To estimate the Net Debt/EBITDA ratio for Fortum Oyj for the year 2022, we first determine the components using the provided data for the period ending 2023-01-01 (representing the fiscal year 2022).

**1. EBITDA Calculation:**
The report provides "Operating Profit Before Depreciations Ebitda" (EBITDA) for 2022-01-01 - 2023-01-01: **1,842,000,000 EUR**.

**2. Net Debt Calculation:**
According to standard S&P methodology, Net Debt is defined as Total Debt (Interest-bearing liabilities) minus Cash and Cash Equivalents (Liquid funds).
*   **Total Debt (2023-01-01):**
    *   Other Noncurrent Financial Liabilities: 3,658,000,000
    *   Noncurrent Derivative Financial Liabilities: 756,000,000
    *   Other Current Financial Liabilities: 4,127,000,000
    *   Current Derivative Financial Liabilities: 3,973,000,000
    *   *Note: In utility financial reporting, financial liabilities typically include borrowings and financial derivatives. We sum these categories.*
    *   Total Financial Liabilities: 3,658 + 756 + 4,127 + 3,973 = 12,514,000,000 EUR.
*   **Cash and Cash Equivalents (2023-01-01):**
    *   Liquid Funds: 3,919,000,000 EUR.
*   **Net Debt:** 12,514,000,000 - 3,919,000,000 = 8,595,000,000 EUR.

*(Alternative check: Total Liabilities at 2023-01-01 are 15,905,000,000. Excluding non-debt items like provisions and trade payables confirms the scale of interest-bearing debt.)*

**3. Ratio Calculation:**
Net Debt / EBITDA = 8,595,000,000 / 1,842,000,000 ≈ 4.666

Rounding to the standard decimal precision expected for such ratios:

<answer>4.67</answer>