To estimate the Net Debt / EBITDA ratio for VERBUND AG for the year 2022 (period 2022-01-01 to 2023-01-01) based on S&P methodology, we follow these steps: 1. **Identify EBITDA**: From the provided facts, the EBITDA for the period 2022-01-01 - 2023-01-01 is explicitly stated. EBITDA = 3,160,679,000 EUR 2. **Calculate Net Debt**: S&P Global Ratings typically defines Net Debt as Total Debt minus Cash and Cash Equivalents (and sometimes short-term investments, though strictly cash is the primary offset). Total Debt includes both current and non-current financial liabilities. It often also includes lease liabilities, but in many standard simplified calculations using available line items, we look at "Financial Liabilities". Let's examine the components provided. * **Total Financial Liabilities (Debt)**: * Noncurrent Financial Liabilities (2023-01-01): 2,844,559,000 EUR * Current Financial Liabilities (2023-01-01): 1,109,297,000 EUR * Total Financial Liabilities = 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR * **Cash and Cash Equivalents**: * Cash And Cash Equivalents (2023-01-01): 409,252,000 EUR * **Net Debt Calculation**: Net Debt = Total Financial Liabilities - Cash and Cash Equivalents Net Debt = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR *Note on Lease Liabilities*: S&P often includes lease liabilities in debt. The report lists "Payments Of Lease Liabilities Classified As Financing Activities" and "Rightofuse Assets", but does not explicitly break out "Lease Liabilities" as a separate balance sheet line item in the provided text snippets (they might be embedded in Financial Liabilities or Other Payables). However, standard "Financial Liabilities" lines in IFRS reports often exclude operating lease liabilities unless specified. If we assume the provided "Financial Liabilities" capture the interest-bearing debt which is the core of S&P's adjustment, we proceed with this. If lease liabilities were significant and separate, they would be added. Given the data, we use the explicit "Financial Liabilities" lines. *Note on Derivatives*: S&P may adjust for derivative positions, but standard Net Debt usually focuses on borrowings. The prompt asks for an estimate based on the provided facts. The most robust definition using the explicit labels is Financial Liabilities minus Cash. 3. **Calculate the Ratio**: Net Debt / EBITDA = 3,544,604,000 / 3,160,679,000 Calculation: 3,544,604,000 / 3,160,679,000 ≈ 1.12146 Rounding to two decimal places, the ratio is 1.12. 1.12