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

## Step 1: Calculate EBITDA

EBITDA = Profit from Operating Activities + Depreciation, Amortisation and Impairment

From the data for the period 2022-01-01 - 2023-01-01 (which represents fiscal year 2022):
- Profit Loss From Operating Activities: 641,338,000 EUR
- Depreciation Amortisation And Impairment Loss: 479,186,000 EUR

EBITDA = 641,338,000 + 479,186,000 = 1,120,524,000 EUR

## Step 2: Calculate Net Debt (S&P methodology)

S&P's Net Debt typically includes:
- Short-term financial liabilities
- Long-term financial liabilities
- Other current financial liabilities
- Other non-current financial liabilities
- Minus: Cash and cash equivalents
- Minus: Current financial assets (liquid)

From balance sheet at 2023-01-01 (end of fiscal year 2022):

**Gross Debt:**
- Short Term Financial Liabilities (excluding other current): 142,437,000
- Long Term Financial Liabilities (excluding other non-current): 6,402,913,000
- Other Current Financial Liabilities: 290,000
- Other Non-current Financial Liabilities: 34,000

Total Gross Debt = 142,437,000 + 6,402,913,000 + 290,000 + 34,000 = 6,545,674,000 EUR

**Cash and liquid assets to subtract:**
- Cash and Cash Equivalents: 451,946,000
- Current Financial Assets (excluding other): 5,770,000

S&P methodology may also consider other current financial assets, but I'll be conservative and include readily available liquid assets.

Total Cash/Liquid = 451,946,000 + 5,770,000 = 457,716,000 EUR

**Net Debt** = 6,545,674,000 - 457,716,000 = 6,087,958,000 EUR

## Step 3: Calculate Ratio

Net Debt / EBITDA = 6,087,958,000 / 1,120,524,000 = 5.433

Let me double-check. S&P typically includes operating leases in debt as well. The lease-related cash outflows are 27,865,000 for the period, which suggests there are lease liabilities. These would likely already be included in the financial liabilities under IFRS 16 (since Italgas reports under IFRS). So the long-term and short-term financial liabilities should already include lease liabilities.

Net Debt / EBITDA ≈ 5.43

<answer>5.43</answer>