## Reasoning

### Step 1: Calculate EBITDA

EBITDA is essentially the operating profit before depreciation, amortization, and impairment charges.

From the data for 2022 (period 2022-01-01 to 2023-01-01):

- **Profit Loss From Operating Activities** = 565,851,000 EUR
- **Adjustments For Depreciation And Amortisation Expense** = 594,636,000 EUR
- **Adjustments For Impairment Loss** = 67,680,000 EUR

Wait, let me reconsider. The report shows "Gross Profit" (which is labeled as EBITDA/Margine Operativo Lordo) = 1,305,021,000 EUR for 2022.

Looking at the structure:
- Revenue = 5,138,245,000
- Operating Expense = 3,861,121,000
- Other Income from Subsidiaries = 27,897,000
- **Gross Profit (EBITDA)** = 1,305,021,000

Then:
- Impairment Loss (IFRS 9) = 113,370,000
- Ammortamenti e Accantonamenti = 625,799,000
- **Operating Profit (EBIT)** = 565,851,000 (which equals 1,305,021 - 113,370 - 625,799 = 565,852, approximately matching)

The "Gross Profit" here appears to be the EBITDA figure (Margine Operativo Lordo). However, for S&P methodology, EBITDA typically starts from operating income and adds back D&A.

**S&P EBITDA** = Operating Profit + D&A = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

But S&P also typically includes impairment charges as an add-back. The "Ammortamenti e Accantonamenti" (625,799,000) includes depreciation/amortization and provisions. The cash flow statement shows:
- D&A = 594,636,000
- Impairment = 67,680,000
- These total 662,316,000 but the income statement shows 625,799,000 for "Ammortamenti e Accantonamenti" plus 113,370,000 for IFRS 9 impairment = 739,169,000.

Let me use the simpler approach: EBITDA = Gross Profit = 1,305,021,000 EUR (this is the MOL/EBITDA as reported).

Actually, for S&P, EBITDA = EBIT + D&A (excluding impairments on receivables which are operational). The IFRS 9 impairment (113,370,000) relates to credit losses on receivables, which S&P would typically treat as an operating expense.

So S&P EBITDA = Operating Profit + Depreciation & Amortization
= 565,851,000 + 594,636,000 = 1,160,487,000 EUR

But wait - the "Ammortamenti e Accantonamenti" of 625,799 likely includes provisions too. Let me use the reported EBITDA (Gross Profit/MOL) minus the IFRS 9 impairment since S&P would deduct credit losses:

EBITDA (S&P) = 1,305,021,000 - 113,370,000 = 1,191,651,000? No, that's not right either.

Let me reconsider: EBIT = 565,851,000. D&A from cash flow = 594,636,000.
S&P EBITDA = 565,851 + 594,636 = 1,160,487,000 EUR

### Step 2: Calculate Net Debt (S&P methodology)

Net Debt = Total Financial Debt - Cash and Cash Equivalents

**Non-current financial liabilities** = 4,722,263,000 EUR
**Current financial liabilities** = 619,418,000 EUR
**Total Debt** = 4,722,263,000 + 619,418,000 = 5,341,681,000 EUR

S&P typically includes lease liabilities in debt. Right-of-use assets = 90,397,000, so lease liabilities are included in the financial liabilities already.

**Cash** = 559,908,000 EUR

**Net Debt** = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

### Step 3: Net Debt / EBITDA

Net Debt / EBITDA = 4,781,773,000 / 1,160,487,000 ≈ **4.12**

<answer>4.12</answer>