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

## Understanding S&P Methodology

S&P's Net Debt/EBITDA ratio typically uses:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = EBIT (Operating Profit) + Depreciation & Amortization

## Gathering Required Data for 2022 (Period: 2022-01-01 to 2023-01-01)

### Operating Profit (EBIT):
- "Profit Loss From Operating Activities" (2022-01-01 - 2023-01-01): **565,851,000 EUR**

### Depreciation & Amortization:
- "Adjustments For Depreciation And Amortisation Expense" (2022-01-01 - 2023-01-01): **594,636,000 EUR**

### EBITDA Calculation:
EBITDA = 565,851,000 + 594,636,000 = **1,160,487,000 EUR**

## Calculating Net Debt

### Total Debt Components (as of 2023-01-01):
1. **Noncurrent Financial Liabilities**: 4,722,263,000 EUR
2. **Current Financial Liabilities**: 619,418,000 EUR
3. **Total Gross Debt**: 4,722,263,000 + 619,418,000 = **5,341,681,000 EUR**

### Cash and Cash Equivalents (as of 2023-01-01):
- "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Continued Operations": **559,908,000 EUR**

### Net Debt Calculation:
Net Debt = 5,341,681,000 - 559,908,000 = **4,781,773,000 EUR**

## Net Debt / EBITDA Ratio:
Net Debt / EBITDA = 4,781,773,000 / 1,160,487,000 = **4.12**

<answer>4.12</answer>