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

First, let me identify the components needed:

**EBITDA for 2022:**
From the data: "Beneficio Bruto De Explotacion Ebitda" 2022-01-01 - 2023-01-01: 4954000000 EUR

This is the EBITDA for 2022 (the period from 2022-01-01 to 2023-01-01).

**Net Debt calculation (S&P methodology):**
Net Debt = Total Debt - Cash and Cash Equivalents

Total Debt includes:
- Current Financial Liabilities
- Current Borrowings And Current Portion Of Noncurrent Borrowings
- Noncurrent Financial Liabilities
- Longterm Borrowings

Let me check what's available:

From the balance sheet at 2023-01-01 (end of 2022):
- "Current Financial Liabilities" 2023-01-01: 2302000000 EUR
- "Current Borrowings And Current Portion Of Noncurrent Borrowings" 2023-01-01: 2110000000 EUR
- "Noncurrent Financial Liabilities" 2023-01-01: 13999000000 EUR
- "Longterm Borrowings" 2023-01-01: 12689000000 EUR

Wait - I need to be careful about double counting. Let me look at the structure:

Current Financial Liabilities (2302M) includes:
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 2110M
- Current Lease Liabilities: 177M
- Other Current Financial Liabilities: 15M

Noncurrent Financial Liabilities (13999M) includes:
- Longterm Borrowings: 12689M
- Noncurrent Lease Liabilities: 1309M
- Other Noncurrent Financial Liabilities: 1M

For S&P methodology, Total Debt typically includes:
- Short-term borrowings (Current Borrowings And Current Portion Of Noncurrent Borrowings)
- Long-term borrowings
- Sometimes lease liabilities, but this depends on the specific S&P approach

Actually, looking more carefully at S&P methodology, they typically include:
- All interest-bearing debt (borrowings)
- Sometimes capitalized leases/finance leases

Let me use the more comprehensive approach that includes borrowings and lease liabilities:

**Total Debt at 2023-01-01 (end of 2022):**
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 2110000000 EUR
- Longterm Borrowings: 12689000000 EUR
- Current Lease Liabilities: 177000000 EUR
- Noncurrent Lease Liabilities: 1309000000 EUR

Total Debt = 2110 + 12689 + 177 + 1309 = 16285 million EUR

Wait, let me reconsider. The "Current Financial Liabilities" and "Noncurrent Financial Liabilities" are the broader categories.

Actually, for S&P Global Ratings methodology, Total Debt typically includes:
- Short-term debt (all of current financial liabilities that are debt-like)
- Long-term debt
- Lease liabilities (operating and finance)

Let me use a cleaner approach. Looking at the components:

Borrowings:
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 2110000000
- Longterm Borrowings: 12689000000
Total Borrowings = 14799000000

Lease Liabilities:
- Current Lease Liabilities: 177000000
- Noncurrent Lease Liabilities: 1309000000
Total Lease Liabilities = 1486000000

Other financial liabilities (debt-like):
- Other Current Financial Liabilities: 15000000
- Other Noncurrent Financial Liabilities: 1000000

For S&P methodology, Total Debt typically = Borrowings + Lease Liabilities + other debt-like items

Let me check if there's a simpler way. The "Noncurrent Financial Liabilities" (13999M) + "Current Financial Liabilities" (2302M) = 16301M

But this double counts if I also use the subcomponents. Let me just use the main categories and their components to avoid double counting:

From Current Financial Liabilities (2302M):
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 2110M
- Current Lease Liabilities: 177M
- Other Current Financial Liabilities: 15M

From Noncurrent Financial Liabilities (13999M):
- Longterm Borrowings: 12689M
- Noncurrent Lease Liabilities: 1309M
- Other Noncurrent Financial Liabilities: 1M

Sum of components: 2110 + 177 + 15 + 12689 + 1309 + 1 = 16301M = 2302 + 13999 ✓

So Total Financial Liabilities = 16301000000 EUR

But S&P Net Debt typically excludes certain items. Let me think about what's standard S&P practice:

S&P Global Ratings typically defines Total Debt as:
- Short-term borrowings
- Current portion of long-term debt
- Long-term debt
- Finance lease obligations
- Sometimes operating lease obligations (post-IFRS 16)

For a more standard approach, let me include:
- All borrowings (short and long term)
- Lease liabilities (finance and operating)

Total Debt = 2110 + 12689 + 177 + 1309 = 16285 million EUR

Or using the broader financial liabilities: 16301 million EUR

Actually, let me check if there are other debt-like items. Looking at the balance sheet, I should also consider if there are any other significant debt items.

