To estimate the Net Debt / EBITDA ratio for Veolia Environnement for 2022 using standard foundational methodology (often used by platforms like S&P Capital IQ), we extract the core components for Total Debt, Cash, and EBITDA from the provided financials. **1. Calculate Net Debt** Total Debt encompasses all interest-bearing financial obligations, including short-term and long-term financial liabilities, lease liabilities, and bank overdrafts. * Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692.1 million EUR * Current Financial Liabilities Excluding Concession Liabilities: 6,521.4 million EUR * Noncurrent Lease Liabilities: 1,656.2 million EUR * Current Lease Liabilities: 496.5 million EUR * Bank Overdrafts and Other Cash Position Items: 213.6 million EUR *Total Gross Debt = 19,692.1 + 6,521.4 + 1,656.2 + 496.5 + 213.6 = 28,579.8 million EUR* Next, we subtract Cash and Cash Equivalents to find Net Debt: * Cash And Cash Equivalents: 9,012.2 million EUR *Net Debt = 28,579.8 - 9,012.2 = 19,567.6 million EUR* *(Note: Deducting overdrafts directly from cash yields a Net Cash of 8,798.6 million EUR, matching the "Cash And Cash Equivalents If Different" line perfectly, which results in the identical Net Debt of 19,567.6 million EUR).* **2. Calculate EBITDA** EBITDA is calculated by taking the Operating Income and adding back Depreciation, Amortization, and Impairment Losses. * Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities (EBIT): 2,206.3 million EUR * Operating Depreciation Amortization Provisions And Impairment Losses (D&A): 3,178.6 million EUR *EBITDA = 2,206.3 + 3,178.6 = 5,384.9 million EUR* **3. Calculate the Net Debt / EBITDA Ratio** * Ratio = 19,567.6 / 5,384.9 = 3.63379x 3.63