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

First, let me understand the S&P methodology for Net Debt and EBITDA:

**Net Debt (S&P methodology):**
- Total Debt (short-term + long-term borrowings) minus Cash and Cash Equivalents
- S&P typically includes bank overdrafts in debt

**EBITDA (S&P methodology):**
- Operating profit/loss + Depreciation and Amortization + Interest + Taxes
- Or more specifically, we need to reconstruct from the income statement

Let me work through this step by step.

**Step 1: Calculate Total Debt at 2022-01-01 (beginning of 2022, which is end of 2021)**

From the balance sheet data:
- Longterm Borrowings 2022-01-01: 12,366,000,000 EUR
- Shortterm Borrowings 2022-01-01: 1,339,000,000 EUR
- Current Bank Overdrafts 2022-01-01: 64,000,000 EUR

Total Debt = 12,366,000,000 + 1,339,000,000 + 64,000,000 = 13,769,000,000 EUR

Cash and Cash Equivalents 2022-01-01: 3,204,000,000 EUR

Net Debt at 2022-01-01 = 13,769,000,000 - 3,204,000,000 = 10,565,000,000 EUR

Wait - I need to re-read the dates. The data shows 2022-01-01 and 2023-01-01, which are beginning of year balances. For 2022 performance, I need the period 2022-01-01 to 2023-01-01, and the balance at 2023-01-01 for year-end 2022.

Let me recalculate for **year-end 2022** (which is 2023-01-01 in the data):

**Total Debt at 2023-01-01:**
- Longterm Borrowings 2023-01-01: 19,006,000,000 EUR
- Shortterm Borrowings 2023-01-01: 709,000,000 EUR
- Current Bank Overdrafts 2023-01-01: 0 EUR

Total Debt = 19,006,000,000 + 709,000,000 + 0 = 19,715,000,000 EUR

Cash and Cash Equivalents 2023-01-01: 6,547,000,000 EUR

Net Debt at year-end 2022 = 19,715,000,000 - 6,547,000,000 = 13,168,000,000 EUR

**Step 2: Calculate EBITDA for 2022 (period 2022-01-01 to 2023-01-01)**

From the income statement for 2022:
- Profit Loss From Operating Activities: -976,000,000 EUR
- Depreciation And Amortisation Expense: 1,233,000,000 EUR
- Finance Costs: 300,000,000 EUR
- Finance Income: 43,000,000 EUR
- Income Tax Expense Continuing Operations: -354,000,000 EUR (negative means tax benefit)

Let me verify: Profit Loss Before Tax = -1,233,000,000 EUR

Check: Operating profit + Finance Income - Finance Costs = -976,000,000 + 43,000,000 - 300,000,000 = -1,233,000,000 EUR ✓

For S&P EBITDA:
EBITDA = Operating Profit (or EBIT) + Depreciation and Amortization + Interest + Taxes

Actually, let me be more careful. S&P typically uses:
EBITDA = EBIT + D&A

Where EBIT = Operating Profit + Interest Income - Interest Expense (or use Profit Before Tax + Interest Expense - Interest Income)

Or more standard: EBITDA = Net Income + Interest + Taxes + D&A

Let me use: EBITDA = Profit Loss Before Tax + Finance Costs - Finance Income + Depreciation And Amortisation Expense

= -1,233,000,000 + 300,000,000 - 43,000,000 + 1,233,000,000

Wait, let me recheck. Profit Loss Before Tax = -1,233,000,000

Actually: Profit Before Tax + Interest Expense + D&A = EBITDA (roughly, ignoring interest income treatment)

More precisely for S&P:
EBIT = Profit Before Tax + Interest Expense - Interest Income (this gives operating profit before financing, but after operating activities)

Actually, looking at this more carefully:

Profit Loss From Operating Activities = -976,000,000 (this is EBIT in many European presentations)

Then: Finance Income - Finance Costs = -257,000,000
So Profit Before Tax = -976,000,000 - 257,000,000 = -1,233,000,000 ✓

For S&P EBITDA:
EBITDA = EBIT + D&A = -976,000,000 + 1,233,000,000 = 257,000,000 EUR

Wait, this seems low. Let me verify if "Profit Loss From Operating Activities" is truly EBIT.

