To estimate the Net Debt / EBITDA ratio for Acciona SA for the year 2022 based on the S&P methodology, we need to calculate two components: Net Debt and EBITDA.

**1. Calculate EBITDA for 2022**

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. We can derive this from the Income Statement data provided for the period 2022-01-01 to 2023-01-01.

*   **Profit Loss From Operating Activities (EBIT):** 1,334,000,000 EUR
    *   *Note: The line item "Profit Loss From Operating Activities" typically represents Operating Profit (EBIT). Let's verify by reconstructing it from Revenue and Expenses if necessary, but usually, this is the starting point.*
    *   Let's check the components:
        *   Revenue: 11,195,000,000
        *   Other Income: 1,016,000,000
        *   Raw Materials: (3,483,000,000)
        *   Employee Benefits: (2,077,000,000)
        *   Other Expense: (4,814,000,000)
        *   Changes in Inventories: (72,000,000)
        *   Depreciation/Amortization/Provisions (Dotacion...): (762,000,000) -> This is an expense included in operating profit.
        *   Impairment Loss: (15,000,000) -> Included in operating profit.
        *   Other Gains/Losses: 13,000,000
        *   Share of Associates (Resultado De Puesta En Equivalencia Operativa): 159,000,000. *Note: S&P often adjusts for equity income. Standard EBITDA usually excludes share of profit from associates unless they are consolidated line-by-line. However, "Profit Loss From Operating Activities" includes this 159M. S&P Global Ratings typically defines EBITDA as Operating Profit + Depreciation + Amortization. Operating Profit here includes the equity pick-up. We will start with the reported Operating Profit and add back D&A.*

*   **Add back Depreciation, Amortization, and Provisions:**
    *   "Dotacion Amortizacion YVariacion De Provisiones": 762,000,000 EUR
    *   *Note: This line item includes provisions. S&P EBITDA usually adds back Depreciation and Amortization. Provisions are often non-cash but might be treated differently depending on the specific "S&P Methodology" nuance (often EBITDA = EBIT + D&A). Let's assume the standard definition where we add back the depreciation and amortization portion. However, the data lumps them. Usually, "Dotacion..." is the D&A charge. Let's use 762,000,000 as the D&A add-back.*
    *   *Impairment:* There is a separate line for "Impairment Loss...": -15,000,000 EUR. Impairments are non-cash and are typically added back to EBITDA in S&P calculations. Since the impairment is negative (a loss/expense), we add it back (subtract the negative expense).

*   **Calculation of EBITDA:**
    *   Operating Profit (EBIT): 1,334,000,000 EUR
    *   Add: Depreciation & Amortization (from "Dotacion..."): 762,000,000 EUR
    *   Add: Impairment Losses: 15,000,000 EUR (The line item is -15M, representing an expense, so we add 15M back).
    *   *Adjustment for Equity Income:* The "Resultado De Puesta En Equivalencia Operativa" (159,000,000 EUR) is included in Operating Profit. S&P methodology often excludes equity income from EBITDA because it's not cash flow from operations in the same way. However, without a specific breakdown of whether this is "operating" or "financial", and given it's labeled "Operativa", it's part of operating profit. Strict S&P Corporate Ratings methodology usually calculates EBITDA as EBIT + Depreciation + Amortization. If we stick to the standard proxy:
    *   EBITDA = Operating Profit + D&A + Impairment
    *   EBITDA = 1,334,000,000 + 762,000,000 + 15,000,000 = 2,111,000,000 EUR.

    *Let's refine the EBITDA calculation.*
    Sometimes "Other Expense By Nature" includes some D&A, but "Dotacion..." is explicitly the provision for depreciation/amortization.
    Let's check if there are other non-cash items.
    "Share Of Profit Loss Of Associates...": -194,000,000 EUR. This is below operating profit? No, "Resultado De Puesta En Equivalencia Operativa" is 159,000,000. The -194,000,000 is "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" which appears *after* operating profit in the list?
    Looking at the sequence:
    1. Profit Loss From Operating Activities: 1,334,000,000
    2. Finance Income/Costs
    3. Share of Profit/Loss of Associates: -194,000,000.
    
    Wait, the line "Resultado De Puesta En Equivalencia Operativa" (159,000,000) is likely the equity pickup included *within* the Operating Profit calculation or just before it. The line "Share Of Profit Loss Of Associates..." (-194,000,000) is listed after Finance Costs. This suggests the 159M is part of the 1,334M Operating Profit, and the -194M is a separate line item below EBIT/Operating Profit.
    
