To estimate the Net Debt / EBITDA ratio for VINCI for the year 2022 based on the S&P methodology, we calculate the Adjusted Net Debt and Adjusted EBITDA using the provided figures.

**1. Calculate Net Debt:**
S&P defines Net Debt as all interest-bearing obligations (including lease liabilities) minus accessible cash and highly liquid short-term investments.
- Noncurrent Portion Of Noncurrent Bonds Issued: €20,425,000,000
- Noncurrent Portion Of Other Noncurrent Borrowings: €3,205,000,000
- Noncurrent Lease Liabilities: €1,580,000,000
- Shortterm Borrowings: €6,368,000,000
- Current Lease Liabilities: €522,000,000
**Gross Debt** = 20,425 + 3,205 + 1,580 + 6,368 + 522 = €32,100,000,000

- Cash And Cash Equivalents: €12,578,000,000
- Current Cash Management Financial Assets (highly liquid short-term investments): €755,000,000
**Total Accessible Cash** = 12,578 + 755 = €13,333,000,000

**Net Debt** = Gross Debt - Total Accessible Cash
Net Debt = 32,100,000,000 - 13,333,000,000 = €18,767,000,000

**2. Calculate Adjusted EBITDA:**
S&P generally calculates EBITDA by taking Recurring Operating Profit and adding back Depreciation & Amortization (excluding non-recurring/exceptional items).
- Profit Loss From Operating Activities Recurring (EBIT adjusted for non-recurring items): €6,481,000,000
- Adjustments For Depreciation And Amortisation Expense: €3,613,000,000

**Adjusted EBITDA** = 6,481,000,000 + 3,613,000,000 = €10,094,000,000

*(Note: Even if non-recurring items of €8m were included using the unadjusted operating profit of €6,489m, EBITDA would be €10,102m, generating virtually the same ratio).*

**3. Calculate Net Debt / EBITDA Ratio:**
Ratio = 18,767,000,000 / 10,094,000,000 = 1.8592

<answer>1.86</answer>