Actually, in IFRS, "Profit from operating activities" typically includes operating profit before financing costs. So this should be EBIT.

But let me cross-check with another approach:
EBITDA = Revenue - Operating Expenses + D&A (if operating expenses include D&A)

Revenue = 8,299,000,000
Operating Expense = 9,395,000,000

But Operating Expense likely includes D&A. Let me check:
Employee Benefits: 285,000,000
Depreciation And Amortisation: 1,233,000,000
Miscellaneous Other Operating Expense: 322,000,000
Other Gains Losses: -38,000,000

Sum of these: 285 + 1,233 + 322 - 38 = 1,802,000,000

But Operating Expense is 9,395,000,000. This includes much more - likely cost of sales/energy transmission charges.

Energy Transmission Charges = 7,517,000,000

Let me check: 7,517 + 285 + 1,233 + 322 - 38 = 9,319,000,000 ≈ 9,395,000,000? Not quite.

Actually 7,517 + 285 + 1,233 + 322 - 38 = 9,319, but operating expense is 9,395. Difference is 76M.

Hmm, let me just use the standard S&P approach:

EBITDA = EBIT + Depreciation & Amortization

Where EBIT = Profit before tax + Net Interest Expense
= -1,233,000,000 + (300,000,000 - 43,000,000) 
= -1,233,000,000 + 257,000,000
= -976,000,000

This matches "Profit Loss From Operating Activities" = -976,000,000

So EBITDA = -976,000,000 + 1,233,000,000 = 257,000,000 EUR

This is very low/weak EBITDA. Let me verify this is correct.

Actually, I want to double-check. The S&P methodology sometimes adjusts EBITDA. But based on standard calculation:

EBITDA = 257,000,000 EUR

But wait - I need to check if there are other items. Looking at operating expenses, is D&A included in operating expense? 

Operating Expense = 9,395,000,000
If we add back D&A to get "Adjusted Operating Expense" = 9,395,000,000 - 1,233,000,000 = 8,162,000,000

Then EBITDA = Revenue - Adjusted Operating Expense + Other Gains/Losses adjustments?
= 8,299,000,000 - 8,162,000,000 + something?

Actually 8,299 - 8,162 = 137, not 257.

Let me recalculate. The issue is "Other Gains Losses" of -38,000,000.

If Operating Expense includes this, then:
Operating Expense excluding D&A and Other Gains = 9,395 - 1,233 - (-38)? No, gains are negative expense.

Let me try: EBITDA = Revenue - (Operating Expense - D&A - Other losses/gains that are non-operating)

Actually, standard formula:
EBITDA = Operating Profit + D&A

Where Operating Profit = EBIT = Profit before financing costs and taxes = -976,000,000

So EBITDA = -976,000,000 + 1,233,000,000 = 257,000,000 EUR

This seems correct based on the data structure.

However, I want to verify using another S&P convention. Sometimes S&P uses "Funds From Operations" or adjusts for working capital and other items. But for pure EBITDA:

Let me also check if we should use average net debt or year-end net debt. S&P typically uses year-end net debt for leverage ratios, or sometimes average. For Net Debt/EBITDA, it's typically year-end net debt divided by EBITDA.

Net Debt at year-end 2022 = 13,168,000,000 EUR
EBITDA for 2022 = 257,000,000 EUR

Net Debt / EBITDA = 13,168,000,000 / 257,000,000 = 51.24

This seems extremely high. Let me re-verify my EBITDA calculation.

Actually, I think I need to reconsider. Is "Profit Loss From Operating Activities" truly EBIT? Let me check the cash flow statement.

From cash flow:
Cash Flows From Used In Operations Excluding Eeg Working Capital = 596,000,000

Adjustments to get from Profit to Operating Cash Flow:
- D&A: 1,233,000,000
- Losses on disposal: 38,000,000
- Undistributed profits equity method: 120,000,000
- Dividends received: 92,000,000
- Provisions: 104,000,000
- Other non-cash: 1,347,000,000
- Working capital changes: various

Starting from Profit Loss = -879,000,000

Let me try: EBITDA from cash flow perspective
Cash from operations before working capital = 596,000,000 (excluding EEG working capital)
+ Income taxes paid = 231,000,000
= 827,000,000 (approximate cash from operations before tax)

This is still not matching well. Let me think differently.

