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

## EBITDA Calculation (S&P methodology)

S&P typically calculates EBITDA as operating income + depreciation & amortization. Let me identify the components:

**Operating Profit (EBIT):** "Profit Loss From Operating Activities" for 2022-01-01 - 2023-01-01 = 11,193,000,000 EUR

This includes "Net Results From Commodity Contracts" of 2,365,000,000 EUR. The operating profit line already incorporates this.

**Depreciation, Amortization & Impairment:** "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 7,447,000,000 EUR

**EBITDA = Operating Profit + D&A = 11,193 + 7,447 = 18,640 billion EUR**

## Net Debt Calculation (S&P methodology)

S&P Net Debt = Total Debt - Cash and Cash Equivalents - Short-term investments

For S&P, they typically treat hybrid bonds with partial equity/debt credit. However, let me first calculate using the balance sheet figures.

**Total Debt:**
- Long-term Borrowings: 68,191,000,000
- Short-term Borrowings: 18,392,000,000
- Current Portion of Long-term Borrowings: 2,835,000,000
- Total Debt = 68,191 + 18,392 + 2,835 = 89,418,000,000

**S&P typically adds 50% equity credit for hybrid bonds, meaning 50% is treated as debt.** The hybrid bonds (Equity Instruments Perpetual Hybrid Bonds) = 5,567,000,000. Under S&P methodology, 50% = 2,783,500,000 would be added to debt. However, these hybrids are already classified in equity, so we need to add the debt portion.

Actually, let me reconsider. S&P's approach: the hybrid bonds are in equity at 5,567M. S&P would typically give 50% equity credit, so 50% (2,783.5M) would be reclassified as debt.

**Cash and Cash Equivalents:** 11,041,000,000 (as of Jan 1, 2023 = end of 2022)
**Short-term investments classified as cash equivalents:** 78,000,000

**Net Debt calculation:**
- Gross Debt = 89,418 + 2,783.5 (50% of hybrids) = 92,201.5
- Cash = 11,041 + 78 = 11,119
- Net Debt = 92,201.5 - 11,119 = 81,082.5

**EBITDA adjustment for S&P:** S&P also adds hybrid coupon payments back. Coupon paid on hybrid bonds = 123M. This should be added back to EBITDA since S&P treats it as interest (for the 50% debt portion, roughly 61.5M, but often the full coupon is added).

Let me keep it simpler and more standard:

**Net Debt / EBITDA = 81,082.5 / 18,640 ≈ 4.35**

However, if we use a simpler approach without hybrid adjustment:

**Net Debt = 89,418 - 11,119 = 78,299**
**Ratio = 78,299 / 18,640 ≈ 4.20**

With S&P's typical 50% hybrid treatment:
**Ratio = 81,083 / 18,640 ≈ 4.35**

Let me also consider that S&P might include lease liabilities (already likely in borrowings under IFRS 16) and operating lease adjustments. The borrowings figures should already include lease liabilities under IFRS 16.

Given S&P methodology with 50% hybrid equity credit:

Net Debt ≈ 81,083M
EBITDA ≈ 18,640M
Ratio ≈ 4.35

Rounding considerations: 81,082.5 / 18,640 = 4.35

<answer>4.4</answer>