To estimate the Net Debt/EBITDA ratio for VINCI for the year 2022 according to the S&P methodology, we follow these steps: 1. **Calculate EBITDA:** S&P typically defines EBITDA as Operating Income (Profit/Loss from Operating Activities) + Depreciation and Amortization. * "Profit Loss From Operating Activities" (2022): 6,489,000,000 EUR * "Adjustments For Depreciation And Amortisation Expense" (2022): 3,613,000,000 EUR * EBITDA = 6,489,000,000 + 3,613,000,000 = 10,102,000,000 EUR 2. **Calculate Net Debt:** Net Debt is typically defined as Total Financial Debt minus Cash and Cash Equivalents. Based on the provided financial statement items: * "Noncurrent Portion Of Noncurrent Bonds Issued" (2022): 22,212,000,000 EUR * "Noncurrent Portion Of Other Noncurrent Borrowings" (2022): 2,757,000,000 EUR * "Shortterm Borrowings" (2022): 5,769,000,000 EUR * "Noncurrent Lease Liabilities" (2022): 1,574,000,000 EUR * "Current Lease Liabilities" (2022): 524,000,000 EUR * Total Gross Debt = 22,212,000,000 + 2,757,000,000 + 5,769,000,000 + 1,574,000,000 + 524,000,000 = 32,836,000,000 EUR * "Cash And Cash Equivalents" (2022): 11,065,000,000 EUR * "Current Cash Management Financial Assets" (2022): 200,000,000 EUR * Total Cash and Cash Equivalents = 11,065,000,000 + 200,000,000 = 11,265,000,000 EUR * Net Debt = 32,836,000,000 - 11,265,000,000 = 21,571,000,000 EUR 3. **Calculate Ratio:** * Ratio = Net Debt / EBITDA = 21,571,000,000 / 10,102,000,000 ≈ 2.1353 2.135