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

First, let me identify the relevant components:

**EBITDA Calculation (S&P methodology typically starts from Operating Profit/EBIT and adds back D&A):**

From the income statement:
- "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" 2022: 2,529,993,000 EUR
- This is essentially EBIT (operating profit before financial items and taxes)

Wait, let me look more carefully. The line "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" 2022: 4,523,539,000 EUR is EBITDA before provisions.

Actually, let me trace through the structure:
- "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" 2022: 4,523,539,000 EUR
- Less: "Provisions Expenses" 2022: 14,539,000 EUR
- Less: "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" 2022: 1,979,007,000 EUR
- = "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" 2022: 2,529,993,000 EUR

So EBITDA (S&P methodology typically uses) = EBIT + D&A + Impairments
= 2,529,993,000 + 1,979,007,000 + 14,539,000? 

Actually, S&P methodology for EBITDA typically:
- Starts from EBIT (operating profit)
- Adds back depreciation and amortization
- Adds back impairment losses on fixed assets

Or more commonly for S&P: EBITDA = Operating profit before depreciation and amortization

Looking at the structure, "Profit Loss Before Provisions Amortisation And Impairment..." at 4,523,539,000 seems to be the pre-impairment, pre-D&A operating figure. But wait, it says "Before Provisions Amortisation And Impairment" - so this is actually EBITDA before provisions?

Let me re-read: "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE"

This means: Profit before (provisions, amortisation, impairment, financial income, financial expenses, tax, CESE). So this is essentially EBITDA - provisions.

Actually, the standard S&P EBITDA calculation is:
EBITDA = EBIT + Depreciation + Amortization

Where EBIT = "Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" = 2,529,993,000

D&A = "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,979,007,000

But wait, this includes impairment losses. S&P typically adjusts for impairments. Let me check if there are separate impairment figures.

Looking at the data, "Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9" = 60,199,000 EUR (this is for trade receivables/IFRS 9, not fixed asset impairment).

For S&P methodology, EBITDA typically includes:
- Operating profit (EBIT)
+ Depreciation of fixed assets
+ Amortization of intangibles
+ Impairment losses on fixed assets and intangibles (if any in D&A line)

The D&A line of 1,979,007,000 likely includes all depreciation, amortization, and impairment losses recognized in profit or loss.

So EBITDA = 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR

But let me verify with the "before" figure: 4,523,539,000 - 14,539,000 (provisions) = 4,509,000,000. Yes, this matches!

So **EBITDA = 4,509,000,000 EUR**

**Net Debt Calculation:**

S&P methodology for Net Debt:
= Total Debt (short-term + long-term borrowings) 
+ Current portion of long-term debt
+ Commercial paper, bank overdrafts
- Cash and cash equivalents
- Marketable securities / liquid investments

From the balance sheet at 2023-01-01 (end of 2022):
- "Longterm Borrowings" 2023-01-01: 15,782,604,000 EUR
- "Current Borrowings And Current Portion Of Noncurrent Borrowings" 2023-01-01: 4,239,869,000 EUR
- "Cash And Cash Equivalents" 2023-01-01: 4,900,205,000 EUR

Other current financial assets that might be liquid:
- "Other Current Financial Assets" 2023-01-01: 3,371,795,000 EUR - need to check if these are liquid/money market type

For S&P methodology, we typically include:
- Total debt = Long-term borrowings + Current borrowings and current portion of non-current borrowings
- Less: Cash and cash equivalents
- Less: Liquid financial assets (if readily convertible to cash)

Looking at "Other Current Financial Assets" - these could include money market instruments, short-term deposits, etc. However, without more detail, I'll be conservative and only subtract cash and cash equivalents. But let me check if there are other obvious liquid assets.

Actually, looking more carefully at S&P methodology, they typically deduct:
- Cash and cash equivalents
- Short-term liquid investments / marketable securities

The "Other Current Financial Assets" at 3,371,795,000 might include some liquid items, but could also include derivatives, loans to related parties, etc. Without breakdown, I'll use standard approach.

But wait - let me also check "Collateral Deposits Associated To Financial Debt-Current" at 29,336,000 - these are restricted cash essentially, not freely available.

Also "Other Current Financial Assets" - in many European utilities, this includes things like short-term investments. But to be safe and standard, let me use just Cash and Cash Equivalents.

However, I should also consider if there are other debt-like items. Looking at "Other Current Financial Liabilities" and "Other Noncurrent Financial Liabilities" - these might include derivative liabilities, not pure debt.

