To calculate the Net Debt / EBITDA ratio under S&P methodology, I’ll need to compute:

1. **EBITDA** – starting from operating profit and adding back depreciation, amortization, and impairment losses.
2. **Net Debt** – summing short-term and long-term borrowings, adjusting for cash and cash equivalents, and considering other financial liabilities.

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### Step 1: EBITDA for 2022

**Profit Loss From Operating Activities (2022):** €1,333,500,000  
**Depreciation, Amortization, and Impairment (2022):** €725,700,000  

EBITDA = Operating Profit + Depreciation/Amortization/Impairment  
EBITDA = 1,333,500,000 + 725,700,000 = **€2,059,200,000**

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### Step 2: Net Debt

**Debt items as of 2023-01-01:**  
- Long-term borrowings: €8,416,700,000  
- Short-term borrowings: €444,100,000  
- Current portion of long-term borrowings: €1,909,300,000  
- Noncurrent financial liabilities: €247,200,000  
- Current financial liabilities: €44,900,000  

**Total Debt** = 8,416,700,000 + 444,100,000 + 1,909,300,000 + 247,200,000 + 44,900,000  
= **€11,062,200,000**

**Cash and cash equivalents (2023-01-01):** €2,155,100,000  
**Current financial assets (likely liquid):** €255,300,000 (S&P often includes liquid financial assets in cash adjustment)

**Total Cash and Equivalents** = 2,155,100,000 + 255,300,000 = **€2,410,400,000**

**Net Debt** = 11,062,200,000 – 2,410,400,000 = **€8,651,800,000**

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### Step 3: Ratio

Net Debt / EBITDA = 8,651,800,000 / 2,059,200,000 ≈ **4.20**

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<answer>4.20</answer>