# Analysis of VINCI's Net Debt/EBITDA Ratio (2022) - S&P Methodology

## Reasoning

The Net Debt/EBITDA ratio under S&P methodology is calculated as:
**Net Debt / EBITDA**

Where:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = EBIT + Depreciation & Amortization

### Step 1: Calculate EBITDA for 2022

From the data:
- **Operating Profit (EBIT)** for 2022-01-01 to 2023-01-01: €6,489 million
- **Depreciation & Amortization** for 2022-01-01 to 2023-01-01: €3,613 million

**EBITDA** = €6,489m + €3,613m = **€10,102 million**

### Step 2: Calculate Total Debt for 2022

As of 2023-01-01 (end of 2022):
- Noncurrent Bonds: €20,425 million
- Noncurrent Other Borrowings: €3,205 million
- Short-term Borrowings: €6,368 million

**Total Debt** = €20,425m + €3,205m + €6,368m = **€29,998 million**

### Step 3: Calculate Net Debt for 2022

- Cash and Cash Equivalents (as of 2023-01-01): €12,578 million

**Net Debt** = €29,998m - €12,578m = **€17,420 million**

### Step 4: Calculate Net Debt/EBITDA Ratio

**Net Debt/EBITDA** = €17,420m / €10,102m = **1.72x**

<answer>1.72</answer>