Actually, for S&P methodology, they often calculate EBITDA as:
EBITDA = EBIT + D&A + other non-cash items (sometimes)

But standard is just EBIT + D&A.

Given the massive capital intensity of TenneT (transmission system operator), and the huge revenue growth (from 5.5B to 8.3B), let me recheck if my debt figure is right.

Actually, I realize I should double-check: is 2022 the period from 2022-01-01 to 2023-01-01? Yes, that's what the data shows.

And the balance at 2023-01-01 is year-end 2022.

Let me recheck EBITDA one more time. Maybe I need to look at this differently.

Revenue: 8,299,000,000
Energy Transmission Charges: 7,517,000,000

Gross Margin = 8,299 - 7,517 = 782,000,000

Then: Employee Benefits: 285,000,000
Depreciation: 1,233,000,000
Miscellaneous Other Operating: 322,000,000
Other Gains Losses: -38,000,000

Total operating costs after gross margin = 285 + 1,233 + 322 - 38 = 1,802,000,000

Operating Profit = 782 - 1,802 = -1,020,000,000? 

But stated Profit Loss From Operating Activities = -976,000,000

Difference is 44M. Hmm, maybe Energy Transmission Charges is part of revenue or there's a different classification.

Actually, looking more carefully: "Energy Transmission Charges" might be a revenue line item or cost item. Given it's listed after Revenue and before expenses, it might be a specific type of revenue, or the main cost of sales.

If Revenue = 8,299 and Energy Transmission Charges = 7,517, and this is cost of sales:
Gross profit = 8,299 - 7,517 = 782

Then operating expenses = 285 + 1,233 + 322 - 38 = 1,802
Operating loss = 782 - 1,802 = -1,020

But we have -976. So there's a 44M difference. Perhaps other items.

Actually, I think "Other Gains Losses" of -38M is likely a negative number meaning losses, so it's an expense. Let me try:
285 + 1,233 + 322 + 38 = 1,878
782 - 1,878 = -1,096, not right either.

Let me just accept the stated -976,000,000 as EBIT.

EBITDA = -976,000,000 + 1,233,000,000 = 257,000,000 EUR

Actually, I want to check one more thing. S&P sometimes uses "adjusted EBITDA" which might add back certain items. But for standard calculation, I'll use this.

Net Debt / EBITDA = 13,168,000,000 / 257,000,000 = 51.24

Wait, this seems wrong for a viable company. Let me re-examine.

Actually, I think I misread the data. Let me re-check: "Profit Loss From Operating Activities" = -976,000,000 for 2022.

But looking at cash flow: "Cash Flows From Used In Operations Excluding Eeg Working Capital" = 596,000,000

This is positive! How can operating cash flow be positive with such negative operating profit?

Because of addbacks:
Start with Profit Loss: -879,000,000
Add D&A: +1,233,000,000
Add losses on disposal: +38,000,000
Add undistributed profits: +120,000,000
Add dividends received: +92,000,000
Add provisions: +104,000,000
Add other non-cash: +1,347,000,000
Subtotal before working capital: 2,055,000,000

Then working capital adjustments (excluding EEG): -1,026 -49 +330 -103 +269... wait let me read carefully.

"Adjustments For Decrease Increase In Trade And Other Receivables Excluding Eeg Working Capital": -1,026,000,000 (negative means increase in receivables, cash outflow)
"Adjustments For Decrease Increase In Inventories Excluding Eeg Working Capital": -49,000,000
"Adjustments For Increase Decrease In Trade And Other Payables Excluding Eeg Working Capital": -33,000,000 (negative means decrease in payables, cash outflow)
"Adjustments For Increase Decrease In Contract Liabilities Excluding Eeg Working Capital": +103,000,000
"Adjustments For Increase Decrease In Current Financial Liabilities Excluding Eeg Working Capital": +269,000,000

Working capital sum: -1,026 - 49 - 33 + 103 + 269 = -736,000,000

Cash from operations before tax = 2,055 - 736 = 1,319,000,000? But stated is 596,000,000 before tax, and then minus 231 tax = ?

