I need to estimate the Net Debt / EBITDA ratio for 2022 using S&P methodology. Let me work through this step by step.

First, let me identify the key components needed:
- EBITDA for 2022
- Net Debt at year-end 2022

**EBITDA for 2022:**
From the data, I can see "Operating Profit Before Depreciations Ebitda" 2022-01-01 - 2023-01-01: 1842000000 EUR

However, S&P methodology typically uses "Comparable EBITDA" for a cleaner operational measure. The data shows:
- "Comparable Ebitda" 2022-01-01 - 2023-01-01: 2436000000 EUR

But S&P Global Ratings methodology for Net Debt/EBITDA typically uses reported EBITDA or adjusted EBITDA. Let me think about what S&P uses...

Actually, looking more carefully at S&P methodology:
- S&P typically uses "Adjusted EBITDA" which often aligns with "Comparable EBITDA" as it excludes one-time items
- However, for Net Debt/EBITDA, S&P often uses their own adjustments

Let me check if I can derive EBITDA from the income statement:
- Profit Loss From Operating Activities (Operating Profit): 1277000000 EUR
- Add back Depreciation And Amortisation Expense: 566000000 EUR
- This gives: 1277000000 + 566000000 = 1843000000 EUR

This matches the "Operating Profit Before Depreciations Ebitda" of 1842000000 EUR (small rounding difference).

For S&P methodology, they typically adjust for certain items. The "Comparable EBITDA" of 2436000000 EUR adds back "Items Affecting Comparability" (-593000000 EUR, so actually subtracts the negative, meaning it adds 593000000).

Wait, let me recalculate:
- Operating Profit: 1277000000
- Items Affecting Comparability: -593000000
- Comparable Operating Profit: 1871000000

Check: 1277000000 - (-593000000) = 1277000000 + 593000000 = 1870000000 ≈ 1871000000 ✓

So Comparable EBITDA = Comparable Operating Profit + D&A = 1871000000 + 566000000 = 2437000000 ≈ 2436000000 ✓

For S&P methodology, they typically use "Adjusted EBITDA" which is closer to Comparable EBITDA as it excludes non-recurring items. However, S&P may make further adjustments.

Actually, looking at standard S&P Global Ratings methodology for corporate issuers, they typically define EBITDA as operating profit before D&A, and then make their own adjustments for non-recurring items, pension costs, etc.

Given the data available, I'll use "Comparable EBITDA" of 2436000000 EUR as the best proxy for S&P-adjusted EBITDA, since it already excludes items affecting comparability.

**Net Debt at year-end 2022:**

Net Debt = Total Debt - Cash and Cash Equivalents

From the balance sheet at 2023-01-01 (which is year-end 2022):

Debt items:
- Other Noncurrent Financial Liabilities: 3658000000 EUR
- Noncurrent Derivative Financial Liabilities: 756000000 EUR
- Other Current Financial Liabilities: 4127000000 EUR
- Current Derivative Financial Liabilities: 3973000000 EUR

Wait - I need to be careful here. Not all financial liabilities are "debt" in the traditional sense. Derivatives and margin liabilities may not be counted as debt.

For S&P methodology, Net Debt typically includes:
- Interest-bearing debt (loans, bonds, lease liabilities, etc.)
- Less: Cash and cash equivalents
- Less: Liquid funds / short-term investments

From the balance sheet:
- "Other Noncurrent Financial Liabilities": 3658000000 EUR
- "Other Current Financial Liabilities": 4127000000 EUR

But I need to check what's in these. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" likely include debt instruments.

However, I also need to consider:
- "Margin Liabilities": 352000000 EUR (these are typically not debt but collateral)
- "Current Derivative Financial Liabilities" and "Noncurrent Derivative Financial Liabilities" - these are mark-to-market of derivatives, not principal debt

Actually, for S&P Net Debt calculation:
- They typically include borrowings, bonds, lease liabilities
- Exclude derivative liabilities (unless in-the-money, then asset)
- Exclude trade payables and other operating liabilities

Looking at the cash flow statement for clues:
- "Proceeds From Noncurrent Borrowings": 2421000000
- "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities": 5888000000
- "Cash Flows From Used In Increase Decrease In Current Borrowings": -170000000

This suggests there are borrowings in both noncurrent and current categories.

From the balance sheet, the best proxy for debt would be:
- Other Noncurrent Financial Liabilities: 3658000000
- Other Current Financial Liabilities: 4127000000

But I need to check if these include non-debt items like leases, derivatives, etc.

Actually, looking more carefully at the structure, I should look for items explicitly called borrowings or debt-like instruments.

Let me try a different approach. In many annual reports, "financial liabilities" category includes:
- Borrowings
- Lease liabilities
- Derivatives
- Other financial liabilities

For S&P Net Debt, we want:
- Short-term borrowings + Long-term borrowings + Lease liabilities (sometimes) - Cash and cash equivalents

From the cash flow statement, I can see "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" together, suggesting these are combined.

Let me look at what "Liquid Funds" represents: 3919000000 EUR at 2023-01-01
And "Cash And Cash Equivalents": 3919000000 EUR at 2023-01-01

These are the same, so Liquid Funds = Cash and Cash Equivalents.

For debt, let me try to use a broader approach. In the absence of explicit debt breakdown, I'll use financial liabilities excluding derivatives and margin-related items as debt proxies.

Actually, for S&P methodology, a common approach is:
Net Debt = (Total Financial Debt) - (Cash & Cash Equivalents + Short-term Investments)

Financial debt typically includes:
- Bonds and notes
- Bank loans and other borrowings
- Lease liabilities (under IFRS 16)

From the balance sheet at 2023-01-01 (year-end 2022):
- Other Noncurrent Financial Liabilities: 3658000000
- Other Current Financial Liabilities: 4127000000

Total of these: 7785000000

But I need to check if derivatives are included here or separate. The balance sheet shows derivatives separately:
- Noncurrent Derivative Financial Liabilities: 756000000
- Current Derivative Financial Liabilities: 3973000000

So "Other Financial Liabilities" likely excludes derivatives.

