To estimate the Net Debt / EBITDA ratio for VINCI at the end of 2022 using S&P methodology, I need to calculate: 1. **EBITDA**: Earnings Before Interest, Taxes, Depreciation, and Amortization. 2. **Net Debt**: Total debt minus cash and cash equivalents (and possibly other adjustments per S&P, though for a basic calculation, gross debt minus cash is standard). --- **Step 1: Calculate EBITDA** From the income statement for 2022 (2022-01-01 to 2023-01-01): - Profit from operating activities (EBIT): 6,489,000,000 EUR - Depreciation and Amortization (from cash flow statement adjustments): 3,613,000,000 EUR - Expense from share-based payments (non-cash, usually part of EBITDA adjustment): 356,000,000 EUR - *Note*: S&P typically calculates EBITDA from Operating Profit before D&A. Operating Profit + D&A = EBITDA. Share-based payments are non-cash and are often added back, but standard EBITDA is EBIT + Depreciation & Amortization. Let's stick to EBIT + D&A. EBITDA = 6,489,000,000 + 3,613,000,000 = **10,102,000,000 EUR** (If share-based payments of 356M were included in operating expenses and we want "adjusted EBITDA", we might add them, but I'll use the straightforward calculation first.) --- **Step 2: Calculate Net Debt** From the balance sheet at 2023-01-01: *Debt:* - Noncurrent bonds: 20,425,000,000 EUR - Other noncurrent borrowings: 3,205,000,000 EUR - Noncurrent lease liabilities: 1,580,000,000 EUR - Short-term borrowings: 6,368,000,000 EUR - Current lease liabilities: 522,000,000 EUR *S&P methodology typically includes leases in debt, but sometimes excludes them for certain ratios. Usually, leases are included in Gross Debt and EBITDA is adjusted for lease depreciation/interest. For simplicity, let's include all interest-bearing debt.* Total Gross Debt = 20,425M + 3,205M + 1,580M + 6,368M + 522M = **32,100,000,000 EUR** *Cash and Cash Equivalents:* - Cash and cash equivalents: 12,578,000,000 EUR - Current cash management financial assets: 755,000,000 EUR (S&P often includes these as cash equivalents). Total Cash = 12,578M + 755M = **13,333,000,000 EUR** Net Debt = 32,100,000,000 - 13,333,000,000 = **18,767,000,000 EUR** --- **Step 3: Calculate Ratio** Net Debt / EBITDA = 18,767,000,000 / 10,102,000,000 = **1.858** Let's round to a reasonable number of decimals, e.g., two decimals: 1.86. 1.86