## Reasoning

### Step 1: Calculate EBITDA (S&P methodology)

S&P's EBITDA typically starts with operating income and adds back depreciation and amortization.

**Profit from Operating Activities (2022):** €6,489,000,000

**Depreciation and Amortization (2022):** €3,613,000,000

**EBITDA = Operating Profit + D&A = 6,489 + 3,613 = €10,102 million**

Note: S&P methodology may also adjust for operating lease costs, share-based payments, etc., but for a basic estimate, I'll use this.

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

S&P's net debt includes all financial debt (short-term and long-term borrowings, bonds) plus lease liabilities, minus cash and cash equivalents and current financial assets.

**Gross Debt components (at end of 2022, i.e., 2023-01-01 balance sheet):**

- Noncurrent bonds issued: €20,425,000,000
- Noncurrent other borrowings: €3,205,000,000
- Noncurrent lease liabilities: €1,580,000,000
- Short-term borrowings: €6,368,000,000
- Current lease liabilities: €522,000,000
- Noncurrent derivative financial liabilities: €1,939,000,000 (S&P may or may not include these; typically not included as debt)

**Total Gross Debt (including leases):** 20,425 + 3,205 + 1,580 + 6,368 + 522 = €32,100 million

**Cash and equivalents:** €12,578,000,000
**Current cash management financial assets:** €755,000,000
**Other current financial assets:** €84,000,000

S&P typically deducts cash and short-term investments that are readily available.

**Net Debt = Gross Debt - Cash - Cash management assets**
= 32,100 - 12,578 - 755 - 84
= €18,683 million

Actually, let me reconsider. S&P typically includes lease liabilities in debt. Let me also consider whether to include derivative liabilities. S&P generally does not include derivative liabilities as debt, so I'll exclude them.

**Net Debt = 32,100 - 12,578 - 755 = €18,767 million**

(I'll exclude the €84m other current financial assets for conservatism, but include them for a closer S&P approach)

Let me use a more standard approach:
- Net Debt = 32,100 - 12,578 = €19,522 million (just cash)
- Or Net Debt = 32,100 - 12,578 - 755 = €18,767 million (cash + cash management)

S&P would likely consider the cash management financial assets as readily available, so:

**Net Debt ≈ €18,767 million**

### Step 3: Net Debt / EBITDA

**Net Debt / EBITDA = 18,767 / 10,102 ≈ 1.86**

Let me also check with a simpler net debt calculation (without lease liabilities, as some calculations exclude them):
- Gross debt without leases: 20,425 + 3,205 + 6,368 = €29,998 million
- Net debt = 29,998 - 12,578 - 755 = €16,665 million
- Ratio = 16,665 / 10,102 = 1.65

S&P methodology does include lease liabilities, so the ratio with leases is more appropriate: ~1.86

<answer>1.9</answer>