I need to estimate the Net Debt / EBITDA ratio for 2022 using S&P methodology. Let me work through this step by step.

## Understanding S&P Methodology for Net Debt / EBITDA

S&P typically calculates:
- **Net Debt** = Total Debt (short-term + long-term) - Cash and Cash Equivalents
- **EBITDA** = Earnings Before Interest, Taxes, Depreciation, and Amortization

For EBITDA, I can calculate it from the income statement using:
- Operating Income + Depreciation & Amortization (or use the reconciliation from operating cash flows)

## Step 1: Calculate Net Debt

First, let me identify the debt components and cash:

**Financial Liabilities (Debt):**
- Noncurrent Financial Liabilities Excluding Concession Liabilities (2023-01-01): 19,692,100,000 EUR
- Current Financial Liabilities Excluding Concession Liabilities (2023-01-01): 6,521,400,000 EUR
- Noncurrent Lease Liabilities (2023-01-01): 1,656,200,000 EUR
- Current Lease Liabilities (2023-01-01): 496,500,000 EUR

Total Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 = 28,366,200,000 EUR

Wait - I need to check if this is for 2022 or 2023. The dates 2023-01-01 represent the end of 2022 (balance sheet at year-end 2022). Let me re-read: "2023-01-01" means January 1, 2023, which is the end of fiscal year 2022.

Actually, looking more carefully at the data structure: "2022-01-01" is beginning of 2022, "2023-01-01" is end of 2022. So I need to use 2023-01-01 values for the 2022 year-end balance sheet.

**Cash and Cash Equivalents (2023-01-01):** 9,012,200,000 EUR

**Net Debt** = Total Debt - Cash and Cash Equivalents
= (19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000) - 9,012,200,000
= 28,366,200,000 - 9,012,200,000
= 19,354,000,000 EUR

But wait - I need to check if there are bank overdrafts to include in cash or debt. Bank Overdrafts (2023-01-01): 213,600,000 EUR. These are typically part of cash/cash equivalents or current debt. In S&P methodology, bank overdrafts are usually treated as part of cash position (negative cash).

Let me recalculate with bank overdrafts:
Cash and Cash Equivalents net of overdrafts = 9,012,200,000 - 213,600,000 = 8,798,600,000 EUR

Or alternatively, some methodologies include overdrafts in debt. Let me check standard S&P practice - they typically include bank overdrafts in debt.

Actually, looking at the cash flow statement: "Bank Overdrafts And Other Cash Position Items" is shown separately. S&P typically includes these in gross debt.

So Gross Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 213,600,000 = 28,579,800,000 EUR

Net Debt = 28,579,800,000 - 9,012,200,000 = 19,567,600,000 EUR

Hmm, but let me reconsider. The "Current Financial Liabilities Excluding Concession Liabilities" might already include bank overdrafts or not. Let me look more carefully.

Actually, in standard S&P methodology:
- Gross debt includes: short-term borrowings, current portion of long-term debt, long-term debt, finance lease obligations, and bank overdrafts
- Cash includes: cash and cash equivalents, short-term liquid investments

Let me use a cleaner approach. Looking at the balance sheet items:

Debt items at 2023-01-01:
- Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692,100,000
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Noncurrent Lease Liabilities: 1,656,200,000
- Current Lease Liabilities: 496,500,000

Cash: 9,012,200,000

For S&P, I should also consider if there are other debt-like items. The "Bank Overdrafts And Other Cash Position Items" of 213,600,000 is likely already included in current financial liabilities or treated separately.

Actually, let me check if "Current Financial Liabilities Excluding Concession Liabilities" includes overdrafts. The name says "excluding concession liabilities" not "excluding overdrafts." 

Let me use the more common approach: Net Debt = (Total Financial Debt) - (Cash & Equivalents)

Total Financial Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 = 28,366,200,000

Less: Cash and Cash Equivalents = 9,012,200,000

Net Debt = 19,354,000,000 EUR

I'll add bank overdrafts to debt (conservative S&P approach):
Net Debt = 19,354,000,000 + 213,600,000 = 19,567,600,000 EUR

Or if overdrafts are already in current financial liabilities, then 19,354,000,000.

Let me check: Current Financial Liabilities Excluding Concession Liabilities at 2022-01-01 was 8,624,300,000 and at 2023-01-01 is 6,521,400,000. Bank overdrafts were 241,900,000 at 2022-01-01 and 213,600,000 at 2023-01-01. These are shown separately, so likely not included in the main line.

So I'll include overdrafts in debt:
**Net Debt = 19,354,000,000 + 213,600,000 = 19,567,600,000 EUR**

Actually, let me reconsider once more. Some S&P methodologies treat bank overdrafts as negative cash. Let me use:
Net Debt = Gross Debt - Cash and Cash Equivalents
Where Gross Debt includes all interest-bearing liabilities and bank overdrafts.

Gross Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 213,600,000 = 28,579,800,000
Cash = 9,012,200,000
Net Debt = 19,567,600,000

## Step 2: Calculate EBITDA

For EBITDA, I need to work from the income statement data for the period 2022-01-01 to 2023-01-01 (fiscal year 2022):

From the data:
- Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities: 2,206,300,000 EUR
- Share Of Net Income Loss Of Core Equity Accounted Entities: 127,000,000 EUR
- Resultat Operationnel Apres Quote Part... (Operating Income after equity method): 2,333,300,000 EUR

For S&P EBITDA, we typically use:
EBITDA = Operating Income + D&A + Impairments (or use cash flow reconciliation)

From cash flow statement:
- Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000 EUR

Also from income statement, we can calculate:
- Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities: 2,206,300,000
- Plus: Share of net income of equity accounted entities (this is already included in the "after" figure)

Actually, for S&P EBITDA, the standard calculation is:
EBITDA = Operating Income + Depreciation & Amortization + Impairment charges

Using Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities + D&A:
= 2,206,300,000 + 3,178,600,000 = 5,384,900,000 EUR

But wait - the "Operating Depreciation Amortization Provisions And Impairment Losses" of 3,178,600,000 includes provisions and impairment losses, not just D&A. 

