## Reasoning

### Step 1: Calculate Net Debt (S&P methodology)

S&P's Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Other financial liabilities (sometimes including lease liabilities)
- Minus: Cash and cash equivalents
- Minus: Short-term investments (liquid)

From the balance sheet at 2023-01-01 (end of 2022):

**Total Debt:**
- Long-term Borrowings: 5,491,124,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 721,845,000 EUR
- Other Noncurrent Financial Liabilities: 52,631,000 EUR (could include lease liabilities)
- Other Current Financial Liabilities: 983,432,000 EUR

However, S&P typically focuses on gross financial debt. Let me consider:

- Noncurrent Financial Liabilities: 5,543,755,000 EUR (includes long-term borrowings of 5,491,124,000 + other noncurrent financial liabilities of 52,631,000)
- Current Financial Liabilities: 1,705,277,000 EUR (includes current borrowings of 721,845,000 + other current financial liabilities of 983,432,000)

But the "Other Current Financial Liabilities" of 983,432,000 could include trade-related items or operational items. For S&P methodology, I'll be more conservative and include the borrowings plus reasonably identifiable debt-like items.

Actually, for S&P, gross debt typically includes all interest-bearing debt. Let me use:
- Longterm Borrowings: 5,491,124,000
- Current Borrowings: 721,845,000
- Other Noncurrent Financial Liabilities: 52,631,000 (likely lease liabilities)
- Other Current Financial Liabilities: 983,432,000

Total Gross Debt = 5,491,124 + 721,845 + 52,631 + 983,432 = 7,249,032,000 EUR

**Cash and liquid investments:**
- Cash and Cash Equivalents: 794,824,000 EUR
- Current Financial Assets at Amortised Cost: 752,505,000 EUR (short-term financial investments, likely liquid)

Total Cash/Liquid: 794,824 + 752,505 = 1,547,329,000 EUR

**Net Debt** = 7,249,032 - 1,547,329 = 5,701,703,000 EUR

Actually, let me reconsider. S&P often includes all reported financial liabilities but may exclude certain operational items in "Other Current Financial Liabilities." However, without more detail, I'll use the total financial liabilities approach.

Alternatively, a simpler approach focusing on borrowings only:
- Total borrowings = 5,491,124 + 721,845 = 6,212,969,000
- Plus other financial liabilities: 52,631 + 983,432 = 1,036,063,000
- Gross debt = 7,249,032,000

Net Debt = 7,249,032 - 1,547,329 = 5,701,703,000 EUR

### Step 2: Calculate EBITDA (S&P methodology)

S&P EBITDA = Operating Profit + Depreciation & Amortization

From the income statement for 2022-01-01 to 2023-01-01:
- Profit Loss From Operating Activities: 961,554,000 EUR
- Depreciation and Amortisation Expense: 544,992,000 EUR

Note: The operating profit already includes the equity method income (50,405,000) which S&P might exclude. S&P typically removes equity method income and adds back dividends received from equity investments.

S&P EBITDA = Operating Profit + D&A
= 961,554 + 544,992 = 1,506,546,000 EUR

Under S&P methodology, we should:
- Remove equity method income: -50,405,000
- Add dividends received from equity method investments: +7,578,000 (from cash flow statement - dividends received classified as operating)

Adjusted EBITDA = 1,506,546 - 50,405 + 7,578 = 1,463,719,000 EUR

Actually, let me reconsider whether equity method income is already in operating profit. Looking at the income statement structure, "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" (50,405,000) appears to be included before operating profit of 961,554,000.

S&P adjusted EBITDA = 961,554 + 544,992 - 50,405 + 7,578 = 1,463,719,000 EUR

### Step 3: Net Debt / EBITDA

Using the simpler approach first (without S&P adjustments for equity method):
= 5,701,703 / 1,506,546 = 3.78

With S&P adjustments:
= 5,701,703 / 1,463,719 = 3.89

Let me reconsider the net debt. S&P might not subtract the current financial assets. Let me try with just cash:

Net Debt (cash only) = 7,249,032 - 794,824 = 6,454,208,000
Ratio = 6,454,208 / 1,463,719 = 4.41

Hmm, but the current financial assets at amortised cost (752,505,000) are likely very liquid short-term investments that S&P would consider as surplus cash.

Let me use a more standard S&P approach with just borrowings:
- Gross debt = 5,491,124 + 721,845 + 52,631 = 6,265,600 (excluding "other current financial liabilities" which might be operational)
- Net debt = 6,265,600 - 794,824 - 752,505 = 4,718,271,000

Ratio = 4,718,271 / 1,463,719 = 3.22

Actually, I think the most standard S&P approach would be:
- Gross Debt = All financial debt including lease obligations
- Using Noncurrent Financial Liabilities (5,543,755) + Current Financial Liabilities (1,705,277) = 7,249,032
- But "Other Current Financial Liabilities" of 983,432 seems very large and might include things like payables to group companies or similar operational items.

Let me try a more focused calculation:
- Gross Debt = Long-term borrowings + Short-term borrowings + Other noncurrent financial liabilities
- = 5,491,124 + 721,845 + 52,631 = 6,265,600,000

Net Debt = 6,265,600 - 794,824 - 752,505 = 4,718,271,000

EBITDA (S&P) = 1,463,719,000

Ratio = 4,718,271 / 1,463,719 ≈ 3.22

Hmm, but on second thought, S&P typically uses a broader definition. Let me reconsider including the other current financial liabilities but netting out more liquid assets.

Given the complexity, let me settle on a reasonable middle-ground approach:

**Net Debt** = (5,491,124 + 721,845 + 52,631) - 794,824 - 752,505 = 4,718,271,000

**EBITDA** = 961,554 + 544,992 - 50,405 + 7,578 = 1,463,719,000

**Net Debt/EBITDA** = 4,718,271 / 1,463,719 ≈ 3.22

Let me try without the equity method adjustment (simpler):
EBITDA = 961,554 + 544,992 = 1,506,546,000
Net Debt/EBITDA = 4,718,271 / 1,506,546 = 3.13

Given S&P methodology typically adjusts for equity method, I'll go with approximately 3.2.

<answer>3.2</answer>