To estimate the Net Debt / EBITDA ratio for Bouygues for the year 2022 (reporting period 2022-01-01 to 2023-01-01) using the S&P methodology, we need to determine two components: Net Debt and EBITDA.

**1. Determine Net Debt**
The annual report explicitly provides the "Net Debt" figure.
*   Net Debt (2023-01-01, representing the end of the 2022 fiscal year): **7,440,000,000 EUR**

*Note: S&P typically uses the net debt at the end of the period for the ratio calculation unless average net debt is specified. We will use the reported year-end Net Debt.*

**2. Determine EBITDA**
S&P Global Ratings generally defines EBITDA as Earnings Before Interest, Taxes, Depreciation, and Amortization. We can calculate this by starting with the Operating Profit (or Profit from Operating Activities) and adding back Depreciation and Amortization. Alternatively, we can start from Net Income and add back Interest, Taxes, Depreciation, and Amortization.

Let's use the Operating Profit approach as it is often cleaner for industrial groups like Bouygues, ensuring we capture the core operational earnings before financial structure and tax effects.

*   **Profit Loss From Operating Activities** (2022-01-01 - 2023-01-01): **1,872,000,000 EUR**
    *   *Note: This figure includes non-recurring items. S&P often adjusts for significant non-recurring items, but without specific guidance on exclusions, we typically start with the reported operating profit or EBITDA proxy. Let's look for a standard EBITDA calculation.*

Let's reconstruct EBITDA from the top down or bottom up using the provided line items:

**Method A: From Operating Profit**
*   Profit Loss From Operating Activities: 1,872,000,000 EUR
*   Add: Depreciation And Amortisation Expense: 2,228,000,000 EUR
*   *Check*: Does "Depreciation And Amortisation Expense" include everything?
    *   The report lists "Depreciation And Amortisation Expense" as 2,228,000,000 EUR.
    *   It also lists "Depreciation Rightofuse Assets" as 446,000,000 EUR.
    *   Usually, "Depreciation And Amortisation Expense" is the total line item in the cash flow reconciliation or income statement notes. Let's verify if the 2,228 includes the 446.
    *   Looking at the Cash Flow statement adjustments: "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" is 2,261,000,000 EUR.
    *   "Impairment Loss Reversal... And Provision Expense" is 172,000,000 EUR.
    *   If we subtract Impairment/Provisions (172) from the aggregate adjustment (2,261), we get 2,089. This doesn't perfectly match 2,228.
    *   Let's look at the specific line "Depreciation And Amortisation Expense": 2,228,000,000 EUR.
    *   Let's look at "Depreciation Rightofuse Assets": 446,000,000 EUR.
    *   In many IFRS reports, the main "Depreciation and Amortization" line includes PPE and Intangibles, while Right-of-Use (ROU) depreciation might be separate or included.
    *   However, EBITDA definition usually adds back *all* depreciation and amortization, including ROU assets (though S&P sometimes treats lease interest as interest and principal as debt repayment, the depreciation add-back is standard for EBITDA).
    *   Let's assume the line "Depreciation And Amortisation Expense" (2,228) is the primary D&A. Does it include ROU?
    *   Let's check the sum of components if available. We don't have a breakdown of PPE vs Intangible depreciation specifically in the summary, but we have the total D&A expense.
    *   Standard practice: EBITDA = Operating Profit + Depreciation & Amortization.
    *   Operating Profit = 1,872,000,000 EUR.
    *   Depreciation & Amortization = 2,228,000,000 EUR.
    *   Is ROU depreciation included in the 2,228?
        *   If we look at "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" in the cash flow section, it is 424,000,000 EUR. This is close to the 446,000,000 EUR depreciation of ROU assets.
        *   Often, the "Depreciation and Amortization" line in the income statement notes (2,228) covers PPE and Intangibles. The ROU depreciation (446) is often presented separately or within operating expenses but not always in the same "D&A" line item depending on the presentation.
        *   However, EBITDA must add back *all* depreciation.
        *   Let's assume the 2,228 covers PPE and Intangibles. We should add the ROU depreciation of 446 as well if it's not included.
        *   Let's verify if 2,228 includes 446. If we look at the previous year: D&A 2,065, ROU Dep 353.
        *   Let's look at the "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal..." = 2,261.
        *   Impairment/Provision expense = 172.
        *   2,261 - 172 = 2,089. This is lower than 2,228. This suggests the 2,228 figure might be the comprehensive D&A including ROU, or the cash flow adjustments are different.
        *   Actually, a common presentation is:
            EBITDA = Operating Profit + Depreciation & Amortization.
            If "Depreciation And Amortisation Expense" is 2,228, and "Depreciation Rightofuse Assets" is 446, are they distinct?
            In Bouygues' reporting, "Depreciation and amortization" usually refers to tangible and intangible assets. Depreciation of right-of-use assets is often separate.
            Therefore, Total D&A = 2,228 + 446 = 2,674,000,000 EUR.

