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

**1. Calculate Adjusted EBITDA (2022)**

S&P typically defines EBITDA as Profit from Operating Activities (Operating Income) plus Depreciation, Amortization, and Impairment. Sometimes it starts from Net Income and adds back Interest, Tax, Depreciation, and Amortization. Given the data provided, we can derive EBITDA from the Operating Profit and add back non-cash charges.

*   **Profit Loss From Operating Activities (2022):** 11,193,000,000 EUR
*   **Depreciation Amortisation And Impairment Loss Reversal... (2022):** 7,447,000,000 EUR

Note: The line item "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" is an expense added back to operating profit to get to a cash-flow-like metric. However, standard EBITDA calculation is often:
$EBITDA = Operating Profit + Depreciation + Amortization + Impairment Losses - Impairment Reversals$.
The provided line item seems to be the net charge recognized in P&L. Let's look for a clearer path.
Alternatively, $EBITDA = Revenue - Operating Expenses (excluding D&A)$.
Let's use the standard bridge:
$Operating Profit = 11,193,000,000$
Add back: $Depreciation, Amortization, and Impairment = 7,447,000,000$
$EBITDA = 11,193,000,000 + 7,447,000,000 = 18,640,000,000$ EUR.

Let's verify if there are other adjustments. S&P often adjusts for "Other Income/Expense" if they are non-recurring or non-operating, but usually, Operating Profit is the starting point. The "Other Income" (4,864,000,000) and "Other Expense By Nature" (4,685,000,000) are likely included in the Operating Profit calculation or are part of the operating result. Given "Profit Loss From Operating Activities" is explicitly stated, we assume this is the EBIT.
So, **EBITDA ≈ 18,640,000,000 EUR**.

*Self-Correction/Refinement:* In many utility reports, "Profit from Operating Activities" might already include some non-cash items or exclude others. However, without a specific breakdown of D&A within operating expenses, adding the total D&A charge back to Operating Profit is the standard approach.
Let's check if "Net Results From Commodity Contracts" (2,365,000,000) is included in Operating Profit. Usually, yes. S&P might adjust for mark-to-market gains/losses on commodities if they are volatile, but without specific instruction to exclude, we stick to the reported operating figures.

**2. Calculate Adjusted Net Debt (2022)**

S&P defines Net Debt as Total Debt minus Cash and Cash Equivalents. Total Debt includes short-term and long-term borrowings, capital leases, and sometimes other interest-bearing liabilities.

*   **Gross Debt Components (as of 2022-01-01 / End of 2022):**
    *   Long-term Borrowings: 54,500,000,000 EUR
    *   Short-term Borrowings: 13,306,000,000 EUR
    *   Current Portion of Long-term Borrowings: 4,031,000,000 EUR
    *   *Note:* The sum of Short-term Borrowings and Current Portion of LT Borrowings represents the current debt burden.
    *   Total Gross Debt = Long-term Borrowings + Short-term Borrowings + Current Portion of LT Borrowings
    *   Total Gross Debt = 54,500,000,000 + 13,306,000,000 + 4,031,000,000 = 71,837,000,000 EUR.

    *Are there other debt-like items?*
    S&P often includes "Lease Liabilities" (not explicitly broken out as a separate debt line here, but might be in "Other Noncurrent/Current Financial Liabilities" or "Provisions").
    Let's look at "Other Noncurrent Financial Liabilities": 120,000,000 EUR (2022).
    "Other Current Financial Liabilities": 625,000,000 EUR (2022).
    These are relatively small. We will stick to the explicit borrowings for the core debt calculation, as is common when detailed lease data isn't explicitly flagged as "Debt" in the summary facts. However, S&P *does* capitalize operating leases. If "Provisions" or "Other Liabilities" contain leases, they should be added. Without explicit "Lease Liability" lines, we assume the "Borrowings" lines capture the primary financial debt.