Let me think about this more carefully. In S&P methodology, EBITDA typically includes:
- EBIT (or Operating Income) 
- Plus: Depreciation and Amortization

The line "Operating Depreciation Amortization Provisions And Impairment Losses" is the reconciliation item from cash flows. This is essentially the total non-cash charges added back.

For a cleaner EBITDA, S&P might use:
EBITDA = Revenue - Cost of Sales - Selling Expense - General and Administrative Expense + Other Operating Income (if positive)

Or: EBITDA = Operating Income + D&A

Using the cash flow reconciliation approach:
Operating Income before equity method: 2,206,300,000
Plus: Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
= 5,384,900,000 EUR

But this includes provisions and impairments. Let me check if there's a cleaner way.

Actually, looking at standard S&P methodology, they typically define EBITDA as:
- EBIT + Depreciation & Amortization

And EBIT is typically:
- Operating Income (which includes goodwill impairment, restructuring, etc.)

For S&P Global Ratings methodology, EBITDA is generally:
- Recurring operating income before depreciation and amortization

Let me use the most standard approach:
EBITDA = Operating Income (before equity method) + D&A from cash flow statement
= 2,206,300,000 + 3,178,600,000 
= 5,384,900,000 EUR

However, I need to be careful. The "Operating Depreciation Amortization Provisions And Impairment Losses" includes provisions. For a more standard EBITDA, I might want to exclude provisions.

Actually, in many European company reports, "Operating Depreciation Amortization Provisions And Impairment Losses" is the total charge. The pure D&A is not separately stated.

For S&P methodology, they typically accept this as the add-back, so:
EBITDA = 2,206,300,000 + 3,178,600,000 = 5,384,900,000 EUR

But let me also consider if we should use Operating Income after equity method:
2,333,300,000 + 3,178,600,000 = 5,511,900,000 EUR

S&P typically uses EBIT before equity income for EBITDA, or sometimes after. Let me check standard practice.

Actually, S&P typically calculates EBITDA as:
- Recurring operating profit before depreciation and amortization
- Or: Operating profit + depreciation and amortization

The "Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" is the pure operating profit. The share of equity income is more like financial/investment income.

So I'll use:
EBITDA = 2,206,300,000 + 3,178,600,000 = 5,384,900,000 EUR

Wait - I need to double-check. Looking at the income statement structure:
- Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities: 2,206,300,000
- Share Of Net Income Loss Of Core Equity Accounted Entities: 127,000,000
- Resultat Operationnel Apres...: 2,333,300,000

The first line is EBIT before equity method. The last line is operating income after equity method (which some might call "EBIT" in a broader sense).

For S&P, EBITDA is typically based on EBIT before equity method + D&A.

But actually, let me reconsider whether the D&A add-back should be applied to operating income before or after equity income. The equity income is already net of D&A at the investee level, so we shouldn't add D&A to it.

Standard approach: 
EBITDA = Operating Income (before equity income) + D&A (of the parent)
= 2,206,300,000 + 3,178,600,000
= 5,384,900,000 EUR

Or, some methodologies use:
EBITDA = Operating Income (after equity income) + D&A
= 2,333,300,000 + 3,178,600,000
= 5,511,900,000 EUR

For S&P specifically, they typically use EBIT before equity income + D&A, but sometimes include equity income in a broader "Adjusted EBITDA."

Let me use the more conservative (and common) approach:
EBITDA = 5,384,900,000 EUR

Actually, I want to re-verify. Let me look at this from another angle. The cash flow shows:
- Cash Flows From Used In Operations Before Changes In Working Capital: 4,804,300,000

This is essentially: Net Income + D&A + other non-cash items - equity income + other adjustments

Let me verify: 
Profit Loss: 997,600,000
+ Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
+ Financial Amortization And Impairment Losses: 14,800,000
+ Gains Losses On Disposal Of Operating Assets: 299,000,000 (negative, so add back loss)
+ Plus Ou Moins Values De Cessions Dactifs Financiers: 370,000,000 (negative, so add back loss)
- Share Of Net Income Loss Of Joint Ventures: 56,500,000 (income, so subtract)
- Adjustments For Undistributed Profits Of Associates: 70,500,000 (income, so subtract)
- Adjustments For Dividend Income: 4,100,000 (income, so subtract)
+ Net Finance Costs Adjustments: 632,700,000
+ Adjustments For Income Tax Expense: 419,800,000
+ Other Adjustments To Reconcile Profit Loss: 282,300,000

Let me try: 997,600,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000

= 997,600,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000
= 997,600,000 + 3,178,600,000 = 4,176,200,000
+ 14,800,000 = 4,191,000,000
+ 299,000,000 = 4,490,000,000
+ 370,000,000 = 4,860,000,000
- 56,500,000 = 4,803,500,000
- 70,500,000 = 4,733,000,000
- 4,100,000 = 4,728,900,000
+ 632,700,000 = 5,361,600,000
+ 419,800,000 = 5,781,400,000
+ 282,300,000 = 6,063,700,000

Hmm, that doesn't match 4,804,300,000. Let me re-read the signs.

Looking at the cash flow statement more carefully. The items with "Adjustments" in the name are typically added back to net income. But "Share Of Net Income" is income that needs to be subtracted.

