# Net Debt / EBITDA Ratio Analysis for Ferrovial SA (2022)

## Step 1: Understanding S&P Methodology
The S&P methodology calculates Net Debt / EBITDA as:
- **Net Debt** = Total Debt - Cash and Cash Equivalents
- **EBITDA** = EBIT (Operating Profit) + Depreciation & Amortization

## Step 2: Identify Relevant Data Points (as of 2022-01-01, covering period 2021-01-01 to 2022-01-01)

### Debt Components:
- Noncurrent Portion of Other Noncurrent Borrowings: 9,513 million EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 1,096 million EUR
- **Total Debt = 9,513 + 1,096 = 10,609 million EUR**

### Cash and Cash Equivalents:
- Cash and Cash Equivalents: 5,536 million EUR

### Net Debt Calculation:
- **Net Debt = 10,609 - 5,536 = 5,073 million EUR**

### EBITDA Components:

**Operating Profit (EBIT):**
- Profit Loss From Operating Activities: 1,479 million EUR

**Depreciation & Amortization:**
- Amortisation Expense: 270 million EUR
- Note: The data doesn't separately break out depreciation from amortization, but amortization of 270 million is provided

**EBITDA Calculation:**
- **EBITDA = 1,479 + 270 = 1,749 million EUR**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 5,073 / 1,749 = 2.90

<answer>2.90</answer>