# Net Debt / EBITDA Ratio Calculation for Ferrovial SA (2022)

## Reasoning:

The Net Debt / EBITDA ratio according to S&P methodology is calculated as:
**Net Debt / EBITDA = (Total Debt - Cash and Cash Equivalents) / EBITDA**

### Step 1: Identify Total Debt (as of 2023-01-01, representing end of 2022)

**Noncurrent Debt:**
- Noncurrent Portion of Other Noncurrent Borrowings: 10,776 million EUR

**Current Debt:**
- Current Borrowings and Current Portion of Noncurrent Borrowings: 877 million EUR

**Total Debt = 10,776 + 877 = 11,653 million EUR**

### Step 2: Identify Cash and Cash Equivalents (as of 2023-01-01)

- Cash and Cash Equivalents: 5,130 million EUR

### Step 3: Calculate Net Debt

**Net Debt = 11,653 - 5,130 = 6,523 million EUR**

### Step 4: Calculate EBITDA

From the income statement for the period 2022-01-01 to 2023-01-01:
- Profit from Operations Before Impairment and Disposals: 429 million EUR
- Add back: Amortisation Expense: 299 million EUR
- Less: Depreciation needs to be calculated

Looking at the components:
- Operating Profit (EBIT): 423 million EUR (Profit/Loss from Operating Activities)
- Amortisation: 299 million EUR

For EBITDA calculation, I need to add back both depreciation and amortisation. The data shows:
- Amortisation Expense: 299 million EUR
- There's depreciation included in the P&L but need to extract from "Adjustments For Non Controlling Interests" and other line items.

The operating income before impairment: 429 million EUR
Adding back amortisation: 299 million EUR
The company's EBITDA would be approximately: **729 million EUR** (before considering depreciation separately)

However, the more accurate approach using the full P&L:
- Revenue and Operating Income: 7,553 million EUR
- Operating Expense: 6,825 million EUR
- Gross Profit: 728 million EUR
- Amortisation: 299 million EUR
- Operating Profit: 423 million EUR

EBITDA = Operating Profit + Depreciation and Amortisation
From the cash flow statement reconciliation items, depreciation and amortisation is combined at 299 million EUR.

**EBITDA = 423 + 299 = 722 million EUR**

### Step 5: Calculate Net Debt / EBITDA

**Net Debt / EBITDA = 6,523 / 722 = 9.03**

<answer>9.03</answer>