    Standard EBITDA = EBIT + D&A.
    EBIT = 1,334,000,000.
    D&A = 762,000,000.
    Impairment = 15,000,000.
    
    EBITDA = 1,334 + 762 + 15 = 2,111 Million EUR.

**2. Calculate Net Debt for 2022 (Year-End 2023-01-01)**

S&P Net Debt typically includes:
*   Short-term debt
*   Long-term debt
*   Lease liabilities (S&P often treats lease liabilities as debt for leverage ratios, or calculates "Debt" including them. In recent years, S&P has moved towards including lease liabilities in debt for industrial companies, or calculating a "Debt/EBITDA" that includes them. Let's include them to be safe, or check standard "Net Debt" definition which is Interest Bearing Debt - Cash).
*   Less: Cash and Cash Equivalents
*   Less: Short-term investments (if considered cash equivalents)

Let's identify the Debt components from the Balance Sheet at 2023-01-01:

*   **Noncurrent Financial Debt:**
    *   "Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1": 3,101,000,000 EUR
    *   "Noncurrent Portion Of Noncurrent Loans Received": 2,624,000,000 EUR
    *   "Noncurrent Lease Liabilities": 439,000,000 EUR
*   **Current Financial Debt:**
    *   "Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes": 1,139,000,000 EUR
    *   "Current Loans Received And Current Portion Of Noncurrent Loans Received": 553,000,000 EUR
    *   "Current Lease Liabilities": 72,000,000 EUR

*   **Total Gross Debt:**
    *   Noncurrent: 3,101 + 2,624 + 439 = 6,164,000,000 EUR
    *   Current: 1,139 + 553 + 72 = 1,764,000,000 EUR
    *   Total Gross Debt = 6,164 + 1,764 = 7,928,000,000 EUR

*   **Cash and Cash Equivalents:**
    *   "Cash And Cash Equivalents": 2,360,000,000 EUR
    *   Note: The breakdown shows "Cash" (1,898) + "Shortterm Investments Classified As Cash Equivalents" (462) = 2,360. So we use the total 2,360.

*   **Net Debt:**
    *   Net Debt = Total Gross Debt - Cash and Cash Equivalents
    *   Net Debt = 7,928,000,000 - 2,360,000,000 = 5,568,000,000 EUR

*Self-Correction on S&P Methodology regarding Leases:*
S&P Global Ratings' corporate methodology generally includes lease liabilities in the definition of debt for leverage ratios (Debt/EBITDA). Therefore, including the 439M and 72M is correct.

*Self-Correction on EBITDA:*
Does S&P adjust EBITDA for the "Resultado De Puesta En Equivalencia Operativa" (159M)?
If this income is from equity-method associates, it is non-cash and not consolidated revenue/expense. S&P typically excludes equity income from EBITDA.
If we exclude the 159M from EBIT:
Adjusted EBIT = 1,334 - 159 = 1,175,000,000 EUR.
Adjusted EBITDA = 1,175 + 762 + 15 = 1,952,000,000 EUR.

Let's look at the "Share Of Profit Loss Of Associates..." (-194M). This is likely the net equity result after tax or including other adjustments, appearing below the operating line. The 159M is labeled "Operativa", suggesting it's part of the operating result.
Standard S&P EBITDA calculation:
Start with Operating Income (EBIT).
Add Depreciation and Amortization.
Add Impairment.
Exclude equity income/losses if they are included in Operating Income.

If we assume the 1,334M Operating Profit *includes* the 159M equity income:
EBITDA (unadjusted) = 2,111M.
EBITDA (adjusted for equity) = 2,111 - 159 = 1,952M.

Which one is more standard for "S&P Methodology"? S&P usually focuses on "Core EBITDA" or "Operating EBITDA" which excludes equity income. Given Acciona is a conglomerate with significant infrastructure assets often held in JVs, excluding equity income is the prudent analytical approach for leverage ratios.

Let's check the other equity line: -194M. This is below operating profit, so it doesn't affect EBITDA.

So, Numerator (Net Debt) = 5,568,000,000 EUR.
Denominator (EBITDA) = 1,952,000,000 EUR (excluding equity income) OR 2,111,000,000 EUR (including equity income).

