# Net Debt / EBITDA Ratio Calculation for 2022 (S&P Methodology)

## Reasoning

The S&P methodology for Net Debt / EBITDA uses:

**Net Debt = Total Debt - Cash and Cash Equivalents**

**EBITDA = Operating Income + D&A**

### Step 1: Calculate Total Debt (as of 2022-01-01)

From the balance sheet, total debt includes:
- Noncurrent Financial Liabilities (excluding concession liabilities): 10,462.5 million EUR
- Current Financial Liabilities (excluding concession liabilities): 8,624.3 million EUR
- Noncurrent Lease Liabilities: 1,298.1 million EUR
- Current Lease Liabilities: 410.6 million EUR
- Bank Overdrafts: 241.9 million EUR

**Total Debt = 10,462.5 + 8,624.3 + 1,298.1 + 410.6 + 241.9 = 21,037.4 million EUR**

### Step 2: Calculate Cash and Cash Equivalents (as of 2022-01-01)

**Cash = 10,518.7 million EUR**

### Step 3: Calculate Net Debt

**Net Debt = 21,037.4 - 10,518.7 = 10,518.7 million EUR**

### Step 4: Calculate EBITDA for 2022 (fiscal year 2021-01-01 to 2022-01-01)

From the income statement:
- Operating Income Before Share of Net Income/Loss: 1,212.7 million EUR
- Operating D&A and Impairment: 2,117.2 million EUR

**EBITDA = 1,212.7 + 2,117.2 = 3,329.9 million EUR**

### Step 5: Calculate Net Debt / EBITDA

**Net Debt / EBITDA = 10,518.7 / 3,329.9 = 3.16**

<answer>3.16</answer>