To estimate the Net Debt / EBITDA ratio for 2022 based on the S&P methodology, we need to calculate the Net Debt and the EBITDA for the period ending 2022-12-31 (reported as of 2023-01-01).

**1. Calculate Net Debt:**
S&P defines Net Debt as total debt (short-term and long-term borrowings) minus cash and cash equivalents. 
From the Balance Sheet (2023-01-01):
- Long-term borrowings = 68,191,000,000 EUR
- Short-term borrowings = 18,392,000,000 EUR
- Current portion of long-term borrowings = 2,835,000,000 EUR
Total Debt = 68,191,000,000 + 18,392,000,000 + 2,835,000,000 = 89,418,000,000 EUR

- Cash and cash equivalents = 11,041,000,000 EUR

Net Debt = Total Debt - Cash & Cash Equivalents 
Net Debt = 89,418,000,000 - 11,041,000,000 = 78,377,000,000 EUR

**2. Calculate EBITDA:**
Under S&P methodology, EBITDA is typically calculated as Profit from Operating Activities (Operating Income) plus Depreciation, Amortization, and Impairment. The report explicitly provides both figures for the period:
- Profit Loss From Operating Activities = 11,193,000,000 EUR
- Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss = 7,447,000,000 EUR

EBITDA = Operating Income + D&A 
EBITDA = 11,193,000,000 + 7,447,000,000 = 18,640,000,000 EUR

**3. Calculate Net Debt / EBITDA Ratio:**
Ratio = Net Debt / EBITDA
Ratio = 78,377,000,000 / 18,640,000,000 ≈ 4.204

<answer>4.20</answer>