I'll work through this step-by-step, analyzing Acciona SA's financial data to estimate the S&P-adjusted debt-to-EBITDA ratio for 2022.

## Step 1: Identify the Relevant Industry for Acciona SA

Based on the data provided and my knowledge of Acciona SA, this is a diversified infrastructure and renewable energy company. Looking at the methodologies provided:
- Regulated Utilities
- Oil and Gas Exploration and Production
- Unregulated Power And Gas
- Transportation Infrastructure

Acciona SA is primarily involved in renewable energy (wind, solar), infrastructure construction, water utilities, and other infrastructure assets. The most relevant methodology is **Unregulated Power And Gas** for its renewable energy generation business, but given its diversified nature with infrastructure/construction, I'll apply the **general corporate baseline formulas** as the company doesn't fit neatly into any single provided industry methodology. The unregulated power methodology would apply to its generation assets, but the company as a whole is more diversified.

Actually, re-reading: Acciona is primarily known as a renewable energy developer and operator (unregulated power generation), with infrastructure and water businesses. Given the renewable energy focus, I'll use the **Unregulated Power And Gas** methodology where applicable, but with general corporate adjustments for the diversified/construction elements.

## Step 2: Estimate Adjusted_Debt

First, let me identify the debt components from the balance sheet (2022-01-01 values, which represent year-end 2022):

**Reported Debt Components:**
- "Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1" (Noncurrent bonds/securities): 3,101,000,000 EUR
- "Noncurrent Portion Of Noncurrent Loans Received": 2,624,000,000 EUR
- "Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes" (Current bonds/securities): 1,139,000,000 EUR
- "Current Loans Received And Current Portion Of Noncurrent Loans Received": 553,000,000 EUR

**Lease Liabilities:**
- "Noncurrent Lease Liabilities": 439,000,000 EUR
- "Current Lease Liabilities": 72,000,000 EUR

**Total Reported Debt + Leases:**
- Total debt instruments: 3,101 + 2,624 + 1,139 + 553 = 7,417,000,000 EUR
- Total lease liabilities: 439 + 72 = 511,000,000 EUR
- Gross debt + leases: 7,928,000,000 EUR

**Cash and Cash Equivalents:**
- "Cash And Cash Equivalents": 2,360,000,000 EUR
- "Current Financial Assets" (short-term investments): 315,000,000 EUR

For S&P purposes, cash typically includes cash and cash equivalents. Some adjustments may include liquid financial assets. I'll use Cash And Cash Equivalents: 2,360,000,000 EUR

**Other potential adjustments:**
- Pension deficit: Not explicitly stated in the data
- Guarantees: Not explicitly stated
- Hybrid debt portion: Not explicitly stated (the "Participaciones Preferentes" might include some hybrid elements, but these appear to be preference shares/convertibles)

Looking more carefully at "Participaciones Preferentes Obligaciones YOtros Valores Negociables" - these are preference shares, bonds and other negotiable securities. Some portion may be hybrid equity. Without specific information on hybrid classification, I'll treat these as debt for conservative baseline, or check if they need equity credit.

For S&P methodology on unregulated power and general corporate: preference shares are typically treated as hybrid securities. Non-cumulative preference shares may get 50% equity credit, cumulative get less. Without more detail, I'll treat as debt for baseline, or note that some may be hybrid.

Actually, for a conservative S&P-style calculation, let me check if there are any obvious hybrid securities. "Participaciones Preferentes" = preference shares. These are typically treated as hybrid capital with partial equity credit in S&P methodology. However, without knowing if they're non-cumulative or cumulative, I'll include them as debt for a conservative approach, or apply standard 50% equity credit if non-cumulative.

Given the lack of specific information on hybrid characteristics, I'll proceed with a baseline approach treating these as debt, but note this could be adjusted.

**Adjusted_Debt calculation (baseline):**

Reported debt = 7,417,000,000 EUR
+ Leases = 511,000,000 EUR
= Gross adjusted debt = 7,928,000,000 EUR

- Eligible cash = 2,360,000,000 EUR

**Adjusted_Debt = 7,928,000,000 - 2,360,000,000 = 5,568,000,000 EUR**

However, let me reconsider: S&P typically includes some portion of cash as "available cash" not just all cash. For conservative estimate, I'll use all cash. Also, should I include current financial assets? The "Current Financial Assets" of 315M could include short-term deposits or marketable securities. Let me include these as part of available cash:

Adjusted cash = 2,360 + 315 = 2,675,000,000 EUR

**Adjusted_Debt = 7,928,000,000 - 2,675,000,000 = 5,253,000,000 EUR**

Let me also check if there are any other debt-like items. The "Other Noncurrent Liabilities" and "Other Current Liabilities" might include some debt-like items, but without specifics, I'll stick to the clearly identified debt and lease obligations.

Re-checking: For S&P, "debt" typically includes:
- Loans and borrowings
- Bonds and notes
- Finance lease obligations
- Pension deficits (if material)
- Asset retirement obligations

Let me verify my debt identification is complete by checking the liability structure again.

From the balance sheet 2022-01-01 (year-end 2022):
Noncurrent liabilities:
- Participaciones Preferentes... No Corrientes: 3,101M
- Noncurrent Portion Of Noncurrent Loans: 2,624M
- Noncurrent Lease Liabilities: 439M
- Deferred Tax Liabilities: 890M (not debt)
- Noncurrent Provisions: 279M (not typically debt)
- Other Noncurrent Liabilities: 1,134M (need to check)

Current liabilities:
- Participaciones Preferentes... Corrientes: 1,139M
- Current Loans Received...: 553M
- Current Lease Liabilities: 72M
- Trade And Other Current Payables: 3,889M (operating, not debt)
- Current Provisions: 299M (not debt)
- Current Tax Liabilities: 74M (not debt)
- Other Current Liabilities: 1,798M (need to check)

The "Other" liability categories might include some debt-like items, but without specifics, I'll focus on clearly identifiable debt and leases.

Let me also check if there are securitizations or other off-balance sheet items. The methodology mentions deconsolidating securitized debt for regulated utilities, but this doesn't apply here.

For the unregulated power methodology, it mentions: "For unregulated power and gas companies that enter into long-term power purchase agreements (PPAs), we make adjustments to account for those obligations, as we do for regulated utilities under our ratios and adjustments criteria."

However, Acciona as a renewable generator typically has long-term PPAs as offtake agreements (receivables), not as obligations. The company sells power under PPAs. If there are any take-or-pay obligations for fuel or equipment, those might need adjustment. Without specific information on material PPA obligations (as opposed to PPA revenues), I'll proceed without this adjustment.

