I need to calculate Net Debt / EBITDA for 2022 (the period ending 2023-01-01) using S&P methodology.

## EBITDA Calculation

S&P's EBITDA starts with operating income and adds back depreciation and amortization.

**Profit Loss From Operating Activities (EBIT):** 533,800,000 EUR (2022)

**Depreciation and Amortization:** From the cash flow statement, "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 478,600,000 EUR

However, the income statement shows "Amortisation Depreciation And Provisions" = 667,100,000 EUR. This includes provisions. The cash flow separately shows:
- D&A: 478,600,000
- Allocation to provisions: 188,500,000
- Total: 667,100,000 (which matches)

For EBITDA, I should add back D&A (478,600,000) to operating profit. Under S&P methodology, EBITDA = Revenue - Operating Costs + D&A, which equals EBIT + D&A.

**EBITDA = 533,800,000 + 478,600,000 = 1,012,400,000 EUR**

S&P also typically includes operating lease adjustments. The lease depreciation (right-of-use asset amortization) is already in D&A, and S&P would add back lease payments and add an imputed interest. However, under IFRS 16, leases are already capitalized, so S&P typically adjusts by adding back the lease depreciation and interest already captured. For simplicity and given the data, the EBITDA of ~1,012.4M should be reasonable.

## Net Debt Calculation (S&P Methodology)

S&P Net Debt = Total Debt (including lease liabilities) - Cash and Cash Equivalents

**Debt components at 2023-01-01:**
- Noncurrent Financial Liabilities: 5,689,900,000
- Current Financial Liabilities: 650,100,000
- Noncurrent Lease Liabilities: 55,100,000
- Current Lease Liabilities: 21,300,000

**Total Debt = 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 = 6,416,400,000 EUR**

**Cash and Cash Equivalents:** 1,942,400,000 EUR

S&P may not deduct all cash (they sometimes apply a haircut or cap surplus cash). However, a standard approach is:

**Net Debt = 6,416,400,000 - 1,942,400,000 = 4,474,000,000 EUR**

However, S&P methodology also sometimes considers 50% equity credit for certain hybrid instruments, and may net out derivative positions. But with the data available, I'll use the straightforward calculation.

S&P also sometimes doesn't subtract all excess cash, but for a utility company like Hera, a significant portion of the large cash balance (which increased dramatically due to financing activities - they raised 2.127B in new borrowings) might be considered operational or pre-funded for debt repayment. However, without more specific information, I'll use the full cash balance.

## Net Debt / EBITDA

**Net Debt / EBITDA = 4,474,000,000 / 1,012,400,000 ≈ 4.42**

Let me double-check: S&P's EBITDA might also add back the S&P operating lease adjustment. Under IFRS 16, the operating profit already excludes operating lease expense (replaced by depreciation + interest). S&P might reverse IFRS 16 and add back operating lease payments as an expense, then re-add them to EBITDA. But since IFRS 16 is already applied, and S&P has adapted their methodology, the lease liabilities are treated as debt and the D&A + interest on leases flow through normally. So EBITDA as calculated should be appropriate.

**Net Debt / EBITDA ≈ 4.42**

<answer>4.42</answer>