To estimate the Net Debt/EBITDA ratio for ENGIE for the year 2022 according to S&P methodology, we first calculate the necessary components using the provided data. **1. EBITDA Calculation:** S&P typically calculates EBITDA as Current Operating Income + Depreciation, Amortization, and Provisions (DAP). * Current Operating Income Including Operating Mtm (2022): 4,309,000,000 EUR * Depreciation, Amortization, and Provisions (2022): 5,187,000,000 EUR * EBITDA = 4,309,000,000 + 5,187,000,000 = 9,496,000,000 EUR **2. Net Debt Calculation:** Net Debt is typically calculated as Total Borrowings (Long-term + Current) minus Cash and Cash Equivalents. * Long-term Borrowings (end of 2022): 30,458,000,000 EUR * Current Borrowings and Current Portion of Non-current Borrowings (end of 2022): 10,590,000,000 EUR * Total Gross Debt = 30,458,000,000 + 10,590,000,000 = 41,048,000,000 EUR * Cash and Cash Equivalents (end of 2022): 13,890,000,000 EUR * Net Debt = 41,048,000,000 - 13,890,000,000 = 27,158,000,000 EUR *(Note: While S&P methodology often involves further adjustments for hybrid securities, operating leases, and provisions, based strictly on the provided report data for these line items, we use the primary debt and cash figures.)* **3. Ratio Calculation:** * Ratio = Net Debt / EBITDA * Ratio = 27,158,000,000 / 9,496,000,000 ≈ 2.8599 Rounding to a standard decimal representation: 2.86