Standard S&P Net Debt calculation:
= (Long-term borrowings + Current borrowings and current portion of non-current borrowings) - Cash and cash equivalents

= (15,782,604,000 + 4,239,869,000) - 4,900,205,000
= 20,022,473,000 - 4,900,205,000
= 15,122,268,000 EUR

But wait, I need to check if there are other interest-bearing debt items. Let me look more carefully...

"Other Noncurrent Financial Liabilities" = 5,159,496,000 - this could include put options, derivatives, pension deficits, etc. Not all are debt.

"Other Current Financial Liabilities" = 3,600,893,000 - similar, likely includes derivatives.

For S&P methodology, we typically focus on "interest-bearing debt" - so the borrowings lines are most relevant.

Actually, let me reconsider. S&P Global Ratings methodology for Net Debt typically includes:
- Short-term debt (including current portion of long-term debt)
- Long-term debt
- Bank overdrafts
- Commercial paper
- Less: Cash and cash equivalents
- Less: Marketable securities

Some adjustments might include adding back certain cash-like items if restricted.

Let me check if "Other Current Financial Assets" includes marketable securities. The value is 3,371,795,000. Looking at the prior year: 2,810,855,000. This increased significantly. These could be short-term deposits or money market funds.

Actually, in many annual reports, "Other Current Financial Assets" includes things like:
- Derivative financial instruments (assets)
- Loans to related parties
- Short-term investments
- Deposits with maturity > 3 months but < 1 year

For S&P Net Debt, we typically only deduct "Cash and Cash Equivalents" and sometimes "Liquid assets" if clearly identified.

Let me be more careful and check if there are any other obvious debt items in liabilities:
- "Institutional Partnerships In North America" = 2,212,162,000 - this is non-controlling interests in partnerships, could be considered debt-like but typically classified as equity or mezzanine

Actually, looking at this item - "Institutional Partnerships In North America" is listed in non-current liabilities. This represents interests of institutional partners in North American projects. These are often structured as equity but may have debt-like characteristics. However, for standard Net Debt, we typically don't include these unless they are puttable or have fixed returns.

For conservative S&P approach, let me stick with standard definition:
Net Debt = Long-term borrowings + Current borrowings - Cash and cash equivalents
= 15,782,604,000 + 4,239,869,000 - 4,900,205,000
= 15,122,268,000 EUR

But I want to double-check - should I include any other items? Let me look at "Noncurrent Liabilities" and "Current Liabilities" more carefully.

Actually, I realize I should also check if there are lease liabilities embedded in other categories. "Right-of-use assets" increased from 1,007,029,000 to 1,320,270,000, suggesting leases. Under IFRS 16, these are capitalized. The lease liabilities would be in borrowings or other financial liabilities.

Looking at the cash flow: "Payments Of Lease Liabilities Classified As Financing Activities" = 133,696,000. This confirms lease liabilities exist and are part of financing activities.

However, in the balance sheet, lease liabilities are typically included in "Longterm Borrowings" and/or "Current Borrowings And Current Portion Of Noncurrent Borrowings" or possibly in "Other" categories.

For S&P methodology post-IFRS 16, they often make adjustments to exclude lease liabilities from debt or to calculate "Net Debt excluding leases" and "Net Debt including leases". The standard approach varies.

For standard Net Debt/EBITDA, S&P typically includes lease liabilities in debt.

Let me proceed with my calculation and also consider if "Other Noncurrent Financial Liabilities" or "Other Current Financial Liabilities" include significant debt-like items.

Actually, looking more carefully at S&P methodology, they often calculate "Adjusted Net Debt" which may include:
- Reported gross debt
+/- Adjustments for pensions, derivatives, restricted cash, etc.

For a basic S&P Net Debt/EBITDA, I'll use:
Gross Debt = Long-term borrowings + Short-term borrowings (including current portion)
= 15,782,604,000 + 4,239,869,000 = 20,022,473,000

Less: Cash and Cash Equivalents = 4,900,205,000

Net Debt = 15,122,268,000 EUR

Let me also consider if "Other Current Financial Assets" and "Other Noncurrent Financial Assets" include liquid items that should be deducted.

"Other Noncurrent Financial Assets" = 1,924,510,000 - likely long-term loans, investments, not liquid
"Other Current Financial Assets" = 3,371,795,000 - may include some liquid items

Actually, looking at cash flow statement: "Other Inflows Outflows Of Cash Classified As Operating Activities" = -422,539,000. This suggests some operating cash flows not captured elsewhere.