For S&P, we typically exclude derivative liabilities from debt (they're mark-to-market, not principal amounts).

So Gross Debt ≈ 3658000000 + 4127000000 = 7785000000 EUR

But wait - I need to check if there are other debt-like items. Looking at "Margin Liabilities" of 352000000 - these are typically not debt but collateral received.

Also, "Nuclear Non Current Provisions" and "Other Longterm Provisions" - these are provisions, not debt.

Let me verify by checking if there's any other information. The cash flow statement mentions:
- Proceeds From Noncurrent Borrowings: 2421000000
- Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities: 5888000000

This suggests borrowings are part of noncurrent financial liabilities.

Actually, I realize I should look more carefully. The "Other Noncurrent Financial Liabilities" of 3658000000 and "Other Current Financial Liabilities" of 4127000000 likely include various items, not just pure debt.

However, for a practical S&P-style calculation with the data given, I'll use:
- Gross Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities = 3658000000 + 4127000000 = 7785000000

But I need to be more careful. Let me think about what S&P typically does...

S&P Global Ratings typically calculates Net Debt as:
- Short-term debt + Long-term debt + Current portion of long-term debt + Short-term leases + Long-term leases
- Less: Cash and cash equivalents
- Less: Short-term investments
- Less: Long-term investments (sometimes, if liquid)

Given the data, let me use a simplified but reasonable approach:
- Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities (assuming these are primarily borrowings and lease obligations)
- Less: Cash and Cash Equivalents

Net Debt = 7785000000 - 3919000000 = 3866000000 EUR

Wait, I should double-check this. Let me see if I can find more clues about the debt structure.

Looking at 2022-01-01 (beginning of 2022, which is year-end 2021):
- Other Noncurrent Financial Liabilities: 8701000000
- Other Current Financial Liabilities: 8519000000
- Total: 17220000000

Cash: 7592000000
Net Debt at 2021 year-end: 1722000000 - 7592000000 = 9628000000

This seems reasonable for a utility company.

Now, for 2022 year-end:
- Other Noncurrent Financial Liabilities: 3658000000
- Other Current Financial Liabilities: 4127000000
- Total: 7785000000

Cash: 3919000000
Net Debt: 7785000000 - 3919000000 = 3866000000

But wait - this seems like a huge reduction in debt. Let me verify this makes sense with the cash flows.

From cash flow statement 2022:
- Proceeds From Noncurrent Borrowings: 2421000000
- Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities: 5888000000
- Net repayment: 3467000000

- Cash Flows From Used In Increase Decrease In Current Borrowings: -170000000 (repayment)

So total debt repayment from financing activities: about 3637000000

But also, there was a huge divestment: "Proceeds From Divestment Of Shares And Capital Returns": 1156000000

And operating cash flow was strong: 2104000000

Actually, looking at the discontinued operations, there was a massive loss of -11302000000 EUR, which suggests major divestment or restructuring. This would explain the debt reduction.

Also, looking at total assets dropping from 149661000000 to 23642000000 - this is a massive reduction, confirming major divestitures.

So the debt reduction seems plausible due to major divestitures.

However, I need to be more careful about what exactly constitutes "debt" for S&P purposes. Let me reconsider...

Actually, I realize I may be missing something. Let me look at whether there are other liabilities that should be included in debt.

For S&P methodology, they also sometimes include:
- Pension deficits (if material)
- Certain provisions

But typically, the main items are borrowings and lease liabilities.

Let me also check if "Noncurrent Derivative Financial Liabilities" and "Current Derivative Financial Liabilities" should be included. For S&P, derivative liabilities are typically excluded from debt (as they're MTM, not notional). However, if derivatives are used for hedging and are in a liability position, they might be considered.

Actually, standard S&P practice is to exclude derivative liabilities from gross debt. They focus on principal debt obligations.

Let me also consider whether "Margin Liabilities" should be included. These are typically collateral received and not debt.

So my calculation:
Gross Debt = 3658000000 + 4127000000 = 7785000000
Cash = 3919000000
Net Debt = 3866000000

But I want to double-check - should I include the derivative liabilities?

Looking at S&P's typical methodology for utilities and corporates:
- Gross debt includes: bank loans, bonds, finance leases, pension deficits
- Gross debt excludes: derivatives (unless embedded), trade payables, margin accounts

Actually, I found a potential issue. Let me re-read the cash flow statement more carefully.

"Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" - this combines borrowings and leases.

If lease liabilities are included in "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities", then my calculation already includes them, which is correct for S&P.

However, I want to verify if my debt figure is reasonable. Let me check total liabilities:
- Noncurrent Liabilities: 5784000000
- Current Liabilities (excluding held for sale): 10122000000
- Total Liabilities: 15905000000

Wait, total liabilities is 15905000000, but my debt calculation is only 7785000000. The remaining liabilities would be:
- Derivatives: 756000000 + 3973000000 = 4729000000
- Deferred Tax: 152000000
- Nuclear provisions: 966000000
- Other long-term provisions: 118000000
- Pension liabilities: 13000000
- Other noncurrent liabilities: 121000000
- Short-term provisions: 13000000
- Margin liabilities: 352000000
- Trade payables: 1657000000
- Other current liabilities (not specified): ?

Let me verify: 5784000000 + 10122000000 = 15906000000 ≈ 15905000000 (rounding)

Breaking down Noncurrent Liabilities (5784000000):
- Other Noncurrent Financial Liabilities: 3658000000
- Noncurrent Derivative Financial Liabilities: 756000000
- Deferred Tax Liabilities: 152000000
- Nuclear Non Current Provisions: 966000000
- Other Longterm Provisions: 118000000
- Noncurrent Recognised Liabilities Defined Benefit Plan: 13000000
- Other Noncurrent Liabilities: 121000000

Sum: 3658000000 + 756000000 + 152000000 + 966000000 + 118000000 + 13000000 + 121000000 = 5784000000 ✓

Breaking down Current Liabilities (10122000000):
- Other Current Financial Liabilities: 4127000000
- Current Derivative Financial Liabilities: 3973000000
- Other Shortterm Provisions: 13000000
- Margin Liabilities: 352000000
- Trade And Other Current Payables: 1657000000

Sum: 4127000000 + 3973000000 + 13000000 + 352000000 + 1657000000 = 10122000000 ✓

Great, so my breakdown is correct.

