# Net Debt / EBITDA Ratio Calculation for REN - 2022

Let me work through this step by step using S&P methodology.

## Step 1: Calculate EBITDA for 2022

EBITDA = Operating Profit + Depreciation & Amortization

From the data:
- Profit Loss From Operating Activities (2021-01-01 - 2022-01-01): 218,863,000 EUR
- Depreciation And Amortisation Expense (2021-01-01 - 2022-01-01): 241,940,000 EUR

**EBITDA 2022 = 218,863,000 + 241,940,000 = 460,803,000 EUR**

## Step 2: Calculate Net Debt as of 2022-01-01

S&P methodology for Net Debt:
Net Debt = Total Debt - Cash and Cash Equivalents

### Total Debt Components (2022-01-01):
- Longterm Borrowings: 2,390,852,000 EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 375,221,000 EUR

**Total Debt = 2,390,852,000 + 375,221,000 = 2,766,073,000 EUR**

### Cash (2022-01-01):
- Cash And Cash Equivalents: 398,759,000 EUR

**Net Debt = 2,766,073,000 - 398,759,000 = 2,367,314,000 EUR**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 2,367,314,000 / 460,803,000 = 5.14

<answer>5.14</answer>