    Let's refine the EBITDA calculation:
    *   Operating Profit: 1,872,000,000 EUR
    *   Add: Depreciation & Amortization (PPE/Intangibles): 2,228,000,000 EUR
    *   Add: Depreciation of Right-of-Use Assets: 446,000,000 EUR
    *   **EBITDA** = 1,872 + 2,228 + 446 = **4,546,000,000 EUR**

    *Alternative Check using Net Income:*
    *   Net Income (Profit Loss): 1,131,000,000 EUR
    *   Add: Income Tax Expense: 424,000,000 EUR
    *   Add: Cost of Net Debt (Interest Expense net): 198,000,000 EUR
    *   Add: Interest Expense on Lease Liabilities: 62,000,000 EUR
    *   Add: Other Finance Cost (net): Other Finance Cost 118 - Other Finance Income 91 = 27,000,000 EUR.
        *   Wait, "Cost of Net Debt" is usually Interest Expense on Financial Debt - Interest Income.
        *   The report lists "Cost Of Net Debt" as 198,000,000 EUR.
        *   It also lists "Interest Expense On Lease Liabilities" as 62,000,000 EUR.
        *   Total Interest/Finance Costs to add back = 198 + 62 + (Other Finance Cost Net?).
        *   S&P EBITDA adds back all interest.
        *   Let's sum the finance costs:
            *   Interest Expense: 231
            *   Interest Income: (33)
            *   Net Interest on Debt: 198 (Matches "Cost of Net Debt")
            *   Interest on Leases: 62
            *   Other Finance Income: (91)
            *   Other Finance Cost: 118
            *   Net Other Finance: 27
            *   Total Net Finance Cost = 198 + 62 + 27 = 287,000,000 EUR.
    *   Add: Depreciation & Amortization: 2,228 + 446 = 2,674,000,000 EUR.
    *   Add: Share of Profit/Loss of Associates (equity method): This is below operating profit? No, "Share Of Profit Loss Of Associates... " is listed after Operating Profit in the P&L structure usually, or within it?
        *   The report shows "Profit Loss From Operating Activities" then "Cost Of Net Debt", then "Income Tax", then "Share Of Profit Loss Of Associates".
        *   Wait, looking at the sequence:
            1. Profit Loss From Operating Activities: 1,872
            2. Cost Of Net Debt: (198)
            3. Interest Expense On Lease Liabilities: (62) -- *Wait, is this included in Cost of Net Debt?* Usually "Cost of Net Debt" is distinct from Lease Interest in IFRS 16 reporting.
            4. Other Finance Income/Cost: Net (27)
            5. Income Tax: (424)
            6. Share of Associates: (30)
            7. Net Income: 1,131
        *   Let's check the math: 1,872 - 198 - 62 - 27 - 424 - 30 = 1,131.
        *   1,872 - 198 = 1,674
        *   1,674 - 62 = 1,612
        *   1,612 - 27 = 1,585
        *   1,585 - 424 = 1,161
        *   1,161 - 30 = 1,131. Matches.
    *   So, to get EBITDA from Net Income:
        *   Net Income: 1,131
        *   + Tax: 424
        *   + Net Interest (Cost of Net Debt): 198
        *   + Lease Interest: 62
        *   + Net Other Finance: 27
        *   + Share of Associates: 30 (Add back because it's an investment income/loss, typically excluded from EBITDA or treated separately. S&P often excludes equity income from EBITDA as it's not operating cash flow from core ops, or includes it if it's core. For a conglomerate like Bouygues, it might be included. However, the standard EBITDA bridge from Operating Profit is safer).
        *   + D&A: 2,674
        *   EBITDA = 1,131 + 424 + 198 + 62 + 27 + 30 + 2,674 = 4,546,000,000 EUR.
    
