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

## Reasoning

The Net Debt / EBITDA ratio according to S&P methodology is calculated as:
- **Net Debt / EBITDA = (Total Debt - Cash) / EBITDA**

### Step 1: Calculate Total Debt (as of 2022-01-01)

Total Debt = Noncurrent Financial Liabilities + Current Financial Liabilities
- Noncurrent Financial Liabilities (2022-01-01): 5,953,434,000 EUR
- Current Financial Liabilities (2022-01-01): 2,144,425,000 EUR
- **Total Debt = 8,097,859,000 EUR**

### Step 2: Identify Cash and Cash Equivalents (as of 2022-01-01)

- Cash and Cash Equivalents (2022-01-01): 1,574,427,000 EUR

### Step 3: Calculate Net Debt (as of 2022-01-01)

Net Debt = Total Debt - Cash
- **Net Debt = 8,097,859,000 - 1,574,427,000 = 6,523,432,000 EUR**

### Step 4: Calculate EBITDA for 2022 (fiscal year 2021-01-01 to 2022-01-01)

EBITDA = Operating Profit + Depreciation & Amortization
- Profit/Loss from Operating Activities (2021-01-01 to 2022-01-01): 991,970,000 EUR
- Depreciation and Amortization Expense (2021-01-01 to 2022-01-01): 522,114,000 EUR
- **EBITDA = 991,970,000 + 522,114,000 = 1,514,084,000 EUR**

### Step 5: Calculate Net Debt / EBITDA Ratio

Net Debt / EBITDA = 6,523,432,000 / 1,514,084,000 = 4.31

<answer>4.31</answer>