To estimate the Net Debt to EBITDA ratio for Électricité de France (EDF) for the year 2022 using the standard S&P Capital IQ methodology, we extract the core components for EBITDA and Net Debt from the provided annual report data. **1. EBITDA Estimation:** S&P typically uses the company's reported EBITDA equivalent if available. For French companies, this is the Excédent Brut d'Exploitation (EBE), which is recorded as: * "Operating Profit Before Depreciation And Amortisation" = -4,986,000,000 EUR. *(Note: Alternatively, if strictly using EBIT + D&A, it would be -19,363M + 11,079M = -8,284M, but S&P recognizes EBE as the official EBITDA).* **2. Net Debt Estimation:** According to standard S&P Capital IQ methodology, Net Debt is calculated as Total Debt minus Cash & Equivalents and Short-Term Investments. Given the massive presence of energy derivatives inflating current financial accounts for utilities in 2022, we net the current financial assets. * **Total Financial Liabilities (Gross Debt):** "Other Noncurrent Financial Liabilities": 71,058,000,000 EUR "Other Current Financial Liabilities": 71,844,000,000 EUR *Sum = 142,902,000,000 EUR* * **Cash & Short-Term Financial Assets:** "Cash And Cash Equivalents": 10,948,000,000 EUR "Other Current Financial Assets": 58,033,000,000 EUR *Sum = 68,981,000,000 EUR* * **Net Debt:** 142,902,000,000 - 68,981,000,000 = 73,921,000,000 EUR. *(Note: S&P Global Ratings credit methodology further adjusts debt by adding unfunded pensions (16,231M) and Asset Retirement Obligations net of dedicated assets (60,692M - 48,512M = 12,180M), which would yield an adjusted debt of ~102.3B. However, standard S&P CapIQ platform Net Debt strictly relies on the net financial debt formula above).* **3. Ratio Calculation:** Net Debt / EBITDA = 73,921,000,000 / -4,986,000,000 = -14.8257... -14.83