To calculate the Net Debt / EBITDA ratio for Bouygues for 2022 (based on the reporting year 2022-2023, where 2022 data corresponds to the end of the previous period), we must first derive EBITDA and then divide the Net Debt by that figure. **1. Calculate EBITDA for 2022 (2021-01-01 to 2022-01-01):** * **Operating Profit (EBIT):** "Profit Loss From Operating Activities" (2021-2022) = 1,733,000,000 EUR * **Depreciation & Amortisation:** "Depreciation And Amortisation Expense" (2021-2022) = 2,065,000,000 EUR * **Depreciation (Right-of-use):** "Depreciation Rightofuse Assets" (2021-2022) = 353,000,000 EUR * **Impairment/Provisions:** "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" (2021-2022) = 405,000,000 EUR *Note: S&P methodology typically adds back D&A and impairment/provisions to EBIT.* EBITDA = EBIT (1,733M) + Depreciation & Amortisation (2,065M) + Depreciation Right-of-use (353M) + Provision Expense/Impairment (405M) EBITDA = 1,733 + 2,065 + 353 + 405 = 4,556,000,000 EUR **2. Identify Net Debt for 2022:** * The data explicitly provides "Net Debt" for 2022-01-01 (which represents the position at the end of the 2021 financial year, reported in the 2022 report): 941,000,000 EUR. **3. Calculate the Ratio:** * Ratio = Net Debt / EBITDA * Ratio = 941,000,000 / 4,556,000,000 ≈ 0.2065 Applying the standard financial interpretation of the provided figures: 0.21