**Final Adjusted_Debt = 5,253,000,000 EUR** (using cash + current financial assets)

Or if using just cash: 5,568,000,000 EUR

I'll use the more conservative (higher debt) figure with just cash and cash equivalents: **5,568,000,000 EUR**, or if we want to be more precise S&P-style, perhaps include 75% of cash as "available" or similar. Actually, S&P typically uses "cash and liquid investments" less restricted cash. Let me use 2,360M as the clear cash figure.

Let me go with **Adjusted_Debt = 5,568,000,000 EUR** (using gross debt + leases - cash and cash equivalents)

Actually, rethinking: Current Financial Assets of 315M at 2023-01-01 and 218M at 2022-01-01 - these are likely short-term deposits or marketable securities. For 2022 year-end (2023-01-01), this is 315M. But wait - I need to be careful about dates.

Looking at the data format: "2023-01-01" represents the balance at start of 2023, which is year-end 2022. "2022-01-01" represents year-end 2021.

So for FY2022, I should use the 2023-01-01 values for balance sheet items.

Rechecking with 2023-01-01 values:
- Noncurrent bonds/securities: 3,101M
- Noncurrent loans: 2,624M
- Current bonds/securities: 1,139M
- Current loans: 553M
- Noncurrent leases: 439M
- Current leases: 72M
- Cash and cash equivalents: 2,360M
- Current financial assets: 315M

Total debt = 3,101 + 2,624 + 1,139 + 553 = 7,417M
Total leases = 439 + 72 = 511M
Gross = 7,928M

Cash to deduct = 2,360M (or 2,675M with current financial assets)

**Adjusted_Debt = 7,928 - 2,360 = 5,568M EUR** or with all liquid assets: 7,928 - 2,675 = 5,253M

I'll use **5,568,000,000 EUR** as the more standard S&P approach (cash and equivalents only).

## Step 3: Estimate Adjusted_EBITDA

From the income statement for period 2022-01-01 to 2023-01-01 (FY2022):

Starting with reported profit measures:
- "Profit Loss From Operating Activities" (Operating profit): 1,334,000,000 EUR

To get to EBITDA, I need to add back depreciation and amortization.

From the income statement:
- "Dotacion Amortizacion YVariacion De Provisiones" (Depreciation, amortization and provision changes): 762,000,000 EUR

However, this includes provision changes as well as D&A. Let me look more carefully.

From cash flow statement:
- "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" (Adjustments for amortization, provision changes and impairments): 848,000,000 EUR
- "Other Adjustments To Reconcile Profit Loss": 79,000,000 EUR

The cash flow shows depreciation/amortization/impairments of 848M. This is the figure to add back to operating profit for EBITDA.

Wait - let me check: "Dotacion Amortizacion YVariacion De Provisiones" in P&L is 762M, but cash flow adjustment is 848M. The difference may be due to different classifications or the cash flow being more comprehensive.

Actually, looking more carefully at the P&L structure:
- "Dotacion Amortizacion YVariacion De Provisiones" = 762M (this is the expense line)
- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = -15M (so net impairment reversal)

For EBITDA, standard calculation is: Operating Profit + D&A + Impairments - Impairment reversals

Let me use: Operating profit 1,334M + 762M (D&A and provisions) - but need to separate provision changes.

Actually, the cleanest approach for S&P-style EBITDA is:
EBITDA = Operating Profit + Depreciation & Amortization (excluding provision changes if possible)

From cash flow: "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" = 848M
This includes amortization, provision changes, and impairments.

Looking at "Other Adjustments To Reconcile Profit Loss" = 79M

And "Impairment Loss Reversal..." = -15M in P&L

Let me try a different approach. S&P typically reconstructs EBITDA as:
EBITDA = Revenue - Operating Expenses (excluding D&A)
Or: EBITDA = Operating Profit + D&A

From the P&L, I can try:
Revenue: 11,195M
Other Income: 1,016M
Total income: 12,211M

Less operating costs:
- Changes in inventories: -72M (negative = increase in inventory, so expense is negative?)
- Raw materials: 3,483M
- Employee benefits: 2,077M
- Other expense: 4,814M
- D&A and provisions: 762M
- Impairment reversal: -15M (this is income)
- Other gains/losses: 13M

Wait, let me recalculate operating profit from the components:
Revenue: 11,195
+ Other Income: 1,016
- Changes in inventories: -72 (this is negative, meaning inventory increased, so this is a use of cash/addition to expense? Actually in P&L, "Changes In Inventories" negative typically means inventory increased, which is subtracted from costs, or... let me think)

Actually, standard P&L format:
Revenue
+/- Change in finished goods and WIP
+ Other income
- Raw materials
- Employee costs
- Other expenses
- D&A
+/- Impairments
+/- Other gains/losses
= Operating profit

So: 11,195 + (-72) + 1,016 - 3,483 - 2,077 - 4,814 - 762 - (-15) + 13
= 11,195 - 72 + 1,016 - 3,483 - 2,077 - 4,814 - 762 + 15 + 13
= 11,123 + 1,016 - 11,136 + 28
= 12,139 - 11,136 + 28
= 1,003 + 28 = 1,031? 

That doesn't match 1,334. Let me recheck.

Actually, I think "Changes In Inventories" of -72 means the expense is negative (i.e., inventory increased, reducing costs). But in standard accounting, if inventory increases, the change is negative in the P&L (subtracted from expenses). Let me try:

11,195 (revenue)
+ 1,016 (other income)
- (-72) [wait, no]

Let me use: Operating profit is explicitly given as 1,334M. I'll use that.

For D&A, I need to estimate. The cash flow shows 848M for "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros". 

But this includes provision changes and impairments. Let me look at what "Dotacion Amortizacion YVariacion De Provisiones" = 762M includes.

Actually, looking more carefully at Spanish accounts: "Dotación amortización y variación de provisiones" typically means "Provision for depreciation, amortization and changes in provisions". This is the P&L charge.

For EBITDA, S&P typically wants:
- Add back depreciation and amortization of fixed assets and intangibles
- Add back impairment losses (or subtract reversals)
- Do NOT add back provision changes for things like litigation, warranties, etc. (these are operating items)

However, in practice, S&P often uses a simplified approach if detailed breakdown isn't available.

Let me use the cash flow approach to estimate D&A more precisely. The cash flow from operations starts with profit and adds back:
- Adjustments for amortization, provision changes and impairments: 848M
- Other adjustments: 79M

Total adjustments: 927M

If I can separate the pure D&A from provision changes...

From the balance sheet, I can estimate D&A from PPE and intangible asset changes, but this is complex.

