I need to calculate the Net Debt / EBITDA ratio for 2022 using S&P methodology.

## Step 1: Identify the period
The data uses "2022-01-01 - 2023-01-01" for the 2022 fiscal year results.

## Step 2: Calculate EBITDA

First, let me find the components for EBITDA using S&P methodology. S&P typically calculates EBITDA as:
- Operating Profit + Depreciation & Amortization + Interest (or use reconciliation from cash flows)

From the income statement:
- "Profit Loss From Operating Activities" (2022-01-01 - 2023-01-01): 239,721,000 EUR
- "Depreciation And Amortisation Expense" (2022-01-01 - 2023-01-01): 249,276,000 EUR

However, I need to check if operating profit already includes depreciation or not. Looking at the structure:
- "Operating Expense" includes "Depreciation And Amortisation Expense" of 249,276,000 EUR

So "Profit Loss From Operating Activities" = Revenue And Operating Income - Operating Expense
= 824,683,000 - 584,962,000 = 239,721,000 EUR

This operating profit is AFTER depreciation. So EBITDA = Operating Profit + Depreciation & Amortization

EBITDA = 239,721,000 + 249,276,000 = **488,997,000 EUR**

Wait - let me also check if there are other items to add back. S&P methodology typically adds back:
- D&A
- Some adjustments for non-recurring items

Let me verify: The standard S&P Global methodology for EBITDA:
EBITDA = Operating income + Depreciation & Amortization

But I should also check if "Revenue Recognised On Exchanging Construction Services For Intangible Asset" affects this. This is 197,420,000 EUR of revenue. And "Costs With Construction Of Concession Assets" is 175,095,000 EUR. These are typically construction-related and might need consideration.

Actually, looking more carefully at S&P methodology for utilities/infrastructure companies with concession assets:
- EBITDA typically excludes the revenue/costs related to construction of concession assets for own use (IFRIC 12 service concession arrangements)

However, for a standardized approach, let me use the standard definition first.

Let me recalculate more carefully. The "Revenue And Operating Income" includes:
- Revenue From Sale Of Goods: 96,000
- Revenue From Rendering Of Services: 588,130,000
- Revenue Recognised On Exchanging Construction Services For Intangible Asset: 197,420,000
- Share Of Profit Loss Of Associates: 11,812,000
- Miscellaneous Other Operating Income: 27,225,000

For S&P methodology, "Revenue Recognised On Exchanging Construction Services For Intangible Asset" is typically excluded from EBITDA as it's non-cash construction revenue for own assets.

So adjusted operating revenue for S&P EBITDA = 824,683,000 - 197,420,000 = 627,263,000 (for the revenue side, but this gets complex)

Actually, let me use a simpler S&P approach: EBITDA from cash flow perspective or standard formula.

Looking at operating expenses:
- Cost Of Sales: 901,000
- Costs With Construction Of Concession Assets: 175,095,000
- Services Expense: 82,516,000
- Employee Benefits Expense: 58,519,000
- Depreciation And Amortisation Expense: 249,276,000
- Changes In Other Provisions: -2,230,000
- Impairment Loss Reversal: -1,437,000
- Miscellaneous Other Operating Expense: 14,988,000

The "Costs With Construction Of Concession Assets" of 175,095,000 pairs with the revenue of 197,420,000. The net margin on this is typically zero or small in concession accounting.

For S&P Global methodology, the standard approach is:
EBITDA = Operating profit before depreciation & amortization, excluding construction revenue and costs for own assets.

But actually, for simplicity and standardization, many analysts use:
EBITDA = Reported Operating Profit + D&A

Let me use: EBITDA = 239,721,000 + 249,276,000 = 488,997,000 EUR

However, I should consider if S&P would adjust for the construction margin. The construction margin = 197,420,000 - 175,095,000 = 22,325,000 EUR. This is included in operating profit.

For strict S&P methodology, this construction margin might be excluded. But let me proceed with standard calculation and note this.

Actually, re-reading S&P methodology more carefully - for regulated utilities with concession assets, S&P typically uses "Funds From Operations" (FFO) and adjusts EBITDA. But the standard Net Debt/EBITDA uses reported EBITDA.

