To estimate the Net Debt / EBITDA ratio for Bouygues for the year 2022 based on the S&P methodology, we need to determine two components: Net Debt and EBITDA.

**1. Determine Net Debt**
According to the provided data, the "Net Debt" figure is explicitly reported. S&P typically uses the net debt figure at the end of the reporting period or an average, but standard ratio calculations often use the year-end figure unless specified otherwise. The prompt asks for the ratio *for* 2022, which usually implies using the financials of the 2022 fiscal year (ending 2023-01-01 in this dataset's notation, or the period 2022-01-01 to 2023-01-01). Let's look at the dates.
The data provides "Net Debt" for two dates:
- 2022-01-01 (Start of the period): 941,000,000 EUR
- 2023-01-01 (End of the period): 7,440,000,000 EUR

S&P Global Ratings generally calculates leverage ratios using the most recent annualized EBITDA and the current net debt. For a full-year 2022 analysis, we use the EBITDA generated during the 2022 fiscal year (period 2022-01-01 to 2023-01-01) and the Net Debt at the end of that period (2023-01-01).
Net Debt (2023-01-01) = 7,440,000,000 EUR.

**2. Determine EBITDA**
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. We can calculate this from the Income Statement data provided for the period 2022-01-01 to 2023-01-01.

The standard formula is:
EBITDA = Operating Profit (EBIT) + Depreciation & Amortization

From the data:
- "Profit Loss From Operating Activities" (which serves as EBIT/Operating Profit) for 2022-01-01 - 2023-01-01: 1,872,000,000 EUR.
- "Depreciation And Amortisation Expense" for 2022-01-01 - 2023-01-01: 2,228,000,000 EUR.

Note: Sometimes "Profit Loss From Operating Activities" might already include some non-cash items or exclude others depending on the specific accounting standard (IFRS vs GAAP). However, adding back the explicit "Depreciation And Amortisation Expense" is the standard approach.
There is also "Depreciation Rightofuse Assets" listed separately (446,000,000 EUR). Usually, "Depreciation And Amortisation Expense" is the total line item. Let's verify if the separate ROU depreciation is part of the total.
Total Depreciation and Amortization is often the sum of tangible and intangible amortization/depreciation. The line "Depreciation And Amortisation Expense" (2,228,000,000) is likely the aggregate. The "Depreciation Rightofuse Assets" (446,000,000) is a subset or a specific disclosure. In many IFRS reports, the main D&A line includes ROU depreciation. If we assume the 2,228,000,000 is the total D&A charge included in the operating profit calculation, we simply add it back.

Let's double-check the calculation of Operating Profit to ensure D&A was deducted.
Revenue: 44,322,000,000
Expenses:
- Raw Materials: 19,372,000,000
- Employee Benefits: 10,381,000,000
- Services: 10,572,000,000
- Tax Expense Other Than Income Tax: 639,000,000
- Depreciation and Amortization: 2,228,000,000
- Impairment/Provisions: 172,000,000
- Changes in Inventories: -61,000,000
- Other Income Recurring: -2,565,000,000 (Income reduces expense)
- Other Expense Recurring: 1,252,000,000

Let's sum the expenses/incomes to see if they match the Operating Profit of 1,872,000,000.
Gross Margin approx = Revenue - Raw Materials = 44,322 - 19,372 = 24,950.
Operating Expenses = Employee (10,381) + Services (10,572) + Other Tax (639) + D&A (2,228) + Impairment (172) + Other Exp (1,252) - Other Inc (2,565) + Change Inv (-61).
Sum = 10,381 + 10,572 + 639 + 2,228 + 172 + 1,252 - 2,565 - 61 = 22,618.
Operating Profit = 24,950 - 22,618 = 2,332. This does not match 1,872.
There are likely other costs or the "Revenue" includes other items, or "Profit Loss From Operating Activities" includes non-recurring items not listed in the simple recurring block.
However, we have the explicit line "Profit Loss From Operating Activities" = 1,872,000,000.
And "Profit Loss From Operating Activities Recurring" = 1,962,000,000.
S&P often uses "Recurring EBITDA" or adjusts for non-recurring items. The difference between Recurring Operating Profit (1,962) and Reported Operating Profit (1,872) is due to non-recurring items (Other Operating Income Non Recurring 93 - Other Operating Expense Non Recurring 183 = -90 net impact). 1,962 - 90 = 1,872.