For S&P Net Debt, the question is whether to include derivative liabilities. 

Standard S&P practice: Derivative financial liabilities are typically excluded from gross debt because they represent mark-to-market valuations rather than contractual principal amounts that must be repaid. However, S&P may make adjustments in certain cases.

For a conservative S&P-style calculation, I'll exclude derivatives from debt.

So:
Gross Debt = 3658000000 + 4127000000 = 7785000000
Cash & Liquid Funds = 3919000000
Net Debt = 3866000000

Now for EBITDA. I need to decide between:
- Reported EBITDA: 1842000000
- Comparable EBITDA: 2436000000

S&P Global Ratings typically uses "Adjusted EBITDA" which excludes non-recurring items and certain other items. The "Comparable EBITDA" is closer to this concept as it already excludes items affecting comparability.

However, S&P may make additional adjustments beyond what the company reports as "comparable". 

Looking at the items affecting comparability for 2022: -593000000 EUR (negative, meaning a loss)

The components are:
- Impairment Loss Reversal: 905000000 (positive, so impairment reversal)
- Capital Gains And Other Related Items: 785000000
- Changes In Fair Values Of Derivatives Hedging Future Cash Flow: 393000000
- Other Adjustments Affecting Comparability: 80000000

Total positive items: 905000000 + 785000000 + 393000000 + 80000000 = 2163000000

But Items Affecting Comparability is reported as -593000000. This doesn't match...

Wait, let me re-read. "Items Affecting Comparability" 2022: -593000000 EUR

But the components sum to positive 2163000000. There must be other negative items not listed, or I'm misunderstanding.

Actually, looking at the income statement:
Profit Loss From Operating Activities: 1277000000
Comparable Operating Profit: 1871000000

So Items Affecting Comparability = 1277000000 - 1871000000 = -594000000 ≈ -593000000

This means items affecting comparability reduced reported operating profit by about 594 million.

But the detailed items I listed (impairment reversal, capital gains, etc.) are all positive. This suggests these are the positive components, and there must be larger negative components not detailed in the specific line items I found, OR those line items are part of a different categorization.

Actually, re-reading: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 905000000. This is a positive item (reversal).

Wait - I need to check if these items are already included in operating profit or are separate. Let me think...

Actually, the items listed under "Items Affecting Comparability" components might be presented as absolute values or with their own signs. Let me re-check:

"Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" 2022: 905000000 EUR
- This is positive (reversal means gain)

"Capital Gains And Other Related Items" 2022: 785000000 EUR
- Positive (gains)

"Changes In Fair Values Of Derivatives Hedging Future Cash Flow" 2022: 393000000 EUR
- Positive

"Other Adjustments Affecting Comparability" 2022: 80000000 EUR
- Positive

Sum: 2163000000 positive

But total Items Affecting Comparability is -593000000. 

This suggests there are other items totaling -2756000000 that are not separately listed, OR the listed items are not all in the same direction as I assumed.

Actually, I may be misreading. Let me check if "Impairment Loss Reversal" could actually be an impairment loss (negative). The wording is confusing: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss". 

If this is the reversal of an impairment loss, it's a positive. But if it's "Impairment Loss" with "Reversal Of Impairment Loss" as a separate concept... 

Actually, in XBRL/annual report terminology, this is typically a single line item. The value is 905000000, which is positive, indicating a reversal (gain).

Hmm, but then the math doesn't work. Let me check if there's a different interpretation.

Perhaps the items I found are not the components of "Items Affecting Comparability" but rather separate detailed disclosures. Let me look more carefully...

Actually, re-reading the data, I don't see these items explicitly linked to "Items Affecting Comparability". They might be separate line items in the notes, not necessarily summing to the total.

For my purposes, I'll use the company's reported "Comparable EBITDA" of 2436000000 as the best proxy for S&P-adjusted EBITDA, since it's already adjusted for comparability items.

However, I want to verify if S&P would use this or make further adjustments. S&P typically adjusts for:
- Non-recurring items (already done in Comparable EBITDA)
- Pension costs (may need adjustment)
- Lease expenses vs. depreciation (IFRS 16 impact)
- Associates and JVs (equity earnings)

Given the data, I'll use Comparable EBITDA = 2436000000 EUR.

Now, Net Debt / EBITDA = 3866000000 / 2436000000 = 1.587...

Wait, let me recalculate: 3866000000 / 2436000000 = 1.5870...

But I want to double-check my Net Debt calculation. Should I include or exclude certain items?

Actually, I realize I should reconsider whether to include derivative liabilities. In some S&P methodologies, particularly for companies with significant trading/hedging activities like utilities, derivative liabilities might be considered in a broader "adjusted debt" measure.

However, standard corporate rating methodology excludes derivatives from gross debt.

Let me also consider if I should use a different cash figure. S&P sometimes uses "readily available cash" which might exclude restricted cash. The data shows "Cash And Cash Equivalents" = 3919000000 and "Liquid Funds" = 3919000000, so these are the same.

Actually, looking more carefully at the balance sheet, there's also "Current Assets Other Than Assets Or Disposal Groups Classified As Held For Sale Or As Held For Distribution To Owners" = 10975000000. This includes cash, receivables, inventories, etc.

Let me verify the cash figure is correct by checking the cash flow statement ending cash:
"Cash And Cash Equivalents" 2023-01-01: 3919000000
"Cash And Cash Equivalents" 2022-01-01: 7592000000

Change in cash from cash flow statement:
"Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes" 2022: -3682000000
"Effect Of Exchange Rate Changes On Cash And Cash Equivalents" 2022: 7000000
Total change: -3675000000

7592000000 - 3675000000 = 3917000000 ≈ 3919000000 (small difference due to rounding or other items)

So the cash figure is correct.