Let me use the most common approach: EBITDA = Operating Profit + D&A = 488,997,000 EUR

## Step 3: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

Total Debt components:
- "Longterm Borrowings" 2023-01-01 (end of 2022): 1,695,362,000 EUR
- "Current Borrowings And Current Portion Of Noncurrent Borrowings" 2023-01-01: 638,944,000 EUR

Total Debt = 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR

Cash and Cash Equivalents:
- "Cash And Cash Equivalents" 2023-01-01: 365,292,000 EUR

Net Debt = 2,334,306,000 - 365,292,000 = **1,969,014,000 EUR**

Wait - I need to check if there are other debt-like items or if we need to use average debt. S&P methodology typically uses period-end debt for Net Debt/EBITDA.

Let me also check for lease liabilities. The data shows "Payments Of Lease Liabilities Classified As Financing Activities" but I don't see lease liabilities on the balance sheet explicitly. There might be lease liabilities embedded in borrowings or other payables.

Also check: "Bank Overdrafts Classified As Cash Equivalents" = 0, so no adjustment needed there.

## Step 4: Calculate Ratio

Net Debt / EBITDA = 1,969,014,000 / 488,997,000 = **4.027**

Let me double-check my EBITDA calculation. S&P Global specifically for European utilities might have specific adjustments. Let me verify if I need to add back any other items.

Actually, looking more carefully - S&P methodology sometimes uses "Adjusted EBITDA" which might include:
- Adding back changes in provisions if they're non-cash
- Adjusting for non-recurring items

But the standard is Operating Profit + D&A.

Let me also verify: Is "Profit Loss From Operating Activities" the same as Operating Profit? Yes, it appears so.

One more check: Should I use the "Revenue And Operating Income" figure or reconstruct? The 824,683,000 includes share of profits from associates (11,812,000). S&P typically includes this ABOVE operating profit, or sometimes adjusts. But in this case, "Profit Loss From Operating Activities" is already calculated as 239,721,000, which suggests the revenue figure includes associates income but the operating profit is after proper allocation.

Actually wait - let me re-read. "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" is typically shown AFTER operating profit (as part of pre-tax profit), not in revenue. But here it's included in "Revenue And Operating Income". This is unusual.

Let me check: "Revenue And Operating Income" = 824,683,000
Sum of components: 96,000 + 588,130,000 + 197,420,000 + 11,812,000 + 27,225,000 = 824,683,000 ✓

So the associates income is included in this top-line figure. But "Profit Loss From Operating Activities" = 239,721,000.

Is this 239,721,000 after or before associates income? Typically "operating activities" excludes associates (equity method). Let me check if associates income is part of operating or financial:

Looking at the structure: "Share Of Profit Loss Of Associates" is usually a separate line between operating profit and profit before tax. But here it's bundled in "Revenue And Operating Income".

Actually, looking more carefully at typical Portuguese annual report structure under IFRS - this might be a specific presentation. Let me assume "Profit Loss From Operating Activities" is the proper operating profit figure to use.

Let me verify: 824,683,000 - 584,962,000 = 239,721,000. This matches "Profit Loss From Operating Activities". So this is Operating Profit.

Now, is this operating profit including or excluding associates? The associates income of 11,812,000 is in the revenue section. If we subtract all operating expenses, we get 239,721,000. This suggests associates income is treated as part of operating activities.

For S&P methodology, equity method income is typically EXCLUDED from EBITDA (it's not operating, it's investment income). So I should potentially adjust.

But wait - "Finance Income Cost" includes "Revenue From Dividends" of 9,815,000. And "Other Finance Income" of 11,911,000. These are clearly financial.

The associates income of 11,812,000 - where does it flow? If it's in "Revenue And Operating Income" and then through to "Profit Loss From Operating Activities", then it's treated as operating.

However, S&P Global typically reclassifies equity method income out of EBITDA. Let me check if this is material enough to adjust.

Standard S&P approach: Start with Operating Profit, add D&A. If associates income is included in operating profit, we might need to subtract it for S&P EBITDA.

Adjusted Operating Profit (S&P style) = 239,721,000 - 11,812,000 = 227,909,000
EBITDA = 227,909,000 + 249,276,000 = 477,185,000

But this is getting into detailed adjustments that may not be standard. Let me check if there's another way.

