To estimate the Net Debt / EBITDA ratio for 2022 based on S&P methodology, we need to calculate the Net Debt and the EBITDA for the period ending 2022-01-01 (which represents the full year 2021, but under the taxonomy dates provided, the period "2022-01-01" denotes the close of the fiscal year 2021, while the interval 2021-01-01 to 2022-01-01 is the fiscal year flow). Let's use the values provided for the year ending 2022-01-01. 1. **Calculate Net Debt:** Under S&P methodology, Net Debt is typically defined as Total Debt (short-term and long-term borrowings) minus Cash and Cash Equivalents (often including restricted cash if not available for debt service). - **Total Debt:** We sum the current and noncurrent borrowings. - Noncurrent Debt Securities And Bank Borrowings Of Infrastructure Projects (2022-01-01): 7,362,000,000 EUR - Noncurrent Debt Securities And Bank Borrowings Excluding Infrastructure Projects (2022-01-01): 2,151,000,000 EUR - Current Debt Securities And Bank Borrowings Of Infrastructure Projects (2022-01-01): 47,000,000 EUR - Current Debt Securities And Bank Borrowings Excluding Infrastructure Projects (2022-01-01): 1,049,000,000 EUR - Total Debt = 7,362,000,000 + 2,151,000,000 + 47,000,000 + 1,049,000,000 = 10,609,000,000 EUR - **Cash and Cash Equivalents:** - Cash And Cash Equivalents (2022-01-01): 5,536,000,000 EUR - **Net Debt:** 10,609,000,000 - 5,536,000,000 = 5,073,000,000 EUR 2. **Calculate EBITDA:** Under S&P methodology, EBITDA is calculated starting from operating profit (EBIT), adding back depreciation and amortization. The provided facts use the term "Amortisation Expense" which covers both depreciation and amortization under IFRS terminology. - **EBIT (Profit Loss From Operating Activities):** 1,479,000,000 EUR (for the period 2021-01-01 to 2022-01-01) - **Amortisation Expense:** 270,000,000 EUR - **EBITDA:** 1,479,000,000 + 270,000,000 = 1,749,000,000 EUR 3. **Calculate Net Debt / EBITDA Ratio:** - Net Debt / EBITDA = 5,073,000,000 / 1,749,000,000 ≈ 2.9005 2.90