Now, let me reconsider my debt figure. I want to make sure I'm not missing any debt-like items.

For S&P, gross debt typically includes:
- Short-term borrowings
- Current portion of long-term debt
- Long-term borrowings
- Finance lease liabilities
- Pension deficit (if material, treated as debt-like)
- Hybrid instruments (partial equity credit)

From the balance sheet, the best proxies are:
- "Other Noncurrent Financial Liabilities" - likely includes long-term borrowings and lease liabilities
- "Other Current Financial Liabilities" - likely includes short-term borrowings and current portion of long-term debt

I should check if there are any other items that might be debt-like:
- "Margin Liabilities" - these are typically collateral, not debt
- "Trade And Other Current Payables" - operating liability, not debt
- Provisions - not debt
- Deferred tax - not debt

So my debt figure of 7785000000 seems reasonable.

However, I want to check one more thing. The company had massive discontinued operations losses (-11302000000). This suggests they divested a major subsidiary. The balance sheet shrunk dramatically, confirming this.

If there was a major divestiture during 2022, I need to consider whether S&P would use "adjusted" year-end debt or average debt, or if they would pro-forma adjust for the divestiture.

S&P typically uses year-end figures for leverage ratios, but they may pro-forma adjust for major divestitures if they occurred late in the year. However, without specific timing information, I'll use the reported year-end figures.

Actually, let me reconsider whether I should use reported EBITDA or comparable EBITDA. 

For 2022:
- Reported Operating Profit Before Depreciations (EBITDA): 1842000000
- Comparable EBITDA: 2436000000

The difference is 594000000, which equals the Items Affecting Comparability (with opposite sign, since comparable adds back the negative items).

S&P's philosophy is to use "sustainable" earnings, so they typically exclude one-time items. However, they may not always agree with the company's definition of "comparable" or "adjusted".

For this exercise, since I'm asked to use "S&P methodology", and S&P typically uses their own adjusted EBITDA which excludes non-recurring items, I'll use Comparable EBITDA as the best available proxy.

But wait - I need to think more carefully. S&P Global Ratings has specific methodology documents. For utilities and corporates, they typically define EBITDA as:
- Operating profit before depreciation and amortization
- Plus/minus: their own adjustments for non-recurring items, pension costs, etc.

The company's "Comparable EBITDA" is 2436000000, which already excludes items affecting comparability.

However, I should check if there are other items S&P might adjust. For example:
- Share of profit/loss of associates: This is typically BELOW operating profit, so it's already excluded from EBITDA
- Finance items: Below operating profit, already excluded

Actually, looking at the income statement structure:
Revenue + Other Income - Materials And Services - Employee Benefits - D&A - Other Expenses = Operating Profit

Wait, let me verify:
8804000000 + 101000000 - 5350000000 - 504000000 - 566000000 - 615000000 = ?

= 8905000000 - 5350000000 - 504000000 - 566000000 - 615000000
= 8905000000 - 7035000000
= 1870000000

But reported operating profit is 1277000000. The difference is 593000000, which is Items Affecting Comparability.

So: 1870000000 - 593000000 = 1277000000 ✓

And Comparable Operating Profit = 1871000000 ≈ 1870000000 (rounding)

So Comparable EBITDA = 1871000000 + 566000000 = 2437000000 ≈ 2436000000 ✓

Now, the question is whether S&P would use 1842000000 or 2436000000.

For S&P Global Ratings, they typically publish "adjusted" financial ratios. Their adjustments often include:
- Adding back non-recurring charges (impairments, restructuring, etc.)
- Adjusting for pension costs
- Treating operating leases as finance leases (pre-IFRS 16)
- Other standardization adjustments

Since the company's "Comparable EBITDA" already excludes items affecting comparability, and these items appear to be largely non-recurring (impairment reversals, capital gains, fair value changes), this aligns with S&P's approach of using sustainable earnings.

However, I want to be more careful. Let me check if the impairment reversal and capital gains are truly non-recurring or if they might be part of normal operations.

- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 905000000
  This is clearly non-recurring (reversal of prior impairment)

- "Capital Gains And Other Related Items" = 785000000
  This is non-recurring (gains on asset sales)

- "Changes In Fair Values Of Derivatives Hedging Future Cash Flow" = 393000000
  This could be recurring if the company regularly hedges

- "Other Adjustments Affecting Comparability" = 80000000
  Unknown, likely non-recurring

For S&P, they would likely exclude the impairment reversal and capital gains as non-recurring. The derivative fair value changes might be treated differently depending on S&P's view.

Given this, using Comparable EBITDA = 2436000000 seems reasonable as a proxy for S&P-adjusted EBITDA.

Now, let me finalize my calculation:

Net Debt = Gross Debt - Cash
Gross Debt = 3658000000 + 4127000000 = 7785000000
Cash = 3919000000
Net Debt = 3866000000

Net Debt / EBITDA = 3866000000 / 2436000000 = 1.587027... ≈ 1.59

But wait, I want to reconsider one more time. Should I include the derivative liabilities?

Let me think about this from a practical perspective. Fortum is a major Nordic utility with significant power generation and trading operations. They likely have substantial derivative positions for hedging electricity prices.

For a utility with significant trading/hedging activities, S&P might view derivative liabilities differently. However, standard practice is still to exclude them from gross debt because:
1. They're mark-to-market, not notional amounts
2. They may be offset by derivative assets
3. They're part of normal operations, not financing

Actually, let me check derivative assets:
- Noncurrent Derivative Financial Assets: 343000000
- Current Derivative Financial Assets: 1486000000
- Total derivative assets: 1829000000

Derivative liabilities:
- Noncurrent: 756000000
- Current: 3973000000
- Total derivative liabilities: 4729000000

Net derivative position: 1829000000 - 4729000000 = -2900000000 (net liability)

If S&P were to include derivatives on a net basis, this would add 2900000000 to net debt. But this is not standard practice.