For S&P methodology, they also sometimes include:
- Derivatives liabilities? No, those are typically excluded from debt
- Trade payables? No, those are operating liabilities

Let me use Total Financial Liabilities as the debt measure: 16301000000 EUR

Cash and Cash Equivalents at 2023-01-01: 3985000000 EUR

Net Debt = 16301000000 - 3985000000 = 12316000000 EUR

Wait, I need to double check. Let me also see if there are other current financial assets that should be considered as "cash-like":

"Other Current Financial Assets" 2023-01-01: 408000000 EUR

S&P sometimes includes liquid financial assets as part of "cash-like" items. But standard practice is usually just Cash and Cash Equivalents.

Let me reconsider using a more conservative approach. Some S&P methodologies also deduct certain liquid investments.

Actually, let me look more carefully. The standard S&P definition:
Net Debt = Short-term debt + Long-term debt + Lease liabilities - Cash and cash equivalents - Liquid investments

But for simplicity and standard practice, let me use:
Net Debt = Total Borrowings + Lease Liabilities - Cash and Cash Equivalents

= (2110000000 + 12689000000 + 177000000 + 1309000000) - 3985000000
= 16285000000 - 3985000000
= 12300000000 EUR

Or if using total financial liabilities:
= 16301000000 - 3985000000
= 12316000000 EUR

Hmm, but I need to check if the 2302M current financial liabilities includes the current portion of long-term debt properly. Let me verify: 2110 + 177 + 15 = 2302 ✓

And 12689 + 1309 + 1 = 13999 ✓

So total is correct.

Now, should I include "Other Current Financial Assets" (408M) as cash-like? S&P sometimes includes marketable securities and other liquid financial assets if they are readily convertible to cash.

Let me check: "Other Current Financial Assets" 2023-01-01: 408000000 EUR

If I include this as cash-like:
Net Debt = 16301000000 - 3985000000 - 408000000 = 11908000000 EUR

But standard S&P practice is usually just Cash and Cash Equivalents, unless specified otherwise.

Actually, looking at this more carefully, I realize I should check what "Other Current Financial Assets" represents. Without more detail, I'll stick to standard Cash and Cash Equivalents.

However, I want to also check if there's any noncurrent financial assets that are cash-like. "Noncurrent Financial Assets" 2023-01-01: 493000000 EUR - these are likely investments, not cash-like.

Let me also verify my EBITDA figure. "Beneficio Bruto De Explotacion Ebitda" 2022-01-01 - 2023-01-01: 4954000000 EUR

This is clearly labeled as EBITDA, so that's correct for 2022.

Now let me calculate the ratio:

Using Net Debt = 12300000000 (borrowings + leases - cash) or 12316000000 (total financial liabilities - cash)

Actually, I want to be more precise about S&P methodology. S&P Global Ratings typically uses:

Total Debt = Short-term interest-bearing debt + Long-term interest-bearing debt + Lease liabilities (both capitalized and operating)

And they typically exclude:
- Derivative liabilities
- Trade payables
- Other operating liabilities

So from the financial liabilities, I should check what's truly "debt":

Current Financial Liabilities 2302M includes:
- Current Borrowings And Current Portion Of Noncurrent Borrowings 2110M ← debt
- Current Lease Liabilities 177M ← lease debt
- Other Current Financial Liabilities 15M ← ?

Noncurrent Financial Liabilities 13999M includes:
- Longterm Borrowings 12689M ← debt
- Noncurrent Lease Liabilities 1309M ← lease debt
- Other Noncurrent Financial Liabilities 1M ← ?

The "Other" categories are small (16M total), so likely immaterial. They could be derivative liabilities or other items.

For a clean S&P calculation, I'll use:
Total Debt = 2110 + 177 + 12689 + 1309 = 16285M

Net Debt = 16285 - 3985 = 12300M

Wait, I need to double-check: 2110 + 177 = 2287, plus 12689 + 1309 = 13998, total = 16285. Yes.

Or using the exact components:
2110000000 + 177000000 + 12689000000 + 1309000000 = 16285000000

Net Debt = 16285000000 - 3985000000 = 12300000000

Net Debt / EBITDA = 12300000000 / 4954000000 = 2.4828...

Let me also try the broader financial liabilities approach:
16301000000 - 3985000000 = 12316000000
12316000000 / 4954000000 = 2.4861...