Actually, let me re-read: "Share Of Net Income Loss Of Joint Ventures" 2022-01-01 - 2023-01-01: 56500000 EUR

This is positive 56,500,000, meaning income. In the cash flow reconciliation, this is subtracted (because it's income but not cash).

Similarly "Adjustments For Undistributed Profits Of Associates" 70,500,000 is income to subtract.

But "Adjustments For Dividend Income" 4,100,000 - this is dividend income, which is cash. Wait, this is classified as investing activity, so it's subtracted from operating cash flow.

Let me try with signs as typically shown in cash flow statements (where positive means add-back to net income):

Net Income: 997,600,000
+ Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
+ Financial Amortization And Impairment Losses: 14,800,000
+ Gains Losses On Disposal Of Operating Assets: -299,000,000 (this is a loss, so add negative = subtract?)

Wait, the value is -299,000,000. If it's "Gains Losses" and negative, that means a loss. So we add back the loss (add -299,000,000? No, add the loss amount).

Actually in cash flow statements, "Gains on disposal" are subtracted (because they're income but not operating cash). "Losses on disposal" are added back.

If Gains Losses On Disposal Of Operating Assets = -299,000,000, this means a loss of 299,000,000. We add back this loss: +299,000,000.

Similarly, Plus Ou Moins Values De Cessions Dactifs Financiers = -370,000,000, meaning a loss. Add back: +370,000,000.

For equity income: Share Of Net Income Loss Of Joint Ventures = 56,500,000 (positive = income). Subtract: -56,500,000.

Adjustments For Undistributed Profits Of Associates = 70,500,000. This is income from associates not received as dividends. Subtract: -70,500,000.

Adjustments For Dividend Income = 4,100,000. This is dividend income. Since dividends received are investing cash flows, subtract from operating: -4,100,000.

Net Finance Costs Adjustments = 632,700,000. Finance costs are expenses, add back: +632,700,000.

Adjustments For Income Tax Expense = 419,800,000. Tax expense, add back: +419,800,000.

Other Adjustments To Reconcile Profit Loss = 282,300,000. Add back: +282,300,000.

Let me recalculate:
997,600,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000

= 997,600,000 + 3,178,600,000 = 4,176,200,000
+ 14,800,000 = 4,191,000,000
+ 299,000,000 = 4,490,000,000
+ 370,000,000 = 4,860,000,000
- 56,500,000 = 4,803,500,000
- 70,500,000 = 4,733,000,000
- 4,100,000 = 4,728,900,000
+ 632,700,000 = 5,361,600,000
+ 419,800,000 = 5,781,400,000
+ 282,300,000 = 6,063,700,000

Still getting 6,063,700,000, not 4,804,300,000. I'm off by about 1,259,400,000.

Let me reconsider. Maybe "Other Adjustments To Reconcile Profit Loss" of 282,300,000 is actually a negative adjustment? Or maybe some of these signs are different.

Actually, looking more carefully at the cash flow statement structure, I think I need to re-examine. The cash flow statement shows "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000.

Let me try a different approach. Maybe "Adjustments For Dividend Income" is actually subtracted as an adjustment (i.e., the value shown is already the adjustment amount with sign).

Actually, re-reading: "Adjustments For Dividend Income" 2022-01-01 - 2023-01-01: 4100000 EUR

In many European statements, the reconciliation shows the add-back amounts. If dividend income is 4,100,000, it's income that needs to be subtracted from net income to get operating cash flow. But the "adjustment" might already be shown as negative.

Hmm, but the value is positive 4,100,000. Let me assume all values shown are the actual amounts (positive = income/gain, negative = loss/expense), and we need to apply standard cash flow logic.

Actually, I think the issue is that "Share Of Net Income Loss Of Core Equity Accounted Entities" in the income statement is 127,000,000, but in cash flow it's split into Joint Ventures 56,500,000 and Associates 70,500,000, plus there may be other items.

Wait - 56,500,000 + 70,500,000 = 127,000,000. That matches! Good.

But my calculation still doesn't match 4,804,300,000. Let me check if "Other Adjustments" or some items have different signs.

Perhaps "Other Adjustments To Reconcile Profit Loss" of 282,300,000 is actually negative? Or maybe I should use Profit Loss From Continuing Operations instead of total Profit Loss?

Profit Loss From Continuing Operations: 1,076,200,000
Profit Loss From Discontinued Operations: -78,600,000
Total Profit Loss: 997,600,000

If I start with Continuing Operations:
1,076,200,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000

= 1,076,200,000 + 3,178,600,000 = 4,254,800,000
+ 14,800,000 = 4,269,600,000
+ 299,000,000 = 4,568,600,000
+ 370,000,000 = 4,938,600,000
- 56,500,000 = 4,882,100,000
- 70,500,000 = 4,811,600,000
- 4,100,000 = 4,807,500,000
+ 632,700,000 = 5,440,200,000
+ 419,800,000 = 5,860,000,000
+ 282,300,000 = 6,142,300,000

Still not matching. Hmm.

Let me try with negative signs for the "Gains Losses" items if they're actually gains (positive values):

Actually wait - I need to re-read. "Gains Losses On Disposal Of Operating Assets" = -299,000,000. This is negative, meaning it's a LOSS. We add back losses.

But what if the cash flow statement already presents these as "adjustments" where the sign indicates the direction of adjustment? Let me check the prior year to see pattern.

2021-2022: Gains Losses On Disposal Of Operating Assets = -39,200,000 (loss)
2022-2023: -299,000,000 (loss)

Both are negative, meaning losses. We add back losses in cash flow reconciliation.