Actually, I realize I should check if there's something specific about S&P's utility methodology. In some cases, for companies with significant commodity trading, S&P might make specific adjustments.

However, without specific guidance to the contrary, I'll stick with the standard approach: exclude derivatives from debt.

Let me also verify my EBITDA figure one more time. I want to make sure I'm using the right number for 2022.

The period "2022-01-01 - 2023-01-01" represents the fiscal year 2022 (since 2023-01-01 is the year-end date).

"Comparable Ebitda" for this period: 2436000000 EUR

One more consideration: S&P sometimes uses "Funds From Operations (FFO)" or "Operating Cash Flow" based measures, but for Net Debt/EBITDA, it's clearly EBITDA.

Actually, I want to double-check if S&P uses last-twelve-months (LTM) EBITDA or calendar year. For year-end 2022, they would use the fiscal year 2022 EBITDA, which is what I have.

Let me also consider if there are any adjustments needed for discontinued operations. The company has significant discontinued operations. 

"Profit Loss From Discontinued Operations" 2022: -11302000000
"Cash Flows From Used In Operating Activities Discontinued Operations" 2022: -10870000000

For EBITDA, should I include or exclude discontinued operations?

Typically, for leverage ratios at year-end, if the discontinued operations have been divested, S&P might use "continuing operations" figures or pro-forma adjusted figures. However, the company's "Comparable EBITDA" and reported EBITDA likely include or exclude operations based on their classification during the year.

Actually, looking at the income statement, "Profit Loss From Operating Activities" is 1277000000, and then below that are associates, finance items, tax, discontinued operations, etc. So operating profit is from continuing operations.

For EBITDA, it's "Operating Profit Before Depreciations", so it's also from continuing operations.

If S&P wants a "consolidated" view including discontinued operations (if they were part of the group for most of the year), they might adjust. But typically for year-end ratios after a divestiture, they might use pro-forma figures.

Given the complexity and without explicit pro-forma data, I'll use the reported figures.

However, I want to check one thing: did the discontinued operations contribute to EBITDA during the year, and should this be included?

Looking at the data, I don't have separate EBITDA for discontinued operations. I have:
- Cash Flows From Used In Operating Activities Discontinued Operations: -10870000000
- This is cash flow, not EBITDA

I don't have a separate "Operating Profit Before Depreciations" for discontinued operations. So I'll use the consolidated figure, which appears to be primarily continuing operations based on the income statement structure.

Actually, re-reading the income statement more carefully:
- "Profit Loss From Operating Activities" 2022: 1277000000
- This is followed by "Share Of Profit Loss Of Associates", "Finance Income/Cost", etc.
- Then "Profit Loss Before Tax": 455000000
- Then "Profit Loss From Continuing Operations": 1011000000
- Then "Profit Loss From Discontinued Operations": -11302000000
- Then "Profit Loss": -10290000000

Wait, this structure is a bit unusual. Let me trace through:
Profit Loss Before Tax: 455000000
Income Tax Expense: -556000000 (negative means tax benefit)
Profit Loss From Continuing Operations: 1011000000

Check: 455000000 - (-556000000) = 455000000 + 556000000 = 1011000000 ✓

Then:
Profit Loss From Continuing Operations: 1011000000
Profit Loss From Discontinued Operations: -11302000000
Profit Loss: 1011000000 + (-11302000000) = -10291000000 ≈ -10290000000 ✓

So the operating profit of 1277000000 is from continuing operations (before associates, finance, tax).

For EBITDA of 1842000000, this is also continuing operations.

The question is whether S&P would want to include discontinued operations in EBITDA for the leverage ratio. Since the balance sheet at year-end 2022 reflects the post-divestiture state (with assets dropping dramatically), and the discontinued operations generated a huge loss, S&P might use pro-forma or continuing operations figures.

Actually, looking at the balance sheet dates:
- 2022-01-01: beginning of 2022 (post-2021 year-end)
- 2023-01-01: end of 2022

The massive drop in assets from 149661000000 to 23642000000 suggests the divestiture occurred during 2022 or at year-end.

For a ratio at "2022 year-end" based on S&P methodology, they would typically use:
- Debt at year-end 2022 (post-divestiture)
- EBITDA for the 12 months ended 2022

If the divestiture occurred late in 2022, the 2022 EBITDA would still include the divested operations for most of the year, creating a mismatch with year-end debt.

However, S&P often uses "last 12 months" or "annualized" figures, and they may pro-forma adjust for major divestitures. Without specific timing, I'll use the reported figures.

Actually, I want to reconsider whether to use "Operating Profit Before Depreciations" (1842000000) or "Comparable EBITDA" (2436000000).

Let me think about this from S&P's perspective. Their rating methodology aims to assess sustainable credit quality. The "items affecting comparability" include:
- Impairment reversals (positive, non-recurring)
- Capital gains (positive, non-recurring)
- Derivative fair value changes (may be recurring)
- Other adjustments

For a utility, power price hedging with derivatives is a normal part of operations. The fair value changes of hedging derivatives might be considered part of normal operations, not necessarily a non-recurring item.

However, "changes in fair values of derivatives hedging future cash flow" refers to hedge accounting adjustments, which can be volatile. S&P might view these as non-cash and exclude them, or they might view them as part of normal operations.

Given the complexity, and since the company itself classifies these as "affecting comparability", I'll use the company's Comparable EBITDA as the best available proxy for S&P-adjusted EBITDA.

Let me now finalize my calculation and also consider if I should use average or year-end debt.

S&P typically uses year-end debt for leverage ratios in their published financial data, though they may use average debt in some contexts. For "Net Debt / EBITDA", it's typically year-end net debt divided by EBITDA.

Final calculation:
Net Debt = 7785000000 - 3919000000 = 3866000000
EBITDA = 2436000000
Net Debt / EBITDA = 3866000000 / 2436000000 = 1.5870...

Rounding: approximately 1.59 or 1.6

But let me reconsider one more time if I should include derivatives. Actually, I want to check if there's any guidance in the data about what constitutes debt.

