# Net Debt / EBITDA Calculation for ERG S.P.A. (2022)

## Step 1: Calculate EBITDA for 2022

According to the data provided for the period 2022-01-01 to 2023-01-01:

- EBIT (Operating Profit): €220,814,000
- Add: Depreciation Expense: €176,689,000
- Add: Amortisation Expense: €58,741,000
- Less: Impairment Loss Reversal: €(43,185,000)

**EBITDA = 220,814 + 176,689 + 58,741 - 43,185 = €413,059,000**

Note: I'm using the 2022 FY (which ended Jan 1, 2023) data since the question asks for the "2022" ratio and this is the most recent annual data provided.

## Step 2: Calculate Total Debt

As of 2023-01-01 (end of 2022 FY):

**Non-current financial liabilities:**
- Other Noncurrent Financial Liabilities: €1,751,255,000
- Noncurrent Financial Liabilities at Fair Value: €0

**Current financial liabilities:**
- Other Current Financial Liabilities: €389,716,000
- Current Financial Liabilities at Fair Value: €76,644,000

**Total Debt = 1,751,255 + 0 + 389,716 + 76,644 = €2,217,615,000**

## Step 3: Calculate Cash and Cash Equivalents

As of 2023-01-01:
- Cash and Cash Equivalents: €392,811,000

## Step 4: Calculate Net Debt

**Net Debt = Total Debt - Cash and Cash Equivalents**
**Net Debt = 2,217,615 - 392,811 = €1,824,804,000**

## Step 5: Calculate Net Debt / EBITDA Ratio

**Net Debt / EBITDA = 1,824,804 / 413,059 = 4.42**

<answer>4.42</answer>