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

## Reasoning

The S&P methodology for Net Debt / EBITDA typically uses:
- **Net Debt = Total Debt - Cash and Cash Equivalents**
- **EBITDA = Operating Profit + Depreciation & Amortisation**

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

**Debt Components (Noncurrent + Current):**
- Noncurrent Financial Liabilities: 3,658,000,000 EUR
- Noncurrent Derivative Financial Liabilities: 756,000,000 EUR
- Current Financial Liabilities: 4,127,000,000 EUR
- Current Derivative Financial Liabilities: 3,973,000,000 EUR

Total Debt = 3,658 + 756 + 4,127 + 3,973 = 12,514,000,000 EUR

**Cash:**
- Liquid Funds (Cash and Cash Equivalents): 3,919,000,000 EUR

**Net Debt:**
Net Debt = 12,514 - 3,919 = 8,595,000,000 EUR

### Step 2: Calculate EBITDA for 2022 (fiscal year 2022-01-01 to 2023-01-01)

From the data provided:
- Comparable EBITDA 2022: 2,436,000,000 EUR

Alternatively, we can verify:
- Operating Profit Before Depreciations EBITDA: 1,842,000,000 EUR

However, the "Comparable EBITDA" of 2,436,000,000 EUR is the adjusted figure that S&P would typically use, as it excludes items affecting comparability and provides a normalized view of operational performance.

### Step 3: Calculate Net Debt / EBITDA

Net Debt / EBITDA = 8,595 / 2,436 = 3.53

This is a reasonable ratio for an energy company during a period of market volatility (2022 was marked by energy price spikes and hedging impacts).

<answer>3.53</answer>