I need to calculate Net Debt / EBITDA for 2022 (the fiscal year ending 2023-01-01) using S&P methodology.

## Step 1: Calculate EBITDA

The report provides "Gross Operating Income EBITDA" for 2022-01-01 - 2023-01-01: 1,505,000,000 EUR

However, S&P typically adjusts EBITDA. Let me consider what S&P would use. S&P's EBITDA generally starts from operating income and adds back depreciation and amortization. They may also adjust for non-recurring items.

From the data:
- Profit Loss From Operating Activities (EBIT): 687,000,000 EUR
- Result From Nonrecurring Transactions: 157,000,000 EUR (this appears to be included in arriving at the operating profit or added after)
- Depreciation Amortization Provisions And Writedowns: 818,000,000 EUR

The reported EBITDA of 1,505M = Revenue (23,166) - Operating Expense (20,896) - Employee Benefits (765) = 1,505M. Then EBITDA - D&A (818) = 687 = EBIT.

The non-recurring result of 157M seems to be between EBIT and pre-tax profit (687 + 157 - 88 = 756 = Profit Before Tax). So EBITDA of 1,505M is before non-recurring items.

For S&P methodology, I'll use EBITDA = 1,505,000,000 EUR. S&P would typically include operating lease adjustments, but the data doesn't provide clear operating lease details beyond the lease liability payments of 11M. I'll keep EBITDA at 1,505M for simplicity.

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

S&P Net Debt = Total Financial Debt - Cash and Cash Equivalents

**Total Financial Debt** includes:
- Other Noncurrent Financial Liabilities (2023-01-01): 5,867,000,000 EUR
- Other Current Financial Liabilities (2023-01-01): 1,022,000,000 EUR

Total Gross Debt = 5,867 + 1,022 = 6,889,000,000 EUR

S&P might also add pension liabilities and other adjustments, but let me first compute the basic ratio.

**Cash and Cash Equivalents** (2023-01-01): 2,584,000,000 EUR

S&P sometimes doesn't give full credit for cash. But for a basic calculation:

**Net Debt** = 6,889 - 2,584 = 4,305,000,000 EUR

S&P methodology also considers:
- Pension obligations: Noncurrent Provisions For Employee Benefits = 248M. S&P typically treats underfunded pension obligations as debt-like. Adding this: 4,305 + 248 = 4,553M
- Operating lease liabilities are often already capitalized under IFRS 16 (included in financial liabilities), so no additional adjustment needed.

However, the standard S&P approach would be:

Net Debt (basic) = Gross Financial Debt - Cash
= 6,889 - 2,584 = 4,305M

Net Debt / EBITDA = 4,305 / 1,505 = 2.86

If including pension obligations as S&P often does:
= (4,305 + 248) / 1,505 = 4,553 / 1,505 = 3.02

For a more standard S&P calculation without pension adjustments (since these are sometimes separately disclosed and the question asks for an estimate):

Net Debt / EBITDA = 4,305 / 1,505 ≈ 2.86

Given S&P's typical methodology includes pension obligations as debt-like items:

Net Debt / EBITDA = 4,553 / 1,505 ≈ 3.02

Let me go with the basic S&P approach including pensions:

4,553 / 1,505 ≈ 3.02

Actually, reconsidering - the most standard S&P Net Debt/EBITDA uses financial debt minus surplus cash. Let me use the simpler approach:

Net Debt = 6,889 - 2,584 = 4,305M
EBITDA = 1,505M
Ratio = 2.86

<answer>2.86</answer>