I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

Naturgy Energy Group SA is a Spanish energy company with operations spanning regulated gas and electricity distribution/transmission as well as unregulated power and gas activities. It's a multi-utility, so the **Regulated Utilities** and **Unregulated Power and Gas** methodologies both apply. For the financial metric calculations, I'll apply the S&P adjustments relevant to utilities.

The fiscal year in question is 2022 (period 2021-01-01 to 2022-01-01 based on the reporting convention used).

## Step 2: Estimate Adjusted Debt

**Reported Debt (Short-term + Long-term borrowings):**
- Long-term Borrowings (2022-01-01): 13,786M EUR
- Current Borrowings (2022-01-01): 1,493M EUR
- Total reported debt = 13,786 + 1,493 = **15,279M EUR**

**Lease Liabilities:**
- Noncurrent Lease Liabilities (2022-01-01): 1,325M EUR
- Current Lease Liabilities (2022-01-01): 196M EUR
- Total lease liabilities = 1,325 + 196 = **1,521M EUR**

**Pension Deficit:**
- The data doesn't provide explicit pension deficit figures. Noncurrent provisions (1,146M EUR) may include pension obligations, but without a breakdown, I'll estimate conservatively. S&P typically adds underfunded pension obligations. Given limited data, I'll assume the pension component is embedded in provisions but not separately identifiable, so I'll add a modest estimate. However, since we lack explicit data, I'll set this to **0** for this calculation.

**Other debt-like items:**
- Other Noncurrent Financial Liabilities: 3M EUR
- Other Current Financial Liabilities: 9M EUR
- Total: **12M EUR**

**Eligible Cash (Surplus Cash):**
S&P typically considers some cash as surplus. For utilities, S&P may deduct a portion of cash. A common approach is to treat most cash as available but keep some operating cash. I'll assume S&P deducts surplus cash. With cash of 3,965M EUR, S&P might consider operational needs and deduct a conservative portion. For a utility of this size, I'll estimate operating cash needs at approximately 2-3% of revenue (~22,140M × 2.5% ≈ 554M). Surplus cash = 3,965 - 554 = ~3,411M. However, S&P is often conservative and may not deduct all surplus cash. I'll use a more moderate deduction approach and net out a portion. For simplicity and given S&P's typical conservative approach for utilities, I'll deduct approximately **0** (S&P often does not give full credit for cash held at utilities, especially when there are significant trapped cash considerations in international operations).

Actually, S&P typically does allow netting of readily available cash. Let me use a standard approach: deduct surplus cash but keep ~500M as minimum operating cash.

Surplus cash = 3,965 - 500 = **3,465M EUR**

**Adjusted Debt Calculation:**
Adjusted_Debt = 15,279 + 1,521 + 0 + 12 - 3,465 = **13,347M EUR**

## Step 3: Estimate Adjusted EBITDA

**Reported EBITDA (FY2022):**
"Beneficio Bruto De Explotacion Ebitda" 2021-01-01 - 2022-01-01: **3,529M EUR**

**Lease Adjustment:**
S&P adds back depreciation of ROU assets to EBITDA (since lease payments are treated as debt service). The lease depreciation approximation: Current lease liabilities ≈ annual lease payments. S&P's approach: add back lease expense already deducted, but since EBITDA already includes operating lease costs, we add back the lease depreciation portion. Approximate ROU depreciation ≈ 196M (current lease liability as proxy for annual cash lease payment, which is roughly the add-back). I'll add approximately **196M EUR**.

**Non-recurring adjustments:**
- The company reported "Other Gains Losses" of 133M (gain) in FY2022 - this should be subtracted as a non-recurring gain.
- Discontinued operations: 117M gain - excluded from EBITDA already if EBITDA is from continuing operations.

Adjusted_EBITDA = 3,529 + 196 - 133 = **3,592M EUR**

## Step 4: Calculate the Ratio

Adjusted_Debt / Adjusted_EBITDA = 13,347 / 3,592 = **3.72**

<answer>3.72</answer>