*   **Cash and Cash Equivalents (as of 2022-01-01 / End of 2022):**
    *   Cash And Cash Equivalents: 8,858,000,000 EUR.
    *   *S&P Adjustment:* S&P often deducts only "Unrestricted Cash". The report lists "Cash And Cash Equivalents Classified As Discontinued Operations" (543,000,000 EUR) and "Classified As Part Of Disposal Group Held For Sale" (44,000,000 EUR). Cash in discontinued operations is often excluded from the cash deduction if the debt is not associated with it, or included if it's part of the group's liquidity. S&P typically deducts all cash and cash equivalents unless restricted. Let's assume the full reported Cash and Cash Equivalents is deductible.
    *   Cash to deduct: 8,858,000,000 EUR.

*   **Net Debt Calculation:**
    *   Net Debt = Gross Debt - Cash
    *   Net Debt = 71,837,000,000 - 8,858,000,000 = 62,979,000,000 EUR.

*   **S&P Adjustments to Net Debt:**
    *   S&P often adds back "Hybrid Bonds" to equity (treating them as equity for leverage ratios) or treats them as debt. In the Equity section, we see "Equity Instruments Perpetual Hybrid Bonds Member" with a value of 5,567,000,000 EUR in 2022. If these are classified as equity in the balance sheet (which they appear to be, under Equity), they are *not* in the Borrowings lines above. S&P typically treats perpetual hybrids as 50% debt and 50% equity, or sometimes 100% equity if they have strong equity characteristics. However, for a conservative "Net Debt" calculation in a utility context, if they are in Equity, they are not in Gross Debt. If S&P reclassifies them as debt, Net Debt would increase.
    *   Standard S&P methodology for utilities often treats hybrids as 50% debt. Let's check if they are in the "Borrowings" lines. They are listed under Equity. So they are not in the 71.8B figure.
    *   If we apply a 50% debt credit to hybrids: Add 0.5 * 5,567,000,000 = 2,783,500,000 to Net Debt.
    *   Adjusted Net Debt = 62,979,000,000 + 2,783,500,000 = 65,762,500,000 EUR.
    *   *Alternative:* If we treat them as 100% equity (common if they are perpetual and non-cumulative or have deferral options), we leave them out. Given the prompt asks for an estimate based on general S&P methodology, and utilities often have significant hybrids, the 50% adjustment is a common nuance. However, without explicit instruction, the base "Net Debt" usually refers to interest-bearing borrowings minus cash. Let's stick to the strict financial debt first. If the ratio looks off, we reconsider.
    *   Let's check "Noncontrolling Interests". No adjustment needed for Net Debt.
    *   Let's check "Derivatives". S&P may adjust for mark-to-market on derivatives. The balance sheet shows "Current Derivative Financial Assets" (22,791,000,000) and "Liabilities" (24,607,000,000). The net position is a liability of ~1.8B. S&P often excludes mark-to-market volatility from EBITDA and Debt. If the EBITDA calculation above didn't add back derivative volatility, we might need to. However, "Profit from Operating Activities" usually excludes financial income/expense from derivatives (which are listed separately as "Financial Income From Derivatives" and "Financial Expense From Derivatives").
    *   Wait, the "Profit Loss From Operating Activities" is 11,193,000,000.
    *   "Financial Income From Derivatives" (3,118,000,000) and "Financial Expense From Derivatives" (3,414,000,000) are below the operating line. So EBITDA (derived from Operating Profit) is clean of derivative financial flows.
    *   Therefore, EBITDA = 18,640,000,000 EUR is robust.

    Let's refine the Net Debt.
    Gross Debt = 54,500 (LT) + 13,306 (ST) + 4,031 (Current LT) = 71,837 Million EUR.
    Cash = 8,858 Million EUR.
    Net Debt = 62,979 Million EUR.

    If we include the 50% hybrid adjustment:
    Net Debt (Adj) = 62,979 + 2,784 = 65,763 Million EUR.

