To estimate the Net Debt / EBITDA ratio for Veolia Environnement for the year 2022 (period ending 2023-01-01) based on S&P methodology, we need to calculate two components: Adjusted Net Debt and EBITDA.

**1. Calculate EBITDA**

S&P typically defines EBITDA as Operating Income (or EBIT) plus Depreciation, Amortization, and Impairment. We can derive this from the Income Statement and Cash Flow Statement data provided.

*   **Operating Income (EBIT):** The report provides "Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" for the period 2022-01-01 to 2023-01-01 as **2,206,300,000 EUR**.
    *   *Note:* S&P often starts with EBIT. Sometimes "Resultat Operationnel Apres Quote Part..." is used, but standard EBITDA usually adds back D&A to Operating Profit before equity income. Let's look at the Cash Flow statement adjustments to verify the D&A figure relative to operating profit.
    *   Alternatively, we can reconstruct EBITDA from "Cash Flows From Used In Operations Before Changes In Working Capital" which is often a close proxy for EBITDA adjusted for working capital changes and taxes/interest paid, but the most direct method is EBIT + D&A.
    *   Let's use the provided "Operating Depreciation Amortization Provisions And Impairment Losses" for the period 2022-01-01 to 2023-01-01: **3,178,600,000 EUR**.
    *   Therefore, **EBITDA** = Operating Income + Depreciation & Amortization
    *   EBITDA = 2,206,300,000 + 3,178,600,000 = **5,384,900,000 EUR**.

    *Self-Correction/Refinement:* Does S&P include "Share of Net Income of Equity Accounted Entities" in EBITDA? Usually, S&P Global Ratings calculates EBITDA as reported operating income plus depreciation and amortization. The line "Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" is the standard EBIT. The share of equity income is below the operating line. So, 5.385 billion EUR is the base EBITDA.

**2. Calculate Net Debt**

S&P's definition of Net Debt generally includes:
*   Total Debt (Short-term and Long-term interest-bearing debt)
*   Lease Liabilities (often treated as debt in S&P methodologies, especially post-IFRS 16)
*   Less: Cash and Cash Equivalents
*   Less: Unrestricted cash equivalents
*   Adjustments: S&P may adjust for hybrid debt (treating part as equity) or pension deficits.

Let's identify the components from the Balance Sheet as of 2023-01-01 (end of 2022 fiscal year):

*   **Gross Debt Components:**
    *   "Noncurrent Financial Liabilities Excluding Concession Liabilities": **19,692,100,000 EUR**
    *   "Current Financial Liabilities Excluding Concession Liabilities": **6,521,400,000 EUR**
    *   "Noncurrent Lease Liabilities": **1,656,200,000 EUR**
    *   "Current Lease Liabilities": **496,500,000 EUR**
    *   "Bank Overdrafts And Other Cash Position Items": **213,600,000 EUR** (This is a liability, effectively negative cash or short-term debt).
    *   *Note on Concession Liabilities:* S&P typically excludes concession liabilities from core debt metrics for utilities/water companies if they are non-recourse or matched by concession assets, or treats them separately. The prompt explicitly lists "Excluding Concession Liabilities" for financial liabilities, suggesting we should stick to those. However, standard Net Debt often includes all interest-bearing debt. Let's look at the "Titres Super Subordonnes A Duree Indeterminee" (Perpetual Subordinated Securities).
    *   "Titres Super Subordonnes A Duree Indeterminee": **3,496,300,000 EUR**. S&P often treats a portion of hybrids as equity (e.g., 50% or 100% depending on terms). In the equity section, these are listed under Equity. S&P usually adds back 100% of hybrids to debt for leverage ratios unless specified otherwise, or treats them as 50% debt/50% equity. However, looking at the "Equity" breakdown, these are classified as equity. A conservative S&P approach often includes 100% of hybrids in debt for "Debt/EBITDA" or adjusts EBITDA. Let's assume standard Net Debt includes interest-bearing liabilities. Perpetuals are interest-bearing. Let's include them as debt for a gross debt figure, or check if they are excluded from "Financial Liabilities". They are not in the "Financial Liabilities Excluding Concession" lines. They are in Equity. S&P methodology typically adds hybrid securities to debt. Let's add 100% of hybrids to debt for a robust leverage measure, or 50%. A common S&P adjustment is to treat 50% of hybrids as debt. Let's calculate Gross Debt first.

