# Reasoning for Net Debt / EBITDA Ratio Calculation (S&P Methodology)

## Step 1: Calculate EBITDA for 2022

**S&P Definition of EBITDA:** Operating profit before depreciation, amortization, and impairment losses.

From the data for 2022-01-01 to 2023-01-01:
- Profit Loss From Operating Activities: 19,774,000,000 DKK
- Depreciation, Amortisation And Impairment Loss: 12,283,000,000 DKK

**EBITDA = Operating Profit + DA&I**
EBITDA = 19,774 + 12,283 = **32,057,000,000 DKK**

(Note: This matches the reported "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" of 32,057,000,000 DKK, confirming our calculation)

## Step 2: Identify Net Debt Components

**Total Debt (end of 2023-01-01):**
- Longterm Borrowings: 60,451,000,000 DKK
- Shortterm Borrowings: 2,830,000,000 DKK
- Total Borrowings: 63,281,000,000 DKK

**Cash and Equivalents (end of 2023-01-01):**
- Cash: 16,178,000,000 DKK

**Net Debt = Total Borrowings - Cash**
Net Debt = 63,281 - 16,178 = **47,103,000,000 DKK**

## Step 3: Calculate Net Debt / EBITDA Ratio

Using S&P methodology (Net Debt / EBITDA):

**Ratio = Net Debt / EBITDA**
Ratio = 47,103 / 32,057 = **1.47**

<answer>1.47</answer>