# Net Debt / EBITDA Ratio Calculation for Naturgy Energy Group (2022)

## S&P Methodology

The S&P methodology for Net Debt / EBITDA follows this formula:

**Net Debt / EBITDA = (Total Debt - Cash) / EBITDA**

Where:
- **Total Debt** = Current Borrowings + Noncurrent Borrowings + Current Lease Liabilities + Noncurrent Lease Liabilities
- **Cash** = Cash and Cash Equivalents
- **EBITDA** = Operating profit before depreciation, amortization, and impairments

## Data Extraction (as of 2022-01-01, for fiscal year 2021-2022)

### Debt Components (2022-01-01):
- Current Borrowings and Current Portion of Noncurrent Borrowings: €1,493 million
- Longterm Borrowings: €13,786 million
- Current Lease Liabilities: €196 million
- Noncurrent Lease Liabilities: €1,325 million

**Total Debt = 1,493 + 13,786 + 196 + 1,325 = €16,800 million**

### Cash (2022-01-01):
- Cash and Cash Equivalents: €3,965 million

**Net Debt = 16,800 - 3,965 = €12,835 million**

### EBITDA (Fiscal Year 2021-2022):
The data shows "Beneficio Bruto De Explotacion Ebitda" for 2021-01-01 - 2022-01-01: €3,529 million

**EBITDA = €3,529 million**

## Calculation

**Net Debt / EBITDA = 12,835 / 3,529 = 3.636x**

<answer>3.64</answer>