Alternative approach: Use S&P's typical simplified EBITDA = Operating Profit + D&A, where D&A is estimated from cash flow or balance sheet movements.

Let me try: The 848M includes amortization, provision changes, and impairments. 

From P&L: Impairment reversal is -15M (i.e., 15M reversal)
From cash flow: The 848M is net of various items.

Actually, let me look at what generates operating profit of 1,334M vs the adjustments.

From cash flow: "Cash Flows From Used In Operating Activities" = 1,648M
This is after working capital changes and other items.

Let me try a cleaner EBITDA reconstruction:
Start with Operating Profit: 1,334M
Add back: Depreciation and Amortization

From PPE and intangible asset movements:
PPE 2022: 8,066M → 2023: 9,485M (increase of 1,419M)
Intangibles (excl goodwill) 2022: 453M → 2023: 545M (increase of 92M)
Goodwill: flat at 249M
Investment property: 141M → 168M (increase 27M)
Right-of-use assets: 528M → 548M (increase 20M)

Capital expenditure from cash flow: Purchase of PPE, intangibles, investment property and other noncurrent assets = 2,195M

If gross additions were 2,195M and net increase in these assets is roughly 1,419 + 92 + 27 + 20 = 1,558M, then D&A ≈ 2,195 - 1,558 = 637M? But this ignores disposals and exchange differences.

Actually, from cash flow investing: proceeds from disposals = 47M, and "otros flujos" includes some other items.

This is getting complicated. Let me use a simpler approach.

From the cash flow statement, the reconciliation from profit to operating cash flow:
Profit: 615M (this is net profit, not operating)
+ Adjustments: 927M
= 1,542M before working capital

But operating profit is 1,334M, and net profit is 615M. The difference is financial costs, taxes, etc.

Actually, let me look at this more carefully. The cash flow starts with "Profit Loss" (net profit) of 615M, not operating profit.

So: 615M + 927M adjustments = 1,542M
Then working capital: 135M
Then other operating: -283M
Then interest paid (operating): -209M
Then interest received: +40M
Then dividends received: +89M
Then taxes paid: -215M
Then other: +12M
= 1,648M total operating cash flow

For EBITDA, a standard approach is:
EBITDA ≈ Operating Profit + D&A

If I can estimate D&A from the 848M adjustment...

The 848M "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" breaks down into:
- Amortization/depreciation of fixed assets, intangibles
- Changes in provisions
- Impairment losses/reversals

From the P&L, we know:
- "Dotacion Amortizacion YVariacion De Provisiones" = 762M (this is the expense)
- "Impairment Loss Reversal..." = -15M (reversal, so negative expense = income)

So total P&L charge for D&A + provisions + net impairments = 762 - 15 = 747M? But cash flow shows 848M.

The difference (848 - 747 = 101M) may be due to:
- Different scope (cash flow may include more items)
- Exchange differences
- Other adjustments

Let me use the cash flow figure of 848M as the total add-back, but I need to separate operating vs non-operating elements.

For S&P Adjusted EBITDA, the typical formula is:
Adjusted EBITDA = EBITDA + adjustments for leases (if operating lease treatment) + nonrecurring items + JVs + other

For the baseline, let me use:
EBITDA = Operating Profit + D&A

If D&A ≈ 600-700M (pure depreciation/amortization, excluding provision changes), then:
EBITDA ≈ 1,334 + 650 = 1,984M (rough estimate)

But let me try to be more precise. Looking at the P&L structure again, and considering that "Other Expense By Nature" of 4,814M likely includes some D&A...

Actually, in many European accounts, D&A is shown separately or included in cost of sales/admin expenses. The line "Dotacion Amortizacion YVariacion De Provisiones" is explicitly shown, suggesting this is the main D&A line.

Let me assume the 762M includes D&A plus provision changes. If I add this back to operating profit, I get:
1,334 + 762 = 2,096M

But this includes provision changes. For S&P purposes, provision changes for things like restructuring, litigation, etc. may be treated as non-recurring or normalized.

Actually, looking more carefully: "Dotacion Amortizacion YVariacion De Provisiones" - the "variación de provisiones" means changes in provisions. This could include:
- Provision for bad debts (operating)
- Provision for warranties (operating)
- Provision for restructuring (non-recurring)
- etc.

Without more detail, I'll use a practical approach. Let me estimate pure D&A from asset movements and capital expenditures.

From cash flow investing activities:
- Purchase of PPE, intangibles, investment property, other noncurrent assets: 2,195M
- Proceeds from disposals: 47M
- Net capex: 2,148M

Balance sheet changes in fixed assets:
- PPE: +1,419M
- Intangibles (excl goodwill): +92M
- Investment property: +27M
- Right-of-use assets: +20M
- Other noncurrent assets: +77M (545 - 468, but this includes other items)
- Goodwill: 0
- Financial assets: +44M

Total increase in noncurrent operating assets: roughly 1,419 + 92 + 27 + 20 = 1,558M

If net capex is 2,148M and net increase is 1,558M, the difference is D&A: 2,148 - 1,558 = 590M

But this ignores:
- Exchange differences (significant for international company)
- Reclassifications
- Acquisitions (244M payments for investments in group companies, associates)
- Disposals of subsidiaries/businesses

Actually, the 2,195M is "Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets" - this is pure capex.

And there are payments for investments in companies: 244M

Let me try another approach. The cash flow shows "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" = 848M.

If I assume this is approximately: D&A + impairment losses + provision changes

And I know impairment reversal in P&L is 15M...

Actually, let me look at this from a different angle. S&P in practice often uses a simplified EBITDA when detailed breakdowns aren't available. Let me use:

EBITDA = Operating Profit + 848M (total add-back from cash flow) - provision changes + any other normalization

But wait - the 848M in cash flow starts from net profit (615M), not operating profit. The adjustments include items below operating profit too (like equity method results, financial items).

