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

First, let me identify the components needed:

**EBITDA (S&P methodology typically uses Operating Profit + Depreciation & Amortization)**

From the data:
- Profit Loss From Operating Activities (EBIT) 2022: 565,851,000 EUR
- Adjustments For Depreciation And Amortisation Expense 2022: 594,636,000 EUR

However, I need to check if "Ammortamenti EAccantonamenti" (which appears to be depreciation and amortization/impairments) gives us a better view. Let me look at what's in operating profit.

Looking at the structure:
- Gross Profit 2022: 1,305,021,000 EUR
- Impairment Loss (IFRS9) 2022: 113,370,000 EUR
- Ammortamenti EAccantonamenti 2022: 625,799,000 EUR
- Profit Loss From Operating Activities 2022: 565,851,000 EUR

Let me verify: 1,305,021,000 - 113,370,000 - 625,799,000 = 565,852,000 ≈ 565,851,000 ✓

For EBITDA, S&P methodology typically adds back D&A to EBIT. But I need to be careful about what's included in "Ammortamenti EAccantonamenti" - this seems to include both depreciation/amortization and provisions (acccantonamenti).

Looking at the cash flow statement:
- Adjustments For Depreciation And Amortisation Expense: 594,636,000 EUR

This is the pure D&A add-back for cash flow purposes. The difference between 625,799,000 and 594,636,000 = 31,163,000 might be provisions/impairments not related to D&A.

For S&P EBITDA, I should use: EBIT + D&A (depreciation and amortization only, not impairment)

So EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

Wait - let me reconsider. The "Ammortamenti EAccantonamenti" of 625,799,000 likely includes depreciation, amortization, and changes in provisions. The cash flow adjustment of 594,636,000 is specifically "Depreciation And Amortisation Expense."

Actually, for S&P methodology, EBITDA typically equals:
- Operating profit + depreciation + amortization + impairment (if not already added back)

But looking more carefully, S&P Global Ratings methodology for EBITDA:
EBITDA = Operating income + depreciation and amortization + other non-cash charges

Let me use: EBIT (565,851,000) + Depreciation and Amortization (594,636,000) = 1,160,487,000 EUR

But wait - I should also consider if impairment is already deducted in operating profit. Yes, impairment of 113,370,000 is deducted. For S&P, we typically add back impairment/depreciation-related items.

Actually, let me recalculate more carefully. The operating profit is after:
- Impairment Loss: 113,370,000
- Ammortamenti EAccantonamenti: 625,799,000

Total operating expenses deducted from gross profit = 739,169,000
Gross profit 1,305,021,000 - 739,169,000 = 565,852,000 ≈ 565,851,000

For EBITDA, we want to add back non-cash items. The cash flow shows "Adjustments For Depreciation And Amortisation Expense" of 594,636,000 and "Adjustments For Impairment Loss" of 67,680,000.

Wait - the impairment adjustment in cash flow is 67,680,000, not 113,370,000. This suggests only part of the impairment is added back (perhaps some is cash or not applicable).

Let me check: 67,680,000 vs 113,370,000. The difference might be specific items.

For S&P EBITDA, standard approach is:
EBITDA = EBIT + D&A (from cash flow, as it's cleaner)

So: 565,851,000 + 594,636,000 = 1,160,487,000 EUR

Or if we use the broader "Ammortamenti EAccantonamenti" and add back impairment properly:
Some practitioners use Operating Profit + total D&A and impairment charges.

Let me check S&P methodology more precisely. S&P typically defines EBITDA as:
- Operating profit before depreciation, amortization, and impairment

So EBITDA = Gross Profit - other operating expenses (excluding D&A and impairment)
= 1,305,021,000 + 113,370,000 + 625,799,000 - other items? No that's not right either.

Actually, simplest and most standard S&P approach:
EBITDA = EBIT + Depreciation + Amortization

Using cash flow D&A of 594,636,000:
EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

**Net Debt calculation:**

Net Debt = Total Debt - Cash and Cash Equivalents

Debt components:
- Other Noncurrent Financial Liabilities 2023-01-01: 4,722,263,000 EUR
- Other Current Financial Liabilities 2023-01-01: 619,418,000 EUR

Wait - I need debt at end of 2022, which is 2023-01-01 in the balance sheet (start of next year).