    *   **Gross Debt Calculation:**
        *   Noncurrent Financial Liab: 19,692.1 M
        *   Current Financial Liab: 6,521.4 M
        *   Noncurrent Lease Liab: 1,656.2 M
        *   Current Lease Liab: 496.5 M
        *   Bank Overdrafts: 213.6 M
        *   Hybrids (Titres Super Subordonnes): 3,496.3 M (Let's include 100% for now, then consider adjustment. S&P often includes 100% in "Total Debt" for rating purposes but might equity-credit 50%. Let's stick to the stricter "Net Debt" definition which usually includes all interest-bearing obligations. If we exclude hybrids, the ratio will be lower. Given the explicit listing in Equity, many standard "Net Debt" calculations from reported numbers might exclude them, but S&P *adjusts* for them. Let's assume S&P adds them back to debt. Let's use 100% inclusion for safety, or check standard Veolia reporting. Veolia often reports "Net Debt" excluding hybrids or treating them specifically. Let's look at the cash flow statement: "Issue Repayment Of Deeply Subordinated Securities" shows activity.
        *   Let's check the "Net Debt" definition often used by Veolia itself vs S&P. Veolia's reported Net Debt often excludes hybrids or treats them as equity. S&P usually *adds* hybrids to debt.
        *   Let's sum the clear debt items first:
            *   Financial Liabilities (Non-current + Current): 19,692.1 + 6,521.4 = 26,213.5 M
            *   Lease Liabilities (Non-current + Current): 1,656.2 + 496.5 = 2,152.7 M
            *   Bank Overdrafts: 213.6 M
            *   Total Interest Bearing Debt (excluding hybrids) = 26,213.5 + 2,152.7 + 213.6 = 28,579.8 M EUR.

*   **Cash and Cash Equivalents:**
    *   "Cash And Cash Equivalents": **9,012,200,000 EUR**
    *   Note: The Cash Flow statement lists "Cash And Cash Equivalents If Different From Statement Of Financial Position" as 8,798.6 M. The Balance Sheet says 9,012.2 M. The difference is likely the Bank Overdrafts (213.6 M). 9,012.2 - 213.6 = 8,798.6. So, Gross Cash is 9,012.2 M. Net Cash position usually subtracts overdrafts from cash or treats overdrafts as debt. We treated overdrafts as debt above. So we subtract the full Cash balance.
    *   Cash to subtract: **9,012,200,000 EUR**.

*   **Hybrid Adjustment:**
    *   Hybrids: 3,496.3 M.
    *   S&P typically equity-credits 50% of hybrids for leverage ratios. This means 50% is treated as debt and 50% as equity. Or sometimes 100% debt if not strong. Let's assume a 50% equity credit (50% included in debt).
    *   Debt portion of Hybrids = 3,496.3 * 0.5 = 1,748.15 M.

*   **Adjusted Net Debt Calculation:**
    *   Gross Debt (Financial + Leases + Overdrafts): 28,579.8 M
    *   Plus Debt portion of Hybrids: 1,748.15 M
    *   Total Adjusted Gross Debt: 30,327.95 M
    *   Less Cash: 9,012.2 M
    *   **Net Debt** = 30,327.95 - 9,012.2 = **21,315.75 M EUR**.

    *Alternative Scenario (No Hybrids in Debt):*
    *   Net Debt = 28,579.8 - 9,012.2 = 19,567.6 M.

    *Alternative Scenario (100% Hybrids in Debt):*
    *   Net Debt = (28,579.8 + 3,496.3) - 9,012.2 = 23,063.9 M.

    Let's look for clues in the "S&P methodology". S&P Global Ratings' "Key Credit Ratios" typically define Debt as: Short-term debt + Long-term debt + Capitalized leases + Preferred stock (if treated as debt) + Hybrid securities (equity-credited portion added back to debt). For industrial companies, they often equity-credit 50%.
    
    Let's refine the EBITDA.
    EBITDA = 5,384.9 M.

    Let's calculate the ratios:
    1.  No Hybrids: 19,567.6 / 5,384.9 = 3.63x
    2.  50% Hybrids: 21,315.75 / 5,384.9 = 3.96x
    3.  100% Hybrids: 23,063.9 / 5,384.9 = 4.28x

    Veolia's reported leverage ratios are often in the 3.5x - 4.0x range.
    Let's check if there are other adjustments.
    S&P also adjusts EBITDA for "Non-recurring items". The "Other Operating Income Expense" is -769.2 M. This might include restructuring or M&A costs. S&P often adds these back.
    Also, "Gains Losses On Disposal Of Operating Assets" is -299 M. This is likely included in Operating Income or below? The line "Operating Income Before Share..." is 2,206.3 M. Usually, gains/losses on disposals are part of operating income or just below. If they are in "Other Operating Income Expense", they are already in the 2,206.3 M figure. If S&P adds them back, EBITDA increases.
    Let's assume the reported Operating Income is the starting point.
    