S&P methodology typically starts with EBITDA and may adjust for non-recurring items to get "Core EBITDA" or "S&P EBITDA". However, the most standard "Net Debt / EBITDA" ratio uses the reported EBITDA unless "Adjusted EBITDA" is specified. Let's calculate standard EBITDA first.

EBITDA = Operating Profit + Depreciation & Amortization
EBITDA = 1,872,000,000 + 2,228,000,000 = 4,100,000,000 EUR.

Let's consider if S&P uses "Recurring" figures. S&P often focuses on sustainable earnings.
Recurring Operating Profit = 1,962,000,000.
Recurring EBITDA = Recurring Operating Profit + D&A.
Assuming the D&A is largely recurring (which it is), Recurring EBITDA = 1,962,000,000 + 2,228,000,000 = 4,190,000,000 EUR.

Let's look at the "Cash Flow After Cost Of Net Debt..." line.
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000.
This is essentially Free Cash Flow to the Firm (FCFF) or similar, not EBITDA.

Let's stick to the standard definition: EBITDA = EBIT + D&A.
Using Reported Operating Profit:
EBITDA = 1,872 + 2,228 = 4,100 million EUR.

Using Recurring Operating Profit (often preferred by rating agencies for stability):
EBITDA = 1,962 + 2,228 = 4,190 million EUR.

Let's check if there are other adjustments. S&P might add back share-based payments or other non-cash items if they are significant, but D&A is the main one.
Share-based payment transactions impact equity, not necessarily P&L operating profit directly in a way that requires add-back for EBITDA unless expensed. The expense is likely included in Employee Benefits.

Let's calculate the ratio with both Net Debt figures to see which makes sense for "2022".
The period is 2022-01-01 to 2023-01-01. This is the 2022 fiscal year.
Net Debt at end of 2022 fiscal year (2023-01-01) = 7,440 million EUR.
Net Debt at beginning of 2022 fiscal year (2022-01-01) = 941 million EUR.

The large increase in Net Debt is due to acquisitions ("Cash Flows Used In Obtaining Control Of Subsidiaries" = 6,269 million).
S&P usually calculates leverage using the *current* net debt against the *trailing twelve months* (TTM) EBITDA.
So, Numerator = Net Debt (2023-01-01) = 7,440.
Denominator = EBITDA (2022 Fiscal Year).

If we use Reported EBITDA:
Ratio = 7,440 / 4,100 = 1.8146...

If we use Recurring EBITDA:
Ratio = 7,440 / 4,190 = 1.7756...

S&P Global Ratings' methodology for industrial companies often uses "EBITDA" as reported in the credit agreement or adjusted for comparability. A common adjustment is to use "Recurring EBITDA". Given the explicit "Recurring" line item in the report, it is highly probable that an analyst would use the recurring operating profit as the base for a sustainable earnings metric.

Let's refine the EBITDA calculation.
Is "Depreciation Rightofuse Assets" included in "Depreciation And Amortisation Expense"?
Usually, yes. The total D&A is 2,228.
If we look at the cash flow statement adjustments:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2,261.
This includes Provisions and Impairment.
"Impairment Loss ... Expense" = 172.
So Depreciation + Amortization + Provisions adjustments?
Actually, the line "Depreciation And Amortisation Expense" in the P&L is 2,228.
The Cash Flow adjustment line is 2,261.
Difference is 33.
Provisions expense is likely part of the "Impairment Loss Reversal... And Provision Expense" line (172).
This suggests the D&A number of 2,228 is the correct add-back for EBITDA.

Let's assume the standard S&P approach uses Reported EBITDA unless "Adjusted" is specified, but rating agencies frequently normalize earnings. However, without specific instructions to normalize, the most robust "fact-based" answer uses the reported Operating Profit.
Reported EBITDA = 1,872 + 2,228 = 4,100.
Net Debt = 7,440.
Ratio = 7,440 / 4,100 ≈ 1.81.

Let's consider if "Net Debt" should be averaged.
Average Net Debt = (941 + 7,440) / 2 = 4,190.5.
Ratio = 4,190.5 / 4,100 ≈ 1.02.
S&P typically uses point-in-time net debt (most recent) for leverage ratios, not average. Leverage is a snapshot of solvency relative to annual earning power.

Let's consider if EBITDA should include "Other Revenue".
"Revenue From Contracts With Customers" is 44,322. "Other Revenue" is 76.
Total Revenue = 44,398.
The Operating Profit is derived after all operating expenses.
The "Profit Loss From Operating Activities" is 1,872.
So EBITDA = 1,872 + 2,228 = 4,100.