The difference is small (0.3%). Let me think about which is more appropriate.

Actually, I want to reconsider if I should include other current financial assets. Looking at typical S&P adjustments:

Sometimes S&P includes "readily marketable securities" as part of cash. The 408M "Other Current Financial Assets" could include things like short-term deposits, marketable securities, etc.

But without knowing the exact composition, I'll be conservative and stick with Cash and Cash Equivalents only.

However, let me also check if there's a standard adjustment for cash not available for debt repayment. No information given on restricted cash.

Let me finalize with:
Net Debt = Total Borrowings + Lease Liabilities - Cash and Cash Equivalents
= (2110000000 + 12689000000) + (177000000 + 1309000000) - 3985000000
= 14799000000 + 1486000000 - 3985000000
= 16285000000 - 3985000000
= 12300000000 EUR

Net Debt / EBITDA = 12300000000 / 4954000000 = 2.482842955...

Rounding to typical presentation: 2.48x or about 2.5x

But wait - I need to double check my period. The EBITDA is for 2022-01-01 to 2023-01-01, which is the 2022 fiscal year. The balance sheet items at 2023-01-01 are the end of 2022 balances.

Actually, for ratio calculations, sometimes average debt is used, but S&P typically uses period-end debt for leverage ratios.

Let me also verify: is there any other debt I should include? 

Looking at current liabilities, there's also "Pasivo Derivados Comerciales Corriente" (1624M) - these are derivative liabilities. S&P typically excludes derivatives from debt calculations.

And "Other Current Liabilities" etc. - these are operating, not debt.

So my calculation seems reasonable.

Let me do a final precise calculation:
12300000000 / 4954000000 = 2.482842955995155...

If I use the slightly broader definition (including other financial liabilities):
12316000000 / 4954000000 = 2.486071860... 

The difference is minimal. I'll go with 2.48 as my primary answer, or more precisely 2.483.

Actually, let me reconsider once more if I should use average debt or year-end debt. For S&P methodology, they typically use "adjusted debt" which is usually period-end or sometimes average. For leverage ratios like Net Debt/EBITDA, period-end debt is standard.

But wait - I should check if the 2022-01-01 debt figures might be more appropriate, or if I should average. Actually, for annual ratios, period-end is standard unless specified otherwise.

Let me also verify by checking if there's any "cash" included in other line items. "Other Current Financial Assets" 408M - if this includes things like short-term investments, it might be cash-like.

Actually, looking at typical Spanish annual report structures, "Other Current Financial Assets" often includes things like deposits, short-term investments, derivatives assets, etc. Without more detail, it's hard to say.

Let me try a slightly different approach - what if I include all financial assets as "cash-like" deductions?

Financial Assets:
- Noncurrent Financial Assets: 493M
- Other Current Financial Assets: 408M
- Cash And Cash Equivalents: 3985M
Total = 4886M

Net Debt = 16285 - 4886 = 11399M
Ratio = 11399 / 4954 = 2.30

This seems too aggressive. Standard practice is just Cash and Cash Equivalents.

I'll stick with my primary calculation: 12300 / 4954 = 2.48

Let me do one more verification of the debt figure. In S&P methodology, they also sometimes include:
- Provisions? No, typically excluded from debt
- Deferred tax liabilities? No
- Pension liabilities? Sometimes included if unfunded

Looking at the balance sheet, I don't see specific pension liabilities broken out.

Final calculation:
Net Debt = 12300000000
EBITDA = 4954000000
Ratio = 2.4828...

I'll round to 2.48 or present as 2.5. Given the precision of the inputs, 2.48 seems appropriate, or perhaps 2.483.

Actually, looking at this again, I want to make sure about the lease treatment. Post-IFRS 16, operating leases are capitalized on the balance sheet. S&P typically includes these as debt.

My calculation includes:
- Current Lease Liabilities: 177M
- Noncurrent Lease Liabilities: 1309M
Total leases: 1486M

This seems correct for post-IFRS 16 treatment.

One final check: are there any "liabilities included in disposal groups classified as held for sale" that include debt? At 2023-01-01, this is 0, so no impact.

And at 2022-01-01, there was 26M of liabilities in held for sale, with 40M of assets. But at 2023-01-01 (our measurement date), it's 0.

So my final answer is:
Net Debt / EBITDA = 12300000000 / 4954000000 = 2.482842956 ≈ 2.48

Or if I want more precision: 2.483

Let me present this as 2.48.

<answer>2.48</answer>