    Let's look at the "Cash Flows From Used In Operations Before Changes In Working Capital": 4,804.3 M.
    This figure is derived from Net Income + D&A + Changes in provisions + etc.
    Net Income (Continuing) = 1,076.2 M.
    Tax = 419.8 M.
    Interest (Net Finance Costs) = 632.7 M.
    EBIT (Continuing) approx = 1,076.2 + 419.8 + 632.7 = 2,128.7 M.
    This is close to the 2,206.3 M Operating Income (difference due to equity income and other items).
    
    If we use the Cash Flow from Operations before WC changes (4,804.3 M) as a proxy for EBITDA (it's actually EBITDA - Tax - Interest + Other adjustments), it's not a direct EBITDA.
    
    Let's stick to EBITDA = EBIT + D&A = 5,384.9 M.

    Now, regarding Net Debt.
    Veolia's own definition of Net Debt often includes:
    - Current and non-current financial debt
    - Current and non-current lease liabilities
    - Less cash and cash equivalents
    
    Veolia's 2022 Annual Report likely reports a Net Debt figure. Let's try to calculate it exactly as Veolia might, then apply S&P adjustments.
    Veolia Net Debt (Reported) usually excludes hybrids.
    Reported Net Debt = (19,692.1 + 6,521.4 + 1,656.2 + 496.5 + 213.6) - 9,012.2 = 19,567.6 M.
    
    S&P Adjustment:
    1.  Add back equity-credited hybrids. If 50% equity credit, add 50% of 3,496.3 = 1,748.15 M.
        Adjusted Net Debt = 19,567.6 + 1,748.15 = 21,315.75 M.
    2.  Adjust EBITDA? S&P might add back "Other Operating Income Expense" if deemed non-recurring. The value is -769.2 M (expense). Adding this back increases EBITDA.
        Adjusted EBITDA = 5,384.9 + 769.2 = 6,154.1 M.
        Ratio = 21,315.75 / 6,154.1 = 3.46x.
        
    However, "Other Operating Income Expense" often contains recurring items or impairment. The "Operating Depreciation Amortization Provisions And Impairment Losses" is 3,178.6 M. This includes impairment. S&P usually adds back impairment to EBITDA. The D&A line *includes* impairment. So EBITDA already has impairment added back (since we started with Operating Income which is after impairment, and added back the full provision including impairment). Wait.
    Operating Income is *after* depreciation and impairment.
    We added back "Operating Depreciation Amortization Provisions And Impairment Losses".
    So EBITDA = Op Income + D&A + Impairment.
    This is correct.
    
    Is "Other Operating Income Expense" included in Operating Income? Yes.
    Is it non-recurring? It's a large number (-769 M). In 2022, Veolia had significant integration costs related to Suez. S&P typically adds back restructuring and integration costs. It is highly likely that a significant portion of this -769 M is add-backable.
    If we assume the entire -769 M is add-backable:
    EBITDA = 5,384.9 + 769.2 = 6,154.1 M.
    
    Let's check the previous year for context.
    2021 Op Income: 1,212.7 M. D&A: 2,117.2 M. EBITDA: 3,329.9 M.
    Other Op Expense: -496.9 M.
    
    For 2022, the jump in Revenue (28.5B to 42.8B) and EBITDA (3.3B to 5.4B) reflects the Suez consolidation.
    
    Let's reconsider the Debt.
    Did Veolia pay down debt?
    Net Debt 2021 end (2022-01-01):
    Debt 2022-01-01:
    Noncurrent Fin: 10,462.5
    Current Fin: 8,624.3
    Noncurrent Lease: 1,298.1
    Current Lease: 410.6
    Overdraft: 241.9
    Total Gross Debt: 21,037.4 M
    Cash: 10,518.7 M
    Net Debt (Reported): 10,518.7 M.
    Hybrids 2022-01-01: 2,460.7 M.
    S&P Net Debt 2021 (50% hybrid): 10,518.7 + (2,460.7 * 0.5) = 11,749 M.
    Ratio 2021: 11,749 / (3,329.9 + 496.9?) = 11,749 / 3,826 = 3.07x.
    
    For 2022:
    Reported Net Debt: 19,567.6 M.
    Hybrids: 3,496.3 M.
    S&P Net Debt (50% hybrid): 19,567.6 + 1,748.2 = 21,315.8 M.
    
    EBITDA:
    Base EBITDA: 5,384.9 M.
    Add back Other Op Expenses (Integration/Restructuring): 769.2 M.
    Adjusted EBITDA: 6,154.1 M.
    
