# Net Debt / EBITDA Ratio Calculation for NATURGY (2022)

## S&P Methodology

According to S&P's standard approach, the Net Debt / EBITDA ratio is calculated as:

**Net Debt / EBITDA = (Total Debt - Cash) / EBITDA**

Where:
- **Total Debt** = Current Borrowings + Non-current Borrowings + Current Lease Liabilities + Non-current Lease Liabilities
- **Cash** = Cash and Cash Equivalents
- **EBITDA** = Earnings Before Interest, Taxes, Depreciation, and Amortization

## Data Extraction (2022-01-01 / End of 2022)

### Debt Components (as of 2023-01-01, which is end of 2022):
- Current Borrowings and Current Portion of Noncurrent Borrowings: €2,110M
- Longterm Borrowings (Noncurrent): €12,689M
- Current Lease Liabilities: €177M
- Noncurrent Lease Liabilities: €1,309M

**Total Debt = 2,110 + 12,689 + 177 + 1,309 = €16,285M**

### Cash (as of 2023-01-01, which is end of 2022):
- Cash and Cash Equivalents: €3,985M

### EBITDA (for fiscal year 2022, i.e., 2022-01-01 to 2023-01-01):
The data provides: "Beneficio Bruto De Explotacion Ebitda" for the period 2022-01-01 to 2023-01-01: €4,954M

This represents the EBITDA for fiscal year 2022.

## Calculation

**Net Debt = Total Debt - Cash**
Net Debt = €16,285M - €3,985M = €12,300M

**Net Debt / EBITDA = €12,300M / €4,954M = 2.48**

<answer>2.48</answer>