Let me trace through more carefully. From P&L to operating cash flow:

Net profit: 615M
Add back: 
- Finance costs net of finance income: 256 - 47 = 209M? But wait, there are other financial items.
- Tax: 254M
- Equity method results: 194M (share of loss of associates)
- Other items

Actually, let me look at the P&L structure more carefully:
Operating profit: 1,334M
+ Finance income: 47M
- Finance costs: 256M
+ Exchange differences: 8M
+ Fair value changes: -70M
- Share of loss of associates: -194M (wait, this is shown as negative, meaning loss)
= Profit before tax: 869M

Check: 1,334 + 47 - 256 + 8 - 70 - 194 = 1,334 - 465 = 869M ✓

Then tax: 254M
Net profit: 615M ✓

Now, from net profit 615M to operating cash flow 1,648M:
Add back:
- Tax: 254M
- Finance costs net of income: 256 - 47 = 209M? But interest paid is 209M and interest received 40M...
- D&A, impairments, provision changes: 848M
- Other adjustments: 79M
- Working capital: 135M
- Other operating: -283M (includes dividends received 89M, interest paid -209M, interest received 40M, tax paid -215M, other 12M)

Wait, the cash flow shows:
- Interest paid (operating): 209M
- Interest received: 40M
- Dividends received: 89M
- Income taxes paid: 215M
- Other: 12M

And "Otros Flujos De Efectivo De Actividades De Explotacion": -283M

Hmm, let me check: 89 + 40 - 209 - 215 + 12 = -283M ✓

So the 927M adjustments (848 + 79) are before these items.

What does 927M include? It must include:
- D&A: ?
- Impairments: ?
- Provision changes: ?
- Equity method results: 194M (share of loss)
- Fair value changes: 70M
- Exchange differences: -8M? or not included
- Other items

If equity method loss of 194M is added back, and fair value loss of 70M is added back, that's 264M right there.

So 927 - 264 = 663M for D&A + impairments + provision changes + other.

This 663M is closer to a pure D&A figure.

Let me verify with another approach. S&P for unregulated power companies often calculates EBITDA as:
Revenue - Cash Operating Costs
Or uses reported EBITDA with adjustments.

Given the complexity, let me use a practical estimate:
EBITDA ≈ Operating Profit + D&A ≈ 1,334M + 650M = 1,984M

Or using the 848M cash flow add-back less obvious non-cash non-operating items:
If 848M includes equity method and fair value items that are not in operating profit adjustments...

Actually, I think the cleanest approach is:
EBITDA = Operating Profit + Depreciation & Amortization (of fixed assets and intangibles)

From the accounts, I need to estimate this. Let me use the balance sheet approach with a simplified assumption.

If I look at PPE of 9,485M and assume average life of 20 years, D&A ≈ 474M
Intangibles of 545M, assume 10 year life, amortization ≈ 55M
Right-of-use assets 548M, depreciation ≈ 55M (10 year lease)
Investment property 168M, depreciation ≈ 8M

Total rough D&A: 474 + 55 + 55 + 8 = 592M

Add to operating profit: 1,334 + 592 = 1,926M

But this ignores that some assets are new and not fully depreciating.

Let me try another approach. The cash flow from operations before working capital is roughly:
615 (net profit) + 927 (adjustments) = 1,542M

This includes:
- D&A
- Impairments
- Provision changes
- Equity method results
- Fair value changes
- Other non-cash items

Minus: working capital 135M, other operating flows -283M = 1,648M

For EBITDA, a common approximation is:
EBITDA ≈ Operating Cash Flow + Interest Paid - Interest Received + Taxes Paid - Working Capital Changes + ...

Actually, simpler: EBITDA ≈ Operating Profit + D&A

Let me use 1,334 + 650 = 1,984M as a reasonable estimate, or try to get more precise.

Looking at the P&L again: "Dotacion Amortizacion YVariacion De Provisiones" = 762M

If this is mostly D&A with some provision changes, and provision changes are relatively small, then:
D&A ≈ 700-750M
EBITDA ≈ 1,334 + 700 = 2,034M to 2,084M

But wait - I need to check if this 762M is already included in operating profit. Yes, it's an expense deducted to get to operating profit.

So: EBITDA = 1,334 + 762 = 2,096M (if we add back the full amount)

But this includes provision changes. For S&P-adjusted EBITDA, we want to normalize.

Let me check if there are obvious non-recurring items in the P&L:
- "Other Gains Losses" = 13M (small)
- "Impairment Loss Reversal" = -15M (reversal, small)

The "Other Income" of 1,016M might include some non-recurring items (government grants, asset sales, etc.).

For a conservative baseline, let me use:
**EBITDA = 2,096M** (Operating profit + 762M add-back)

But wait, I need to be more careful. Is the 762M purely D&A and provision changes, or does it include other items?

Looking at Spanish accounting terminology: "Dotación a amortizaciones y variación de provisiones" typically includes:
- Depreciation and amortization charges
- Changes in provisions (both increases and decreases)
- Sometimes impairment losses

If I want "pure" EBITDA, I should add back only D&A, not provision changes.

However, for S&P methodology, the standard approach is often to use reported EBITDA or to make specific adjustments. Given the data limitations, let me use:

**Reported EBITDA = Operating Profit + 762M = 2,096M**

Now, for S&P **Adjusted_EBITDA**, I need to consider:
1. Lease adjustments: Under IFRS 16, leases are capitalized, so EBITDA includes lease depreciation and interest. S&P may adjust to treat operating leases as operating expenses (adding back lease depreciation, subtracting hypothetical lease expense). However, with IFRS 16 already applied, EBITDA typically includes the depreciation of right-of-use assets and interest on lease liabilities is below operating profit.

Actually, under IFRS 16, operating profit includes depreciation of right-of-use assets. So my EBITDA of 2,096M already includes this.

For S&P adjustments to EBITDA:
- Add back non-recurring losses / subtract non-recurring gains
- Joint venture proportional EBITDA
- Other normalizations

From the data:
- "Resultado De Puesta En Equivalencia Operativa" = 159M (equity method operating result) - this is already in operating profit? Let me check.

Looking at P&L: "Resultado De Puesta En Equivalencia Operativa" = 159M. This seems to be the operating share of equity method results, separate from the "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" of -194M.

Wait, there are two equity method lines:
- "Resultado De Puesta En Equivalencia Operativa" = 159M (positive)
- "Share Of Profit Loss Of Associates And Joint Ventures..." = -194M (negative)

The 159M is likely included in operating profit, while -194M is below operating profit (in financial results or similar).

Actually, looking at the P&L structure:
Operating profit = 1,334M includes:
- Revenue, other income
- Costs
- "Resultado De Puesta En Equivalencia Operativa" = 159M (this is operating equity method result)

Then below operating profit:
- "Share Of Profit Loss Of Associates..." = -194M (this is the total equity method result, or the non-operating portion?)

Actually, I think "Resultado De Puesta En Equivalencia Operativa" = 159M is already included in the 1,334M operating profit. The -194M is shown separately below, perhaps as a reclassification or different interpretation.

Let me check: If total equity method is -194M, and operating portion is 159M, then non-operating portion would be -353M? That doesn't make sense.

Perhaps "Resultado De Puesta En Equivalencia Operativa" is the operating result from equity method investments (included in operating profit), while "Share Of Profit Loss..." is the total result including financial items, shown separately.

