To estimate the Net Debt / EBITDA ratio for Fortum Oyj for the year 2022 (period 2022-01-01 to 2023-01-01) based on S&P methodology, we need to determine two components: Adjusted EBITDA and Net Debt.

**1. Determine Adjusted EBITDA**

S&P Global Ratings typically uses "Comparable EBITDA" or a similar adjusted measure that adds back items affecting comparability to the reported Operating Profit (EBIT) and Depreciation/Amortization. The provided data explicitly lists "Comparable Ebitda".

*   **Comparable EBITDA (2022):** 2,436,000,000 EUR

Let's verify this figure using the components provided to ensure it aligns with standard adjustments:
*   Comparable Operating Profit: 1,871,000,000 EUR
*   Depreciation And Amortisation Expense: 566,000,000 EUR
*   Sum: 1,871 + 566 = 2,437,000,000 EUR.
*   The reported "Comparable Ebitda" is 2,436,000,000 EUR. The slight difference (1 million) is likely due to rounding or minor adjustments included in the specific "Comparable" definition (e.g., share of profit/loss of associates). We will use the explicitly stated **Comparable EBITDA** of **2,436,000,000 EUR** as the denominator, as this represents the recurring operational cash flow proxy S&P would likely use for a company with significant "Items Affecting Comparability".

*Note: If we were to use raw EBITDA from continuing operations:*
*   *Profit Loss From Operating Activities (EBIT): 1,277,000,000 EUR*
*   *Depreciation: 566,000,000 EUR*
*   *Raw EBITDA: 1,843,000,000 EUR*
*   *However, S&P adjusts for significant one-time items. The "Items Affecting Comparability" are -593,000,000 EUR. Adding this back to EBIT (1,277 - (-593) = 1,870) gets us close to Comparable Operating Profit. The "Comparable EBITDA" line item is the most appropriate numerator/denominator component for credit ratio analysis in this context.*

**2. Determine Net Debt**

S&P defines Net Debt as Gross Debt minus Cash and Cash Equivalents (and sometimes unrestricted cash equivalents or short-term investments, but typically just Cash & Cash Equivalents for a conservative estimate). Gross Debt includes interest-bearing borrowings (current and non-current) and often lease liabilities. It generally excludes trade payables, provisions, and derivative liabilities unless they are financing in nature.

From the Balance Sheet data for 2023-01-01 (End of 2022):

*   **Gross Debt Components:**
    *   Other Noncurrent Financial Liabilities: 3,658,000,000 EUR
    *   Other Current Financial Liabilities: 4,127,000,000 EUR
    *   *Note on Derivatives:* Derivative financial liabilities (Current: 3,973,000,000; Noncurrent: 756,000,000) are typically excluded from Net Debt calculations unless they are embedded debt instruments or S&P specifically adjusts for them. Standard S&P methodology excludes mark-to-market derivative liabilities from the debt count, treating them as operating or hedging items, though cash flows from them affect liquidity. We will exclude them from the principal debt count.
    *   *Note on Lease Liabilities:* The line items "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" in Fortum's reporting usually include lease liabilities and other borrowings. Without a specific breakdown of "Lease Liabilities" vs "Borrowings", we assume these "Financial Liabilities" lines represent the interest-bearing debt burden.
    *   Total Gross Debt = 3,658,000,000 + 4,127,000,000 = **7,785,000,000 EUR**.

*   **Cash and Cash Equivalents:**
    *   Liquid Funds / Cash And Cash Equivalents (2023-01-01): **3,919,000,000 EUR**.
    *   *Note on Margin Receivables/Liabilities:* Fortum has significant margin receivables (2,607,000,000) and margin liabilities (352,000,000). S&P often nets margin accounts if they are directly related to hedging activities that are excluded from debt, or treats them as working capital. However, "Liquid Funds" is the standard cash deduction. Some analysts might net margin receivables against margin liabilities, but standard Net Debt is Gross Interest Bearing Debt - Cash.
    *   Let's check if "Other Current Financial Liabilities" includes margin liabilities. Usually, margin liabilities are separate or part of trade/other payables or specific derivative settlements. The data lists "Margin Liabilities" separately (352,000,000). It also lists "Other Current Financial Liabilities" (4,127,000,000). It is safer to assume "Other Current Financial Liabilities" contains the core short-term borrowings.
    *   Does Gross Debt include Margin Liabilities? Typically, no, unless they are funded.
    *   Does Gross Debt include Derivative Liabilities? Typically, no.