Total Debt = 4,722,263,000 + 619,418,000 = 5,341,681,000 EUR

Cash and Cash Equivalents:
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations 2023-01-01: 559,908,000 EUR
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations 2023-01-01: 0 EUR

Total Cash = 559,908,000 EUR

Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

Wait - I need to check if there are other debt items. Let me look more carefully.

Actually, I need to also check "Noncurrent Contract Liabilities" - these are typically deferred revenue, not debt.

And "Other Current Financial Liabilities" - this includes current portion of debt.

Let me also check if there's any other debt-like items. Looking at S&P methodology, they might include:
- Financial liabilities (current and non-current)
- Sometimes pension deficits, operating leases, etc.

But standard Net Debt = Interest-bearing debt - cash

From the balance sheet at 2023-01-01 (end of 2022):
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Current Financial Liabilities: 619,418,000

Are there any other debt items? Let me check "Trade And Other Current Payables" - these are trade payables, not debt.

What about "Current Liabilities" and "Noncurrent Liabilities" breakdown?

Actually, I should also consider if "Other Noncurrent Financial Liabilities" includes everything or if there are separate borrowings.

Looking more carefully at the structure, I don't see separate "Borrowings" line item. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" seem to be the debt items.

But wait - let me check if there are lease liabilities included in "Right-of-use assets" - the right-of-use assets are 90,397,000, so there should be corresponding lease liabilities. These might be in "Other Noncurrent Financial Liabilities" or "Other Current Financial Liabilities."

For S&P methodology, they typically include lease liabilities in debt.

Let me also check: "Attività Finanziarie Non Correnti Di Cui Verso Parti Correlate" and similar - these are financial assets related to parties, not additional debt.

Actually, I need to be more careful. Let me look for any other debt-like items.

Looking at the current liabilities:
- Other Current Financial Liabilities: 619,418,000
- Trade And Other Current Payables: 1,849,980,000 (trade payables, not debt)
- Current Tax Liabilities: 26,810,000
- Other Current Liabilities: 632,259,000

Noncurrent liabilities:
- Noncurrent Provisions For Employee Benefits: 112,989,000
- Noncurrent Provisions: 218,025,000
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Noncurrent Liabilities: 399,628,000
- Noncurrent Contract Liabilities: 5,452,905,000 (deferred revenue)

So financial liabilities appear to be:
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Current Financial Liabilities: 619,418,000
Total: 5,341,681,000

But I need to check if "Noncurrent Contract Liabilities" includes any debt-like items. Contract liabilities are typically deferred revenue (unearned revenue), not debt.

However, for S&P, they might look at total debt differently. Let me think about what's standard.

Actually, looking more carefully at Italian financial statements, "Debiti Finanziari" would be the debt items. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" are likely the financial debt.

But wait - I should check if there are any "borrowings" specifically. Looking through the data, I don't see a separate "Borrowings" line item.

Let me check the cash flow statement for clues:
- Repayments Of Borrowings Classified As Financing Activities: 73,287,000
- Proceeds From Borrowings Classified As Financing Activities: 250,000,000

This confirms there are borrowings, but they're likely included in the financial liabilities.

For a more conservative S&P approach, let me also consider if there are any debt-like items in other categories.

Actually, let me re-read the S&P methodology. S&P Global Ratings typically defines gross debt as:
- Short-term debt + current portion of long-term debt
- Long-term debt
- Bank overdrafts
- Capitalized lease obligations
- Preference shares treated as debt
- Hybrid instruments treated as debt
- Less: cash and cash equivalents

Net debt = Gross debt - cash and marketable securities

For EBITDA, S&P typically uses:
- Operating profit before depreciation, amortization, and impairment (if using reported EBIT, add back D&A)

Let me recalculate EBITDA more carefully.

From the P&L:
- Revenue: 5,138,245,000
- Operating Expense: 3,861,121,000
- Gross Profit: 1,305,021,000 (which is Revenue - Operating Expense? No wait...)

Actually, looking at the structure:
- Ricavi Da Vendita E Prestazioni (Revenue from sales and services): 4,957,179,000
- Other Income: 181,066,000
- Revenue (total): 5,138,245,000

And:
- Employee Benefits Expense: 305,066,000
- Costi Esterni (External costs): 3,556,055,000
- Operating Expense: 3,861,121,000

Wait, 305,066,000 + 3,556,055,000 = 3,861,121,000. So Operating Expense = Employee Benefits + External Costs.