For S&P, if we want proportional consolidation of JVs, we might need to add proportional EBITDA of JVs. But without detailed JV financials, this is difficult.

Given the complexity and data limitations, let me use a practical approach for **Adjusted_EBITDA**:

**Baseline EBITDA** = Operating Profit + D&A ≈ 1,334M + 650M = 1,984M

Or using the explicit 762M line: 1,334M + 762M = 2,096M, then adjust for provision changes.

Let me estimate provision changes from balance sheet:
Noncurrent provisions: 301M → 279M (decrease 22M)
Current provisions: 317M → 299M (decrease 18M)
Total provision decrease: 40M

If provision decrease of 40M reduced expenses (i.e., was a credit to P&L), then the 762M includes a -40M provision change (i.e., release).

So pure D&A ≈ 762M + 40M = 802M? No wait, if provisions decreased, that means expense was reduced, so the 762M is net of a provision release. So D&A would be higher than 762M.

Actually, if provisions decreased by 40M, and this was recorded as a credit (reducing expense), then the gross charge before provision release was higher. But "variación de provisiones" in the 762M could mean the net change.

This is getting too detailed. Let me use a simplified approach:

**Adjusted_EBITDA = 2,100M EUR** (approximate, rounded from 2,096M)

But let me also consider if there are other S&P adjustments:
- Non-recurring items: The "Other Income" of 1,016M may include some grants or one-time items. Without specifics, I'll assume this is recurring.
- Leases: Already capitalized under IFRS 16, so no further adjustment needed for EBITDA.
- JVs: Difficult to estimate without more data.

Let me try to cross-check with another EBITDA estimate:
Revenue: 11,195M
Less: Operating costs (excluding D&A)
= Raw materials: 3,483M
+ Employee benefits: 2,077M
+ Other expense: 4,814M
+ Changes in inventories: -72M (negative, so add back? No, this is already an expense reduction)
= 10,302M (rough cash operating costs)

EBITDA ≈ 11,195 + 1,016 - 10,302 = 1,909M

Hmm, this is lower. The difference may be in how "Other Expense By Nature" is classified.

Actually, "Other Expense By Nature" of 4,814M likely includes many things, possibly including some D&A or not.

Let me try: Total income 12,211M less total operating expenses before D&A and impairments.

From P&L to get operating profit of 1,334M:
Total expenses = 12,211 - 1,334 = 10,877M

This includes: raw materials 3,483 + employee 2,077 + other expense 4,814 + D&A/provisions 762 - impairment reversal 15 + other gains/losses -13 + equity method -159? 

Actually, let me just use the explicit operating profit and add back the explicit D&A charge.

**EBITDA = 1,334 + 762 = 2,096M**

For S&P adjustments, I should also consider:
- The 159M "Resultado De Puesta En Equivalencia Operativa" is included in operating profit. For proportional consolidation, S&P might want to gross up JV EBITDA. But without JV financials, I'll keep as is.
- Non-recurring items: small impairment reversal of 15M, other gains 13M. Net 28M, relatively immaterial.

Let me use **Adjusted_EBITDA = 2,096M - 28M (non-recurring gains) ≈ 2,068M** or simply **2,096M** if we don't adjust for small items.

Actually, for conservatism in debt/EBITDA, higher EBITDA is better (lower ratio). Let me use **2,000M** as a rounded conservative figure, or be more precise.

Let me settle on: **Adjusted_EBITDA = 2,096M** (Operating profit 1,334M + 762M D&A/provisions, with minimal non-recurring adjustment)

Wait - I want to double-check if 762M is the right add-back. Looking at cash flow, the add-back is 848M for "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros". This is higher than 762M.

The difference (848 - 762 = 86M) may be due to:
- Cash flow includes more comprehensive adjustments
- Different classification of items

If I use 848M as the more comprehensive add-back:
EBITDA = 1,334 + 848 = 2,182M

But this includes items that might not be in operating profit (like equity method adjustments, fair value changes).

Actually, the cash flow starts from net profit, not operating profit. So the 848M includes adjustments for items below operating profit too.

Let me recalculate: From net profit 615M, add back 927M to get 1,542M before working capital.

This 1,542M is roughly: Operating cash flow before working capital and other items.

For EBITDA, a better approximation might be:
EBITDA = Operating Profit + D&A = 1,334 + D&A

Where D&A is the depreciation and amortization of fixed assets and intangibles.

From balance sheet movements and capex, I estimated roughly 590-650M.

Let me use **D&A ≈ 600M** as a reasonable estimate, giving:
**EBITDA = 1,334 + 600 = 1,934M**

Or if I use the 762M P&L line less estimated provision changes:
If provision changes were roughly -40M (release), then D&A ≈ 762 + 40 = 802M? No, that doesn't make sense. If the 762M is net of a provision release, then the gross D&A would be higher only if the provision release reduced the charge.

Actually, if "variación de provisiones" means the expense recognized for provision changes, and provisions decreased by 40M, then there was a release (credit) of 40M. So the 762M = D&A - 40M (provision release), meaning D&A = 802M.

That seems high. Let me check with another approach.

From the cash flow, "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" = 848M. This is the total add-back for amortization, provision changes, and impairments.

If impairments were -15M (reversal, so credit), and provision changes were -40M (release, credit), then:
848M = D&A - 15 - 40 + other? 
D&A = 848 + 15 + 40 - other = 903M - other?

This is getting inconsistent. Let me just use a practical range.

Given the uncertainties, let me use:
**EBITDA = 2,000M EUR** as a reasonable midpoint estimate.

Or more precisely, using explicit data where possible:
- Start with operating profit: 1,334M
- Add back "Dotacion Amortizacion YVariacion De Provisiones": 762M
- Less: estimated provision changes (roughly -40M based on balance sheet, but this is already in the 762M)
- Less: non-recurring gains (impairment reversal 15M, other gains 13M = 28M)

Adjusted EBITDA = 1,334 + 762 - 28 = 2,068M

Or if we treat the 762M as already net of these items and just use it directly:
= 2,096M

Let me use **Adjusted_EBITDA = 2,068M** with some normalization, or simply **2,096M** for reported EBITDA.

For S&P purposes, I'll use **Adjusted_EBITDA = 2,100M EUR** (rounded) as a practical estimate.

Actually, let me reconsider more carefully. I want to be as accurate as possible.

Looking at the cash flow statement again:
- "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" = 848M
- "Other Adjustments To Reconcile Profit Loss" = 79M

Total: 927M

These adjustments reconcile net profit to cash flow before working capital and other operating items.

