# Net Debt / EBITDA Ratio Analysis for Bouygues 2022

## Reasoning:

### 1. Understanding S&P Methodology
S&P's Net Debt/EBITDA uses:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = EBIT (Operating Profit) + Depreciation & Amortization

### 2. Calculating Net Debt (as of 2022-01-01, which is end of 2021)
The data directly provides:
- **Net Debt at 2022-01-01**: €941,000,000

Note: This is the opening position for fiscal year 2022, representing the balance at the end of 2021.

### 3. Calculating EBITDA for FY 2022 (2022-01-01 to 2023-01-01)

**Operating Profit (EBIT):**
- Profit Loss From Operating Activities: €1,872,000,000

**Add back Depreciation & Amortization:**
- Depreciation And Amortisation Expense: €2,228,000,000
- Depreciation Right-of-use Assets: €446,000,000
- Total D&A: €2,674,000,000

**EBITDA for FY 2022:**
€1,872,000,000 + €2,674,000,000 = **€4,546,000,000**

### 4. Net Debt / EBITDA Ratio

Using opening Net Debt position (standard practice for year-end ratio):

**Ratio = €941,000,000 / €4,546,000,000 = 0.207**

This represents approximately 0.21x or 20.7%.

<answer>0.21</answer>