Let's re-read the "Profit Loss From Operating Activities".
Revenue (11,195) + Other Income (1,016) - Raw Mat (3,483) - Emp (2,077) - Other Exp (4,814) - Inv Change (72) - D&A (762) - Impairment (15) + Other Gains (13) + Equity Op (159) = ?
11195 + 1016 - 3483 - 2077 - 4814 - 72 - 762 - 15 + 13 + 159 = 1,160.
Wait, the reported "Profit Loss From Operating Activities" is 1,334.
My sum is 1,160. There is a difference of 174M.
Let's re-calculate:
11,195 + 1,016 = 12,211 (Total Income)
Expenses:
3,483 (Raw)
2,077 (Emp)
4,814 (Other)
72 (Inv)
762 (D&A)
15 (Impairment)
Total Expenses = 11,223.
Operating Result before Equity/Other = 12,211 - 11,223 = 988.
Add Other Gains: 13 -> 1,001.
Add Equity Op: 159 -> 1,160.
The reported Operating Profit is 1,334.
Difference: 1,334 - 1,160 = 174.
Where is the 174?
Perhaps "Other Expense By Nature" does not include D&A?
If "Dotacion..." is an add-back, it might not be in "Other Expense".
If D&A (762) is NOT in "Other Expense", then:
Expenses = 3,483 + 2,077 + 4,814 + 72 + 15 = 10,461.
Op Result = 12,211 - 10,461 = 1,750.
Add Other Gains 13 -> 1,763.
Add Equity 159 -> 1,922.
This is higher than 1,334.

Let's look at the structure of Spanish GAAP (which Acciona uses).
"Other Expense By Nature" usually includes external services, taxes, etc.
"Dotacion Amortizacion..." is a separate line in the P&L often presented *after* operating profit or as a separate component of operating expenses.
In the provided list, "Dotacion..." is listed *after* "Other Expense By Nature" and *before* "Impairment".
Usually, the P&L format is:
Revenue
- Changes in Inventories
- Raw Materials
- Employee Benefits
- Other Operating Expenses
- Depreciation/Amortization
- Impairment
= Operating Profit (EBIT)

If we assume the standard summation:
Revenue: 11,195
Other Income: 1,016
Total Revenue: 12,211

Costs:
Raw Materials: 3,483
Employee Benefits: 2,077
Other Expense: 4,814
Changes in Inventories: 72 (This is usually an adjustment to COGS, effectively an expense if positive/negative? The value is -72M. A negative change in inventory expense means inventory increased, which is a cash outflow but in P&L, "Changes in inventories of finished goods" is often added to revenue or subtracted from costs. If it's listed as an expense line item with a negative value, it reduces expenses. Let's assume it's a cost line: Cost = -72. So it adds to profit.)
Let's try:
Profit = Rev + OtherInc + ChangeInv - Raw - Emp - OtherExp - D&A - Impair + OtherGains + Equity
Profit = 11,195 + 1,016 + (-72) - 3,483 - 2,077 - 4,814 - 762 - 15 + 13 + 159
Sum of positives: 11,195 + 1,016 - 72 + 13 + 159 = 12,311
Sum of negatives: 3,483 + 2,077 + 4,814 + 762 + 15 = 11,151
Result: 12,311 - 11,151 = 1,160.

Still 1,160 vs 1,334.
Is it possible "Other Expense By Nature" excludes some items? Or "Other Income" is larger?
Or perhaps "Resultado De Puesta En Equivalencia Operativa" is NOT included in the 1,334?
If 1,334 is the result *before* equity income:
1,160 (calculated above including equity) -> remove equity (159) -> 1,001. Still not 1,334.

Let's look at the "Profit Loss From Operating Activities" definition in Acciona reports. It usually corresponds to EBIT.
Maybe "Other Expense By Nature" (4,814) is the main bucket, but D&A (762) is separate.
Let's check the previous year to see if the formula holds.
2021:
Rev: 8,104
Other Inc: 563
Change Inv: -110
Raw: 1,980
Emp: 1,787
Other Exp: 3,621
D&A: 714
Impair: -67
Other Gains: -7
Equity Op: 94
Reported Op Profit: 829

Calculation:
Positives: 8,104 + 563 - 110 - 7 + 94 = 8,644
Negatives: 1,980 + 1,787 + 3,621 + 714 - 67 (Impair is -67, so expense is 67? Or is -67 a gain? "Impairment Loss... Recognised" is usually an expense. If the value is -67, it might be a reversal (gain). The label says "Impairment Loss Reversal...". If it's a reversal, it's income.
Let's assume the sign in the data indicates the impact on profit.
2022 Impairment: -15. If it's a loss, it should be negative impact.
2021 Impairment: -67.
Let's assume the values provided are the P&L line items where expenses are positive numbers in the source but here they might be signed?
Actually, looking at "Raw Materials... Used": 3,483. This is an expense.
"Employee Benefits": 2,077. Expense.
"Other Expense": 4,814. Expense.
"Dotacion...": 762. Expense.
"Impairment Loss...": -15. This is likely a net reversal or gain, or simply a negative expense (reduction of cost).
"Other Gains Losses": 13. Gain.
"Resultado... Equivalencia": 159. Gain.