Hmm, let me try a completely different approach. Maybe some of these items are already included in "Other Adjustments" or the structure is different.

Actually, I just realized - "Net Finance Costs Adjustments" = 632,700,000. In the income statement, "Net Finance Costs" = -632,700,000 (negative means expense). So we add back +632,700,000. Correct.

"Adjustments For Income Tax Expense" = 419,800,000. Tax expense in income statement is 419,800,000. Add back. Correct.

Let me try if "Other Adjustments" is actually negative:
With -282,300,000 instead of +282,300,000:
4,807,500,000 + 632,700,000 + 419,800,000 - 282,300,000 = 5,577,700,000. No.

Or what if "Gains Losses On Disposal Of Operating Assets" is actually a gain disguised as negative? No, -299,000,000 with "Gains Losses" label means loss.

Let me try yet another combination. What if we don't add back financial amortization (14,800,000) because it's already in finance costs?

Actually, financial amortization might be included in "Net Finance Costs" already. Let me check.

Net Finance Costs = -632,700,000. This includes interest expense, interest income, and possibly financial amortization. If financial amortization of 14,800,000 is already in net finance costs, then adding it back separately would double count.

But wait - "Net Finance Costs Adjustments" = 632,700,000. This is the add-back of net finance costs. If financial amortization is part of net finance costs, then adding "Financial Amortization And Impairment Losses" separately might be wrong.

Actually, looking at standard cash flow statements, "Net Finance Costs" in operating cash flow reconciliation typically means the entire finance cost line is added back. Then "Financial Amortization" might be a separate item if it's not included in operating activities.

Hmm, this is getting complicated. Let me just use the reported "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000 and work backwards, or use the income statement approach for EBITDA.

For S&P EBITDA, the most common calculation is:
EBITDA = Operating Income + Depreciation & Amortization

Using:
Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities = 2,206,300,000
Plus: Operating Depreciation Amortization Provisions And Impairment Losses = 3,178,600,000

EBITDA = 5,384,900,000 EUR

This is a standard approach. The D&A figure includes impairments and provisions, which might inflate EBITDA slightly, but this is often what S&P uses unless they make adjustments.

Actually, let me verify by another method. S&P sometimes calculates EBITDA as:
Revenue - Cost of Sales - SG&A + Other Operating Income (if positive)

Revenue: 42,885,300,000
Cost Of Sales: -35,739,800,000
Selling Expense: -954,200,000
General And Administrative Expense: -3,215,800,000
Other Operating Income Expense: -769,200,000 (negative = expense)

Operating Income = 42,885,300,000 - 35,739,800,000 - 954,200,000 - 3,215,800,000 - 769,200,000
= 42,885,300,000 - 40,679,000,000
= 2,206,300,000

This matches! Good.

Now EBITDA = Operating Income + D&A = 2,206,300,000 + 3,178,600,000 = 5,384,900,000

But wait - is the "Other Operating Income Expense" of -769,200,000 really all expense? Or does it include some income? The negative suggests net expense.

For a cleaner EBITDA, some analysts use:
EBITDA = Revenue - Cash Operating Costs = Revenue - (Cost of Sales - D&A related to cost of sales) - (SG&A - D&A related to SG&A)

But we don't have that breakdown.

Let me use EBITDA = 5,384,900,000 EUR as my base case.

However, I want to consider if S&P would adjust this. They might:
1. Exclude provisions from the D&A add-back
2. Include equity income in EBITDA
3. Adjust for non-recurring items

For a quick estimate, let me use:
EBITDA = 5,384,900,000 EUR

Or if using operating income after equity method:
EBITDA = 2,333,300,000 + 3,178,600,000 = 5,511,900,000 EUR

I think S&P typically uses the broader measure including equity income for some leverage calculations, but the narrower one for others.

Let me check S&P's typical approach. For Net Debt/EBITDA, S&P Global Ratings typically uses:
- EBITDA = EBIT + Depreciation & Amortization
- EBIT = Operating profit before exceptional items, usually before equity income

So I'll use: EBITDA = 5,384,900,000 EUR

## Step 3: Calculate Net Debt / EBITDA

Net Debt = 19,567,600,000 EUR (including bank overdrafts in debt)
EBITDA = 5,384,900,000 EUR

Net Debt / EBITDA = 19,567,600,000 / 5,384,900,000 = 3.63

Or with Net Debt = 19,354,000,000 (excluding overdrafts from debt):
Net Debt / EBITDA = 19,354,000,000 / 5,384,900,000 = 3.59

Let me also try with EBITDA including equity income:
Net Debt / EBITDA = 19,567,600,000 / 5,511,900,000 = 3.55

Or with stricter EBITDA and overdrafts:
19,354,000,000 / 5,511,900,000 = 3.51

I need to make a reasonable choice. Let me think about standard S&P methodology:

1. Net Debt: Gross debt (including bank overdrafts) less cash and cash equivalents
2. EBITDA: Operating profit before depreciation and amortization (typically before equity income)

For Net Debt, S&P typically includes:
- Short-term debt
- Long-term debt
- Finance lease obligations
- Bank overdrafts
Less: Cash and cash equivalents
Less: Short-term liquid investments (if any)

So my Net Debt calculation with overdrafts is appropriate: 19,567,600,000

For EBITDA, S&P typically uses "adjusted EBITDA" which might include some add-backs. But for a basic calculation, 5,384,900,000 seems reasonable.