    Ratio: 21,315.8 / 6,154.1 = **3.46x**.

    If we do NOT add back Other Op Expenses:
    Ratio: 21,315.8 / 5,384.9 = **3.96x**.

    S&P methodology is strict on "sustainable" earnings. Integration costs are usually added back for the first few years post-merger. The Suez deal closed in 2022. It is highly probable S&P adds back a significant portion of the -769 M. However, without specific breakdown, adding the whole amount might be aggressive. But "Other Operating Income Expense" is the standard bucket for these.
    
    Let's check if there are other debt items.
    "Noncurrent Concession Liabilities" and "Current Concession Liabilities".
    S&P often excludes concession debt if it is ring-fenced. Veolia is a concession-heavy business. The label "Excluding Concession Liabilities" in the financial liabilities line item suggests the company already separates them. S&P would likely follow this separation for the core industrial leverage, or calculate a consolidated leverage. Given the prompt asks for "Net Debt / EBITDA" based on S&P, and S&P rates Veolia, they likely use the consolidated debt but might adjust for the nature of concessions. However, the most standard "S&P Global Ratings" leverage ratio for an industrial like Veolia includes all debt unless specifically ring-fenced. But the "Financial Liabilities Excluding Concession" line is very specific. If we *included* concession liabilities:
    Noncurrent Concession: 1,680.5 M
    Current Concession: 243.2 M
    Total Concession Debt: 1,923.7 M.
    This would increase Net Debt to ~23.2 B (with 50% hybrid).
    Ratio: 23,239 / 6,154 = 3.77x.
    
    However, Veolia's investor presentations typically highlight "Net Debt" excluding concession liabilities or treating them separately. S&P often looks at "Core Leverage".
    
    Let's look at the result without add-backs and with 50% hybrid equity credit, excluding concession debt (as per the "Financial Liabilities Excluding..." label which seems to be the main debt bucket).
    Net Debt = 21,315.8 M.
    EBITDA = 5,384.9 M.
    Ratio = 3.96.

    If we assume 100% hybrid debt (more conservative):
    Net Debt = 23,064 M.
    Ratio = 23,064 / 5,384.9 = 4.28.

    If we assume 0% hybrid debt (reported net debt):
    Net Debt = 19,567.6 M.
    Ratio = 19,567.6 / 5,384.9 = 3.63.

    Common S&P practice for Veolia:
    Veolia has an investment grade rating (BBB range). Leverage targets are often < 4.0x.
    In 2022, due to Suez acquisition, leverage spiked.
    
    Let's try to find a middle ground or the most standard interpretation.
    Standard S&P "Debt" includes 50% of hybrids.
    Standard S&P "EBITDA" adds back non-recurring "Other operating expenses".
    The -769 M is significant.
    
    Let's calculate with Add-backs and 50% Hybrid:
    Numerator: 21,315.8 M
    Denominator: 6,154.1 M
    Result: 3.46

    Let's calculate without Add-backs and 50% Hybrid:
    Numerator: 21,315.8 M
    Denominator: 5,384.9 M
    Result: 3.96

    Let's calculate with Add-backs and 100% Hybrid:
    Numerator: 23,064 M
    Denominator: 6,154.1 M
    Result: 3.75

    Let's calculate without Add-backs and 100% Hybrid:
    Numerator: 23,064 M
    Denominator: 5,384.9 M
    Result: 4.28

    Given the ambiguity of "Other Operating Income Expense", and that S&P is conservative, they might not add back the *entire* amount if it includes recurring items. However, -769 M is very large compared to the previous year's -496 M, and 2022 was the integration year.
    
    Let's look at the "Operating Income" again.
    2022: 2,206 M.
    2021: 1,212 M.
    
    If we simply take Reported Net Debt (19,567 M) and Reported EBITDA (5,385 M), the ratio is 3.63.
    S&P adjustments usually *increase* debt (hybrids) and *increase* EBITDA (add-backs). These two adjustments move the ratio in opposite directions.
    Increase Debt (50% hybrid): +1,748 M.
    Increase EBITDA (Add-backs): +769 M.
    
    New Ratio: (19,567 + 1,748) / (5,385 + 769) = 21,315 / 6,154 = 3.46.
    
    If S&P does NOT add back the other expenses (conservative view on earnings quality):
    Ratio: 21,315 / 5,385 = 3.96.

    If S&P includes 100% hybrids (very conservative debt view) and no add-backs:
    Ratio: 23,064 / 5,385 = 4.28.

    Most rating agencies currently treat Veolia's leverage as approaching 4.0x post-Suez.
    A value around 3.9 - 4.0 seems plausible if add-backs are limited.
    A value around 3.5 seems plausible if full integration costs are added back.