Let's check if there is a more specific "S&P EBITDA" definition. S&P often adds back non-cash stock-based compensation.
"Increase Decrease Through Sharebased Payment Transactions" = 15,000,000 EUR.
This is an expense included in Employee Benefits.
Adjusted EBITDA = 4,100 + 15 = 4,115.
Ratio = 7,440 / 4,115 = 1.808.

Another potential adjustment: S&P may treat "Interest Expense On Lease Liabilities" as part of debt service, but EBITDA is pre-interest. So no adjustment needed there for the denominator.

What about the "Recurring" aspect?
S&P emphasizes "business risk" and "financial risk". For the financial risk score, they use "Debt/EBITDA". They often use "Standard & Poor's adjusted EBITDA".
Adjustments often include:
- Non-recurring items (add back losses, subtract gains).
- Stock-based comp (add back).
- Provisions (add back if non-cash/restructuring).

Non-recurring items impact on Operating Profit:
Non-recurring Income: 93
Non-recurring Expense: 183
Net Non-recurring Expense: 90.
So Recurring Operating Profit = 1,872 + 90 = 1,962.
Recurring EBITDA = 1,962 + 2,228 = 4,190.
Add back Share-based comp (15): 4,205.
Ratio = 7,440 / 4,205 = 1.769.

Let's look at the "Net Debt" definition again.
Net Debt = Gross Debt - Cash.
Gross Debt (Current + Noncurrent Borrowings + Lease Liabilities?):
S&P often includes lease liabilities in debt for leverage ratios.
The provided "Net Debt" line item (7,440) likely follows the company's definition. Does the company include leases in Net Debt?
Let's check the components.
Long-term Borrowings: 11,586
Current Borrowings: 1,361
Current Overdrafts: 418
Total Interest-bearing Debt (excluding leases) = 11,586 + 1,361 + 418 = 13,365.
Cash: 5,736.
Net Debt (excl leases) = 13,365 - 5,736 = 7,629.
The reported Net Debt is 7,440.
Difference = 189.
Lease Liabilities: Noncurrent 2,107 + Current 498 = 2,605.
If leases were included, Net Debt would be higher.
It seems the reported "Net Debt" of 7,440 *excludes* lease liabilities or treats them differently.
However, S&P methodology **includes** lease liabilities in debt for the Net Debt calculation.
"S&P Global Ratings includes lease liabilities in its definition of debt."
So, we must calculate S&P Net Debt.
S&P Debt = Reported Interest Bearing Debt + Lease Liabilities.
Reported Interest Bearing Debt = Long-term Borrowings (11,586) + Current Borrowings (1,361) + Current Overdrafts (418) = 13,365.
Lease Liabilities = Noncurrent (2,107) + Current (498) = 2,605.
Total S&P Debt = 13,365 + 2,605 = 15,970.
Cash and Cash Equivalents = 5,736.
S&P Net Debt = 15,970 - 5,736 = 10,234 million EUR.

Now, the Denominator (EBITDA).
S&P EBITDA usually adds back D&A and non-recurring items.
Base EBITDA (Reported) = 4,100.
Add back Non-recurring net expense = 90.
Add back Share-based comp = 15.
S&P EBITDA ≈ 4,205 million EUR.

Ratio = 10,234 / 4,205 ≈ 2.43.

Let's double check if "Net Debt" provided in the text (7,440) is the one to use. The prompt asks to estimate based on S&P methodology. S&P methodology dictates including leases in debt. The provided "Net Debt" line likely excludes them (as calculated above, 7,629 vs 7,440 is close, difference might be other cash items or minor debt items, but 7,440 is definitely not 10,000+). Therefore, using the provided "Net Debt" line would be incorrect for S&P methodology. We must construct the S&P Net Debt.

Recalculating S&P Net Debt carefully:
1.  **Borrowings**:
    *   Long-term Borrowings: 11,586
    *   Current Borrowings And Current Portion Of Noncurrent Borrowings: 1,361
    *   Current Overdrafts And Short Term Borrowings From Banks: 418
    *   Total Borrowings = 11,586 + 1,361 + 418 = 13,365.
2.  **Lease Liabilities** (S&P treats these as debt):
    *   Noncurrent Lease Liabilities: 2,107
    *   Current Lease Liabilities: 498
    *   Total Leases = 2,605.
3.  **Total Gross Debt** = 13,365 + 2,605 = 15,970.
4.  **Cash and Cash Equivalents** (to be subtracted):
    *   Cash And Cash Equivalents: 5,736.
    *   (Note: S&P may also subtract unrestricted cash. We assume all reported cash is available).
5.  **S&P Net Debt** = 15,970 - 5,736 = 10,234.