But Gross Profit = Revenue - Operating Expense? 
5,138,245,000 - 3,861,121,000 = 1,277,124,000, not 1,305,021,000.

Hmm, let me check: 5,138,245,000 - 3,861,121,000 = 1,277,124,000 ≠ 1,305,021,000.

Actually, looking more carefully, Gross Profit is defined differently. In Italian accounting, "Margine Operativo Lordo" (Gross Operating Margin) might include some adjustments.

Let me check: 1,305,021,000 - 1,277,124,000 = 27,897,000. This matches "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" of 27,897,000!

So Gross Profit = Revenue - Operating Expense + Other Income from subs/associates? Or it's calculated differently.

Actually, looking at typical Italian income statement structure:
- Value of production (Ricavi + Other income)
- Costs of production (Operating expenses)
- Difference = Gross operating margin (Margine operativo lordo)

Let me verify: 5,138,245,000 + 181,066,000? No, Revenue already includes Other Income.

Wait: "Revenue" 2022: 5,138,245,000 and "Other Income" 2022: 181,066,000. But "Ricavi Da Vendita E Prestazioni" is 4,957,179,000.

So Revenue = Ricavi + Other Income = 4,957,179,000 + 181,066,000 = 5,138,245,000 ✓

And Gross Profit (Margine Operativo Lordo) = 1,305,021,000.

Then from Gross Profit, deduct:
- Impairment: 113,370,000
- Ammortamenti E Accantonamenti: 625,799,000
= Operating Profit: 565,852,000 ≈ 565,851,000 ✓

For EBITDA, if we add back D&A to operating profit:
EBITDA = 565,851,000 + 625,799,000 = 1,191,650,000? 

But this includes "acccantonamenti" (provisions), not just D&A.

Using cash flow D&A of 594,636,000:
EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000

But wait - the cash flow also has "Adjustments For Impairment Loss" of 67,680,000. If impairment is part of operating profit and we want to add it back for EBITDA:

Some EBITDA calculations add back impairment too. Let me check S&P specifically.

S&P Global Ratings typically defines "adjusted EBITDA" which adds back:
- D&A
- Non-recurring items
- Sometimes impairment if it's non-cash

But standard "EBITDA" for leverage ratios is typically just EBIT + D&A.

Actually, let me look at this more carefully. The impairment in the P&L is 113,370,000 but cash flow adjustment is only 67,680,000. This suggests the cash flow impairment is different - perhaps the 113,370,000 includes some cash items or is IFRS 9 expected credit losses, while the cash flow add-back is for other impairment.

For S&P methodology, they typically focus on "adjusted EBITDA" which might include different add-backs.

Let me use the most standard approach: EBITDA = Operating Profit + Depreciation and Amortization

Using 594,636,000 for D&A (from cash flow, which is cleaner):
EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

Or should I use the full "Ammortamenti E Accantonamenti" of 625,799,000? 

"Ammortamenti" = depreciation/amortization
"Accantonamenti" = provisions/allowances

The cash flow specifically says "Depreciation And Amortisation Expense" = 594,636,000, so the remaining 31,163,000 (625,799,000 - 594,636,000) is likely provisions/acccantonamenti.

For S&P EBITDA, we want to add back non-cash charges. Provisions might or might not be added back depending on nature. But standard EBITDA just adds D&A.

Let me use EBITDA = 1,160,487,000 EUR.

Actually, I want to double-check. Some practitioners calculate EBITDA as:
Gross Profit + D&A (if D&A was deducted to get to operating profit)

In this case, from Gross Profit of 1,305,021,000, we deducted:
- Impairment: 113,370,000
- Ammortamenti E Accantonamenti: 625,799,000

To get "EBITDA" in the S&P sense (before these charges), we might want:
Gross Profit - Impairment + some adjustments? 

Actually, no. Standard EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. It's operating profit with D&A added back.

If operating profit is 565,851,000 and D&A is 594,636,000, then EBITDA = 1,160,487,000.

But wait - is impairment included in "D&A" for EBITDA purposes? No, EBITDA is specifically before Depreciation and Amortization. Impairment is a separate line.

However, some calculations use "adjusted EBITDA" where impairment is also added back if it's non-recurring.