From net profit 615M + 927M = 1,542M

This 1,542M should equal roughly:
EBITDA + changes in provisions (non-cash) - interest received + interest paid (accrual to cash) - tax paid + tax expense - other items

Actually, a cleaner reconciliation:
Operating cash flow before working capital = EBITDA - interest paid + interest received - taxes paid + other non-cash items

Hmm, this is getting messy with the classification of interest and taxes.

Let me try: EBITDA ≈ 1,542M + interest paid (209M) - interest received (40M) + taxes paid (215M) - dividends received (89M) - other items...

Actually, the 1,542M is before:
- Working capital: 135M
- Other operating: -283M (which includes interest, dividends, taxes)

So: 1,542M + 135M - 283M = 1,648M operating cash flow? No wait, 1,542 + 135 - 283 = 1,394M, not 1,648M.

Let me recheck: The cash flow shows "Otros Flujos De Efectivo De Actividades De Explotacion" = -283M, and then separate lines for interest, dividends, taxes.

Actually, looking at the structure:
1,542M (after adjustments)
+ 135M (working capital)
- 283M (other operating flows)
= 1,394M? 

But stated operating cash flow is 1,648M. There's a discrepancy.

Wait, let me reread: "Otros Flujos De Efectivo De Actividades De Explotacion" = -283M might be separate from the interest/dividends/taxes.

Looking at the lines:
- Interest Paid: 209M
- Interest Received: 40M
- Dividends Received: 89M
- Income Taxes Paid: 215M
- Other: 12M

Sum: -209 + 40 + 89 - 215 + 12 = -283M ✓

So the structure is:
1,542M (profit + adjustments)
+ 135M (working capital)
- 283M (other operating: interest, tax, dividends)
= 1,648M? No: 1,542 + 135 = 1,677; 1,677 - 283 = 1,394M

Hmm, 1,394 ≠ 1,648. There's 254M difference.

Wait, I think I misread. Let me check if "Otros Flujos De Efectivo De Actividades De Explotacion" includes or excludes the interest/tax/dividend lines.

Actually, looking at the data format, it seems "Otros Flujos..." is a subtotal that includes:
- Interest paid 209M
- Interest received 40M
- Dividends received 89M
- Income taxes paid 215M
- Other 12M

Total: -283M (as calculated)

But then 1,542 + 135 - 283 = 1,394, not 1,648.

Unless... the 1,542 already includes some of these items? Or the working capital is different?

Actually, re-reading: "Cash Flows From Used In Operating Activities" = 1,648M

And the components listed are adjustments that sum to 927M, then working capital 135M, then other -283M.

1,648 = 615 + 927 + 135 - 283 + ? 

615 + 927 = 1,542
1,542 + 135 = 1,677
1,677 - 283 = 1,394

Still not 1,648. Difference is 254M.

Wait! I think "Income Tax Expense Continuing Operations" is 254M, and this is added back in the adjustments. Let me check if tax is included in the 927M or separate.

Actually, from net profit to pre-tax operating cash flow, we add back tax expense. Is tax in the 927M? The 927M includes "Ajustes Por Amortizacion..." = 848M and "Other Adjustments" = 79M. That's 927M total. But where is the tax add-back?

Unless... the 79M "Other Adjustments" includes tax and other items? Or the 615M profit is pre-tax?

No, 615M is net profit after tax. So to get to pre-tax cash flow, we need to add back 254M tax.

Hmm, but 848 + 79 = 927, and 927 doesn't include 254.

Unless the 615M is not the starting point? Let me re-read: "Cash Flows From Used In Operating Activities" 2022-01-01 - 2023-01-01: 1,648M

And "Adjustments For Reconcile Profit Loss": 927M

Starting from "Profit Loss": 615M

So: 615 + 927 + working capital 135 + other operating -283 = 1,648?

615 + 927 = 1,542. 1,542 + 135 = 1,677. 1,677 - 283 = 1,394.

Still not matching. Unless "working capital" 135M is actually the change, and there's something else.

Or perhaps I have the sign wrong. "Increase Decrease In Working Capital" = 135M. If this is a decrease (source of cash), then it's +135. If increase (use of cash), then -135.

In the data, it's shown as 135M without explicit sign. But in cash flow context, if working capital increased, it's typically negative for cash flow.

Actually, looking at balance sheet:
Receivables: 2,731 → 3,340 (increase 609M, use of cash)
Inventories: 1,210 → 1,386 (increase 176M, use of cash)
Payables: 3,148 → 3,889 (increase 741M, source of cash)
Other current assets/liabilities changes...

Net working capital change is likely negative (use of cash), not positive. But the data shows 135M as "Increase Decrease In Working Capital" with positive sign in the cash flow context.

Hmm, in many European accounts, "increase decrease in working capital" as a positive number means decrease (source of cash). So +135M means working capital decreased, providing cash.

But from balance sheet rough check: receivables up 609, inventory up 176, payables up 741. Net: -609 -176 + 741 = -44M (use of cash). Plus other items, maybe net is -135M?

Actually, I think the 135M might be a use of cash (increase in working capital), and the sign convention in the data is that positive means use of cash. Let me check: if 135M is use of cash, then 1,542 - 135 - 283 = 1,124, still not 1,648.

This is confusing. Let me just accept the stated operating cash flow of 1,648M and work backwards to estimate EBITDA.

Roughly: Operating Cash Flow = EBITDA - Interest Paid + Interest Received - Taxes Paid + Other non-cash changes

1,648 = EBITDA - 209 + 40 - 215 + ? 
1,648 = EBITDA - 384 + ?
EBITDA = 1,648 + 384 - ? = 2,032 - ?

If other non-cash changes are small, EBITDA ≈ 2,032M.

Or using: EBITDA = Operating Cash Flow + Interest Paid - Interest Received + Taxes Paid - Working Capital Changes (excluding cash)
= 1,648 + 209 - 40 + 215 - 135 = 1,897M

This is close to my earlier estimate of 1,934M or 2,096M.

Given the range of estimates (1,897M to 2,096M), let me use a midpoint or the more conservative figure.

Actually, for S&P debt/EBITDA, they typically want a conservative EBITDA (lower) to get a higher ratio (more conservative for credit assessment).

Let me use **Adjusted_EBITDA = 1,900M EUR** as a conservative estimate, or **2,000M** as moderate.

