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

## Step 1: Calculate EBITDA

S&P's EBITDA starts with operating income and adds back depreciation and amortization. Let me use the data for the period 2022-01-01 to 2023-01-01 (which represents fiscal year 2022).

**Operating Income (after share of equity-accounted entities):** 
"Resultat Operationnel Apres Quote Part De Resultat Net Dans Les Entites Mises En Equivalence" = 2,333,300,000 EUR

But for EBITDA, I should use operating income before equity-accounted entities:
"Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" = 2,206,300,000 EUR

**Depreciation, Amortization, Provisions and Impairment:**
"Operating Depreciation Amortization Provisions And Impairment Losses" = 3,178,600,000 EUR

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

Under S&P methodology, EBITDA typically includes equity method income, so:
EBITDA = 2,333,300,000 + 3,178,600,000 = 5,511,900,000 EUR

S&P also treats lease liabilities as debt and includes lease depreciation in EBITDA. The operating D&A figure likely already includes lease-related depreciation (IFRS 16 right-of-use asset depreciation). S&P would also add back lease interest to get to their EBITDA. Lease interest = 52,500,000 EUR.

**S&P EBITDA ≈ 5,511,900,000 + 52,500,000 = 5,564,400,000 EUR**

## Step 2: Calculate Net Debt (S&P methodology) at end of 2022 (2023-01-01 balance sheet)

**Gross Financial Debt:**
- 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
- Bank Overdrafts: 213,600,000

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

S&P typically treats deeply subordinated securities (hybrid) with 50% equity / 50% debt treatment. Hybrid = 3,496,300,000 EUR. So 50% = 1,748,150,000 would be treated as debt (the other 50% as equity). But these hybrids are already classified in equity, so we need to ADD 50% as debt.

Adjusted Gross Debt = 28,579,800,000 + 1,748,150,000 = 30,327,950,000

**Cash and Cash Equivalents:** 9,012,200,000

S&P may also consider some operating financial assets, but let me keep it focused.

**Net Debt = 30,327,950,000 - 9,012,200,000 = 21,315,750,000**

## Step 3: Adjust EBITDA for S&P

S&P would subtract 50% of hybrid coupon from EBITDA (since 50% is treated as interest/debt). Hybrid coupon = 88,300,000. 50% = 44,150,000.

Adjusted EBITDA = 5,564,400,000 - 44,150,000 ≈ 5,520,250,000

Actually, S&P typically doesn't subtract hybrid coupons from EBITDA but rather treats them in interest. Let me keep EBITDA at ~5,564,400,000.

## Step 4: Net Debt / EBITDA

Net Debt / EBITDA = 21,315,750,000 / 5,564,400,000 ≈ 3.83

Alternatively, without the hybrid adjustment (simpler approach):
Net Debt = 28,579,800,000 - 9,012,200,000 = 19,567,600,000
EBITDA = 5,564,400,000
Ratio = 19,567,600,000 / 5,564,400,000 ≈ 3.52

With S&P 50% hybrid treatment: ≈ 3.83

Given S&P methodology typically includes hybrid treatment:

<answer>3.8</answer>