    Let's refine the Gross Debt estimate.
    Noncurrent Financial Liabilities: 3,658,000,000
    Current Financial Liabilities: 4,127,000,000
    Total Interest-Bearing Debt (approx): 7,785,000,000 EUR.

    Net Debt = Gross Debt - Cash & Cash Equivalents
    Net Debt = 7,785,000,000 - 3,919,000,000 = **3,866,000,000 EUR**.

    *Alternative Consideration:* Sometimes "Net Debt" in utility contexts might adjust for restricted cash or include/uninclude specific items. However, without further breakdown, this is the standard calculation.

    Let's double-check the "Other Current Financial Liabilities". In Fortum's 2022 report, this line often includes current borrowings and the current portion of long-term debt.
    
    Is there any other debt?
    "Current Derivative Financial Liabilities" (3,973,000,000) and "Noncurrent Derivative Financial Liabilities" (756,000,000) are huge. If these were included in debt, the ratio would be vastly different. However, S&P methodology explicitly excludes derivative liabilities from the debt definition unless they are synthetic debt. Given the volatility of energy prices, these are likely hedging instruments. We exclude them.

    So, Net Debt ≈ 3,866,000,000 EUR.

**3. Calculate the Ratio**

Ratio = Net Debt / Comparable EBITDA
Ratio = 3,866,000,000 / 2,436,000,000

Calculation:
3,866 / 2,436 ≈ 1.587

Let's review if "Comparable EBITDA" is the right denominator.
S&P often uses "EBITDA" adjusted for one-offs.
Reported EBITDA (from Operating Profit + D&A) = 1,277 + 566 = 1,843.
Items affecting comparability = -593.
Adjusted EBIT (Comparable Operating Profit) = 1,871.
Comparable EBITDA = 2,436.

If we used unadjusted EBITDA (1,843), the ratio would be 3,866 / 1,843 = 2.10.
However, credit rating agencies like S&P rely on "Comparable" or "Adjusted" metrics to assess the ongoing ability to service debt, stripping out volatile or one-time items (like the -593M items affecting comparability). The prompt asks for an estimate based on S&P methodology, which favors adjusted metrics. The explicit line item "Comparable Ebitda" is provided for this purpose.

Let's re-verify the Debt number.
Fortum's balance sheet classification:
"Other Noncurrent Financial Liabilities": 3,658 M
"Other Current Financial Liabilities": 4,127 M
Total: 7,785 M.

Cash: 3,919 M.

Net Debt: 3,866 M.

Ratio: 3,866 / 2,436 = 1.58702...

Rounding to two decimal places: 1.59.

Let's consider if "Margin Receivables" should be netted against "Margin Liabilities" and treated as cash/debt equivalents.
Margin Receivables: 2,607 M
Margin Liabilities: 352 M
Net Margin Asset: 2,255 M.
If we treat Net Margin Assets as cash-like (which some analysts do for utilities with heavy hedging), Adjusted Cash = 3,919 + 2,255 = 6,174 M.
Net Debt would then be 7,785 - 6,174 = 1,611 M.
Ratio: 1,611 / 2,436 = 0.66.

However, standard S&P methodology for Net Debt usually strictly defines Cash as "Cash and Cash Equivalents". Margin receivables are often considered part of working capital or operating assets, not unrestricted cash. Furthermore, margin calls are operating cash flow movements. S&P typically does not net margin receivables against debt unless they are highly liquid and unrestricted, which is debatable. The most standard "textbook" S&P calculation uses reported Cash & Cash Equivalents.

Let's stick to the standard definition:
Net Debt = Interest Bearing Debt - Cash and Cash Equivalents.
Interest Bearing Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities.
(Note: Lease liabilities are included in these financial liability lines in IFRS reporting if not separated, which is standard for S&P debt calculation).

Debt = 3,658 + 4,127 = 7,785.
Cash = 3,919.
Net Debt = 3,866.
EBITDA (Comparable) = 2,436.

Ratio = 1.59.

<answer>1.59</answer>