Looking at the cash flow statement:
"Cash Flows From Used In Financing Activities Continuing Operations" includes:
- Proceeds From Noncurrent Borrowings: 2421000000
- Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities: 5888000000
- Cash Flows From Used In Increase Decrease In Current Borrowings: -170000000

These are clearly debt items.

Also:
- Dividends Paid To Equity Holders: 1013000000
- Dividends Paid To Noncontrolling Interests: 19000000
- Increase Decrease In Margin Liabilities: 150000000
- Other Inflows Outflows: -168000000

The "Margin Liabilities" are classified as financing activities, which suggests they might be viewed as debt-like. However, S&P typically excludes margin accounts from gross debt.

Actually, let me reconsider the classification. Margin liabilities are collateral received from counterparties, similar to margin receivables which are collateral paid. These are typically operating/working capital items, not debt.

For my final answer, I'll use:
- Net Debt = 3866000000
- EBITDA = 2436000000
- Ratio = 1.587

However, I want to do one more sanity check. Let me see if this ratio makes sense for a utility.

A Net Debt/EBITDA of ~1.6x is quite low for a utility, suggesting either:
1. Very low leverage (good credit quality)
2. My calculation is missing some debt
3. The EBITDA is inflated or debt is understated due to the divestiture

Given the massive divestiture and balance sheet shrinkage, this ratio might be temporarily low. S&P might use a "pro-forma" or "sustainable" view.

But based on the reported figures at year-end 2022, this is what the math gives.

Wait, I want to double-check one thing. Should I use 2022 year-end or 2021 year-end figures for the ratio?

The question asks for "2022" ratio. Typically, this means using:
- 2022 year-end debt
- 2022 full year EBITDA

This is what I've calculated.

Let me also verify: is "2023-01-01" the same as "year-end 2022"? Yes, in accounting terms, the balance sheet date of 2023-01-01 represents the end of fiscal year 2022 (assuming a calendar year-end).

Actually, I want to re-check one thing. The data shows:
"Cash And Cash Equivalents" 2023-01-01: 3919000000
"Liquid Funds" 2023-01-01: 3919000000

These are identical. Are there any other liquid investments I should subtract?

Looking at current assets:
- Current Derivative Financial Assets: 1486000000
- Other Current Financial Assets: 660000000
- Current Tax Assets: 71000000

"Other Current Financial Assets" might include short-term investments or deposits. Should these be included as "cash-like"?

For S&P Net Debt, they typically subtract:
- Cash and cash equivalents
- Short-term investments (if readily marketable)
- Sometimes long-term investments

"Other Current Financial Assets" of 660000000 could include items like:
- Short-term deposits
- Loans receivable
- Other financial assets

If these are liquid short-term investments, S&P might include them in the cash deduction. However, without more detail, I'll be conservative and only subtract "Cash and Cash Equivalents" / "Liquid Funds".

Actually, looking at the 2022-01-01 figures:
- Other Current Financial Assets: 715000000
- This changed to 660000000 in 2023

These seem relatively stable and could include operational items like receivables from finance leases, restricted cash, or other non-liquid items. I'll exclude them from the cash deduction.

Similarly, "Noncurrent Derivative Financial Assets" and "Other Noncurrent Financial Assets" are not cash-like.

So my cash figure of 3919000000 seems correct.

Let me do one final verification of the ratio:
3866000000 / 2436000000 = 1.587027...

Rounded to two decimal places: 1.59

Or should I express it as a multiple with one or two decimals? S&P typically reports these with one or two decimal places.

Actually, I want to reconsider one more time whether to use reported EBITDA or comparable EBITDA. 

Looking at S&P's actual practice for European utilities, they often use "adjusted EBITDA" which excludes non-recurring items. The company's "Comparable EBITDA" is their own adjusted measure.

However, S&P might make different adjustments. For example:
- S&P typically adds back non-cash stock compensation (not mentioned here)
- S&P adjusts for pension costs (service cost vs. total pension cost)
- S&P may treat certain items differently

Without S&P's specific adjustments, using the company's Comparable EBITDA is the best proxy.

But actually, I realize I should also consider whether to use "Operating Profit Before Depreciations" (1842000000) which is more directly derived from the income statement, rather than the company's own "Comparable EBITDA" measure.

In many cases, rating agencies prefer to start from reported figures and make their own adjustments, rather than relying on company-adjusted figures. This gives more consistency across companies.

However, for this exercise, since I'm asked to estimate based on S&P methodology and the company provides "Comparable EBITDA" which aligns with the concept of excluding non-recurring items, I'll use it.

Let me also check if there's an alternative interpretation. Some practitioners calculate Net Debt/EBITDA using "last 12 months" or "annualized" EBITDA. Since I have the full year 2022, this is already LTM.

One more check: should I use continuing operations or total operations EBITDA?

The company's "Operating Profit Before Depreciations" of 1842000000 and "Comparable EBITDA" of 2436000000 appear to be for continuing operations (based on the income statement structure where discontinued operations are shown separately below).

If the discontinued operations were divested during the year, S&P might want to use a pro-forma "post-divestiture" EBITDA. But I don't have enough information to calculate this.

I'll proceed with the available figures.

Final answer: Net Debt / EBITDA = 3866000000 / 2436000000 = 1.587 ≈ 1.59

Actually, let me see if I should round differently. The ratio is approximately 1.587, which rounds to 1.59 or could be expressed as 1.6.

For precision, I'll provide 1.59 or the more precise calculation.

Wait, I want to do one more verification. Let me recheck the debt figure.

At 2023-01-01 (year-end 2022):
- Other Noncurrent Financial Liabilities: 3658000000
- Other Current Financial Liabilities: 4127000000

Are there any other items that should be included in debt?

Looking at "Nuclear Non Current Provisions": 966000000
These are provisions for nuclear waste management. Are they debt-like?

For utilities with nuclear operations, these are typically:
- Provisions for decommissioning and waste disposal
- Discounted to present value
- Increased by unwinding of discount (finance cost)

S&P typically treats nuclear decommissioning provisions as debt-like because they represent contractual obligations that must be fulfilled. However, they may treat them differently depending on the jurisdiction and specific arrangements.

