# Net Debt / EBITDA Ratio Calculation for Fortum Oyj (2022)

## Reasoning:

The Net Debt / EBITDA ratio according to S&P methodology is calculated as:
**Net Debt / EBITDA = (Total Debt - Cash) / EBITDA**

### Step 1: Identify the relevant figures at 2022-01-01 (end of 2022)

**EBITDA (Operating Profit Before Depreciation):**
- "Operating Profit Before Depreciations Ebitda" 2022-01-01: 1,842,000,000 EUR

However, S&P typically uses comparable EBITDA (excluding items affecting comparability):
- "Comparable Ebitda" 2022-01-01: 2,436,000,000 EUR

I'll use Comparable EBITDA as it's the more normalized measure.

**Debt Components at 2022-01-01:**

*Noncurrent Debt:*
- "Other Noncurrent Financial Liabilities": 8,701,000,000 EUR

*Current Debt:*
- "Other Current Financial Liabilities": 8,519,000,000 EUR

**Total Debt** = 8,701 + 8,519 = 17,220,000,000 EUR

**Cash (Liquid Funds) at 2022-01-01:**
- "Liquid Funds": 7,592,000,000 EUR

### Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash
Net Debt = 17,220,000,000 - 7,592,000,000 = 9,628,000,000 EUR

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 9,628,000,000 / 2,436,000,000 = 3.95x

<answer>3.95</answer>