Actually "Cash Flows From Used In Operations Excluding Eeg Working Capital" = 596,000,000

Hmm, let me recalculate. The sum of adjustments:
1,233 + 38 + 120 + 92 + 104 + 1,347 = 2,934? No wait, other non-cash is 1,347.

Let me be more careful:
-879 (profit)
+1,233 (D&A)
+38 (losses)
+120 (undistributed)
+92 (dividends)
+104 (provisions)
+1,347 (other non-cash)
= 2,055

Then working capital excluding EEG: -1,026 - 49 - 33 + 103 + 269 = -736

2,055 - 736 = 1,319

Then minus income taxes paid 231 = 1,088? Not 596.

Hmm, let me re-read. "Increase Decrease In Working Capital Excluding Eeg Working Capital" = 736,000,000 (positive)

So if working capital change is +736, that means cash inflow from working capital? But the components I calculated sum to -736.

Wait, I need to be careful with signs. The line "Increase Decrease In Working Capital Excluding Eeg Working Capital" = 736,000,000

If this is positive in the cash flow statement, it means decrease in working capital (cash inflow) or it's presented as a positive adjustment.

Actually in cash flow statements, "Increase Decrease In Working Capital" as a positive number typically means source of cash (decrease in receivables, increase in payables).

But looking at individual items:
"Adjustments For Decrease Increase In Trade And Other Receivables" = -1,026 (negative = increase in receivables = use of cash)
"Adjustments For Decrease Increase In Inventories" = -49 (negative = increase in inventories = use of cash)
"Adjustments For Increase Decrease In Trade And Other Payables" = -33 (negative = decrease in payables = use of cash)

These are all negative, meaning uses of cash. But then:
"Adjustments For Increase Decrease In Contract Liabilities" = +103 (positive = increase in liabilities = source of cash)
"Adjustments For Increase Decrease In Current Financial Liabilities" = +269

Sum: -1,026 - 49 - 33 + 103 + 269 = -736

But the total "Increase Decrease In Working Capital Excluding Eeg Working Capital" = +736

This is opposite sign! So the total is presented as positive 736, meaning it's a source of cash (or the line item is inverted).

Actually, re-reading: if the total is +736 and components sum to -736, there's a sign convention issue. Let me just trust the total line: "Increase Decrease In Working Capital Excluding Eeg Working Capital" = 736,000,000

So: 2,055 + 736 = 2,791 before tax? Then minus tax 231 = 2,560? Still not 596.

Hmm, I'm confused. Let me try another approach. Maybe "Cash Flows From Used In Operations Excluding Eeg Working Capital" = 596 is after some other adjustments.

Actually, re-reading: "Cash Flows From Used In Operations Excluding Eeg Working Capital" - the "Used In" suggests this is a use, so negative? But the number is positive 596.

In IFRS, "Cash flows from operating activities" when positive means cash generated. The "Used In" in the label might just be descriptive.

Let me check: if operating cash flow excluding EEG is 596, and then EEG working capital is -1,792 (negative, use of cash), total operating cash flow = 596 - 1,792 = -1,196? But stated "Cash Flows From Used In Operating Activities" = 1,196,000,000 (positive).

Wait, "Cash Flows From Used In Operating Activities" = 1,196,000,000. If this is positive, it's cash generated.

Actually I think the naming convention is: "Cash Flows From (Used In) Operating Activities" = 1,196 means cash generated (positive).

And "Cash Flows From Used In Operations Excluding Eeg Working Capital" = 596, plus "Increase Decrease In Working Capital Eeg Working Capital" = -1,792, gives 596 - 1,792 = -1,196? No, that's not right.

Actually: 596 + (-1,792) = -1,196, but total is +1,196. So signs are confusing.

Let me just accept the stated numbers and move on. The key is EBITDA calculation.

