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

## Step 1: Identify Required Components

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

Where:
- **Total Debt** = Noncurrent debt + Current debt
- **Cash** = Cash and cash equivalents
- **EBITDA** = EBIT + Depreciation & Amortization

## Step 2: Calculate Total Debt (as of 2022-01-01)

**Noncurrent Debt:**
- Noncurrent Loans Received: €2,073,000,000
- Preferred Shares/Bonds (Noncurrent): €2,364,000,000
- Noncurrent Lease Liabilities: €430,000,000
- **Total Noncurrent Debt = €4,867,000,000**

**Current Debt:**
- Current Loans Received: €280,000,000
- Current Portion of Noncurrent Loans: (included in above line)
- Preferred Shares/Bonds (Current): €1,666,000,000
- Current Lease Liabilities: €68,000,000
- **Total Current Debt = €2,014,000,000**

**Total Debt = €4,867,000,000 + €2,014,000,000 = €6,881,000,000**

## Step 3: Identify Cash (as of 2022-01-01)

**Cash and Cash Equivalents = €2,318,000,000**

## Step 4: Calculate Net Debt

**Net Debt = €6,881,000,000 - €2,318,000,000 = €4,563,000,000**

## Step 5: Calculate EBITDA (for 2021-01-01 to 2022-01-01 period)

**EBIT (Operating Profit) = €829,000,000**

**Add back:**
- Depreciation, Amortization & Provisions: €714,000,000

**EBITDA = €829,000,000 + €714,000,000 = €1,543,000,000**

## Step 6: Calculate Net Debt / EBITDA Ratio

**Ratio = €4,563,000,000 / €1,543,000,000 = 2.96**

<answer>2.96</answer>