Let me reconsider whether to include "Other Current Financial Assets" as cash-like. In many European companies, this includes:
- Short-term deposits (>3 months)
- Derivative assets
- Trade receivables sold but not derecognized
- Loans to joint ventures

Without more detail, I'll be conservative and NOT include these as deductible for Net Debt.

However, I want to check one more thing: "Collateral Deposits Associated To Financial Debt" - these are restricted cash supporting debt. Current = 29,336,000, Non-current = 23,765,000. These are already likely excluded from "Cash and Cash Equivalents" or if included, should be excluded. The fact they're separately disclosed suggests they might be additional restricted items.

Actually, looking at typical presentations, collateral deposits are often IN addition to cash and cash equivalents, and are restricted. So no adjustment needed to cash.

Let me finalize:
**Net Debt = 15,122,268,000 EUR**
**EBITDA = 4,509,000,000 EUR**

**Net Debt / EBITDA = 15,122,268,000 / 4,509,000,000 = 3.354**

Wait, let me recheck EBITDA. I calculated 4,509,000,000 but let me verify:
- "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" = 4,523,539,000
- Less provisions: 14,539,000
- = 4,509,000,000 before D&A? No wait...

Actually let me re-read the structure more carefully:
- Start: "Profit Loss Before Provisions Amortisation And Impairment..." = 4,523,539,000
- This is BEFORE provisions, amortisation, and impairment
- Less: "Provisions Expenses" = 14,539,000
- Less: "Depreciation Amortisation And Impairment..." = 1,979,007,000
- = "Profit Loss Before Financial Income And Financial Expenses..." = 2,529,993,000

So 4,523,539,000 - 14,539,000 - 1,979,007,000 = 2,529,993,000 ✓

For EBITDA, S&P typically uses:
EBITDA = Operating profit before depreciation and amortization
= EBIT + D&A
= 2,529,993,000 + 1,979,007,000 
= 4,509,000,000

But wait - is 4,523,539,000 the "cleaner" EBITDA? It includes provisions. S&P typically adjusts for certain provisions.

Actually, looking at S&P methodology more carefully:
- EBITDA = Operating revenues - Operating expenses + D&A
- Or = EBIT + D&A + Impairment losses on fixed assets

Provisions for restructuring, litigation, etc. may be adjusted out by S&P if they're non-recurring.

For standard calculation, EBITDA = 2,529,993,000 + 1,979,007,000 = 4,509,000,000

But I want to check if the 1,979,007,000 includes impairment of receivables (IFRS 9). The separate line "Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9" = 60,199,000 is separate and included in "Other Expense By Nature" or similar.

Looking at: "Other Income Supplies Ans Services Personnel Costs And Employee Benefits Other Expenses And Impairment Losses On Trade Receivables And Debtors" = -1,836,941,000 for 2022.

This seems to be a subtotal or reconciliation item. The 60,199,000 IFRS 9 impairment is likely in operating expenses already.

For S&P EBITDA, the D&A add-back typically includes only fixed asset and intangible asset D&A, not impairment of receivables.

So my EBITDA calculation should be fine.

Let me also verify: 4,509,000,000 / 4,509,000,000 = 1? No, I mean let me check if there's a better way.

Actually, I want to double-check my Net Debt calculation. Should I include any other debt?

Looking at "Other Noncurrent Financial Liabilities" = 5,159,496,000 - this is quite large. What does this include?

In typical utility annual reports, this might include:
- Derivative financial instruments (liabilities)
- Deferred consideration
- Put options written on NCI
- Pension deficit (if any)

For S&P Net Debt, derivatives at fair value are typically NOT included in gross debt (they're operating/fair value items). However, if there are interest rate swaps or cross-currency swaps that are part of hedging, the fair values are mark-to-market, not principal amounts.

Actually, for S&P methodology, they may include the fair value of derivatives if they're hedging debt, but it's complex. Standard approach is to focus on principal debt amounts.

Let me check if "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" include any debt-like items that should be in gross debt.

Looking at 2021 vs 2022:
- Other Noncurrent Financial Liabilities: 3,039,975,000 → 5,159,496,000 (increase of ~2.1bn)
- Other Current Financial Liabilities: 2,781,101,000 → 3,600,893,000 (increase of ~0.8bn)

These increases could be due to:
- Higher energy prices increasing derivative fair values (liabilities)
- New put options or other obligations
- Reclassification of items

Given the energy price volatility in 2022, these are likely largely derivative fair values, not additional debt.

