# Net Debt / EBITDA Ratio Calculation for ENI S.P.A. (2022)

## Reasoning:

The Net Debt / EBITDA ratio is calculated as:
**Net Debt / EBITDA**

Where:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = Earnings Before Interest, Taxes, Depreciation, and Amortization

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

Total Debt includes:
- Short-term Borrowings: 2,299,000,000 EUR
- Current Portion of Long-term Borrowings: 1,781,000,000 EUR
- Long-term Borrowings: 23,714,000,000 EUR
- Current Lease Liabilities: 948,000,000 EUR
- Noncurrent Lease Liabilities: 4,389,000,000 EUR

**Total Debt = 2,299 + 1,781 + 23,714 + 948 + 4,389 = 33,131 million EUR**

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

**Cash and Cash Equivalents = 8,254 million EUR**

### Step 3: Calculate Net Debt

**Net Debt = 33,131 - 8,254 = 24,877 million EUR**

### Step 4: Calculate EBITDA for the period 2021-01-01 to 2022-01-01

EBITDA = Operating Profit + Depreciation & Amortization

From the data:
- Profit/Loss from Operating Activities (2021-2022): 12,341 million EUR
- Depreciation and Amortization Expense (2021-2022): 7,063 million EUR

**EBITDA = 12,341 + 7,063 = 19,404 million EUR**

### Step 5: Calculate Net Debt / EBITDA Ratio

**Net Debt / EBITDA = 24,877 / 19,404 = 1.28**

<answer>1.28</answer>