    This matches the Operating Profit + D&A calculation (1,872 + 2,674 = 4,546).

    **S&P Adjustments:**
    S&P often makes adjustments for:
    1.  **Lease Interest:** S&P treats lease liabilities as debt. Therefore, the interest portion is added back to EBITDA (as it is interest), and the principal repayment is treated as debt service. We have already added back the lease interest (62M) in the EBITDA calculation above (by starting from Operating Profit which is before interest, or adding back all interest).
    2.  **Non-recurring items:** The report distinguishes between "Recurring" and "Non Recurring" operating items.
        *   Profit Loss From Operating Activities Recurring: 1,962,000,000 EUR
        *   Other Operating Income Non Recurring: 93,000,000 EUR
        *   Other Operating Expense Non Recurring: (183,000,000) EUR
        *   Net Non-Recurring Operating: 93 - 183 = (90,000,000) EUR.
        *   Reported Operating Profit: 1,962 - 90 = 1,872.
        *   S&P typically adjusts EBITDA to exclude significant non-recurring items. If we assume the non-recurring items are excluded, we should use the Recurring Operating Profit.
        *   Recurring Operating Profit: 1,962,000,000 EUR.
        *   Add D&A: 2,674,000,000 EUR.
        *   Adjusted EBITDA = 1,962 + 2,674 = **4,636,000,000 EUR**.

    Let's check if there are other non-recurring items below the operating line.
    *   Share of associates loss: 30. This is likely recurring.
    *   Finance costs are financial, not operating.
    
    Using the **Recurring EBITDA** is more aligned with S&P's "Core EBITDA" or adjusted EBITDA methodology which aims to normalize earnings.
    
    So, Estimated EBITDA = **4,636,000,000 EUR**.

**3. Calculate the Ratio**
*   Net Debt: 7,440,000,000 EUR
*   EBITDA: 4,636,000,000 EUR

Ratio = 7,440 / 4,636 ≈ 1.6048

If we used the unadjusted EBITDA (4,546):
Ratio = 7,440 / 4,546 ≈ 1.6366

S&P methodology strongly favors adjusting for non-recurring items to get a sustainable earnings metric. The difference between recurring and reported operating profit is small (90M), but directionally, using recurring profit increases EBITDA and lowers the ratio. Given the explicit "Recurring" line item, it is best practice to use it.

Let's double check the D&A inclusion.
Is the "Depreciation Rightofuse Assets" (446) included in "Depreciation And Amortisation Expense" (2,228)?
In many French GAAP/IFRS reports, "Dotations aux amortissements" (D&A) often includes all depreciation. However, the separate listing suggests they might be distinct.
If 2,228 *includes* 446, then Total D&A = 2,228.
If 2,228 *excludes* 446, then Total D&A = 2,674.

Let's look at the Cash Flow Statement again.
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal..." = 2,261.
"Impairment Loss... And Provision Expense" = 172.
If we assume the 2,261 is the total add-back for D&A + Impairment/Provisions in the Cash Flow from Operations reconciliation:
Total D&A implied = 2,261 - 172 = 2,089.
This figure (2,089) is *lower* than the stated D&A expense (2,228). This discrepancy might be due to provisions reversals or other working capital adjustments embedded in that line, or differences in classification.
However, we also have "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424.
If we add 2,089 + 424 = 2,513. This is closer to 2,674 but still off.

Let's rely on the Income Statement notes which are usually the source for EBITDA calculations.
Standard Bouygues presentation:
EBITDA = Operating Result + Depreciation & Amortization.
In previous years, Bouygues has reported EBITDA.
Let's assume the standard definition: Add back all depreciation.
The line "Depreciation And Amortisation Expense" (2,228) and "Depreciation Rightofuse Assets" (446) are listed separately. It is highly probable they are additive for a total D&A figure because IFRS 16 requires ROU depreciation to be disclosed, and it is often separate from PPE/Intangible depreciation in the notes.
Therefore, Total D&A = 2,674.

Recurring Operating Profit = 1,962.
Adjusted EBITDA = 1,962 + 2,674 = 4,636.

Net Debt = 7,440.

Ratio = 7,440 / 4,636 = 1.6048...

Rounding to two decimal places: 1.60.

<answer>1.60</answer>