I'll work through this step-by-step for TenneT Holding B.V. for fiscal year 2022 (the period 2022-01-01 to 2023-01-01).

## Step 1: Identify the Industry

TenneT Holding B.V. is a transmission system operator (TSO) for electricity in the Netherlands and Germany. This is a **Regulated Utility** - specifically an electricity transmission network operator.

## Step 2: Estimate Adjusted Debt

**Reported Debt:**
- Long-term borrowings: €19,006M (as of 2023-01-01, which is end of FY2022)
- Short-term borrowings: €709M
- Current bank overdrafts: €0M
- Total reported debt = 19,006 + 709 = **€19,715M**

**Lease Liabilities:**
- Noncurrent lease liabilities: €574M
- Current lease liabilities: €155M
- Total leases = 574 + 155 = **€729M**

**Pension Deficit:**
- Noncurrent recognised liabilities defined benefit plan: **€174M**

**Hybrid Capital:**
S&P typically assigns intermediate equity content to hybrid capital. For TenneT's €2,125M hybrid capital, S&P typically treats 50% as debt.
- Hybrid debt portion = 2,125 × 50% = **€1,062.5M**

**Other debt-like items:**
- Other noncurrent financial liabilities: €185M
- Other current financial liabilities: €550M
- Total = **€735M**

**Eligible Cash Deduction:**
S&P typically allows some cash netting but is conservative. For regulated utilities, S&P may net surplus cash. Given the large cash balance of €6,547M, much of this may relate to EEG working capital or pre-funding. I'll conservatively assume S&P would net a modest portion. However, given the significant EEG-related balances and the fact that much cash is earmarked, I'll assume minimal netting - perhaps no netting or a small amount. For a regulated utility with substantial pre-funded debt, S&P might not net much. I'll assume no cash netting as a baseline (S&P is typically conservative with utilities that have large capex programs).

**Adjusted Debt** = 19,715 + 729 + 174 + 1,062.5 + 735 - 0
= **€22,415.5M**

## Step 3: Estimate Adjusted EBITDA

**Start with Operating Profit (EBIT):**
- Profit from operating activities = -€976M (FY2022)

**Add back D&A:**
- Depreciation and amortisation: €1,233M

**EBITDA** = -976 + 1,233 = **€257M**

**Lease adjustments:** S&P adds back the depreciation component of lease payments. Under IFRS 16, the D&A already includes ROU asset depreciation. S&P reclassifies lease payments: remove the D&A and interest already captured and add back the full lease payment as an operating cost, then add lease depreciation back. Net effect: add lease interest to EBITDA (since it's excluded from operating profit).

Lease payments (from cash flow): €221M (financing activities)
Lease interest component approximation: Using average lease liability (~(404+729)/2 ≈ 567) × ~3% ≈ ~€17M. I'll estimate lease interest at approximately €20M.

**Adjusted for leases:** Add ~€20M (lease interest portion added to EBITDA per S&P)

**Pension adjustments:** S&P uses service cost only. The difference between reported pension expense and service cost is an adjustment - typically small. I'll assume minimal adjustment.

**Share of JV profits:** The €120M equity method income is already in operating profit. S&P may use proportional consolidation, but without more detail, I'll keep as reported.

**Other adjustments:**
- Other gains/losses of -€38M (losses): These appear to be from disposal of assets - add back as nonrecurring: +€38M

**Hybrid capital interest:** S&P adds back the 50% debt-classified hybrid interest. Hybrid distributions = €57M, so 50% = €28.5M added to EBITDA.

**Adjusted EBITDA** = 257 + 20 + 38 + 28.5 = **€343.5M**

## Step 4: Calculate Adjusted Debt / Adjusted EBITDA

Adjusted Debt / Adjusted EBITDA = 22,415.5 / 343.5 = **65.26x**

This extremely high ratio reflects TenneT's significant operating losses in FY2022 due to high energy transmission charges (EEG-related costs) creating timing mismatches, while carrying substantial debt for its investment program.

<answer>65.26</answer>