Going back to EBITDA: I want to verify using a different approach. S&P Global Ratings methodology for EBITDA:

For utilities/infrastructure, S&P typically uses:
EBITDA = Operating revenues - Operating expenses + D&A

Where operating expenses exclude D&A.

Or: EBITDA = EBIT + D&A + impairment + other non-cash charges

Given the data, EBIT = -976,000,000, D&A = 1,233,000,000, so EBITDA = 257,000,000.

But this seems very low. Let me check if "Profit Loss From Operating Activities" includes or excludes certain items.

Actually, looking at European utilities, sometimes "operating activities" includes share of profit from associates/JVs. Let me check:

Share Of Profit Loss Of Associates And Joint Ventures = 120,000,000

If this is included in operating activities, then EBIT before equity method = -976 - 120 = -1,096,000,000? Or is it already included?

Actually, typically share of profit from equity method investments is shown after operating profit (as part of pre-tax profit but not part of operating profit in strict sense). But in IFRS, it can be included in "operating activities" depending on classification.

Looking at the P&L structure:
- Profit Loss From Operating Activities: -976
- Then financing items
- Then Profit Before Tax: -1,233

Wait, -976 + 43 - 300 = -1,233. So share of profit from associates (120) must be included in operating activities!

Let me verify: Revenue 8,299 - Operating Expense 9,395 = -1,096. Then + Other Gains/Losses? Or + Share of profit?

Actually: -1,096 + 120 (share of profit) = -976. Yes! That works.

So EBIT = -976 includes share of profit from associates.

For S&P EBITDA, they might exclude equity income or include it differently. But standard is to include it in EBIT.

Let me try another EBITDA calculation:
EBITDA = (Revenue - Cash Operating Costs) = Revenue - (Operating Expense - D&A) + adjustments

Operating Expense 9,395 includes D&A 1,233? Let's assume yes.
Cash operating costs = 9,395 - 1,233 = 8,162
Plus other gains/losses = -38 (loss, so expense)

Hmm, this is getting messy with classifications.

Let me use the most standard S&P approach:
EBITDA = EBIT + D&A = -976 + 1,233 = 257

Or if we adjust for equity method:
EBIT excluding equity method = -976 - 120 = -1,096
EBITDA = -1,096 + 1,233 = 137? No, D&A is already in operating expenses.

Actually, equity method income doesn't include D&A (it's net income). So EBIT includes the net equity income, not EBITDA. For S&P, sometimes they add back the equity income to get to "operating EBITDA" or exclude it.

I think for standardization, let me use:
EBITDA = Profit Before Tax + Interest Expense - Interest Income + D&A
= -1,233 + 300 - 43 + 1,233
= 257

Wait: -1,233 + 300 - 43 + 1,233 = 257. Yes.

Or using EBIT: -976 + 1,233 = 257.

This is consistent. EBITDA = 257,000,000 EUR.

Net Debt = 13,168,000,000 EUR

Ratio = 13,168 / 257 = 51.24

But this seems extremely high. Let me double-check net debt.

Actually, S&P might include other items in debt. Let me check:
- Lease liabilities? S&P sometimes includes lease liabilities in debt, sometimes not.
- Other financial liabilities?

Noncurrent Lease Liabilities: 574,000,000
Current Lease Liabilities: 155,000,000
Other Noncurrent Financial Liabilities: 185,000,000
Other Current Financial Liabilities: 550,000,000

If we include these in debt:
Total Debt = 19,006 + 709 + 0 + 574 + 155 + 185 + 550 = 21,179,000,000

Net Debt = 21,179 - 6,547 = 14,632,000,000

Ratio = 14,632 / 257 = 56.93

Even higher.

Actually, S&P methodology for utilities typically includes all interest-bearing debt and finance lease obligations. Operating leases might be treated differently.

But let me reconsider: is my EBITDA correct? Looking at this again...

Actually, I wonder if "Operating Expense" of 9,395 is after certain items. Let me look at the cash flow again.

Cash Flows From Used In Operations Excluding Eeg Working Capital = 596,000,000

This is roughly: EBITDA - Cash taxes - Interest paid + other adjustments?