    Let's calculate the ratio with both.
    Ratio 1 (Strict): 62,979 / 18,640 = 3.38x
    Ratio 2 (With 50% Hybrid): 65,763 / 18,640 = 3.53x

    S&P Global Ratings' criteria for utilities often include "Debt-like" items. Perpetual hybrids are frequently treated as 50% debt. Let's look at the "Finance Costs". Total Finance Costs are 5,880,000,000. This includes interest on debt and hybrids.
    
    Another consideration: "Lease Liabilities". In IFRS 16, leases are debt. The provided facts do not explicitly list "Lease Liabilities". They list "Provisions" and "Other Liabilities". It is highly likely that lease liabilities are embedded in "Other Noncurrent Liabilities" (4,525,000,000) or "Other Current Liabilities". Without a specific breakdown, we cannot accurately add them. However, for a major utility like Enel, lease debt can be significant (billions). If we assume a portion of "Other Liabilities" is lease debt, Net Debt would be higher.
    
    Let's look at the "Equity" section again.
    Total Equity: 42,342,000,000.
    Total Assets: 206,940,000,000.
    Total Liabilities: 164,598,000,000.
    
    Let's check if there is a more direct "Total Debt" figure often reported.
    Often, "Net Financial Position" is reported.
    
    Let's re-evaluate EBITDA.
    Is "Profit Loss From Operating Activities" the same as EBIT? Yes.
    EBIT = 11,193,000,000.
    D&A = 7,447,000,000.
    EBITDA = 18,640,000,000.

    Let's re-evaluate Net Debt.
    Borrowings:
    Long-term: 54,500
    Short-term: 13,306
    Current portion of LT: 4,031
    Total Borrowings = 71,837.
    
    Less Cash: 8,858.
    Net Borrowings = 62,979.
    
    Adjustments:
    1. Hybrids (50%): +2,784.
    2. Leases: Unknown, but likely present.
    3. Derivatives: Net liability position of ~1.8B (24.6B Liab - 22.8B Asset). S&P often excludes MTM derivatives from debt if they are hedging, or includes them if they are speculative. Given the size, this is material. However, S&P usually adjusts EBITDA for the volatility too. Since our EBITDA is from Operating Profit, it excludes the financial derivative results. If we exclude the derivative *result* from EBITDA (which we did, as it's financial), we should arguably exclude the derivative *balance* from Debt if it's purely MTM. But derivative liabilities often represent cash obligations.
    
    Let's look at a standard Enel credit metric report or similar utility benchmarks. Enel's reported Net Debt/EBITDA is often in the 3.0x - 3.5x range.
    
    Let's try calculating with the "Net Financial Position" concept which might be closer to S&P's "Debt".
    If we assume the "Borrowings" lines are the only interest-bearing debt:
    Net Debt = 62.98B.
    EBITDA = 18.64B.
    Ratio = 3.38.

    If we add 50% of Hybrids (2.78B):
    Net Debt = 65.76B.
    Ratio = 3.53.

    If we assume there are Lease Liabilities. In 2022, Enel's lease liabilities were approximately 4-5 Billion EUR. Let's estimate 4.5B.
    Net Debt = 65.76 + 4.5 = 70.26B.
    Ratio = 70.26 / 18.64 = 3.77.

    However, without explicit lease data, adding it is a guess. The prompt provides specific facts. We should rely on the provided facts. The provided facts do *not* list Lease Liabilities separately. They list "Provisions" and "Other Liabilities". It is unsafe to guess the lease portion.
    
    Does S&P adjust EBITDA for "Other Income"?
    Other Income: 4,864,000,000.
    Other Expense: 4,685,000,000.
    Net Other: +179,000,000.
    These are likely included in Operating Profit. If they are non-recurring, S&P might exclude them. But for a utility, "Other Income" often contains recurring items. We will leave EBITDA as calculated.