However, I want to double-check if there are any other debt items I missed. Looking at the balance sheet:

Noncurrent Liabilities includes:
- Noncurrent Provisions: 2,844,400,000
- Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692,100,000
- Noncurrent Lease Liabilities: 1,656,200,000
- Noncurrent Derivative Financial Liabilities: 72,020,000
- Noncurrent Concession Liabilities: 1,680,500,000
- Deferred Tax Liabilities: 2,640,100,000

Current Liabilities includes:
- Operating Payables: 19,475,200,000
- Current Concession Liabilities: 243,200,000
- Current Provisions: 1,015,300,000
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Current Lease Liabilities: 496,500,000
- Current Derivative Financial Liabilities: 883,400,000
- Bank Overdrafts And Other Cash Position Items: 213,600,000

For debt, I should include financial liabilities and lease liabilities. Concession liabilities might or might not be included depending on S&P's view. Derivative financial liabilities are typically not included in gross debt for leverage ratios (they're operating/fair value items).

Let me check: Concession liabilities are related to concession arrangements (like PPPs). S&P might include these in debt if they're debt-like.

Actually, for a cleaner S&P approach, let me use just financial liabilities and leases:
Gross Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 213,600,000 = 28,579,800,000

Less: Cash = 9,012,200,000
Net Debt = 19,567,600,000

If I include concession liabilities:
Gross Debt = 28,579,800,000 + 1,680,500,000 + 243,200,000 = 30,503,500,000
Net Debt = 21,491,300,000

This would give Net Debt/EBITDA = 21,491,300,000 / 5,384,900,000 = 3.99

Hmm, this is getting higher. Let me think about whether concession liabilities should be included.

Concession liabilities typically arise in concession arrangements where the operator has to return assets at the end. They're somewhat debt-like. However, S&P's treatment varies.

For Veolia, which is a utility/environmental services company, concession liabilities are a normal part of operations. S&P might or might not include them.

Let me check if the question gives any hint. The data includes "Concession Intangible Assets" and "Concession Liabilities" separately. The matching suggests these are related to concession rights.

For a standard Net Debt/EBITDA, I'll exclude concession liabilities but include all financial debt and leases.

Final calculation:
Net Debt = 19,567,600,000 EUR
EBITDA = 5,384,900,000 EUR
Ratio = 3.63

Let me also consider if I should use average or year-end debt. S&P typically uses year-end or average. For this calculation, I'll use year-end as that's what's available and most common for quick estimates.

Actually, let me reconsider the EBITDA calculation one more time. The "Operating Depreciation Amortization Provisions And Impairment Losses" includes provisions. For a more accurate EBITDA, I might want to exclude provisions.

But we don't have a separate breakdown of provisions vs D&A in that line. The total is 3,178,600,000.

Looking at the prior year (2021-2022): 2,117,200,000. The increase is substantial, likely due to the Suez acquisition.

For S&P methodology, they might adjust EBITDA to exclude certain items, but without more detail, I'll use the reported figures.

Let me also verify my Net Debt calculation by checking total assets and liabilities:

Total Assets 2023-01-01: 73,304,100,000
Total Equity 2023-01-01: 14,866,900,000
Total Liabilities = 73,304,100,000 - 14,866,900,000 = 58,437,200,000

Noncurrent Liabilities: 29,233,500,000
Current Liabilities: 29,203,700,000
Total = 58,437,200,000. Matches!

Now, within liabilities, debt-like items:
Noncurrent Financial Liabilities: 19,692,100,000
Current Financial Liabilities: 6,521,400,000
Noncurrent Lease Liabilities: 1,656,200,000
Current Lease Liabilities: 496,500,000
Bank Overdrafts: 213,600,000
Total financial debt: 28,579,800,000

Noncurrent Concession Liabilities: 1,680,500,000
Current Concession Liabilities: 243,200,000
Total concession liabilities: 1,923,700,000

Total debt + concession: 30,503,500,000

Cash: 9,012,200,000

Net Debt (strict, no concession): 19,567,600,000
Net Debt (with concession): 21,491,300,000

For S&P, I'll use the stricter definition with concession liabilities as they're often debt-like in infrastructure:

Net Debt = 21,491,300,000
EBITDA = 5,384,900,000
Ratio = 3.99 ≈ 4.0

Hmm, but actually S&P might not include concession liabilities if they're matched by concession assets and are part of normal operations.

Let me think about this differently. The "Concession Intangible Assets" are 5,291,700,000 and "Concession Liabilities" are 1,923,700,000. The assets exceed liabilities, suggesting these are net operating assets/liabilities.

For a conservative leverage ratio, S&P might look at "Net Debt" as debt minus cash, excluding operating items like concessions.

I'll go with Net Debt = 19,567,600,000 (excluding concessions).

Actually, let me reconsider one more time. I want to check if there are any other liquid assets that should be deducted from debt.

"Other Current Financial Assets" = 2,213,500,000
"Current Derivative Financial Assets" = 634,400,000
"Noncurrent Derivative Financial Assets" = 127,800,000
"Other Noncurrent Financial Assets" = 483,200,000

These might include some liquid investments. "Other Current Financial Assets" could include short-term deposits or marketable securities. If these are liquid, S&P might include them as part of "cash-like" items.

However, without knowing the exact composition, I'll stick with just "Cash And Cash Equivalents" as the deduction.

Let me also check "Actifs Financiers Operationnels Courants" = 182,800,000 and "Actifs Financiers Operationnels Non Courants" = 1,193,800,000. These are "operational financial assets" - likely receivables or loans related to operations, not cash-like.

So my Net Debt calculation seems reasonable.

Final numbers:
- Net Debt = 19,567,600,000 EUR
- EBITDA = 5,384,900,000 EUR
- Net Debt / EBITDA = 3.63

Or if I use EBITDA including equity income:
- EBITDA = 5,511,900,000 EUR
- Net Debt / EBITDA = 3.55

For S&P methodology, I believe they typically use operating income BEFORE equity income for EBITDA calculation, so 3.63 is more appropriate.

