I need to calculate Net Debt / EBITDA for 2022 using S&P methodology.

**EBITDA (2022):** The EBITDA for the period 2022-01-01 to 2023-01-01 is given as 3,160,679,000 EUR.

However, S&P typically adjusts EBITDA. S&P's EBITDA generally starts from operating income and adds back depreciation/amortization. They may also make adjustments for operating leases, pensions, etc. For a simpler estimate based on available data, I'll use the reported EBITDA of 3,160,679,000 EUR. S&P might also add back operating lease payments (which are already captured in the reported EBITDA since lease depreciation is included in D&A).

**Net Debt (as of end 2022, i.e., 2023-01-01):**

S&P's definition of debt typically includes:
- Financial liabilities (both current and non-current)
- Operating lease liabilities (right-of-use assets suggest lease liabilities exist)
- Pension obligations (non-current provisions may include pension liabilities)

Let me calculate using the S&P approach:

**Gross Debt:**
- Non-current financial liabilities: 2,844,559,000 EUR
- Current financial liabilities: 1,109,297,000 EUR
- Total financial liabilities: 3,953,856,000 EUR

S&P would also include operating lease liabilities and potentially pension/post-retirement obligations. The non-current provisions of 619,486,000 EUR likely include pension obligations, but without a breakdown, I'll note that S&P typically includes pension deficits.

For a standard estimate, let me focus on the core components:

**Cash and cash equivalents:** 409,252,000 EUR

S&P typically considers surplus cash (they may not deduct all cash, but for most investment-grade companies, they deduct readily available cash).

**Simple Net Debt calculation:**
- Total financial liabilities: 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR
- Less: Cash and cash equivalents: 409,252,000 EUR
- Net Debt = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR

S&P would also typically add lease liabilities (which are likely already included in financial liabilities under IFRS 16, as the company reports right-of-use assets of 146,613,000 EUR). Under IFRS 16, lease liabilities are generally included in financial liabilities, so they're likely already captured.

S&P might also add pension obligations. The non-current provisions (619,486,000 EUR) could partially be pension-related, but without a specific breakdown, I'll proceed with the financial liabilities approach.

**Net Debt / EBITDA:**
= 3,544,604,000 / 3,160,679,000
≈ 1.12

Let me reconsider whether S&P would include some portion of provisions as debt. Given that VERBUND is an energy utility with significant decommissioning/environmental provisions, S&P might treat some provisions as debt-like. However, without specific breakdowns, the standard approach using financial liabilities is most appropriate.

Net Debt / EBITDA ≈ 3,544,604 / 3,160,679 ≈ 1.12

<answer>1.12</answer>