If we work backwards:
Cash from operations excluding working capital = 596
+ Income taxes paid = 231
+ Interest paid (financing) = 202? No, interest paid is in financing.

Actually in operating cash flow, interest paid can be in operating or financing. Looking at the cash flow, interest paid is in financing activities (202M). Interest received is in investing (45M) and operating (dividends received 92M).

Hmm, dividends received are in operating, not interest.

Let me try: EBITDA = ?
- D&A = 1,233 (add back)
- Other non-cash = 1,347 (add back)
- Working capital changes = various

From profit -879:
Add D&A 1,233 = 354
Add losses 38 = 392
Add equity income 120 = 512 (but this is positive income, should subtract?)
Wait, undistributed profits of investments = 120, this is added back because it's non-cash equity income.

So -879 + 1,233 + 38 + 120 + 92 + 104 + 1,347 = 2,055

Then working capital excluding EEG = -736 (use of cash)
= 2,055 - 736 = 1,319

Then taxes paid = 231
Cash flow = 1,319 - 231 = 1,088? But stated is 596.

Hmm, difference is 492. Let me check if there's something else.

Actually, re-reading: "Other Adjustments For Noncash Items" = 1,347,000,000. This is quite large. What could this be?

Maybe this includes changes in regulatory assets/liabilities, or other accruals. If this is non-cash, it's added back.

Let me just accept the complexity and use the standard formula.

Actually, I want to try one more thing. Maybe "Profit Loss From Operating Activities" is not EBIT but something else. Let me see:

Revenue: 8,299
Less: Energy Transmission Charges: 7,517
Gross margin: 782

Less: Employee Benefits: 285
Less: Depreciation: 1,233
Less: Miscellaneous: 322
Add/Less: Other Gains Losses: -38 (loss)

Operating profit before equity method = 782 - 285 - 1,233 - 322 - 38 = -1,096

Plus: Share of profit equity method: 120
Operating profit = -976

Yes! This makes sense. So "Profit Loss From Operating Activities" = -976 is after all operating expenses including D&A and after equity method income.

Therefore EBIT = -976,000,000 (including equity method)
EBITDA = EBIT + D&A = -976 + 1,233 = 257,000,000

But wait - is equity method income included in EBITDA? Typically no, because it's below EBITDA line. But in this P&L structure, it seems included in operating activities.

If we want "clean" EBITDA excluding equity method:
= (Revenue - Cash operating costs) = 8,299 - 7,517 - 285 - 322 - 38 = 1,137? No wait.

Gross margin 782
Less: Employee benefits 285
Less: Miscellaneous 322
Less: Other losses 38
= 137

Plus D&A 1,233
= 1,370

Then plus equity method? No, equity method is not part of EBITDA typically.

Hmm, I'm getting confused with the P&L structure. Let me just use the standard definition:

EBITDA = EBIT + Depreciation and Amortization

Where EBIT is profit before interest and taxes. From the data:
- Profit Before Tax = -1,233
- Net Finance Costs = 300 - 43 = 257 (expense)
- EBIT = -1,233 + 257 = -976

This matches "Profit Loss From Operating Activities" = -976.

So EBITDA = -976 + 1,233 = 257.

I'll use this. But I want to check one more thing: does S&P use average or year-end net debt? For leverage ratios, S&P typically uses year-end net debt or sometimes average of beginning and end.

Beginning 2022 Net Debt (2022-01-01):
Debt: 12,366 + 1,339 + 64 = 13,769
Cash: 3,204
Net Debt: 10,565

End 2022 Net Debt (2023-01-01):
Debt: 19,006 + 709 + 0 = 19,715
Cash: 6,547
Net Debt: 13,168

Average Net Debt = (10,565 + 13,168) / 2 = 11,866.5

If S&P uses average: 11,866.5 / 257 = 46.17

If year-end: 13,168 / 257 = 51.24

S&P typically uses year-end net debt for point-in-time ratios, or sometimes average for trend analysis. For "Net Debt / EBITDA" as a credit metric, it's usually latest point-in-time, so year-end.

But let me also consider: does S&P include cash in net debt? Yes, standard is gross debt minus cash and equivalents.

