I need to calculate Net Debt / EBITDA for 2022 (the period ending 2023-01-01) using S&P methodology.

## EBITDA Calculation

S&P's EBITDA starts from operating profit and adds back depreciation and amortization.

**Profit Loss From Operating Activities (2022):** 533,800,000 EUR

**Depreciation and Amortization:** From the cash flow statement, "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 478,600,000 EUR

However, looking at the income statement, "Amortisation Depreciation And Provisions" = 667,100,000 EUR. This line includes provisions as well.

For S&P EBITDA, I should use:
EBITDA = Operating Profit + D&A

The D&A figure from the cash flow adjustments (478,600,000) represents pure depreciation and amortization (excluding provisions), which is more appropriate.

**EBITDA = 533,800,000 + 478,600,000 = 1,012,400,000 EUR**

S&P may also include operating lease adjustments. The lease depreciation (right-of-use assets) would already be included in the D&A figure. S&P typically adds back operating lease payments and capitalizes them. However, since HERA reports under IFRS 16 (right-of-use assets are on balance sheet), the lease liabilities are already part of debt, and the D&A already includes ROU depreciation. So no major adjustment needed there for IFRS reporters under S&P methodology.

## Net Debt Calculation

S&P Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt includes:**
- Noncurrent Financial Liabilities: 5,689,900,000
- Current Financial Liabilities: 650,100,000
- Noncurrent Lease Liabilities: 55,100,000
- Current Lease Liabilities: 21,300,000

**Total Debt = 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 = 6,416,400,000 EUR**

**Cash and Cash Equivalents:** 1,942,400,000 EUR

S&P typically doesn't net all cash. However, S&P generally uses "readily available cash" which for most companies is the reported cash. For this calculation, I'll use the full cash amount.

**Net Debt = 6,416,400,000 - 1,942,400,000 = 4,474,000,000 EUR**

## Net Debt / EBITDA

**Ratio = 4,474,000,000 / 1,012,400,000 = 4.42**

Let me double-check: S&P methodology sometimes also considers surplus cash adjustments or minimum operating cash, but without more specific information, I'll use the straightforward calculation.

**Net Debt / EBITDA = 4,474.0 / 1,012.4 ≈ 4.42**

<answer>4.42</answer>