To estimate the Net Debt / EBITDA ratio for VEOLIA ENVIRONNEMENT for the year 2022 (based on 2023-01-01 balance sheet figures and 2022-01-01 to 2023-01-01 income statement figures) using S&P methodology, we perform the following calculations:

**1. EBITDA Calculation:**
S&P typically defines EBITDA as Operating Income plus Depreciation and Amortization (plus other operating items).
*   Operating Income before share of net income of associates: 2,206,300,000 EUR
*   Add: Operating Depreciation, Amortization, Provisions and Impairment Losses: 3,178,600,000 EUR
*   EBITDA = 2,206,300,000 + 3,178,600,000 = 5,384,900,000 EUR

**2. Net Debt Calculation:**
Net Debt is calculated as Total Financial Liabilities (Current + Non-current) minus Cash and Cash Equivalents and current liquid financial assets.
*   Non-current Financial Liabilities (excl. concession): 19,692,100,000 EUR
*   Non-current Lease Liabilities: 1,656,200,000 EUR
*   Current Financial Liabilities (excl. concession): 6,521,400,000 EUR
*   Current Lease Liabilities: 496,500,000 EUR
*   Bank Overdrafts: 213,600,000 EUR
*   Total Gross Debt = 19,692,100,000 + 1,656,200,000 + 6,521,400,000 + 496,500,000 + 213,600,000 = 28,579,800,000 EUR

*   Cash and Cash Equivalents: 9,012,200,000 EUR
*   Other Current Financial Assets: 2,213,500,000 EUR
*   Total Cash/Liquid Assets = 9,012,200,000 + 2,213,500,000 = 11,225,700,000 EUR

*   Net Debt = 28,579,800,000 - 11,225,700,000 = 17,354,100,000 EUR

**3. Ratio Calculation:**
*   Net Debt / EBITDA = 17,354,100,000 / 5,384,900,000 ≈ 3.2227

<answer>3.22</answer>