Actually, I want to re-verify my debt figure. S&P might include:
- Short-term borrowings: 709
- Long-term borrowings: 19,006
- Bank overdrafts: 0
- Lease liabilities (finance leases): ?

In current IFRS, all leases are on balance sheet. So lease liabilities are debt-like.

Noncurrent Lease Liabilities: 574
Current Lease Liabilities: 155

If included: Total Debt = 19,006 + 709 + 574 + 155 = 20,444
Net Debt = 20,444 - 6,547 = 13,897

Ratio = 13,897 / 257 = 54.07

Other financial liabilities:
Other Noncurrent Financial Liabilities: 185
Other Current Financial Liabilities: 550

If these are debt-like: Total Debt = 20,444 + 185 + 550 = 21,179
Net Debt = 21,179 - 6,547 = 14,632

Ratio = 14,632 / 257 = 56.93

S&P methodology for utilities typically includes all borrowings, finance leases, and debt-like instruments. Operating leases (as per IFRS 16) are typically included in debt.

Let me check what "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" are. These could be derivatives, payables, or other debt. Without more detail, I'll include them as debt-like for conservative S&P approach.

Actually, looking at the cash flow: "Repayments Of Other Financial Liabilities Classified As Financing Activities" = 20,000,000. This suggests other financial liabilities are debt-like (repaid in financing activities).

So I'll include:
- Long-term borrowings: 19,006
- Short-term borrowings: 709
- Lease liabilities (noncurrent): 574
- Lease liabilities (current): 155
- Other noncurrent financial liabilities: 185
- Other current financial liabilities: 550
Total: 21,179

Less: Cash and equivalents: 6,547
Net Debt: 14,632

Wait, I should check if there are bank overdrafts included in cash. "Current Bank Overdrafts" = 0 at 2023-01-01, and "Cash And Cash Equivalents" = 6,547. Also "Cash And Cash Equivalents If Different From Statement Of Financial Position" = 6,547. So no overdrafts to net.

Net Debt = 14,632,000,000

But actually, I want to reconsider EBITDA. The S&P methodology might adjust EBITDA for non-recurring items, or use a different base.

Looking at the previous year (2021):
EBIT = -275,000,000
D&A = 1,165,000,000
EBITDA = 890,000,000

Net Debt 2021:
Debt: 12,366 + 1,339 + 64 = 13,769? No wait, that's 2022 beginning.

2021 year-end (2022-01-01):
Debt: 12,366 + 1,339 + 64 = 13,769
Cash: 3,204
Net Debt: 10,565

2021 EBITDA: EBIT -275 + D&A 1,165 = 890
Net Debt / EBITDA 2021 = 10,565 / 890 = 11.87

This is more reasonable! The ratio went from ~12x to ~57x because EBITDA collapsed in 2022.

Is this right? Revenue went from 5,524 to 8,299 (up 50%), but energy transmission charges went from 4,102 to 7,517 (up 83%). So margin compression.

Actually, this makes sense for a TSO in 2022 with energy crisis - costs spiked more than revenues due to regulatory lag or pass-through mechanisms.

Let me verify 2021 EBITDA calculation:
Profit Before Tax 2021 = -475
Finance Costs 2021 = 202 - 2 = 200
EBIT 2021 = -475 + 200 = -275 ✓
EBITDA 2021 = -275 + 1,165 = 890 ✓

And 2022:
Profit Before Tax = -1,233
Finance Costs = 300 - 43 = 257
EBIT = -1,233 + 257 = -976 ✓
EBITDA = -976 + 1,233 = 257 ✓

So EBITDA did collapse from 890 to 257.