Actually, looking at S&P Global's standard methodology document: EBITDA = Operating profits before depreciation and amortization. Operating profits typically exclude equity income from associates.

However, in this company's presentation, if associates income is included in "operating activities", I need to check standard practice.

For European utilities, S&P Global Ratings typically uses:
- EBITDA = Recurring operating profit + depreciation & amortization
- Recurring operating profit typically excludes associates, exceptional items, etc.

But without more detailed breakdown, let me use the reported operating profit + D&A as the most straightforward interpretation, which is common in many analyses.

Let me also consider: should I use 2022 year-end or average debt? S&P typically uses period-end net debt for leverage ratios.

Let me recalculate with more precision:
Net Debt = 1,695,362,000 + 638,944,000 - 365,292,000 = 1,969,014,000

EBITDA = 239,721,000 + 249,276,000 = 488,997,000

Ratio = 1,969,014,000 / 488,997,000 = 4.0266...

Let me also check if there are any other debt items:
- "Noncurrent Derivative Financial Liabilities" = 73,464,000 - these are typically not debt but derivatives
- "Current Derivative Financial Assets" and similar - these are working capital/hedging items, not debt
- "Trade And Other Payables" - these are operating liabilities, not debt

For S&P methodology, debt typically includes:
- Borrowings (short and long term)
- Finance leases
- Pension deficits (sometimes)
- Less: Cash and equivalents

I don't see explicit lease liabilities in the debt figures. The "Payments Of Lease Liabilities" suggests there are leases, but they may be included in borrowings or the amounts are small.

Let me check if "Other Longterm Provisions" or "Noncurrent Provisions For Employee Benefits" should be included. Typically these are not debt for Net Debt/EBITDA.

So my calculation stands: Net Debt / EBITDA = 4.03 approximately.

But wait - I want to double check one thing. Should I use the 2022 year-end figures (which are labeled 2023-01-01) or average? The question asks for "2022", and the data uses 2023-01-01 as year-end 2022.

Also, let me verify: is there any "Cash" separate from "Cash Equivalents"? 
- "Cash" 2023-01-01: 1,000 EUR
- "Cash Equivalents" 2023-01-01: 365,291,000 EUR
- Total: 365,292,000 EUR which matches "Cash And Cash Equivalents"

So my cash figure is correct.

One more consideration: S&P sometimes includes "readily marketable securities" in cash deduction, but we don't have those separately identified.

Let me also verify my debt figure once more. The "Longterm Borrowings" at 2023-01-01 is 1,695,362,000. This decreased from 2,390,852,000 at 2022-01-01. And "Current Borrowings" increased to 638,944,000 from 375,221,000. This suggests debt reclassification or refinancing.

Total debt at 2022 year-end = 1,695,362,000 + 638,944,000 = 2,334,306,000

Actually, I want to double-check: does S&P include current portion of long-term debt in total debt? Yes, absolutely. "Current Borrowings And Current Portion Of Noncurrent Borrowings" explicitly includes the current portion.

Final calculation:
Net Debt = 2,334,306,000 - 365,292,000 = 1,969,014,000
EBITDA = 488,997,000
Ratio = 4.0266...

Rounding to typical presentation: 4.03 or 4.0

But let me see if I should make any S&P-specific adjustments to EBITDA. 

Actually, I realize I should check one more thing. S&P Global Ratings methodology for "Adjusted EBITDA" sometimes adds back items like:
- Non-recurring items
- Provisions changes
- etc.

Looking at "Changes In Other Provisions": -2,230,000 (negative, meaning release)
"Impairment Loss Reversal": -1,437,000 (negative, meaning reversal)

These are already in operating profit. Should I add back provision changes? Typically no, as they're part of normalized operations.

For a cleaner S&P EBITDA, let me see if there's a standard formula. Actually, many practitioners use:
S&P EBITDA = EBIT + D&A + operating lease expense (pre-IFRS 16) or other adjustments.

Given IFRS 16 is in effect (post-2019), and we see lease payments in financing activities, leases are likely capitalized and included in debt already. So no further adjustment needed.

Let me proceed with 4.03 as my best estimate. But I'll round to two decimal places for precision.

Actually, let me recalculate: 1,969,014,000 / 488,997,000 = 4.026641265...