But wait - I want to check if I should use reported EBITDA or make S&P-specific adjustments. The methodology mentions for unregulated power:
- Adjustments for PPAs (as debt-like obligations)
- For EBITDA, typically no major adjustments beyond standard ones

For general corporate S&P methodology, EBITDA adjustments include:
- Add back non-recurring losses / subtract non-recurring gains
- Proportional EBITDA from JVs if not already included
- D&A from operating leases (already in IFRS 16)

Given that "Resultado De Puesta En Equivalencia Operativa" = 159M is already in operating profit, and total equity method is -194M, there's some JV impact.

For proportional consolidation, if JVs are significant, S&P might want to add proportional EBITDA. But without JV financials, I can't calculate this.

Let me use a practical final estimate:
**Adjusted_EBITDA = 2,000M EUR**

This is roughly: Operating profit 1,334M + D&A ~650M, with some rounding.

Or if I use the explicit 762M add-back less estimated non-D&A items:
If 762M is 80% D&A and 20% provision changes, then D&A = 610M, EBITDA = 1,944M.

Let me settle on **Adjusted_EBITDA = 2,000M EUR** as a reasonable estimate.

Actually, I want to try one more approach. Let me look at the revenue and typical EBITDA margin for comparable companies.

Acciona is a diversified infrastructure/renewable company. Typical EBITDA margins:
- Renewable generation: 70-80%
- Infrastructure construction: 5-10%
- Water utilities: 30-40%
- Overall blended: perhaps 15-25%

Revenue 11,195M. If EBITDA margin is 18%, EBITDA = 2,015M.
If 20%, EBITDA = 2,239M.

This supports my estimate around 2,000M.

Let me use **Adjusted_EBITDA = 2,096M** (reported operating profit + 762M explicit add-back) as the least arbitrary figure, accepting that it includes some provision changes.

Or, to be more conservative and closer to S&P's typical approach of using "clean" EBITDA:
**Adjusted_EBITDA = 1,900M EUR**

I'll use **2,000M** as a balanced estimate.

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA

Using:
- Adjusted_Debt = 5,568,000,000 EUR (or 5,253M with more cash)
- Adjusted_EBITDA = 2,000,000,000 EUR (estimated)

Ratio = 5,568 / 2,000 = 2.78x

Or with more cash deducted: 5,253 / 2,000 = 2.63x

Or with higher EBITDA: 5,568 / 2,096 = 2.66x

Let me also consider if I should include more debt-like items. The "Other Noncurrent Liabilities" of 1,134M and "Other Current Liabilities" of 1,798M might include some debt-like items (deferred income, accruals, etc.). But without specifics, I'll exclude these.

For a more comprehensive debt figure, let me also check if there are pension deficits. The data doesn't show explicit pension liabilities. "Employee Benefits Expense" is 2,077M, but this is an expense, not a liability.

Actually, "Noncurrent Provisions" of 279M and "Current Provisions" of 299M might include pension provisions, but these are typically small.

Let me finalize my calculations with two scenarios:

**Conservative scenario:**
- Adjusted_Debt = 5,568M (debt + leases - cash)
- Adjusted_EBITDA = 1,900M (conservative, lower estimate)
- Ratio = 2.93x

**Moderate scenario:**
- Adjusted_Debt = 5,568M
- Adjusted_EBITDA = 2,000M
- Ratio = 2.78x

**Optimistic scenario:**
- Adjusted_Debt = 5,253M (with current financial assets as cash)
- Adjusted_EBITDA = 2,100M
- Ratio = 2.50x

Given S&P's typically conservative approach, and the need to be consistent with their methodology, let me use:

**Adjusted_Debt = 5,568M EUR**
**Adjusted_EBITDA = 2,000M EUR**
**Ratio = 2.78x**

But I want to double-check my debt calculation. Let me verify the debt components once more:

Noncurrent debt:
- Bonds/securities (noncurrent): 3,101M
- Loans (noncurrent): 2,624M
- Lease liabilities (noncurrent): 439M

Current debt:
- Bonds/securities (current): 1,139M
- Loans (current): 553M
- Lease liabilities (current): 72M

Total: 7,928M gross

Less cash: 2,360M

Net: 5,568M

Should I include "Current Financial Assets" of 315M as available cash? S&P typically includes "cash and liquid investments" or "cash and equivalents". Short-term investments may qualify if readily convertible to cash.

If I include 315M: Net debt = 5,253M

I'll use the more conservative 5,568M (only cash and equivalents).

For EBITDA, let me also consider if S&P would make any specific adjustments for this company. The unregulated power methodology mentions:
- For companies with PPAs, adjustments similar to regulated utilities

But Acciona is primarily a renewable generator with offtake agreements, not a purchaser under PPAs with debt-like obligations.

One more check: Should I include the equity method results differently? "Resultado De Puesta En Equivalencia Operativa" = 159M is in operating profit. The total equity method loss is -194M. If the 159M is operating and -194M is total, there's an inconsistency, or the -194M includes financial items below operating profit.

For S&P, if they proportionalize JVs, they might want to add proportional debt and EBITDA. But without JV financials, I can't do this.

Let me use my final estimates:
- **Adjusted_Debt = 5,568,000,000 EUR**
- **Adjusted_EBITDA = 2,000,000,000 EUR** (or more precisely, let me use 2,096M reported less minor adjustments = ~2,068M, rounded to 2,070M)

Actually, for final precision, let me use:
- EBITDA = Operating profit 1,334M + 762M D&A/provisions = 2,096M
- Less: non-recurring gains (impairment reversal 15M + other gains 13M) = 28M
- Adjusted EBITDA = 2,068M

Or if I consider these immaterial: 2,096M

Using 2,068M: Ratio = 5,568 / 2,068 = 2.69x

Using 2,096M: Ratio = 5,568 / 2,096 = 2.66x

Given the approximate nature, I'll round to **2.70x** or use **2.78x** with 2,000M.

Let me go with **Adjusted_EBITDA = 2,000M** as a reasonable conservative estimate that accounts for some provision changes in the 762M not being pure D&A.

Final ratio: 5,568 / 2,000 = 2.78

Or if I want to be slightly more precise with EBITDA at 2,068M: 5,568 / 2,068 = 2.69

I'll use **2.78** as my final answer, or perhaps **2.70** as a rounded figure.

Actually, rethinking: I want to check if my debt figure might be missing some items. Let me look at total liabilities and equity:

Total equity and liabilities: 22,595M
Less equity: 6,304M
= Total liabilities: 16,291M

This includes:
- Noncurrent liabilities: 8,467M
- Current liabilities: 7,824M

Noncurrent liabilities include:
- Debt instruments: 3,101M
- Loans: 2,624M
- Leases: 439M
- Deferred tax: 890M
- Provisions: 279M
- Other: 1,134M

Current liabilities include:
- Debt instruments: 1,139M
- Loans: 553M
- Leases: 72M
- Trade payables: 3,889M
- Provisions: 299M
- Tax: 74M
- Other: 1,798M

Total debt + leases = 7,928M as I calculated.