    Let's check the date. The facts are for "2022-01-01 - 2023-01-01" which is the fiscal year 2022. The balance sheet dates are "2023-01-01" (End of 2022) and "2022-01-01" (End of 2021).
    Wait, the label "2023-01-01" in the context of annual reports usually means the balance sheet *at* Jan 1, 2023, which is the end of the 2022 fiscal year.
    So, Balance Sheet 2022 (End of Year) values are those labeled "2023-01-01".
    Let's re-read the facts carefully.
    "Revenue ... 2022-01-01 - 2023-01-01": This is the flow for 2022.
    "Property Plant And Equipment" 2023-01-01: 88,521,000,000. This is the stock at the end of 2022.
    "Property Plant And Equipment" 2022-01-01: 84,572,000,000. This is the stock at the end of 2021 (start of 2022).
    
    So, for the 2022 Ratio, we must use:
    1. EBITDA for the period 2022-01-01 to 2023-01-01.
    2. Net Debt as of 2023-01-01 (End of 2022).

    **Recalculating with End-of-2022 Balance Sheet (labeled 2023-01-01):**

    **1. EBITDA (2022 Flow):**
    Operating Profit: 11,193,000,000 EUR
    D&A: 7,447,000,000 EUR
    EBITDA = 18,640,000,000 EUR.

    **2. Net Debt (as of 2023-01-01):**
    *   Long-term Borrowings: 68,191,000,000 EUR
    *   Short-term Borrowings: 18,392,000,000 EUR
    *   Current Portion of Long-term Borrowings: 2,835,000,000 EUR
    *   Total Gross Debt = 68,191 + 18,392 + 2,835 = 89,418,000,000 EUR.
    
    *   Cash and Cash Equivalents: 11,041,000,000 EUR.
    
    *   Net Debt (Base) = 89,418 - 11,041 = 78,377,000,000 EUR.

    *   **Adjustments:**
        *   **Hybrids:** "Equity Instruments Perpetual Hybrid Bonds Member" 2023-01-01: 5,567,000,000 EUR.
            S&P typically treats 50% as debt.
            Adjustment = 0.5 * 5,567,000,000 = 2,783,500,000 EUR.
        *   **Leases:** Not explicitly provided. We will omit due to lack of data, acknowledging this might understate debt slightly.
        *   **Derivatives:** 
            Current Derivative Financial Liabilities: 16,141,000,000
            Noncurrent Derivative Financial Liabilities: 5,895,000,000
            Total Deriv Liab: 22,036,000,000
            Current Derivative Financial Assets: 14,830,000,000
            Noncurrent Derivative Financial Assets: 3,970,000,000
            Total Deriv Assets: 18,800,000,000
            Net Deriv Liability: 3,236,000,000.
            S&P methodology often excludes mark-to-market derivative positions from debt if they are hedging instruments, adjusting EBITDA instead. Since our EBITDA (from Operating Profit) excludes the financial derivative *flows* (which are in Finance Income/Cost), we should be consistent. If we exclude the flows from EBITDA, we should arguably exclude the stock from Debt. However, if the derivatives are settled in cash, they represent a liability. But given the volatility, S&P usually neutralizes both. We will exclude the net derivative position from Net Debt to remain consistent with the Operating Profit-based EBITDA which excludes financial derivative results.

    *   **Adjusted Net Debt:**
        Base Net Debt: 78,377,000,000
        + 50% Hybrids: 2,783,500,000
        Total Adjusted Net Debt = 81,160,500,000 EUR.

    **3. Final Ratio Calculation:**
    Ratio = Adjusted Net Debt / EBITDA
    Ratio = 81,160,500,000 / 18,640,000,000
    Ratio ≈ 4.354

    Let's double check the EBITDA.
    Is it possible "Profit Loss From Operating Activities" is not EBIT?
    In IFRS, Operating Profit is EBIT.
    Did we miss any add-backs?
    "Impairment Loss Reversal... Trade Receivables" (1,278,000,000) is likely included in the D&A line or operating expenses. The D&A line is "Depreciation Amortisation And Impairment Loss Reversal...". This suggests the 7,447,000,000 figure is the net charge. If it's a net charge including reversals, adding it back is correct.
    
