To estimate the Net Debt / EBITDA ratio for EDF for the year 2022 according to S&P methodology, we identify the necessary components from the provided data: 1. **EBITDA**: In the provided facts, "Operating Profit Before Depreciation And Amortisation" (often used as a proxy for EBITDA) for the period 2022-01-01 to 2023-01-01 is **-4,986,000,000 EUR**. 2. **Net Debt**: Net debt is typically calculated as total financial liabilities minus cash and cash equivalents and other liquid financial assets. * **Financial Liabilities**: This includes both current and non-current financial liabilities. * Non-current financial liabilities: 71,058,000,000 EUR * Current financial liabilities: 71,844,000,000 EUR * Total Financial Liabilities = 142,902,000,000 EUR * **Cash and Financial Assets**: This includes cash and cash equivalents and other current financial assets (as listed in the balance sheet for 2023-01-01, representing the end of 2022). * Cash and cash equivalents: 10,948,000,000 EUR * Other current financial assets: 58,033,000,000 EUR * Total Cash and Liquid Assets = 68,981,000,000 EUR * **Net Debt** = 142,902,000,000 - 68,981,000,000 = **73,921,000,000 EUR** 3. **Ratio Calculation**: * Ratio = Net Debt / EBITDA * Ratio = 73,921,000,000 / -4,986,000,000 * Calculation: -14.8257... When EBITDA is negative, the Net Debt/EBITDA ratio is mathematically negative and generally considered non-meaningful or "not applicable" in standard credit analysis because it does not represent a leverage coverage capability. However, requested for an estimation based on the provided figures: -14.83