In Fortum's case, looking at the Finnish context, the "Share In State Nuclear Waste Management Fund" is an asset (966000000 at year-end 2022) that offsets nuclear waste obligations.

Actually, looking at this more carefully:
- "Share In State Nuclear Waste Management Fund" 2023-01-01: 966000000 (asset)
- "Nuclear Non Current Provisions" 2023-01-01: 966000000 (liability)

These are equal! This suggests the nuclear provision is fully funded by the asset.

For S&P, if a provision is fully funded by a restricted asset, they might net these out or exclude both from debt and cash calculations.

However, the standard treatment of nuclear provisions varies. Some rating agencies include the unfunded portion in debt. Since these appear fully funded, I'll exclude them.

What about "Other Longterm Provisions" of 118000000? These could include various items. S&P typically doesn't include general provisions in debt unless they're clearly debt-like (e.g., restructuring provisions).

And "Other Shortterm Provisions" of 13000000? Likely not debt-like.

What about "Deferred Tax Liabilities" of 152000000? These are not debt.

And "Noncurrent Recognised Liabilities Defined Benefit Plan" of 13000000? Pension deficits can be debt-like, but this is small.

So my debt figure remains 7785000000.

Actually, I want to check one more thing. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" - could these include non-debt items?

For example, they might include:
- Derivatives (but these are shown separately)
- Payables to related parties
- Other non-interest-bearing liabilities

However, given the cash flow statement shows borrowings and lease repayments flowing through these categories, they likely do include the debt instruments.

I'll finalize with:
Net Debt = 7785000000 - 3919000000 = 3866000000
EBITDA = 2436000000
Ratio = 1.587

Let me express this as 1.59 (rounded to two decimal places) or 1.6 (rounded to one decimal place).

Actually, looking at typical S&P presentation, they often use one decimal place for this ratio. But I'll provide a more precise figure.

Hmm, but I want to reconsider one more time. Should I use "Operating Profit Before Depreciations" of 1842000000 instead?

If I use reported EBITDA:
Net Debt / EBITDA = 3866000000 / 1842000000 = 2.099 ≈ 2.10

This is quite different from 1.59.

Which is more appropriate for S&P methodology?

I think the key question is whether S&P would view the "items affecting comparability" as truly non-recurring or as part of operations.

For 2022, the items include:
- Impairment reversal: 905000000 (clearly non-recurring)
- Capital gains: 785000000 (clearly non-recurring)
- Derivative fair value changes: 393000000 (potentially recurring but volatile)
- Other: 80000000

The total positive items are 2163000000, but the net "Items Affecting Comparability" is -593000000. This means there are offsetting negative items of 2756000000 that are not detailed.

Wait, I need to re-examine this. I may have made an error.

Let me re-read: "Items Affecting Comparability" 2022: -593000000 EUR

This is the net amount. The detailed items I found (impairment reversal, capital gains, etc.) sum to +2163000000. 

But these detailed items might not be the full breakdown. They might be selected items disclosed in notes, while the total "Items Affecting Comparability" includes other items.

Alternatively, the detailed items might be presented with their natural sign (positive = gain), but the total "Items Affecting Comparability" is presented as the net impact on operating profit.

If the detailed items are gains, and the total is negative, then there must be larger losses or negative items included in the total.

Actually, I think I may have misidentified the detailed items. Let me re-check if these are actually components of "Items Affecting Comparability" or just separate line items in the notes.

Looking at the data structure, the items "Impairment Loss Reversal...", "Capital Gains And Other Related Items", etc. appear as separate facts, not explicitly grouped under "Items Affecting Comparability". They might be in different sections of the annual report.

Without explicit confirmation that these sum to the total, I shouldn't assume they do.

Given this uncertainty, using the company's own "Comparable EBITDA" figure is safer, as the company has already done the analysis of what affects comparability.

I'll stick with Comparable EBITDA = 2436000000.

Final calculation: 3866000000 / 2436000000 = 1.587

Let me verify this division once more:
3866 / 2436 = ?

2436 × 1.5 = 3654
3866 - 3654 = 212
212 / 2436 = 0.087

So 1.587 is correct.

I'll round to 1.59 or provide as 1.6. For S&P-style ratios, two decimal places is common.

Actually, let me see if I can get a more precise figure. The exact ratio is:
3866000000 / 2436000000 = 1.58702791461...

So 1.59 when rounded to two decimal places.

However, I want to do one final sanity check. Let me see if my net debt figure could be wrong by considering an alternative.

What if S&P includes all financial liabilities in debt, including derivatives?

Gross Debt = 3658000000 + 756000000 + 4127000000 + 3973000000 = 12514000000
Net Debt = 12514000000 - 3919000000 = 8595000000
Net Debt / EBITDA = 8595000000 / 2436000000 = 3.53

This is quite different. But including gross derivative liabilities (notional MTM values) as debt is not standard practice.

What if S&P nets derivative assets against derivative liabilities?
Derivative net liability = 4729000000 - 1829000000 = 2900000000
Adjusted Gross Debt = 7785000000 + 2900000000 = 10685000000
Net Debt = 10685000000 - 3919000000 = 6766000000
Net Debt / EBITDA = 6766000000 / 2436000000 = 2.78

Still different, but this is not standard S&P practice.

I'll stick with my original calculation.

One more consideration: should I use "Equity And Liabilities" to verify my numbers?
"Equity And Liabilities" 2023-01-01: 23642000000
"Equity" 2023-01-01: 7737000000
"Liabilities" 2023-01-01: 15905000000

Check: 7737000000 + 15905000000 = 23642000000 ✓

And my liability breakdown:
Noncurrent Liabilities: 5784000000
Current Liabilities: 10122000000
Total: 15906000000 ≈ 15905000000 (rounding difference of 1000000, likely due to rounding in components)

Close enough.

Final answer: 1.59

Actually, I want to express this more precisely. Let me see if the exact fraction is cleaner.