Is there debt in "Other" categories? Possibly, but without specifics, I'll assume these are operating liabilities (deferred income, accruals, etc.).

One item to check: "Participaciones Preferentes" = preference shares. These are hybrid instruments. S&P typically gives equity credit to non-cumulative preference shares. If these are non-cumulative, S&P might give 50% equity credit, reducing debt by 50% of the preference share amount.

Total preference shares: 3,101M (noncurrent) + 1,139M (current) = 4,240M

If 50% equity credit: reduce debt by 2,120M
Adjusted debt = 5,568 - 2,120 = 3,448M? That seems too low.

But wait - "Participaciones Preferentes Obligaciones YOtros Valores Negociables" translates to "Preference shares, bonds and other negotiable securities". This is a mixed category including bonds (debt) and preference shares (hybrid).

Without knowing the split between bonds and preference shares, I can't apply hybrid equity credit accurately.

For conservative approach, I'll treat all as debt.

Final calculation:
- Adjusted_Debt = 5,568,000,000 EUR
- Adjusted_EBITDA = 2,000,000,000 EUR (conservative estimate)

Ratio = 2.78

Or with EBITDA at 2,096M (less conservative): 5,568 / 2,096 = 2.66

I'll use **2.78** as my primary estimate, or round to **2.8**.

Actually, let me reconsider EBITDA one more time. I want to check if there's a more standard way to estimate this.

From the cash flow, operating cash flow is 1,648M. This is after interest paid, tax paid, and working capital changes.

A rough approximation: EBITDA ≈ Operating Cash Flow + Interest Paid - Interest Received + Tax Paid + Working Capital Increase - D&A? No, that's circular.

Standard approximation: EBITDA ≈ Operating Cash Flow + Interest Paid - Interest Received + Tax Paid - Change in Working Capital (if working capital increased)

Using: 1,648 + 209 - 40 + 215 - 135 = 1,897M

This 1,897M is close to my 1,900M conservative estimate.

But this approximation assumes no other non-cash items in operating cash flow beyond working capital.

Actually, the proper formula is:
EBITDA = Operating Cash Flow + Interest Paid - Interest Received + Tax Paid - Change in Working Capital + Non-cash working capital items

Hmm, this is getting complicated. Let me just use 1,900M as a reasonable conservative estimate supported by the cash flow approximation.

With EBITDA = 1,900M: Ratio = 5,568 / 1,900 = 2.93

With EBITDA = 2,000M: Ratio = 2.78

With EBITDA = 2,096M: Ratio = 2.66

Given the range, and wanting to be neither too conservative nor too aggressive, I'll use **2.78** with 2,000M EBITDA, or perhaps **2.84** as a rounded middle ground.

Actually, let me check one more thing. Is there any information about EBITDA or debt in the notes that I missed?

Looking through the data again... I don't see explicit EBITDA disclosure.

Let me finalize with:
- **Adjusted_Debt = 5,568M EUR**
- **Adjusted_EBITDA = 1,950M EUR** (slightly conservative midpoint)
- **Ratio = 2.86**

Or use 2,000M EBITDA for ratio of 2.78.

I'll go with **2.78** as my best estimate.

Wait - I want to check one more thing. Should I include "Current Financial Assets" in available cash?

"Current Financial Assets" 2023-01-01: 315M
"Cash And Cash Equivalents" 2023-01-01: 2,360M

Total liquid assets: 2,675M

If I use this: Adjusted_Debt = 7,928 - 2,675 = 5,253M

Ratio with 2,000M EBITDA: 5,253 / 2,000 = 2.63

S&P typically includes "cash and cash equivalents" and may include "short-term investments" or "marketable securities" if readily convertible. The 315M "Current Financial Assets" could qualify.

However, without knowing the exact nature (could be restricted, could be derivatives, etc.), I'll be conservative and use only cash and equivalents.

Final answer: **2.78**

But let me also consider: should I use average debt or year-end debt? S&P typically uses year-end or latest available, but sometimes average for ratios. For debt/EBITDA, they typically use year-end debt and annual EBITDA.

One more adjustment: Should I include dividends payable or other debt-like items? The "Dividends Paid" were 253M, and "Dividends Proposed Or Declared Before Financial Statements Authorised For Issue But Not Recognised" = 4.5 EUR/share. With 55M shares (issued capital 55M at 1 EUR par = 55M shares? No, issued capital is 55M EUR, which at nominal value could be any number of shares).

Actually, "Issued Capital" = 55M EUR. If par value is 1 EUR, that's 55M shares. Dividend of 4.5 EUR/share = 247.5M, close to 253M paid. So proposed dividend is roughly 248M, not yet recognized.

This is not a liability at year-end, so no adjustment needed.

Let me also check if there are any committed but not yet drawn facilities, or guarantees. Not visible in the data.

**Final Calculation:**

Adjusted_Debt = 5,568,000,000 EUR
Adjusted_EBITDA = 2,000,000,000 EUR (estimated)

Adjusted_Debt / Adjusted_EBITDA = 5,568 / 2,000 = 2.784 ≈ **2.78**

I'll round to two decimal places: **2.78**

Actually, let me reconsider if I should use a slightly different EBITDA. Looking at comparable companies and typical margins, and considering that 2022 was a good year for renewable energy with high power prices in Europe, EBITDA might be higher.

The "Other Income" of 1,016M is quite large relative to revenue 11,195M (9%). This might include grants, asset sales, or other items. If some is non-recurring, normalized EBITDA might be lower.

But for 2022 specifically, with high energy prices, renewable generators had strong margins. I'll stick with 2,000M as reasonable.

One final check: Can I derive EBITDA from the cash flow more precisely?

From cash flow:
- Operating cash flow: 1,648M
- This includes: EBITDA - interest paid + interest received - tax paid + working capital change + other non-cash adjustments

If I solve for EBITDA:
EBITDA = 1,648 + 209 - 40 + 215 - 135 + non-cash items in working capital and other

= 1,648 + 209 - 40 + 215 - 135 = 1,897 + non-cash items

If non-cash items in working capital and other are roughly 100M (provisions, etc.), then EBITDA ≈ 1,997M ≈ 2,000M.

This confirms my estimate! The 1,897M from cash flow approximation plus ~100M non-cash items = ~2,000M.

Great, this gives me more confidence in 2,000M EBITDA.

Final ratio: 5,568 / 2,000 = 2.784 → **2.78**

<answer>2.78</answer>