# Net Debt / EBITDA Ratio Analysis for Acciona SA (2022)

## Reasoning:

### Step 1: Calculate Net Debt

**Gross Debt Components (as of 2022-01-01):**
- Noncurrent Loans: 2,073,000,000 EUR
- Current Loans and Current Portion of Noncurrent Loans: 280,000,000 EUR
- Noncurrent Preferred Shares/Bonds: 2,364,000,000 EUR
- Current Preferred Shares/Bonds: 1,666,000,000 EUR
- Noncurrent Lease Liabilities: 430,000,000 EUR
- Current Lease Liabilities: 68,000,000 EUR

**Total Gross Debt = 6,881,000,000 EUR**

**Less: Cash and Cash Equivalents:**
- Cash: 2,116,000,000 EUR
- Short-term Investments/Cash Equivalents: 202,000,000 EUR

**Total Cash = 2,318,000,000 EUR**

**Net Debt = 6,881,000,000 - 2,318,000,000 = 4,563,000,000 EUR**

### Step 2: Calculate EBITDA for 2022 (Year ending 2022-01-01)

Starting with Profit from Operating Activities: 829,000,000 EUR

Adding back:
- Depreciation, Amortization & Provisions: 714,000,000 EUR
- Impairment reversal (negative): -67,000,000 EUR

**EBITDA = 829,000,000 + 714,000,000 - 67,000,000 = 1,476,000,000 EUR**

### Step 3: Calculate the Ratio

Net Debt / EBITDA = 4,563,000,000 / 1,476,000,000 = 3.09

<answer>3.09</answer>