# Net Debt / EBITDA Ratio Calculation for EDF 2022

## Step 1: Calculate EBITDA for 2022

EBITDA = Operating Profit Before Depreciation and Amortisation (EBITDA)

From the data:
- Operating Profit Before Depreciation And Amortisation (2022): **-4,986 million EUR**

This is already EBITDA, so:
**EBITDA 2022 = -4,986 million EUR**

## Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

Under S&P methodology, we need to identify:

**Total Debt Components (as of 2022-01-01, which is the beginning of the 2022 fiscal year):**
- Other Noncurrent Financial Liabilities: 56,543 million EUR
- Other Current Financial Liabilities: 45,014 million EUR
- Special French Public Electricity Distribution Concession Liabilities (Noncurrent): 48,853 million EUR

**Total Debt = 56,543 + 45,014 + 48,853 = 150,410 million EUR**

**Cash:**
- Cash and Cash Equivalents (2022-01-01): 9,919 million EUR

**Net Debt = 150,410 - 9,919 = 140,491 million EUR**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 140,491 / (-4,986)

= **-28.17**

## Reasoning Note

The negative EBITDA in 2022 reflects the energy crisis impact on EDF, with fuel and energy transmission charges (121,010 million EUR) dramatically exceeding revenue (143,476 million EUR) when accounting for other operating expenses. This resulted in a negative EBITDA, making the ratio negative and indicating severe operational stress during this period.

<answer>-28.17</answer>