 + 1,909.3 + 247.2 + 44.9 = **11,062.2m**

**2. Deduct cash and cash equivalents**

- Cash and cash equivalents: 2,155.1m

Net debt:

11,062.2 - 2,155.1 = **8,907.1m**

**3. Estimate EBITDA**

Using operating profit plus depreciation, amortisation and impairment:

- Profit from operating activities: 1,333.5m
- Depreciation, amortisation and impairment: 725.7m

EBITDA:

1,333.5 + 725.7 = **2,059.2m**

**4. Net Debt / EBITDA**

8,907.1 / 2,059.2 = **4.3255**, approximately **4.33x**.

<answer>4.33</answer>