# Net Debt / EBITDA Ratio Calculation for VINCI (2022)

## Step 1: Calculate EBITDA for 2022

Starting with Operating Profit (PBIT):
- Profit Loss From Operating Activities (2022): €6,489 million

Add back:
- Depreciation and Amortisation: €3,613 million

**EBITDA = €6,489m + €3,613m = €10,102 million**

## Step 2: Calculate Net Debt as of 31 December 2022

Following S&P methodology, Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt components (as of 31 December 2022):**
- Noncurrent Bonds Issued: €22,212 million
- Other Noncurrent Borrowings: €2,757 million
- Short-term Borrowings: €5,769 million
- Current Lease Liabilities: €524 million
- Noncurrent Lease Liabilities: €1,574 million

**Total Debt = €22,212 + €2,757 + €5,769 + €524 + €1,574 = €32,836 million**

**Less: Cash and Cash Equivalents: €11,065 million**

**Net Debt = €32,836m - €11,065m = €21,771 million**

## Step 3: Calculate the Ratio

Net Debt / EBITDA = €21,771m / €10,102m = **2.15x**

<answer>2.15</answer>