I'll stick with my Net Debt calculation using borrowings only.

But wait - I should also consider "Institutional Partnerships In North America" at 2,212,162,000. These represent non-controlling interests in North American renewable projects. Are these debt?

In many structures, institutional partners invest in tax equity or similar structures. These are often classified as liabilities because they may have put options or preferred returns. However, they're typically NOT interest-bearing debt and often treated as equity-like or mezzanine.

For conservative Net Debt, one might include these if they have fixed return characteristics. But standard S&P Net Debt typically focuses on bank debt, bonds, leases, etc.

Let me check if there's any interest cost associated. Looking at financing activities: "Receipts Payments From Institutional Partnerships-North America" = -77,385,000 (outflow). This suggests distributions to these partners, not interest payments.

I'll exclude this from Net Debt for standard calculation.

Final numbers:
- Net Debt = 15,122,268,000 EUR
- EBITDA = 4,509,000,000 EUR
- Ratio = 3.35x

Let me recalculate more precisely:
15,122,268,000 / 4,509,000,000 = 3.35379685...

Rounding to 2 decimal places: 3.35

Actually, let me double-check EBITDA once more. S&P sometimes uses "Adjusted EBITDA" which may add back certain items. But with given data, I'll use standard calculation.

One more check: Is there any other income/expense that affects EBITDA?

Looking at the P&L structure:
- Revenue: 20,650,764,000
- Cost of Energy Sales: 14,529,713,000
- = Net of Revenue and Cost: 6,121,051,000
- Other Income: 927,450,000
- Services Expense: 1,103,668,000
- Employee Benefits: 770,800,000
- Other Expense by Nature: 829,724,000
- IFRS 9 Impairment: 60,199,000
- = Other Income/Expenses subtotal: -1,836,941,000 (matches the line item)

Let me verify: 927,450,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000 = -1,836,941,000 ✓

Then: 6,121,051,000 + 927,450,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000 = 4,284,110,000? 

Wait, let me recalculate:
6,121,051,000 (net revenue) + 927,450,000 (other income) = 7,048,501,000
Less: 1,103,668,000 (services)
Less: 770,800,000 (employee)
Less: 829,724,000 (other expense)
Less: 60,199,000 (IFRS 9 impairment)
= 7,048,501,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000
= 7,048,501,000 - 2,764,391,000
= 5,284,110,000

But this doesn't equal 4,523,539,000. Hmm, let me check.

Actually, I think the "Other Income Supplies Ans Services..." at -1,836,941,000 is already the net of those items, not each individually.

Let me verify: 927,450,000 - 1,103,668,000 - 770,800,000 - 829,724,000 - 60,199,000 = -1,836,941,000 ✓

And 6,121,051,000 + (-1,836,941,000) = 4,284,110,000, not 4,523,539,000.

There's a difference of 239,429,000. Looking at the data... "Joint Ventures And Associates" = 239,429,000! This is share of profit of equity-accounted investments, which comes after operating expenses but before the "before provisions, D&A" line.

So the structure is:
Net Revenue: 6,121,051,000
+ Other Income (net of various expenses): -1,836,941,000? No wait...

Actually, looking more carefully at standard P&L structures:
1. Revenue
2. Cost of sales
3. = Gross profit
4. Other income
5. Operating expenses (services, personnel, other, impairment)
6. Share of JVs and associates
7. = EBITDA (before provisions, D&A) or EBIT depending on structure

Actually, the line "Profit Loss Before Provisions Amortisation And Impairment..." at 4,523,539,000 is clearly stated. Let me just use this and the subsequent lines as given.

The calculation 4,523,539,000 - 14,539,000 - 1,979,007,000 = 2,529,993,000 checks out.

And for EBITDA: 2,529,993,000 + 1,979,007,000 = 4,509,000,000.

Or alternatively: 4,523,539,000 - 14,539,000 = 4,509,000,000. Same result.

So EBITDA = 4,509,000,000 EUR.

Net Debt / EBITDA = 15,122,268,000 / 4,509,000,000 = 3.3538...

Let me see if I should round or present more precisely. The answer format asks for VALUE only.

I'll provide 3.35 or should I use 3.354? Let me check if more precision is warranted.

