# Net Debt / EBITDA Ratio Analysis for ITALGAS S.P.A. (2022)

## S&P Methodology

S&P's Net Debt / EBITDA calculation typically uses:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = Operating Income + Depreciation & Amortization

## Data Extraction for 2022 (as of 2022-01-01)

### Debt Components:
- Short Term Financial Liabilities: €591,188,000
- Long Term Financial Liabilities: €5,785,707,000
- **Total Debt** = €591,188,000 + €5,785,707,000 = **€6,376,895,000**

### Cash:
- Cash and Cash Equivalents (2022-01-01): **€1,391,763,000**

### Net Debt:
- Net Debt = €6,376,895,000 - €1,391,763,000 = **€4,985,132,000**

### EBITDA Calculation (2021-01-01 to 2022-01-01):
- Operating Income (Profit from Operating Activities): €583,231,000
- Depreciation & Amortization: €444,387,000
- Impairment Loss Reversal: €864,000
- **EBITDA** = €583,231,000 + €444,387,000 + €864,000 = **€1,028,482,000**

## Ratio Calculation:
Net Debt / EBITDA = €4,985,132,000 / €1,028,482,000 = **4.85**

<answer>4.85</answer>