Let's re-sum 2022 with expenses as positive deductions:
Revenue: 11,195
Other Income: 1,016
Change Inv: -72 (Negative expense = Income boost? Or Increase in inventory = Cost? In cash flow, increase in inventory is use of cash. In P&L, "Changes in inventories" is often `Opening - Closing`. If Closing > Opening, change is negative. This reduces COGS? No, `COGS = Opening + Purchases - Closing`. So `Change = Closing - Opening`. If Change is positive, Inventory increased, COGS is lower than Purchases.
Standard P&L presentation:
Sales
+/- Change in Inventories
- Raw Materials Consumed
...
If "Changes In Inventories" is -72, it means inventories decreased? Or it's an expense line?
If it's an expense line with value -72, it adds 72 to profit.

Let's try:
Profit = 11,195 (Rev) + 1,016 (Other Inc) - 72 (Change Inv, assuming it's a cost line with negative value, so +72 to profit? No, if it's "Changes in inventories of finished goods", and it's negative, it usually means production > sales, so some cost is capitalized. This reduces current period expense. So it's a positive impact on profit relative to cash purchases.
Let's assume the sign provided is the impact on Profit.
- Raw Materials: -3,483
- Employee: -2,077
- Other Exp: -4,814
- D&A: -762
- Impairment: -(-15) = +15? Or is -15 the expense? "Impairment Loss ... Recognised" is typically an expense. If the value is -15, it might be a reversal (income). Let's assume it's a +15 impact.
- Other Gains: +13
- Equity: +159

Sum: 11,195 + 1,016 - 3,483 - 2,077 - 4,814 - 762 + 15 + 13 + 159 + (Change Inv Impact).
If Change Inv (-72) is a cost reduction (income impact): +72.
Sum: 11,195 + 1,016 + 72 + 15 + 13 + 159 - 3,483 - 2,077 - 4,814 - 762
Positives: 12,470
Negatives: 11,136
Result: 1,334.
**Matches exactly!**

So, the components of Operating Profit (1,334) are:
- Revenue & Other Income
- Less: Raw Materials, Employee, Other Exp, D&A
- Plus: Change in Inv (72), Impairment Reversal (15), Other Gains (13), Equity Income (159).

**EBITDA Calculation:**
EBITDA = Operating Profit + D&A - Non-Cash/Non-Operating items included in Operating Profit?
Standard S&P EBITDA = EBIT + D&A.
EBIT = 1,334.
D&A = 762.
EBITDA (Gross) = 2,096.

However, S&P methodology typically **excludes** equity income ("Resultado De Puesta En Equivalencia") from EBITDA because it is not cash-generative from the core operations in the same way and is volatile.
Also, S&P may adjust for the "Impairment Loss Reversal" if it's considered non-recurring, but often impairments/reversals are added back/subtracted to get to a "Core" EBITDA. Since it's a reversal (gain), we should subtract it to get to a sustainable run-rate, or simply add back the D&A and leave the rest.
Strict Definition: EBITDA = EBIT + Depreciation + Amortization.
EBIT = 1,334.
D&A = 762.
EBITDA = 2,096.

If we adjust for Equity Income (159):
Adjusted EBIT = 1,334 - 159 = 1,175.
Adjusted EBITDA = 1,175 + 762 = 1,937.

If we also adjust for the Impairment Reversal (15) (since it's a gain, we subtract it to normalize, or if we are just adding back D&A, it stays in EBIT):
If we want "Core EBITDA":
Start with EBIT: 1,334
Less Equity Income: -159
Less Impairment Reversal: -15 (Normalize the gain out)
Core EBIT = 1,160.
Add D&A: 762.
Core EBITDA = 1,922.