For S&P Global Ratings, their methodology states:
"EBITDA is generally operating profit before D&A, or operating profit plus D&A."

So I'll stick with: EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR.

**Net Debt calculation:**

I need to be more careful about what constitutes "debt" in S&P methodology.

From balance sheet at 2023-01-01 (end of 2022):
Financial liabilities:
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Current Financial Liabilities: 619,418,000

But I need to check if these include derivative liabilities, trade payables, or other non-debt items.

Actually, looking at the structure, "Other Current Financial Liabilities" of 619,418,000 includes "Debiti Finanziari Correnti Di Cui Verso Parti Correlate" of 108,523,000. So this is definitely financial debt.

And "Other Noncurrent Financial Liabilities" of 4,722,263,000 - this is the noncurrent debt.

Are there any other debt items? Let me check "Trade And Other Current Payables" - 1,849,980,000. This includes "Debiti Correnti Verso Fornitori" (trade payables), not debt.

What about "Other Current Liabilities" of 632,259,000? Could include some debt-like items?

For S&P, standard debt includes:
- Bank loans and overdrafts
- Bonds
- Finance leases
- Preference shares (if treated as debt)
- Hybrid instruments (if treated as debt)

It excludes:
- Trade payables
- Tax payables
- Deferred revenue
- Provisions

So my debt calculation of 5,341,681,000 seems reasonable.

But wait - I should check if there are any "financial assets" that should be deducted (like cash, but also maybe current financial assets that are liquid).

Cash and equivalents: 559,908,000

Are there "other current financial assets" that are liquid? 342,085,000 - but these might include receivables, loans to related parties, etc. Not all are "cash-like."

For S&P Net Debt, it's typically: Gross Debt - Cash and Cash Equivalents - Marketable Securities

So Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

But let me also consider if there are other cash-like items. "Other Current Financial Assets" of 342,085,000 includes "Attività Finanziarie Correnti Di Cui Verso Parti Correlate" of 117,998,000. These are related party financial assets, not necessarily liquid.

Actually, for a more precise S&P calculation, I might want to check if there are any "restricted cash" items, but I don't see that breakdown.

Let me also verify my debt calculation by looking at the prior year and changes.

At 2022-01-01:
- Other Noncurrent Financial Liabilities: 4,791,979,000
- Other Current Financial Liabilities: 285,222,000
Total debt: 5,077,201,000

Cash at 2022-01-01: 680,820,000 (continuing) + 12,374,000 (discontinued) = 693,194,000

Net debt prior year: 5,077,201,000 - 693,194,000 = 4,384,007,000

Net debt current year: 5,341,681,000 - 559,908,000 = 4,781,773,000

Net debt increased, which makes sense with the cash flow showing negative free cash flow.

Actually, let me recheck: "Disponibilità Monetaria Netta" 2023-01-01: 559,908,000 and 2022-01-01: 693,193,000. This seems to be "Net Cash" or "Net Financial Position" in Italian terminology, but it's labeled as "Disponibilità Monetaria Netta" which might mean something else.

Wait - "Disponibilità Monetaria Netta" 2023-01-01: 559,908,000 matches "Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations" 2023-01-01: 559,908,000. But 2022-01-01 shows 693,193,000 vs 680,820,000 + 12,374,000 = 693,194,000. Close enough, rounding difference.

Actually "Disponibilità Monetaria Netta" might be "Net Cash Position" but the values match gross cash. Let me not rely on this.

Let me recalculate Net Debt / EBITDA:

Net Debt = 4,781,773,000 EUR
EBITDA = 1,160,487,000 EUR

Ratio = 4,781,773,000 / 1,160,487,000 = 4.12

Hmm, but let me reconsider if I should use a different EBITDA figure.

Alternative EBITDA calculation:
Some practitioners use "Cash Flows From Used In Operations Before Changes In Working Capital" as a proxy, which is 1,062,464,000. But this includes interest and taxes, so it's not EBITDA.

Actually, 1,062,464,000 + Interest Paid (114,121,000) + Income Taxes Paid (178,506,000)? No, that's getting to a different measure.