Net Debt 2022 year-end with full debt definition = 14,632
Ratio = 14,632 / 257 = 56.93

Or with narrower debt definition (just borrowings and leases):
Debt = 19,006 + 709 + 574 + 155 = 20,444
Net Debt = 20,444 - 6,547 = 13,897
Ratio = 13,897 / 257 = 54.07

Or with just borrowings:
Debt = 19,006 + 709 = 19,715
Net Debt = 19,715 - 6,547 = 13,168
Ratio = 13,168 / 257 = 51.24

I need to decide which S&P definition to use. S&P Global Ratings typically includes:
- All borrowings (short and long term)
- Finance lease obligations
- Operating lease obligations (post-IFRS 16)
- Debt-like pension obligations? Sometimes
- Derivatives that are debt-like

For utilities, S&P is typically comprehensive. Let me include:
- Borrowings: 19,006 + 709 = 19,715
- Lease liabilities: 574 + 155 = 729
- Other financial liabilities if debt-like: 185 + 550 = 735

Total debt = 19,715 + 729 + 735 = 21,179
Net debt = 21,179 - 6,547 = 14,632

Actually, let me reconsider "Other Current Financial Liabilities" = 550. Is this debt? Looking at cash flow: "Adjustments For Increase Decrease In Current Financial Liabilities Excluding Eeg Working Capital" = 269. This is an adjustment, not a financing activity. And "Repayments Of Other Financial Liabilities Classified As Financing Activities" = 20. This suggests only some other financial liabilities are financing-related.

Actually, looking more carefully: "Other Current Financial Liabilities" might include accrued interest, derivatives, or other items not all of which are debt.

For S&P, I'll use a standard approach: borrowings + lease liabilities.

Total Debt = 19,715 + 729 = 20,444
Net Debt = 20,444 - 6,547 = 13,897

But wait, I should also check if there are any restricted cash or other adjustments. The data doesn't suggest this.

Let me also consider: S&P sometimes uses "Total Debt" not "Net Debt" for some ratios, but the question asks for Net Debt / EBITDA.

Final calculation:
Net Debt = 20,444 - 6,547 = 13,897 (borrowings + leases minus cash)
Or = 19,715 - 6,547 = 13,168 (borrowings only)

I'll go with the more comprehensive S&P approach including leases, as IFRS 16 leases are generally considered debt-like.

Net Debt = 13,897
EBITDA = 257
Ratio = 13,897 / 257 = 54.0749...

Let me round to reasonable precision: 54.1 or about 54.

Actually, let me double-check by using a slightly different but still valid approach. Some S&P analysts might exclude lease liabilities from net debt for certain sectors, or include them.

If we use just borrowings (more common for some utility analysis):
Net Debt = 13,168
EBITDA = 257
Ratio = 51.24

Hmm, I want to verify EBITDA one more time. Is there any adjustment S&P would make?

S&P sometimes adjusts for:
- Non-recurring items
- Provisions
- Regulatory adjustments

Looking at "Other Gains Losses" = -38. This is a loss. Is this non-recurring? Possibly.
"Miscellaneous Other Operating Expense" = 322. Any non-recurring?

Without specific guidance, I'll use reported EBITDA.

Actually, I realize I should check if S&P uses "adjusted EBITDA" that adds back certain "one-time" items. But without specific knowledge of what's one-time, I'll use standard.

Let me also verify: is 257M EBITDA reasonable? 
Revenue 8,299M, and EBITDA margin of 3.1%? This is very low for a utility, but 2022 was an exceptional year with energy crisis.

Actually, looking at cash flow from operations excluding working capital = 596M. This is roughly EBITDA - interest - taxes + other items.

If EBITDA = 257, minus interest 300, minus taxes -354 (refund), plus other = ?
257 - 300 + 354 + other = 311 + other. To get to 596, need other = 285.

Hmm, not matching well. But cash flow has many adjustments.

I'll stick with EBITDA = 257M from standard definition.

One more check: maybe I should use average net debt?
(10,565 + 13,897) / 2 = 12,231
12,231 / 257 = 47.59

S&P sometimes uses average for ratios when there's significant change. But year-end is more common for point-in-time credit metrics.

Given the significant increase in debt during 2022, year-end is more conservative and likely what S&P would use for current assessment.

Final answer: I'll use year-end net debt with borrowings and leases, divided by EBITDA.

Net Debt = 13,897
EBITDA = 257
Ratio = 54.07

Or if using narrower definition: 51.24

I think for S&P methodology which is comprehensive, I'll include lease liabilities.

<answer>54.07</answer>