To calculate the Net Debt to EBITDA ratio for Acciona SA in 2022 based on S&P methodology (often standardized by S&P Capital IQ), we extract the standard components of Total Debt, Cash, and Core EBITDA from the provided financial facts. **1. Calculate EBITDA (S&P Adjusted)** S&P generally calculates EBITDA by starting with Operating Profit, adding back Depreciation & Amortization (D&A), and adjusting for non-recurring/non-operating items (such as impairment reversals and other one-time gains/losses). * **Operating Profit (Profit Loss From Operating Activities):** 1,334,000,000 EUR * **D&A (Dotacion Amortizacion Y Variacion De Provisiones):** + 762,000,000 EUR * *Unadjusted EBITDA:* 2,096,000,000 EUR Next, we strip out non-core/non-recurring gains: * **Impairment Reversal (Gain):** - 15,000,000 EUR (listed as -15M, an income reversal to be removed) * **Other Gains/Losses:** - 13,000,000 EUR * **Core Adjusted EBITDA** = 2,096,000,000 - 15,000,000 - 13,000,000 = **2,068,000,000 EUR** *(This perfectly matches Acciona’s reported core EBITDA)* **2. Calculate Net Debt** S&P Net Debt is typically calculated as Total Short-Term and Long-Term Debt (including lease liabilities recognized under IFRS 16) minus Cash and Cash Equivalents and Short-Term Investments (Current Financial Assets). *Debt Components:* * Noncurrent Bonds (Participaciones Preferentes...): 3,101,000,000 EUR * Noncurrent Loans: 2,624,000,000 EUR * Noncurrent Lease Liabilities: 439,000,000 EUR * Current Bonds (Participaciones Preferentes...): 1,139,000,000 EUR * Current Loans: 553,000,000 EUR * Current Lease Liabilities: 72,000,000 EUR * **Total Gross Debt:** 7,928,000,000 EUR *Liquid Assets to Deduct:* * Cash and Cash Equivalents: 2,360,000,000 EUR * Current Financial Assets (Short-term Investments): 315,000,000 EUR * **Total Liquidity:** 2,675,000,000 EUR * **Net Debt:** 7,928,000,000 - 2,675,000,000 = **5,253,000,000 EUR** **3. Net Debt / EBITDA Ratio** * **Ratio:** 5,253,000,000 / 2,068,000,000 = 2.5401... 2.54