Let me verify my EBITDA by working from cash flow:
Cash Flow From Operations Before Working Capital: 1,062,464,000
This typically equals: EBITDA - Taxes Paid + Interest Received - Interest Paid ± Other items

Actually, standard cash flow starting point is:
Profit before tax + D&A + Interest - Other non-cash items

Let me check: Profit before tax 497,937,000 + D&A 594,636,000 + Impairment 67,680,000 + Finance Costs 85,708,000 - Finance Income? 

Actually the cash flow shows:
- Profit before tax adjustments
- Add: D&A 594,636,000
- Add: Impairment 67,680,000
- Add: Finance Costs 85,708,000 (this is the cash flow adjustment, not actual finance costs)

Wait, "Adjustments For Finance Costs" is 85,708,000, but actual "Finance Costs" in P&L is 111,670,000. The difference might be interest received classified as financing, or other items.

Let me try: 497,937,000 + 594,636,000 + 67,680,000 + 85,708,000 - 25,962,000 (finance income?) + other items = ?

Actually, the cash flow statement starts from "Profit Loss" not "Profit Before Tax". Let me check.

The cash flow items show:
- Adjustments For Depreciation And Amortisation Expense: 594,636,000
- Adjustments For Impairment: 67,680,000
- Variazione Fondo Rischi: 14,167,000
- Variazione Netta Fondo Per Benefici Ai Dipendenti: -19,158,000
- Adjustments For Finance Costs: 85,708,000
- Income Taxes Paid: -178,506,000

And "Cash Flows From Used In Operations Before Changes In Working Capital": 1,062,464,000

If I work backwards from Profit Before Tax of 497,937,000:
+ D&A 594,636,000
+ Impairment 67,680,000
+ Provisions change 14,167,000
- Employee benefits change -19,158,000 (wait, this is already negative)
+ Finance Costs adjustment 85,708,000
- Taxes paid -178,506,000

Hmm, this doesn't directly sum to 1,062,464,000. Let me think...

Actually, the starting point might be "Profit Loss" of 311,160,000, not PBT.

311,160,000 + 178,506,000 (taxes, to get to PBT) = 489,666,000... not 497,937,000.

Wait, Income Tax Expense is 186,777,000. So 311,160,000 + 186,777,000 = 497,937,000 = PBT ✓

But "Income Taxes Paid" is 178,506,000, which is different from tax expense (accrual vs cash).

For cash flow from operations before working capital:
Start with PBT: 497,937,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
+ Provisions change: 14,167,000
- Employee benefits change: -19,158,000? Actually it's shown as negative -19,158,000, meaning a use of cash or reduction in provision?

Let me just add the positive adjustments:
497,937,000 + 594,636,000 + 67,680,000 + 14,167,000 + (-19,158,000) + 85,708,000 - 178,506,000 = ?

= 497,937,000 + 594,636,000 = 1,092,573,000
+ 67,680,000 = 1,160,253,000
+ 14,167,000 = 1,174,420,000
- 19,158,000 = 1,155,262,000
+ 85,708,000 = 1,240,970,000
- 178,506,000 = 1,062,464,000 ✓

Great! So this checks out.

Now, interestingly, 1,160,253,000 (PBT + D&A + Impairment) is very close to my EBITDA of 1,160,487,000. The difference is because I used Operating Profit + D&A, while PBT + D&A + Impairment gives a similar but slightly different number.

Actually, let me verify: PBT 497,937,000 + D&A 594,636,000 + Impairment 67,680,000 = 1,160,253,000.

But my EBITDA was Operating Profit 565,851,000 + D&A 594,636,000 = 1,160,487,000.

And 1,160,487,000 - 1,160,253,000 = 234,000. Small difference, likely rounding or the impairment in cash flow vs P&L.

Actually, Operating Profit 565,851,000 + Finance Income 25,962,000 - Finance Costs 111,670,000 + Share of Profit of Associates 17,793,000 = 497,936,000 ≈ PBT 497,937,000. ✓

So PBT = Operating Profit + Finance Income - Finance Costs + Share of Associates Profit
= 565,851,000 + 25,962,000 - 111,670,000 + 17,793,000 = 497,936,000

For "PBT + D&A + Impairment" to be comparable to EBITDA, we'd need to add back finance costs and subtract finance income and share of profit:
1,160,253,000 - 25,962,000 + 111,670,000 - 17,793,000 = 1,228,168,000? No that's not right.