However, let me also consider if S&P would adjust the D&A figure. The 3,178,600,000 includes "Provisions And Impairment Losses." If provisions are significant, S&P might adjust.

Looking at the income statement, "Other Operating Income Expense" is -769,200,000. This includes various operating items. If there were significant provisions in this line, they might be part of the 3,178,600,000 add-back.

Without more detail, I'll use the reported figures.

One more check: Let me see if I can derive a cleaner D&A figure.

From the balance sheet, we can estimate D&A from PP&E and intangible assets changes, but this is complicated by acquisitions (Suez acquisition).

Given the significant increase in goodwill (6,201,200,000 to 11,637,500,000) and other assets, the Suez acquisition clearly happened in 2022. This means the D&A figure includes a full or partial year of Suez D&A.

For a "pro forma" or "adjusted" EBITDA, S&P might annualize or make acquisition adjustments. But for this exercise using reported figures, I'll stick with 5,384,900,000.

Actually, wait. Let me re-read the EBITDA calculation. Should I start with "Resultat Operationnel Apres Quote Part" (2,333,300,000) instead of "Operating Income Before Share Of Net Income"?

In French reporting, "Résultat opérationnel après quote-part" is often the main operating profit line. It includes equity method income. 

For S&P Global Ratings, their typical "EBITDA" definition is:
"EBITDA is earnings before interest, taxes, depreciation, and amortization. We generally calculate it as operating profit before depreciation and amortization, or OIBDA."

They typically use operating profit BEFORE equity income, adding back D&A.

So: EBITDA = 2,206,300,000 + 3,178,600,000 = 5,384,900,000

But let me verify if "Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" is truly "operating profit" in the S&P sense. Yes, this is EBIT before equity income.

My final answer: Net Debt / EBITDA = 19,567,600,000 / 5,384,900,000 = 3.63

Let me round to reasonable precision: 3.6x or 3.63x.

Actually, I want to do one more verification. Let me check if there's any other debt I should include.

Looking at "Noncurrent Investments Other Than Investments Accounted For Using Equity Method" = 112,500,000 at 2023-01-01, down from 3,770,300,000. This is a huge decrease. The note says "Nonconsolidated Suez Shares" was 3,721,000,000 at 2022-01-01 and "Nonconsolidated Other Securities" was 49,000,000. At 2023-01-01, "Nonconsolidated Other Securities" is 112,500,000.

This suggests the Suez shares were sold or reclassified. Not relevant for debt.

Let me also check if there are any restricted cash items. Not specified, so I'll assume all cash is available.

One more item: "Liabilities Included In Disposal Groups Classified As Held For Sale" = 355,100,000. These are disposal group liabilities, might include some debt. But typically small and often excluded or included in total debt.

Similarly, "Noncurrent Assets Or Disposal Groups Classified As Held For Sale" = 651,000,000.

For simplicity, I'll ignore these as they're relatively small.

Final calculation:
Net Debt = 19,567,600,000
EBITDA = 5,384,900,000
Ratio = 3.634

Rounded to one decimal: 3.6
Or more precisely: 3.63

I'll provide 3.6 as a reasonable estimate, or perhaps 3.63 for more precision.

Actually, looking at this again, I want to verify my EBITDA one more time. The cash flow reconciliation gives "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000.

This is essentially: Net Income + D&A + other non-cash items - working capital changes (before working capital)...

Actually, "Before Changes In Working Capital" means this is the subtotal before working capital changes. It should equal:
Net Income + D&A + other non-cash charges + interest expense + tax expense - equity income +/- other items

Let me verify: 997,600,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000

I calculated this as 6,063,700,000 earlier, which doesn't match 4,804,300,000.

The difference is 1,259,400,000. Let me see if "Other Adjustments To Reconcile Profit Loss" might actually be negative, or if some other sign is wrong.

If Other Adjustments = -282,300,000: 6,063,700,000 - 564,600,000 = 5,499,100,000. Still not matching.

If Gains Losses on disposal is actually a gain (positive 299,000,000 that needs to be subtracted):
6,063,700,000 - 598,000,000 = 5,465,700,000. No.

If both Gains Losses and Plus Ou Moins Values are gains (subtract both):
6,063,700,000 - 598,000,000 - 740,000,000 = 4,725,700,000. Closer but not exact.

Hmm, 4,725,700,000 vs 4,804,300,000 = difference of 78,600,000. That's exactly the "Profit Loss From Discontinued Operations" of -78,600,000!

So if I start with Profit Loss From Continuing Operations (1,076,200,000) and treat the disposal items as gains to subtract:
1,076,200,000 + 3,178,600,000 + 14,800,000 - 299,000,000 - 370,000,000 - 56,500,000 - 70,500,000 - 4,100,000 + 632,700,000 + 419,800,000 + 282,300,000

= 1,076,200,000 + 3,178,600,000 = 4,254,800,000
+ 14,800,000 = 4,269,600,000
- 299,000,000 = 3,970,600,000
- 370,000,000 = 3,600,600,000
- 56,500,000 = 3,544,100,000
- 70,500,000 = 3,473,600,000
- 4,100,000 = 3,469,500,000
+ 632,700,000 = 4,102,200,000
+ 419,800,000 = 4,522,000,000
+ 282,300,000 = 4,804,300,000

YES! This matches exactly!

So the correct interpretation is:
- "Gains Losses On Disposal Of Operating Assets" = -299,000,000 means a LOSS, but in the cash flow statement, this is shown as the adjustment amount. Since it's a loss, the adjustment is to ADD it back (positive 299,000,000). But wait, I just subtracted it to get the right answer...

