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

## Step 1: Determine EBITDA

The report provides "Operating Profit Before Depreciations Ebitda" for 2022 (period 2022-01-01 to 2023-01-01) = 1,842,000,000 EUR.

However, S&P typically uses adjusted EBITDA. The comparable EBITDA is given as 2,436,000,000 EUR, but S&P methodology generally starts from reported figures and makes their own adjustments.

S&P's EBITDA calculation typically:
- Starts with operating profit (EBIT) = 1,277,000,000 EUR
- Adds back D&A = 566,000,000 EUR
- This gives EBITDA = 1,843,000,000 EUR (≈1,842M reported)

However, S&P would also consider impairments. The impairment loss was 905,000,000 EUR in 2022. S&P often adds back impairments to EBITDA. But let me also note that S&P includes operating lease adjustments and other items. For simplicity, I'll use the reported EBITDA figure of 1,842,000,000 EUR, as impairments may already be reflected in the items affecting comparability line.

Actually, looking more carefully: EBITDA = Operating Profit + D&A = 1,277 + 566 = 1,843M (roughly 1,842M as reported). The impairment of 905M is already included in the operating profit calculation (as part of items affecting comparability of -593M). So the reported EBITDA of 1,842M already reflects these items.

For S&P methodology, I'll use EBITDA = 1,842,000,000 EUR.

## Step 2: Determine Net Debt (S&P methodology)

S&P Net Debt = Total Financial Debt - Cash and Cash Equivalents

**Financial Debt:**
- Other Noncurrent Financial Liabilities = 3,658,000,000 EUR
- Other Current Financial Liabilities = 4,127,000,000 EUR
- Total Gross Debt = 3,658 + 4,127 = 7,785,000,000 EUR

S&P may also include operating lease liabilities (which are typically part of the noncurrent/current financial liabilities under IFRS 16).

**Cash and liquid assets:**
- Liquid Funds = 3,919,000,000 EUR

**Net Debt = 7,785 - 3,919 = 3,866,000,000 EUR**

However, S&P sometimes doesn't net all cash. They may also consider margin receivables/liabilities and other items. But the standard approach is:

Net Debt = Gross Financial Debt - Cash

= 7,785 - 3,919 = 3,866M EUR

## Step 3: Calculate the ratio

Net Debt / EBITDA = 3,866 / 1,842 = 2.10

Wait, let me reconsider. S&P often adjusts EBITDA by adding back non-recurring impairments. The 905M impairment could be added back:

Adjusted EBITDA = 1,842 + 905 = 2,747M

Net Debt / Adjusted EBITDA = 3,866 / 2,747 = 1.41

But S&P methodology varies. The standard approach without adding back impairments:

Net Debt / EBITDA = 3,866 / 1,842 ≈ 2.1

Given S&P's typical approach of using reported EBITDA (which already includes the impairment impact through operating profit), I'll go with the straightforward calculation.

Net Debt / EBITDA = 3,866 / 1,842 ≈ 2.1

<answer>2.1</answer>