Actually, to get from "PBT + D&A + Impairment" to EBITDA:
- Add back finance costs (to get to EBIT)
- Subtract finance income
- Subtract share of profit of associates (equity method)

EBITDA should be: EBIT + D&A = (PBT + Finance Costs - Finance Income - Share of Associates) + D&A

Wait, let me recalculate EBIT:
PBT 497,937,000 + Finance Costs 111,670,000 - Finance Income 25,962,000 - Share of Associates 17,793,000 = 565,852,000 ≈ Operating Profit. ✓

So EBIT = 565,852,000
EBITDA = EBIT + D&A = 565,852,000 + 594,636,000 = 1,160,488,000

Or if we use the cash flow impairment add-back concept:
Some might argue for "Adjusted EBITDA" = EBIT + D&A + Impairment = 565,852,000 + 594,636,000 + 113,370,000? No, that double counts if impairment is already in EBIT.

Actually, impairment is deducted to get EBIT. So EBIT + D&A + Impairment would be adding back impairment too.

But standard EBITDA doesn't add back impairment. It's just EBIT + D&A.

However, for S&P "adjusted EBITDA," they might add back certain non-recurring or non-cash items.

Let me check if 67,680,000 (cash flow impairment) vs 113,370,000 (P&L impairment) matters. The difference is 45,690,000. This might be expected credit losses (IFRS 9) that are not added back in cash flow because they're part of working capital, or other items.

Actually, looking at the P&L: "Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9" = 113,370,000.

And cash flow: "Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 67,680,000.

The difference of 45,690,000 might be impairment of financial assets (trade receivables) which is part of working capital changes, not added back separately.

For S&P EBITDA, the standard is to use operating profit plus D&A. I'll stick with 1,160,487,000.

But let me also consider an alternative: some calculate EBITDA as Revenue - Cash Operating Costs, or use the "Cash Flow From Operations Before Working Capital" plus taxes and interest.

Cash Flow From Operations Before Working Capital: 1,062,464,000
+ Income Taxes Paid: 178,506,000
- Interest Received (operating): ? 
+ Interest Paid (operating): ?

Actually, the cash flow classification shows:
- Interest Received classified as Investing Activities: 29,243,000
- Interest Paid classified as Financing Activities: 114,121,000

So in the operating cash flow before working capital, the interest and tax effects are already adjusted.

Let me try another approach: 
EBITDA = Cash Flow From Operations Before Working Capital + Taxes Paid - Change in Provisions (non-cash) + Employee Benefits Change + Finance Costs Adjustment - Other non-cash items...

This gets complicated. Let me just use the standard: EBITDA = Operating Profit + D&A.

Final numbers:
- EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR
- Net Debt = 4,781,773,000 EUR

Ratio = 4,781,773,000 / 1,160,487,000 = 4.1204...

Let me recalculate more precisely:
4,781,773,000 / 1,160,487,000 = ?

4,781,773,000 ÷ 1,160,487,000 = 4.1204...

Actually, let me verify my debt calculation once more. Are there any other debt items I missed?

Looking at "Other Noncurrent Liabilities" of 399,628,000 - could this include debt? Probably not, it's "other" noncurrent liabilities, likely deferred tax or other non-debt items.

And "Other Current Liabilities" of 632,259,000 - likely includes accrued expenses, deferred revenue, etc.

What about "Current Tax Liabilities" of 26,810,000? Not debt.

So financial debt seems to be just the two items: 4,722,263,000 + 619,418,000 = 5,341,681,000.

But wait - I need to check if there are any "lease liabilities" that should be included. The "Right-of-use Assets" of 90,397,000 suggests there are leases. Under IFRS 16, lease liabilities should be recognized.

Are lease liabilities included in "Other Noncurrent Financial Liabilities" and/or "Other Current Financial Liabilities"? Likely yes.

For S&P methodology, they include lease liabilities in debt.

Actually, let me check if the balance sheet has separate lease liability disclosure. I don't see it explicitly, so leases are likely included in the financial liabilities.

One more check: "Noncurrent Contract Liabilities" of 5,452,905,000. These are definitely not debt - they're deferred revenue (contract liabilities under IFRS 15).

So my debt calculation seems correct.

Let me also verify if I should include "discontinued operations" cash. At 2023-01-01, discontinued operations cash is 0, so no issue.