Hmm, let me re-think. If "Gains Losses On Disposal Of Operating Assets" is presented as -299,000,000 in the data, and I needed to SUBTRACT it to get the right answer, that means it's actually a GAIN that's being subtracted.

Wait no - let me re-read my calculation. I wrote "- 299,000,000" and "- 370,000,000" in the calculation above. But if these are losses, I should add them back.

Let me re-try: If Gains Losses = -299,000,000 is a loss, then:
Net Income + D&A + loss_add_back + ... 

But in my formula above, I used "- 299,000,000" which means I treated it as a gain to subtract. And it worked!

So perhaps the label "Gains Losses" with negative value -299,000,000 actually means "Gains (Losses)" and the negative indicates a loss. But in the cash flow reconciliation, the value shown is already the adjustment with sign.

Actually, I think I understand now. The cash flow reconciliation items might already be presented with their adjustment signs. Let me check:

"Gains Losses On Disposal Of Operating Assets" = -299,000,000
If this is the adjustment, and it's negative, that means we subtract 299,000,000 from net income. This would make sense if it's a LOSS - we add back losses by... wait, no. If it's a loss, we add it back (add a positive number or subtract a negative).

I think the confusion is whether the reported value is the "item" or the "adjustment." 

Given that my calculation with SUBTRACTING 299,000,000 and 370,000,000 matches the reported cash flow, this suggests:
- These are GAINS that need to be subtracted from net income
- The negative sign in the data might indicate that "Gains Losses" as a line item is negative (i.e., net losses), but the adjustment for cash flow purposes is different

Actually, wait. Let me re-read the label: "Gains Losses On Disposal Of Operating Assets". The 2021-2022 value is -39,200,000 and 2022-2023 is -299,000,000.

If these are "gains (losses)" and negative means losses, then:
- 2021-2022: loss of 39,200,000
- 2022-2023: loss of 299,000,000

For cash flow, losses are added back. So the adjustment is +299,000,000.

But in my calculation, I used -299,000,000 and got the right answer. This is confusing.

Let me try the opposite: what if -299,000,000 means a GAIN of 299,000,000 presented with negative sign because it's an expense/reduction?

Actually, in some accounting systems, "Gains Losses" might be presented as:
- Positive = gain (income)
- Negative = loss (expense)

So -299,000,000 would be a loss. And for cash flow, we add back losses.

But I needed to SUBTRACT 299,000,000 to get the right answer. This suggests that maybe the cash flow reconciliation already presents the adjustments with their proper signs for the calculation.

Let me try: if "Gains Losses On Disposal Of Operating Assets" = -299,000,000 is already the adjustment (subtract 299,000,000 because it's a gain), then...

Wait, that would mean -299,000,000 represents a GAIN. But negative for gains doesn't make sense.

I think the most logical explanation is that the data format shows the "accounting value" where:
- Gains are positive
- Losses are negative

And in the cash flow reconciliation, these values are used with their signs (losses are negative, so adding a negative loss means subtracting it? No...)

Let me just accept that my calculation matches when I use:
- Continuing operations profit: 1,076,200,000
- Add: D&A and other items with signs as needed to match 4,804,300,000

The key insight is that "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000 is the correct subtotal.

Now, for EBITDA, this cash flow subtotal is NOT EBITDA. It's closer to "Cash EBIT" or "Operating Cash Flow before Working Capital."

To get EBITDA from this:
4,804,300,000
- Add back: taxes paid (557,400,000) → wait, taxes paid are after this line
- Add back: interest paid? No, this is already in financing

Actually, the cash flow statement shows:
Cash Flows From Used In Operations Before Changes In Working Capital: 4,804,300,000
- Change In Operating Working Capital Requirements: -48,000,000
- Change In Concession Working Capital Requirements: 190,500,000
- Income Taxes Paid Refund: 557,400,000
= Cash Flows From Used In Operating Activities Continuing Operations: 4,104,400,000? 

Wait: 4,804,300,000 - (-48,000,000) - 190,500,000 - 557,400,000 = 4,804,300,000 + 48,000,000 - 190,500,000 - 557,400,000 = 4,104,400,000. Yes, matches!

So "Cash Flows From Used In Operations Before Changes In Working Capital" is before working capital changes and before taxes paid.

This is essentially: EBIT + D&A - interest expense (or + interest received) ± other items. Actually, it's more like "Cash EBITDA" minus some items.

For our purposes, let me stick with the income-based EBITDA: 5,384,900,000.

Actually, I want to verify this one more time. Let me calculate EBITDA from the cash flow perspective:

If Cash Flow Before WC Changes = 4,804,300,000
This includes: EBIT + D&A - taxes (accrual) + other non-cash items - equity income + interest expense - interest income + ...

Actually, the standard cash flow reconciliation is:
Net Income
+ D&A
+ Interest Expense
+ Tax Expense
- Equity Income
+/- Other non-cash items
= Cash Flow Before WC Changes

So: 4,804,300,000 = Net Income + D&A + Interest + Tax - Equity Income + Other

From our earlier matching calculation:
1,076,200,000 (Continuing NI) + 3,178,600,000 (D&A) + 14,800,000 (Fin Amort) - 299,000,000 (Gain/Loss adj) - 370,000,000 (Fin Gain/Loss adj) - 56,500,000 (JV income) - 70,500,000 (Assoc undistributed) - 4,100,000 (Dividend income) + 632,700,000 (Net finance costs) + 419,800,000 (Tax expense) + 282,300,000 (Other) = 4,804,300,000

Now, EBIT = Operating Income Before Equity = 2,206,300,000
Interest Expense (net) = 632,700,000
Tax Expense = 419,800,000
Equity Income = 127,000,000 (total)
D&A = 3,178,600,000 + 14,800,000 = 3,193,400,000? 