3866000000 / 2436000000 = 3866/2436 = 1933/1218

1933 ÷ 1218 = 1.5870279...

I'll provide 1.59 as the rounded figure.

Wait, I should check if S&P typically reports this as a multiple (e.g., 1.6x) or as a raw number. The standard format is "1.6x" or just "1.6".

For the XML tag, I'll provide the numerical value.

Let me do one more verification of my EBITDA figure. I want to make sure "Comparable Ebitda" is indeed the right number and not something else.

From the data:
"Comparable Ebitda" 2022-01-01 - 2023-01-01: 2436000000 EUR
"Comparable Ebitda" 2021-01-01 - 2022-01-01: 2016000000 EUR

And:
"Operating Profit Before Depreciations Ebitda" 2022: 1842000000
"Operating Profit Before Depreciations Ebitda" 2021: 4913000000

The 2021 figure of 4913000000 is much higher than 2022's 1842000000, reflecting the volatile energy markets.

The "Comparable EBITDA" is higher than reported EBITDA in 2022 because items affecting comparability were negative (reducing reported profit). In 2021, "Items Affecting Comparability" was positive 2897000000, so reported EBITDA was higher than comparable.

This makes sense.

I'll finalize with Net Debt / Comparable EBITDA = 1.59.

Actually, one last thought: should I use "Operating Profit Before Depreciations" instead because S&P might not accept the company's own "comparable" adjustments?

In practice, S&P does make their own adjustments, and they often start from reported figures. However, for a utility with clear non-recurring items (impairments, capital gains), S&P would likely adjust these out.

Given that the company's "Comparable EBITDA" is 32% higher than reported EBITDA, this is a material difference. If I were S&P, I would want to verify these adjustments.

But for this exercise, with the information given, using Comparable EBITDA is the most reasonable approach to approximate S&P-adjusted EBITDA.

Final answer: 1.59

Hmm, but I want to check one more thing. The question says "based on the S&P methodology". This suggests I should try to apply S&P's specific approach.

S&P Global Ratings has published methodology for "Key Credit Factors For The Regulated Utilities Industry" and "Corporate Methodology". In these, they define EBITDA for leverage calculations.

For corporate issuers, S&P defines "EBITDA" as:
- Revenue less operating expenses (excluding D&A)
- Or: EBIT + D&A

They then make adjustments for:
- Non-recurring items
- Pension costs
- Operating lease expense (for pre-IFRS 16)
- Other items

For post-IFRS 16 (which applies in 2022), operating lease depreciation is included in D&A, so no adjustment needed.

S&P's adjustments are typically more conservative than company-reported "adjusted" figures. However, without detailed information to make S&P-specific adjustments, using the company's Comparable EBITDA is a reasonable proxy.

I'll provide 1.59 as my best estimate.

Wait, I want to do one more calculation check. Let me verify the exact numbers:

Net Debt:
- Other Noncurrent Financial Liabilities: 3,658,000,000
- Other Current Financial Liabilities: 4,127,000,000
- Gross Debt: 7,785,000,000
- Less Cash and Cash Equivalents: 3,919,000,000
- Net Debt: 3,866,000,000

EBITDA (Comparable): 2,436,000,000

Ratio: 3,866 / 2,436 = 1.5870...

Yes, 1.587.

I'll round to two decimal places: 1.59

Actually, for the final XML format, should I include the "x" or just the number? The instruction says "no units, and no prose", so just the numerical value.

Final answer: <answer>1.59</answer>

Or should I use more precision? Let me provide 1.59.

Actually, rethinking: S&P might round to one decimal place, giving 1.6. But I'll provide two decimal places for precision.

Hmm, but I want to reconsider one more time whether my debt figure is correct. Let me think about whether there are any other liabilities that are clearly debt-like.

Looking at "Other Longterm Provisions" of 118000000 and "Other Shortterm Provisions" of 13000000 - these are likely restructuring, environmental, or litigation provisions. S&P typically does not include these in debt.

"Deferred Tax Liabilities" of 152000000 - not debt.

"Pension liabilities" of 13000000 - small, and S&P sometimes includes pension deficits in debt. But this is already very small.

Actually, I realize I should check if the pension figure is a deficit or surplus. "Noncurrent Recognised Liabilities Defined Benefit Plan" suggests it's a liability. But at 13000000, it's immaterial.

I'll leave my calculation unchanged.

One more verification: let me check if "Other Current Financial Liabilities" includes trade payables or other operating items.

Looking at the balance sheet, "Trade And Other Current Payables" is shown separately as 1657000000. So "Other Current Financial Liabilities" is separate from trade payables, and more likely to be debt-like.

Similarly, "Other Noncurrent Financial Liabilities" is separate from "Other Noncurrent Liabilities" (121000000).

So my categorization seems correct.

Final answer: 1.59

Actually, I want to express this as precisely as possible. The exact value is 3866000000/2436000000.

Let me see if I should simplify or if there's a cleaner expression.

3866/2436 = 1933/1218

1933 and 1218 share no common factors (1218 = 2 × 3 × 7 × 29; 1933 is prime? 1933/7 = 276.1, 1933/29 = 66.6, let me check: 1933 = 1933... actually 1933 = 1933, check if prime: not divisible by 2,3,5. 1933/7 = 276.14, 1933/11 = 175.7, 1933/13 = 148.7, 1933/17 = 113.7, 1933/19 = 101.7, 1933/23 = 84.0, 1933/29 = 66.6, 1933/31 = 62.4, 1933/37 = 52.2, 1933/41 = 47.1, 1933/43 = 44.9. √1933 ≈ 44, so I need to check primes up to 43. Not divisible by any, so 1933 is prime.

So the fraction is 1933/1218 exactly, which is 1.58702791461412...

I'll provide 1.59 as a reasonable rounded figure.

Actually, for financial ratios, S&P sometimes reports with one decimal (1.6x) or two decimals (1.59x). I'll use two decimals for precision.

Final answer: <answer>1.59</answer>