Recalculating S&P EBITDA carefully:
1.  **Operating Profit (EBIT)**:
    *   Profit Loss From Operating Activities: 1,872.
2.  **Add Back Depreciation & Amortization**:
    *   Depreciation And Amortisation Expense: 2,228.
    *   (Note: Ensure this covers all D&A. The separate ROU depreciation of 446 is likely part of this total. If it weren't, Total D&A would be 2,228 + 446 = 2,674. However, standard reporting sums them. Let's assume 2,228 is the total charge against operating profit).
3.  **Add Back Non-Recurring Items**:
    *   Other Operating Income Non Recurring: 93 (Subtract this gain)
    *   Other Operating Expense Non Recurring: 183 (Add back this expense)
    *   Net Add-back = 183 - 93 = 90.
    *   Adjusted EBIT = 1,872 + 90 = 1,962. (This matches the "Profit Loss From Operating Activities Recurring" line).
4.  **Add Back Share-Based Payments** (Non-cash expense):
    *   From Equity statement: "Increase Decrease Through Sharebased Payment Transactions" affecting equity is 15. This usually corresponds to the expense recognized.
    *   Adjusted EBITDA = 1,962 (Recurring EBIT) + 2,228 (D&A) + 15 (SBC) = 4,205.

**Calculation:**
Net Debt / EBITDA = 10,234 / 4,205 = 2.4337...

Let's consider if "Other Noncurrent Financial Assets" or "Other Current Financial Assets" should be netted against debt. S&P sometimes nets cash-like items. But standard Net Debt is Gross Debt - Cash.
Let's consider if the "Net Debt" provided (7,440) is actually the S&P Net Debt?
If 7,440 is the company's reported Net Debt, and we found that Interest Bearing Debt (13,365) - Cash (5,736) = 7,629. The difference is 189.
Maybe they net some financial assets?
Other Current Financial Assets: 32.
Other Noncurrent Financial Assets: 584.
Hedging Instrument Assets: 193.
If they netted these: 7,629 - 32 - 584 - 193 = 6,820. No.
The reported Net Debt is 7,440.
Regardless, S&P methodology requires adding Lease Liabilities.
So S&P Net Debt = Reported Net Debt (approx 7,440 or 7,629) + Lease Liabilities (2,605).
If we start from Reported Net Debt 7,440:
Does 7,440 include leases?
If it did, Gross Debt would be ~13,176.
Leases are 2,605.
Non-lease debt would be 10,571.
Calculated Non-lease debt is 13,365.
So Reported Net Debt (7,440) definitely excludes leases.
Therefore, S&P Net Debt = 7,440 (Reported Net Debt, assuming it captures the main interest-bearing debt and cash correctly enough) + 2,605 (Leases) = 10,045?
Wait, my manual calculation of Non-lease Net Debt was 13,365 - 5,736 = 7,629.
The reported is 7,440. Difference is 189.
This difference might be due to "Hedging Instrument Liabilities" (4) or other minor items, or perhaps cash definitions differ slightly (e.g., restricted cash).
Given the explicit "Net Debt" line, it is safer to use the components to build the S&P Net Debt to be precise.
S&P Net Debt = (Interest Bearing Debt + Leases) - Cash.
Interest Bearing Debt = 13,365.
Leases = 2,605.
Cash = 5,736.
S&P Net Debt = 15,970 - 5,736 = 10,234.

EBITDA = 4,205.

Ratio = 10,234 / 4,205 = 2.43.

If we do not add back Share Based Compensation (some simplified models don't):
EBITDA = 4,190.
Ratio = 10,234 / 4,190 = 2.44.

If we use Reported EBITDA (no non-recuring add-back, no SBC add-back):
EBITDA = 4,100.
Ratio = 10,234 / 4,100 = 2.496 ≈ 2.50.

S&P methodology is quite specific about "Adjusted EBITDA" which includes add-backs for non-recurring items and stock-based comp. The "Recurring" operating profit is explicitly given, suggesting the company itself highlights this metric. Rating agencies align closely with recurring earnings.
The most accurate S&P-style estimate uses Adjusted EBITDA (Recurring + D&A + SBC) and S&P Net Debt (including leases).

Value: 2.43.

<answer>2.43</answer>