I'll work through this step-by-step for Acciona SA's fiscal year 2022 (period 2022-01-01 to 2023-01-01).

## Step 1: Identify the Relevant Industry

Acciona SA is a diversified infrastructure and energy conglomerate. Its main segments include:
- Acciona Energía (renewable energy - unregulated power)
- Infrastructure (construction, water, services)
- Other activities

Given the mix, Acciona has significant unregulated power (renewables) and infrastructure/construction operations. It doesn't fit neatly into a single industry methodology. I'll apply the **general corporate baseline** approach, with considerations from unregulated power methodology.

## Step 2: Estimate Adjusted EBITDA

**Reconstructing EBITDA from the income statement:**

- Revenue: 11,195M
- Other Income: 1,016M
- Changes in Inventories: -72M
- Raw Materials: -3,483M
- Employee Benefits: -2,077M
- Other Expenses: -4,814M
- Equity method (operating): +159M

**EBIT (Operating Profit):** 1,334M (before D&A adjustments, but this already includes D&A)

Wait - looking at the P&L structure:
- Profit from Operating Activities = 1,334M (this is after D&A of 762M and impairments of -15M)

**EBITDA = Operating Profit + D&A + Impairments**
= 1,334 + 762 + (-15) = 2,081M

**S&P Adjustments:**
- **Lease adjustment:** Add back lease depreciation (included in D&A). Operating lease payments are approximated from financing activities: 120M (lease payments). S&P adds back the full lease expense to EBITDA. The lease depreciation component is roughly embedded in D&A. S&P adjustment adds operating lease rents back and they're already in EBITDA via the add-back approach. Net adjustment: +120M (lease payments from cash flow statement as a proxy for lease expense).

Actually, under IFRS 16, leases are already capitalized. S&P typically treats leases as debt-like. The D&A already includes ROU depreciation, and interest on leases is in finance costs. So EBITDA already captures lease adjustments properly.

- **Equity method results (operating):** 159M is already included. S&P may exclude this and replace with dividends received: 89M. Adjustment: -159 + 89 = -70M.

**Adjusted EBITDA ≈ 2,081 - 70 = 2,011M**

I'll keep it simpler and use: **Adjusted EBITDA ≈ 2,081M** (keeping equity method as-is for a conservative approach, since S&P sometimes includes proportional results).

Let me use 2,081M as Adjusted EBITDA.

## Step 3: Estimate FFO

**Cash interest paid:** 209M (from cash flow statement)
**Cash taxes paid:** 215M (from cash flow statement)

**FFO = Adjusted EBITDA - cash interest - cash taxes**
= 2,081 - 209 - 215 = **1,657M**

## Step 4: Estimate Adjusted Debt

**Reported debt (end of FY2022 = 2023-01-01 balance sheet):**
- NC bonds/securities: 3,101M
- NC loans: 2,624M
- Current bonds/securities: 1,139M
- Current loans: 553M
- **Total reported debt = 7,417M**

**Lease liabilities:**
- NC leases: 439M
- Current leases: 72M
- **Total leases = 511M**

**Other adjustments:**
- Pension deficit: not explicitly given, likely minimal
- Provisions (could include some debt-like): NC provisions 279M + Current provisions 299M (not typically added)

**Surplus cash deduction:**
S&P typically allows some cash to be netted. Cash = 2,360M. S&P might not net all cash for a diversified company. Conservatively, I'll assume modest netting. For infrastructure/energy companies, S&P might net minimal cash. Let's assume no cash netting (or a small amount like operational cash ~500M kept).

**Adjusted Debt = 7,417 + 511 = 7,928M**

If we net some excess cash (say none for conservative approach): **Adjusted Debt ≈ 7,928M**

## Step 5: Calculate FFO / Adjusted Debt

**FFO / Adjusted Debt = 1,657 / 7,928 = 0.2090**

<answer>0.2090</answer>