So 4.03 when rounded to two decimal places, or 4.027 to three.

For financial ratios, typically 1-2 decimal places are shown. I'll use 4.03 or more precisely 4.027.

Wait - I want to re-verify one thing. Is the "Asset Related To The Transitional Gas Price Stabilization Regime" and corresponding liability something that affects net debt?

The asset is 1,000,000,000 EUR and liability is 1,000,000,000 EUR. These net to zero in equity but do they affect debt? The liability is "Liability Related To The Transitional Gas Price Stabilization Regime Decree Law84D2022" at 1,000,000,000 EUR.

Is this "debt" for Net Debt/EBITDA purposes? This looks like a regulatory pass-through mechanism - the company collects money from customers to stabilize gas prices and has a corresponding liability. This is typically not financial debt but a regulatory liability.

For S&P methodology, this would typically NOT be included in debt as it's not borrowed money - it's more like customer deposits or deferred revenue/regulatory liability.

However, some conservative calculations might include it. Let me check: the asset side is "Asset Related To..." - this might be a receivable from the government or regulatory body, and the liability is the obligation to customers or the system.

Actually, looking at the cash flow statement, we don't see movements in this, which suggests it might be non-cash initially.

For standard Net Debt/EBITDA, I'll exclude this regulatory liability from debt.

But let me consider: if this is a 1 billion EUR liability that the company is responsible for, and it's classified as "Current Liabilities", does S&P include it?

Looking at "Current Liabilities" = 2,524,360,000
Components: 638,944,000 + 885,416,000 + 0 + 1,000,000,000 = 2,524,360,000 ✓

So the 1,000,000,000 is part of current liabilities. But is it debt? 

This is a specific Portuguese regulatory mechanism (Decree Law 84-D/2022). The company likely acts as a collection/payment agent for gas price stabilization. This is not financial debt in the traditional sense.

For S&P Global Ratings, such regulatory liabilities are typically excluded from debt unless they represent actual borrowed funds.

I'll stick with my calculation excluding this item.

Final answer: Net Debt / EBITDA = 1,969,014,000 / 488,997,000 = 4.03

Let me present this as 4.03 or perhaps more precisely 4.027. Given the data precision, I'll use 4.03.

Actually, rethinking: I want to make sure about the EBITDA calculation. Let me see if S&P would use a different starting point.

Some S&P methodologies use "EBITDA = Revenue - Cash Operating Costs" or similar. But the standard is Operating Profit + D&A.

Another check: Is depreciation included in "Costs With Construction Of Concession Assets"? Typically construction costs for own assets are capitalized, not expensed. But here they're shown as costs. This is the "intangible asset" construction - under IFRIC 12, when you build infrastructure for a concession, if it's a service concession arrangement, you might recognize revenue and costs for construction.

Actually, looking more carefully: "Revenue Recognised On Exchanging Construction Services For Intangible Asset" and "Costs With Construction Of Concession Assets" - these are paired. The net is 197,420,000 - 175,095,000 = 22,325,000 margin.

Under IFRIC 12, when an operator provides construction services in a service concession arrangement, it recognizes revenue and costs for those services. The "intangible asset" model applies when the operator has a right to charge users.

For S&P EBITDA calculation, this construction revenue and cost are typically EXCLUDED because they're not reflective of ongoing operations - they're one-off construction activities for the concession.

If I exclude the construction margin:
Adjusted Operating Profit = 239,721,000 - 22,325,000 = 217,396,000
But I need to also exclude D&A related to this... actually, the D&A is for the intangible asset once constructed.

This gets complicated. The standard S&P approach for concession companies is to use "EBITDA excluding construction" or to use a "maintenance EBITDA" that excludes the construction margin.

However, without explicit guidance in the data, and since this is a recurring annual activity (not one-off), many analysts include it. The construction happens every year as part of maintaining/expanding the concession.

Let me check: 2021 had 237,696,000 revenue and 215,253,000 costs. So this is recurring.

Given this is recurring annual construction for the concession, I'll include it in EBITDA.

My final calculation remains: 4.03

Actually, let me see if I should express this differently. The ratio is typically expressed as x.x or xx.

1,969,014,000 / 488,997,000 = 4.026641...

I'll round to 4.03.

<answer>4.03</answer>