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

## Step 1: Identify Required Components

According to S&P methodology, Net Debt / EBITDA is calculated as:
**Net Debt / EBITDA = (Total Debt - Cash and Cash Equivalents) / EBITDA**

Where Total Debt typically includes:
- Current Financial Liabilities
- Noncurrent Financial Liabilities

## Step 2: Extract Data for 2022-01-01 (End of 2021)

From the balance sheet as of 2022-01-01 (end of 2021):
- **Current Financial Liabilities**: 1,462,453,000 EUR
- **Noncurrent Financial Liabilities**: 1,834,155,000 EUR
- **Cash and Cash Equivalents**: 318,562,000 EUR

From the income statement for 2022-01-01 - 2023-01-01 (fiscal year 2022):
- **EBITDA**: 3,160,679,000 EUR

## Step 3: Calculate Total Debt

Total Debt = Current Financial Liabilities + Noncurrent Financial Liabilities
Total Debt = 1,462,453,000 + 1,834,155,000 = 3,296,608,000 EUR

## Step 4: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents
Net Debt = 3,296,608,000 - 318,562,000 = 2,978,046,000 EUR

## Step 5: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 2,978,046,000 / 3,160,679,000 = 0.942

<answer>0.94</answer>