# Net Debt / EBITDA Ratio Calculation for Iberdrola SA (2022)

## Step 1: Identify the Components

### EBITDA (from the data for 2022-01-01 to 2023-01-01)
The data provides: "Beneficio Bruto De Explotacion Ebitda" = 13,228,000,000 EUR

### Net Debt Calculation
According to S&P methodology, Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt Components (as of 2023-01-01, which is end of 2022):**
- Noncurrent Financial Liabilities: 44,216,000,000 EUR
- Current Financial Liabilities: 25,079,000,000 EUR
- Total Financial Liabilities: 69,295,000,000 EUR

**Cash and Cash Equivalents (as of 2023-01-01):**
- Cash And Cash Equivalents: 4,608,000,000 EUR

## Step 2: Calculate Net Debt
Net Debt = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR

## Step 3: Calculate Net Debt / EBITDA Ratio
Net Debt / EBITDA = 64,687,000,000 / 13,228,000,000 = 4.889

## Verification
This ratio indicates that Iberdrola's net debt is approximately 4.9 times its annual EBITDA, which is consistent with a capital-intensive utility company with significant leverage.

<answer>4.89</answer>