Actually, let me reconsider if "Other Current Financial Assets" should be deducted. In some S&P methodologies, "Cash and cash equivalents" includes only the most liquid items, but "Liquid assets" or "Marketable securities" may be separately identified.

Looking at "Other Current Financial Assets" = 3,371,795,000 - if these include things like short-term government bonds or money market instruments, they should arguably be deducted. But without knowing the composition, I'll be conservative.

However, I notice "Cash And Cash Equivalents" increased from 3,222,409,000 to 4,900,205,000, an increase of 1,677,796,000. "Other Current Financial Assets" increased from 2,810,855,000 to 3,371,795,000, an increase of 560,940,000. These moves don't suggest a clear reclassification.

Actually, looking at cash flow: "Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes" = 1,645,477,000. Plus exchange rate effect 32,319,000 = 1,677,796,000. This matches the increase in Cash and Cash Equivalents. So the "Other Current Financial Assets" change is separate.

I'll stick with not deducting Other Current Financial Assets.

One final check: Should I use average or year-end Net Debt? S&P typically uses year-end or latest available, or sometimes average. For annual ratios, year-end is common. I'll use 2022 year-end (2023-01-01 in the data, which is end of 2022).

Actually, I want to double-check: the date "2023-01-01" in the facts represents the balance at end of 2022 (beginning of 2023). This is standard in XBRL/annual reports where instant facts are reported at period end.

So my calculation uses:
- Net Debt at 31 December 2022 = 15,122,268,000 EUR
- EBITDA for 2022 = 4,509,000,000 EUR
- Ratio = 3.35x

Let me do one more verification of the ratio: 15,122,268,000 / 4,509,000,000

= 15122.268 / 4509
= 3.35379685...

Rounded to two decimal places: 3.35

Or should I present as 3.354? Or even 3.36 if rounding up?

Standard financial ratios are typically presented to 1 or 2 decimal places. I'll use 3.35.

Actually, let me reconsider if there are any adjustments S&P would make to EBITDA. S&P typically adjusts for:
- Non-recurring items
- Provisions (if unusual)
- Share of equity-accounted earnings (sometimes)

For share of JVs and associates: S&P sometimes includes dividends received from JVs instead of equity-accounted earnings, or adjusts EBITDA to include only cash flows. But standard approach includes equity-accounted earnings pre-tax in EBIT, so no adjustment needed for EBITDA.

Actually, looking more carefully at S&P's Corporate Methodology, for EBITDA they typically use:
- EBITDA = Revenues - Operating expenses + D&A
- Where operating expenses exclude financing costs and taxes

The share of JVs and associates is typically included in EBITDA (as it's part of operating profit before financing and taxes).

My calculation seems robust.

Final answer: 3.35

Wait, I want to check one more thing. In some S&P methodologies, they calculate "Funds From Operations" or "FFO" rather than using EBITDA directly. But the question specifically asks for Net Debt / EBITDA.

Also, I should verify if lease liabilities are included in the borrowings figures or separate. Under IFRS 16, lease liabilities are typically included in "Borrowings" or separately disclosed. Looking at the data, there's no separate lease liability line, so they're likely in the borrowings figures or in "Other financial liabilities".

Given "Right-of-use assets" = 1,320,270,000 at year-end, the lease liabilities should be similar magnitude (slightly different due to timing, discounting, etc.). If these are in "Other financial liabilities" rather than borrowings, my Net Debt would be understated.

However, looking at typical annual report structures under IFRS 16, lease liabilities are often included in "Borrowings" or shown separately. The fact that "Longterm Borrowings" and "Current Borrowings" don't have obvious lease sub-components suggests leases might be in "Other" categories.

Let me check if there's any way to estimate. The right-of-use assets at 2022-01-01 were 1,007,029,000 and at 2023-01-01 were 1,320,270,000. Lease liabilities typically track these closely.

If lease liabilities are NOT in my debt figures, I should add them. But if they're already included, I shouldn't double-count.

Looking at cash flows: "Payments Of Lease Liabilities Classified As Financing Activities" = 133,696,000. This confirms lease liabilities exist and are treated as debt-like for cash flow purposes.

Given the lack of explicit lease liability disclosure, and that "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" increased significantly, leases might be there. Or they might be in borrowings.

Actually, in many European annual reports, IFRS 16 lease liabilities ARE included in the "Borrowings" line. Let me assume this is the case here, as it's the most common presentation.

I'll stick with my calculation.

<answer>3.35</answer>