Final calculation:
Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR
EBITDA = 1,160,487,000 EUR

Net Debt / EBITDA = 4,781,773,000 / 1,160,487,000 = 4.12

Let me do the division more carefully:
4,781,773,000 / 1,160,487,000 = ?

1,160,487,000 × 4 = 4,641,948,000
Difference: 4,781,773,000 - 4,641,948,000 = 139,825,000

139,825,000 / 1,160,487,000 = 0.1205...

So 4.1205...

Rounding to two decimal places: 4.12

But let me reconsider if I should use a slightly different EBITDA. 

Alternative: Some S&P practitioners use "Funds From Operations" or "FFO" which is different from EBITDA.

For "Net Debt to EBITDA" ratio, S&P Global Ratings typically uses:
- Gross debt minus cash and cash equivalents for net debt
- EBITDA as operating profit before D&A

Let me also check if "operating profit" should be before or after "Other Income Expense From Subsidiaries." Looking at the P&L structure:
- Gross Profit: 1,305,021,000
- Then deducts Impairment and Ammortamenti to get Operating Profit

But wait - is "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" of 27,897,000 included in Gross Profit or Operating Profit?

Looking at the calculation: Gross Profit 1,305,021,000 - Impairment 113,370,000 - Ammortamenti 625,799,000 = 565,852,000 ≈ Operating Profit 565,851,000.

So "Other Income Expense From Subsidiaries" must be included in Gross Profit already, or it's not part of this calculation.

Actually, let me check if Gross Profit includes it. The term "Margine Operativo Lordo" in Italian accounting typically includes all operating income and expenses before depreciation, amortization, and impairment.

So the structure is:
Margine Operativo Lordo (Gross Operating Profit)
- Impairment
- Ammortamenti e Accantonamenti (D&A and provisions)
= Risultato Operativo (Operating Profit)

This makes sense.

For EBITDA, we want to go back to before D&A:
EBITDA = Operating Profit + D&A = 565,851,000 + 594,636,000 = 1,160,487,000

Actually, I want to double-check one thing. Is "Ammortamenti E Accantonamenti" = 625,799,000 the amount deducted, and does it equal the D&A plus other non-cash items?

If D&A is 594,636,000 and total "Ammortamenti E Accantonamenti" is 625,799,000, then "Accantonamenti" (provisions) is 31,163,000.

But in the cash flow, we also see "Variazione Fondo Rischi" (change in risk provisions) of 14,167,000 and "Variazione Netta Fondo Per Benefici Ai Dipendenti" of -19,158,000.

These changes in provisions total: 14,167,000 - 19,158,000 = -4,991,000 (approximately).

This doesn't match 31,163,000. So "Accantonamenti" in the P&L likely includes more than just these changes.

Actually, "Accantonamenti" can mean "allowances" or "provisions" and might include:
- Bad debt allowances
- Inventory write-downs
- Other provisions

Some of these might be included in "Costi Esterni" (external costs) rather than separately stated.

For EBITDA purposes, we only add back D&A, not all provisions.

So my calculation of EBITDA = 1,160,487,000 seems correct.

Let me do a final precise calculation:

Net Debt = 4,722,263,000 + 619,418,000 - 559,908,000
= 5,341,681,000 - 559,908,000
= 4,781,773,000

EBITDA = 565,851,000 + 594,636,000
= 1,160,487,000

Ratio = 4,781,773,000 / 1,160,487,000
= 4.120493...

Rounded to two decimal places: 4.12

Actually, let me see if I should present more precision. The inputs are in thousands (implied by the numbers), so maybe 4.12 is appropriate.

Or should I use 4.1? Let me check typical presentation. Usually Net Debt/EBITDA is shown as x.x or x.xx.

I'll go with 4.12.

Wait - I want to do one more verification. Let me check if "Other Current Financial Liabilities" of 619,418,000 includes any non-debt items like dividends payable or accrued interest.

Looking at the related party portion: "Debiti Finanziari Correnti Di Cui Verso Parti Correlate" = 108,523,000. This is part of the 619,418,000, and it's definitely financial debt to related parties.

The remaining 510,895,000 is other current financial liabilities, likely including current portion of long-term debt, short-term borrowings, etc.

So yes, 619,418,000 is debt.

Similarly, "Other Noncurrent Financial Liabilities" of 4,722,263,000 is noncurrent debt.

