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

## Step 1: Identify the S&P Methodology

S&P's Net Debt / EBITDA ratio typically uses:
- **Net Debt** = Total Debt - Cash and Cash Equivalents (and sometimes short-term investments)
- **EBITDA** = Operating Income + Depreciation & Amortization

## Step 2: Extract Relevant Data for 2022 (as of 2022-01-01, representing fiscal year 2021)

Wait, I need to clarify the dates. The request is for "2022" which based on the data structure means the fiscal year ending 2023-01-01 (which is reported as the 2022 fiscal year data).

Let me use data for the period 2022-01-01 to 2023-01-01:

### EBITDA Calculation:
- Profit/Loss from Operating Activities (2022-01-01 to 2023-01-01): EUR 17,510,000,000
- Depreciation and Amortisation Expense (2022-01-01 to 2023-01-01): EUR 7,205,000,000
- **EBITDA = 17,510 + 7,205 = EUR 24,715,000,000**

### Net Debt Calculation (as of 2023-01-01, end of fiscal 2022):

**Total Debt:**
- Short-term Borrowings: EUR 4,446,000,000
- Current Portion of Long-term Borrowings: EUR 3,097,000,000
- Long-term Borrowings: EUR 19,374,000,000
- Current Lease Liabilities: EUR 884,000,000
- Noncurrent Lease Liabilities: EUR 4,067,000,000
- **Total Debt = 4,446 + 3,097 + 19,374 + 884 + 4,067 = EUR 31,868,000,000**

**Cash and Cash Equivalents (as of 2023-01-01):**
- EUR 10,155,000,000

**Net Debt = 31,868 - 10,155 = EUR 21,713,000,000**

## Step 3: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 21,713 / 24,715 = **0.88**

<answer>0.88</answer>