# Net Debt / EBITDA Ratio Calculation for VERBUND AG (2022)

## Reasoning:

The S&P methodology for Net Debt / EBITDA uses:
- **Net Debt = Total Debt - Cash & Cash Equivalents**
- **Total Debt = Current Financial Liabilities + Noncurrent Financial Liabilities**
- **EBITDA** (already provided)

### Data as of 2022-01-01 (end of 2021):
- Current Financial Liabilities: 84,056,000 EUR
- Noncurrent Financial Liabilities: 1,202,154,000 EUR
- Cash and Cash Equivalents: 49,203,000 EUR
- EBITDA (2021): 1,578,959,000 EUR

### Calculation:

**Total Debt (2022-01-01):**
- Total Debt = 84,056,000 + 1,202,154,000 = 1,286,210,000 EUR

**Net Debt (2022-01-01):**
- Net Debt = 1,286,210,000 - 49,203,000 = 1,237,007,000 EUR

**Net Debt / EBITDA Ratio:**
- Ratio = 1,237,007,000 / 1,578,959,000 = 0.7830

<answer>0.78</answer>