One final check: should I include "Financial Assets" as negative debt (i.e., netting more than just cash)?

S&P Net Debt typically only subtracts "cash and cash equivalents" and "liquid short-term investments" from gross debt.

"Financial Assets" noncurrent of 30,531,000 and current of 342,085,000 - these are not necessarily liquid. They might include loans to related parties, equity investments, etc.

The "Attività Finanziarie Correnti Di Cui Verso Parti Correlate" of 117,998,000 is current financial assets to related parties - not necessarily cash-like.

For standard Net Debt, I'll stick with just subtracting cash and cash equivalents.

Final answer: 4.12

Actually, let me recalculate once more to be absolutely sure:

Debt:
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Current Financial Liabilities: 619,418,000
Total Debt: 5,341,681,000

Cash:
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations: 559,908,000
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations: 0
Total Cash: 559,908,000

Net Debt: 4,781,773,000

EBITDA:
- Profit Loss From Operating Activities: 565,851,000
- Adjustments For Depreciation And Amortisation Expense: 594,636,000
Total EBITDA: 1,160,487,000

Ratio: 4,781,773,000 / 1,160,487,000 = 4.120493...

I'll round to 4.12.

Hmm, but I want to double-check one thing. The "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" - is this included in operating profit?

In the P&L, after Gross Profit, we have:
- Impairment
- Ammortamenti E Accantonamenti
= Operating Profit

But typically, "share of profit of associates" is AFTER operating profit, not before. Let me check the numbers.

If "Other Income Expense From Subsidiaries" of 27,897,000 is part of operating activities, it might be included in Gross Profit or Operating Profit.

Looking at: Gross Profit 1,305,021,000 - Impairment 113,370,000 - Ammortamenti 625,799,000 = 565,852,000.

This matches Operating Profit of 565,851,000. So "Other Income Expense From Subsidiaries" is NOT deducted after Gross Profit - it's already included in Gross Profit.

But wait, there's also "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" of 17,793,000, which comes AFTER Operating Profit in the typical P&L structure.

Let me verify: Operating Profit 565,851,000 + Finance Income 25,962,000 - Finance Costs 111,670,000 + Share of Associates 17,793,000 = 497,936,000 ≈ PBT 497,937,000.

Yes! So the P&L structure is:
- Operating Profit: 565,851,000
- Finance Income: 25,962,000
- Finance Costs: 111,670,000
- Share of Associates: 17,793,000
= PBT: 497,937,000

And "Other Income Expense From Subsidiaries" of 27,897,000 must be part of operating profit already (included in Gross Profit).

Actually, I think "Other Income Expense From Subsidiaries" might be a separate line that I missed in the P&L structure. Let me re-read.

Looking at the data again:
"Gross Profit" 2022: 1,305,021,000
"Margine Operativo Lordo Di Cui Verso Parti Correlate" 2022: 82,855,000

Then:
"Impairment Loss..." 2022: 113,370,000
"Ammortamenti EAccantonamenti" 2022: 625,799,000
"Profit Loss From Operating Activities" 2022: 565,851,000

But where is "Other Income Expense From Subsidiaries"? It's listed as 27,897,000.

Maybe the structure is:
Gross Profit 1,305,021,000
+ Other Income Expense From Subsidiaries 27,897,000? No, that would increase it.

Or maybe:
Gross Profit 1,305,021,000 already includes it, or it's deducted somewhere.

Actually, looking more carefully at Italian IFRS financial statements, "Margine Operativo Lordo" (Gross Operating Margin) is typically:
Value of production - Costs of production (before D&A, impairment, and provisions)

The "Other Income Expense From Subsidiaries" might be part of "value of production" or "costs of production."

I think for our purposes, the key is that Operating Profit is 565,851,000, and we add D&A to get EBITDA.

My calculation stands: EBITDA = 1,160,487,000.

One more very precise division:
4,781,773,000 / 1,160,487,000 = 4.120493105...

So 4.12 when rounded to two decimal places.

Actually, I wonder if I should present more precision or less. Looking at typical financial ratios, they're often shown as "4.1x" or "4.12x". I'll use 4.12.

Final verification of all numbers used:
- EBITDA: 1,160,487,000 EUR
- Net Debt: 4,781,773,000 EUR
- Ratio: 4.12

<answer>4.12</answer>