Wait, "Financial Amortization And Impairment Losses" of 14,800,000 - is this part of operating or financial?

If EBIT = 2,206,300,000
Then EBIT + Interest + Tax = 2,206,300,000 + 632,700,000 + 419,800,000 = 3,258,800,000 (this is approx EBT + Interest = EBIT... wait, no)

Actually: EBIT + Interest = EBT. So EBIT = EBT - Interest? No, EBIT is before interest.

Let me use: EBIT = 2,206,300,000
EBT = 1,496,000,000 (Profit Loss Before Tax)
So Interest = EBIT - EBT = 2,206,300,000 - 1,496,000,000 = 710,300,000? 

But "Net Finance Costs" = -632,700,000 (negative means expense). And "Other Finance Income Cost" = -204,600,000.

Total finance costs = 632,700,000 + 204,600,000 = 837,300,000? Or is Other Finance already included in Net Finance?

Looking at the income statement:
Operating Income Before Equity: 2,206,300,000
+ Equity Income: 127,000,000
= Operating Income After Equity: 2,333,300,000
+ Net Finance Costs: -632,700,000
+ Other Finance Income Cost: -204,600,000
= Profit Loss Before Tax: 1,496,000,000

So: 2,333,300,000 - 632,700,000 - 204,600,000 = 1,496,000,000. Yes! 2,333,300,000 - 837,300,000 = 1,496,000,000.

So total finance costs = 837,300,000. But "Net Finance Costs Adjustments" in cash flow is only 632,700,000. The difference is 204,600,000, which is "Other Finance Income Cost."

Hmm, so "Other Finance Income Cost" is not included in the cash flow add-back? Or is it included in "Other Adjustments"?

Looking at the cash flow, we have "Net Finance Costs Adjustments" = 632,700,000. This is less than total finance costs of 837,300,000. The difference of 204,600,000 might be in "Other Adjustments To Reconcile Profit Loss" or might not be added back because it's not cash-related.

Actually, "Other Finance Income Cost" of -204,600,000 might include items like fair value changes, FX gains/losses, etc. that are non-cash and need adjustment. But it's not separately shown in the cash flow reconciliation.

This is getting too detailed. Let me accept that:
- EBITDA based on standard definition = Operating Income + D&A = 2,206,300,000 + 3,178,600,000 = 5,384,900,000

Or if we include financial amortization in D&A: 2,206,300,000 + 3,178,600,000 + 14,800,000 = 5,399,700,000

I'll use 5,384,900,000 as the standard operating EBITDA.

Final answer: 19,567,600,000 / 5,384,900,000 = 3.63

Or if I use stricter Net Debt with concessions: 21,491,300,000 / 5,384,900,000 = 3.99

Given the ambiguity, let me provide 3.6 as a reasonable estimate, or be more precise with 3.63.

Actually, I want to check one more thing. Should I use beginning or average debt? For 2022, if I use average debt:

Debt at 2022-01-01:
- Noncurrent Financial Liabilities: 10,462,500,000
- Current Financial Liabilities: 8,624,300,000
- Noncurrent Lease Liabilities: 1,298,100,000
- Current Lease Liabilities: 410,600,000
- Bank Overdrafts: 241,900,000
Total Debt = 21,037,400,000

Cash at 2022-01-01: 10,518,700,000

Net Debt at 2022-01-01: 21,037,400,000 - 10,518,700,000 = 10,518,700,000

Average Net Debt = (10,518,700,000 + 19,567,600,000) / 2 = 15,043,150,000

Average Net Debt / EBITDA = 15,043,150,000 / 5,384,900,000 = 2.79

But S&P typically uses year-end debt for leverage ratios, not average. So I'll stick with 3.63.

However, I realize that using year-end 2022 (which is 2023-01-01) might not be right if we're measuring 2022 performance. The debt at year-end reflects the full Suez acquisition, while EBITDA might only include partial year. 

For a more accurate ratio, S&P might use "pro forma" or "adjusted" figures. But with the data given, I'll use year-end.

Actually, let me reconsider. The EBITDA of 5,384,900,000 is for the full year 2022 (2022-01-01 to 2023-01-01). The balance sheet at 2023-01-01 is year-end 2022. So this is consistent - both are full year 2022 figures.

Wait, but the Suez acquisition likely closed sometime in 2022, so the EBITDA includes only post-acquisition Suez operations, while the year-end debt includes the full acquisition financing. This might distort the ratio.

For S&P, they might use "pro forma EBITDA" including full year Suez. But we don't have that.

Given all this, my best estimate is:

**Net Debt / EBITDA = 3.6**

Let me provide a more precise calculation: 3.63

Actually, I'll round to one decimal place as is common for this ratio: 3.6

Or perhaps provide 3.63 for more precision.

Let me do a final sanity check. Veolia acquired Suez in 2022. The debt increased significantly:
- Noncurrent Financial Liabilities: 10,462,500,000 → 19,692,100,000 (+88%)
- Current Financial Liabilities: 8,624,300,000 → 6,521,400,000 (-24%)
- Total debt increased substantially

Revenue also increased: 28,508,100,000 → 42,885,300,000 (+50%)

The Net Debt/EBITDA of ~3.6x seems reasonable for a utility/infrastructure company after a major acquisition. S&P might rate this as BBB or similar.

I'll go with 3.6 as my final answer.

<answer>3.6</answer>