    Let's check if there are significant "Non-controlling interests" adjustments for EBITDA. S&P uses Consolidated EBITDA. So no adjustment needed.

    Let's check the Debt numbers again.
    LT Borrowings 2023-01-01: 68,191
    ST Borrowings 2023-01-01: 18,392
    Current Portion LT 2023-01-01: 2,835
    Sum: 89,418.
    Cash: 11,041.
    Net: 78,377.
    
    This debt level seems high compared to 2021 (71,837 Gross). The increase is due to the energy crisis and working capital needs.
    
    Is there any other debt?
    "Other Noncurrent Financial Liabilities": 0
    "Other Current Financial Liabilities": 853,000,000.
    These are small.
    
    What about "Trade And Other Payables"? Not debt.
    
    So, Net Debt ~ 78.4B (base) or 81.2B (with hybrids).
    EBITDA ~ 18.6B.
    
    Ratio: 81.16 / 18.64 = 4.35.

    Let's consider if S&P would use Average Net Debt.
    S&P often uses year-end debt for simplicity in quick estimates, or average.
    Average Net Debt:
    End 2021 Net Debt (Base):
    Gross 2021: 54,500 + 13,306 + 4,031 = 71,837.
    Cash 2021: 8,858.
    Net 2021: 62,979.
    Hybrids 2021: 5,567 (Same value? 2022-01-01 Equity Hybrid was 5,567. 2023-01-01 is also 5,567).
    Adj Net 2021: 62,979 + 2,784 = 65,763.
    
    End 2022 Adj Net Debt: 81,161.
    
    Average Adj Net Debt = (65,763 + 81,161) / 2 = 73,462.
    
    Ratio using Average Debt: 73,462 / 18,640 = 3.94.

    S&P methodology for "Leverage" ratios typically uses **Year-End Debt** divided by **Last 12 Months EBITDA**. However, for trending, they might look at average. The standard "Net Debt/EBITDA" covenant or metric usually points to the most recent year-end debt position against the trailing twelve months EBITDA.
    
    Let's check if the EBITDA should be adjusted for the "Net Results From Commodity Contracts".
    Enel is a utility. Commodity trading is part of its business. S&P usually includes it in EBITDA unless it's speculative. Enel's trading is largely hedging. The volatility is high.
    If we exclude the "Net Results From Commodity Contracts" (2,365,000,000) from EBITDA?
    This result is likely part of Operating Profit.
    If we remove it, EBITDA drops to ~16.3B.
    Ratio increases to 81.16 / 16.3 = 4.98.
    
    However, S&P generally accepts reported Operating EBITDA for utilities unless there's a specific "non-recurring" tag. Commodity results are recurring for Enel.
    
    Let's stick to the reported Operating Profit + D&A.
    
    One more check: "Profit Loss From Operating Activities" 11,193.
    "Depreciation..." 7,447.
    EBITDA 18,640.
    
    Debt: 89,418 Gross.
    Cash: 11,041.
    Net: 78,377.
    Hybrids (50%): 2,784.
    Total Net Debt: 81,161.
    
    Ratio: 4.35.

    If I do not include hybrids (treating them as 100% equity):
    Net Debt: 78,377.
    Ratio: 78,377 / 18,640 = 4.20.

    S&P's specific criteria for "Hybrid Capital" usually grants 50% equity credit if certain conditions are met (perpetual, deferrable, etc.). Enel's hybrids generally meet these. So 50% debt treatment is appropriate.

    Final check on values.
    Revenue 135.6B.
    Op Profit 11.2B.
    Margin ~8.2%.
    EBITDA 18.6B.
    Margin ~13.7%.
    
    Net Debt 81.2B.
    
    Ratio 4.35.

    <answer>4.35</answer>