Let's look at the "S&P Methodology" specifically. S&P Global Ratings' "Corporate Methodology" states:
"We calculate EBITDA as reported operating income plus depreciation, amortization, and exploration expenses, if any."
It also states: "We typically adjust EBITDA for... equity income/losses."
So, we should exclude the 159M equity income.
Should we exclude the 15M impairment reversal? S&P often adjusts for significant non-recurring items. A 15M reversal on 11B revenue is small (0.1%). It might be ignored. However, consistency suggests removing non-operating/non-cash volatility. But D&A is added back. Impairment is non-cash. Usually, you add back impairment *expenses*. Here we have a *reversal* (gain). To be conservative and consistent with "Cash Flow proxy", we should subtract the gain.
So, EBITDA = (Operating Profit - Equity Income - Impairment Reversal) + D&A.
EBITDA = (1,334 - 159 - 15) + 762 = 1,160 + 762 = 1,922.

Let's try the unadjusted EBITDA first: 2,096.
Net Debt: 5,568.
Ratio: 5,568 / 2,096 = 2.656.

Let's try the Adjusted EBITDA (No Equity): 1,937 (1,175 + 762).
Ratio: 5,568 / 1,937 = 2.874.

Let's try the Core EBITDA (No Equity, No Impairment Gain): 1,922.
Ratio: 5,568 / 1,922 = 2.897.

S&P usually reports leverage ratios using "Debt/EBITDA" where EBITDA is adjusted for equity income.
Let's assume the standard adjustment is removing equity income.
EBITDA = 1,937 Million EUR.

**Net Debt Check:**
Debt:
Noncurrent Bonds/Notes: 3,101
Noncurrent Loans: 2,624
Noncurrent Leases: 439
Current Bonds/Notes: 1,139
Current Loans: 553
Current Leases: 72
Total Debt = 7,928.

Cash: 2,360.
Net Debt = 5,568.

Ratio = 5,568 / 1,937 = 2.87.

Let's double check if "Participaciones Preferentes..." are considered debt. Yes, preferred shares/obligations are typically debt-like instruments, especially if they are mandatory redeemable or have fixed coupons. S&P treats them as debt if they have debt-like characteristics. Given they are listed under financial liabilities/debt sections in many Spanish reports, we include them.

What if we don't include Leases?
Debt w/o Leases = 7,928 - 511 = 7,417.
Net Debt w/o Leases = 7,417 - 2,360 = 5,057.
Ratio = 5,057 / 1,937 = 2.61.

S&P's current methodology for industrials (like Acciona) includes lease liabilities in debt.
So 2.87 is the most likely intended answer.

Let's refine the EBITDA number.
Is "Other Income" (1,016) fully operating? It's included in Operating Profit.
Is "Other Expense" (4,814) fully operating? Yes.

One detail: "Resultado De Puesta En Equivalencia Operativa" (159).
If we look at Acciona's actual reported metrics, they often report "Recurring EBITDA".
Recurring EBITDA usually excludes equity results.
So 1,937M is a strong candidate.

Let's calculate with the unadjusted EBITDA (2,096) just in case the "S&P Methodology" prompt implies a simpler "EBIT + D&A" without deep adjustments, although S&P *does* make adjustments. However, automated questions often rely on the most direct definition: Net Debt / (Operating Profit + D&A).
Direct EBITDA = 1,334 + 762 = 2,096.
Ratio = 5,568 / 2,096 = 2.656.

However, the prompt specifies "based on the S&P methodology". S&P is known for adjusting for equity income.
Let's check the magnitude of the equity income. 159M is significant.
If I use 1,937:
5,568 / 1,937 = 2.8745...

Let's check if there are other adjustments.
"Other Gains Losses" (13). Usually small, kept in.
"Impairment Reversal" (-15). Small, kept in or subtracted. If subtracted: EBITDA = 1,922. Ratio = 2.89.

Let's look at the "Net Debt" again.
Did we miss any debt?
"Noncurrent Financial Assets" (263) - these are assets, not debt.
"Current Financial Assets" (315) - assets.

Is there any "Hybrid" equity?
"Participaciones Preferentes" are in liabilities.

Let's assume the question expects the standard S&P adjustment for Equity Income.
EBITDA = 1,937.
Net Debt = 5,568.
Ratio = 2.87.

If the question implies a simpler calculation (Operating Profit + D&A):
EBITDA = 2,096.
Ratio = 2.66.

Given "S&P Methodology" is explicitly invoked, the adjustment for equity income is the key differentiator. S&P defines EBITDA as Operating Income + D&A, but *then* adjusts it for items like equity income to derive "Core EBITDA" for leverage ratios.

Let's provide the answer based on the Adjusted EBITDA (excluding equity income).

Final Calculation:
Net Debt = 5,568,000,000
EBITDA = 1,937,000,000
Ratio = 2.8745...

Rounding to two decimal places: 2.87.

<answer>2.87</answer>