This is the average Net Debt divided by the EBITDA for the most recent trailing twelve months period. EBITDA is EBIT for the most recent trailing twelve months plus the same period's Depreciation and Amortization expenses. Average Net Debt represents average of the Total Debt minus Total Cash & Short Term Investments at the beginning and at the end of the most recent trailing twelve months. NOTE: This item is reported only for Industrial and Utility companies.