    Let's check the "Net Finance Costs".
    2022: 632.7 M.
    
    Let's assume the question implies a standard calculation:
    Net Debt = Financial Liabilities (Current + NonCurrent) + Lease Liabilities (Current + NonCurrent) + Bank Overdrafts - Cash.
    (Excluding Concession Liabilities as they are often non-recourse/project finance).
    Hybrids: S&P usually includes 50%.
    
    EBITDA = Operating Income + D&A.
    
    If I must choose one single number, 3.96 (approx 4.0) is a strong candidate if we assume minimal add-backs, which is safer for "estimation" without detailed notes on the composition of "Other Operating Income". However, the magnitude of "Other Operating Income Expense" (-769M) strongly suggests M&A/Integration costs which are standard add-backs.
    
    Let's try to verify if "Other Operating Income Expense" is already excluded from "Operating Income Before Share...". Yes, it is.
    
    Let's consider the source "S&P methodology". S&P Global Ratings' "Corporate Methodology" states:
    - EBITDA = Reported operating income + Depreciation + Amortization + Impairment.
    - Adjustments to EBITDA: Add back non-recurring restructuring, litigation, etc.
    - Debt = Short-term debt + Long-term debt + Leases + Preferred Stock + Hybrid Securities (equity-credited portion).
    
    If we assume the -769M is largely non-recurring (Suez integration), the add-back is justified.
    Ratio ~ 3.5.
    
    However, if we look at Veolia's own communicated "Adjusted Net Debt / Adjusted EBITDA", they often target < 4.0x. In 2022, they reported a ratio around 3.8x - 3.9x (pro forma).
    
    Let's calculate using the numbers exactly as derived:
    Net Debt (50% Hybrid) = 21,315.75 M
    EBITDA (No Add-back) = 5,384.9 M
    Ratio = 3.958
    
    Net Debt (50% Hybrid) = 21,315.75 M
    EBITDA (With Add-back) = 6,154.1 M
    Ratio = 3.463

    Without specific instruction to add back "Other Operating Income", the most robust "accounting-based" estimate is the one using reported Operating Income. Add-backs are subjective without the notes. The "Other Operating Income Expense" line is a catch-all.
    
    Therefore, the ratio using reported figures + standard S&P debt adjustment (50% hybrid) is ~3.96.
    
    If we use 100% hybrid (conservative):
    Ratio = 4.28.
    
    If we use 0% hybrid (reported):
    Ratio = 3.63.

    S&P typically uses 50% equity credit for hybrids with strong equity characteristics. Veolia's hybrids are likely treated with 50% credit.
    
    Between 3.96 and 4.28, 4.0 is a round number often cited.
    
    Let's check if "Concession Liabilities" should be included.
    If included:
    Debt increases by ~1,923 M.
    Net Debt (50% hybrid) = 21,315 + 1,923 = 23,238 M.
    Ratio (No add-back) = 23,238 / 5,385 = 4.31.
    Ratio (With add-back) = 23,238 / 6,154 = 3.77.

    Veolia's business model relies on concessions. S&P understands this. They often analyze "Core" leverage excluding project finance/concession debt that is non-recourse. The fact that the balance sheet explicitly separates "Financial Liabilities Excluding Concession Liabilities" suggests this is the relevant debt for corporate leverage.
    
    I will proceed with the calculation excluding concession liabilities, including 50% of hybrids, and NOT adding back "Other Operating Income" due to lack of specific breakdown, as this provides a conservative, verifiable baseline from the provided facts.

    Calculation:
    1.  **EBITDA**: 2,206.3 M (Op Income) + 3,178.6 M (D&A) = 5,384.9 M EUR.
    2.  **Gross Debt**:
        *   Noncurrent Fin: 19,692.1 M
        *   Current Fin: 6,521.4 M
        *   Noncurrent Lease: 1,656.2 M
        *   Current Lease: 496.5 M
        *   Overdraft: 213.6 M
        *   Sum: 28,579.8 M EUR.
    3.  **Hybrid Adjustment**:
        *   Hybrids: 3,496.3 M.
        *   S&P 50% Equity Credit -> 50% treated as Debt: 1,748.15 M.
        *   Adjusted Gross Debt: 28,579.8 + 1,748.15 = 30,327.95 M EUR.
    4.  **Cash**: 9,012.2 M EUR.
    5.  **Net Debt**: 30,327.95 - 9,012.2 = 21,315.75 M EUR.
    6.  **Ratio**: 21,315.75 / 5,384.9 = 3.9584...

    Rounding to two decimal places: 3.96.

<answer>3.96</answer>