To estimate the Net Debt / EBITDA ratio for REN for the year 2022 based on the S&P methodology, we need to calculate two components: Adjusted Net Debt and Adjusted EBITDA.

**1. Calculate Adjusted EBITDA for 2022**

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. We can derive this from the provided Profit and Loss statement data for the period 2022-01-01 to 2023-01-01.

*   **Profit Loss (Net Income):** 111,771,000 EUR
*   **Income Tax Expense:** 54,263,000 EUR
*   **Finance Costs (Interest Expense):** 67,394,000 EUR
*   **Other Finance Income:** -11,911,000 EUR (This is income, so we subtract it to get back to pre-interest figures, or simply add back net finance costs).
    *   *Note: S&P often uses Net Interest. Let's look at "Finance Income Cost" which is -45,668,000 EUR. This implies Net Finance Income of 45,668,000. To get EBIT, we add back the net finance cost (which is negative, so we subtract the income).*
    *   Alternatively, standard EBITDA calculation:
        *   Start with **Profit Loss From Operating Activities**: 239,721,000 EUR.
        *   Add back **Depreciation And Amortisation Expense**: 249,276,000 EUR.
        *   **EBITDA** = 239,721,000 + 249,276,000 = **488,997,000 EUR**.

Let's verify this using the top-down approach:
*   Revenue And Operating Income: 824,683,000 EUR
*   Less Operating Expense: 584,962,000 EUR
*   Equals Profit From Operating Activities: 239,721,000 EUR
*   Add Depreciation & Amortization: 249,276,000 EUR
*   **EBITDA = 488,997,000 EUR**.

S&P adjustments often include adding back non-recurring items or specific equity-accounted income adjustments, but without specific details on "one-offs" in the text, we use the reported EBITDA. The "Share Of Profit Loss Of Associates" is included in operating profit or below? In the provided data, "Profit Loss From Operating Activities" is 239,721,000. Usually, share of associates is below operating profit or included. Given the structure, we will stick to the standard EBITDA derived from Operating Profit + D&A.

**EBITDA = 488,997,000 EUR**

**2. Calculate Adjusted Net Debt for 2022**

S&P defines Net Debt as Total Debt minus Cash and Cash Equivalents. Total Debt typically includes short-term and long-term borrowings, and sometimes other interest-bearing liabilities. S&P may also adjust for lease liabilities (IFRS 16).

*   **Gross Debt Components (as of 2023-01-01, representing year-end 2022):**
    *   Long-term Borrowings: 1,695,362,000 EUR
    *   Current Borrowings And Current Portion Of Noncurrent Borrowings: 638,944,000 EUR
    *   *Lease Liabilities:* The cash flow statement shows "Payments Of Lease Liabilities" and "Payments Of Lease Interests". Under IFRS 16, lease liabilities are debt. However, the balance sheet items "Trade And Other Non Current Payables" and "Trade And Other Payables Current" might contain lease liabilities if not explicitly separated. The prompt does not give a specific "Lease Liability" balance sheet line item. Often, if not explicitly broken out in the main debt lines, they might be embedded or negligible relative to the total. However, S&P usually treats lease liabilities as debt. Let's look for explicit lease liability balances. They are not explicitly listed as a separate balance sheet line like "Lease Liabilities". We will assume the "Borrowings" lines capture the primary financial debt. If lease liabilities are significant, they would increase Net Debt. Without a specific line item, we proceed with the explicit borrowings.
    *   *Other Interest Bearing Liabilities:* "Noncurrent Derivative Financial Liabilities" (73,464,000) and "Current Derivative Financial Liabilities" (not explicitly listed, but likely netted or small). Derivatives are often excluded from Net Debt unless they are hedging debt, in which case they might be adjusted. S&P typically excludes derivatives from the headline Net Debt calculation unless specified.
    *   *Transitional Gas Price Stabilization Regime Liability:* 1,000,000,000 EUR. This is a regulatory liability/asset pair. It is non-interest bearing and regulatory in nature. S&P typically excludes regulatory assets/liabilities from Net Debt as they are not financial debt.

    **Total Gross Debt** = Long-term Borrowings + Current Borrowings
    Total Gross Debt = 1,695,362,000 + 638,944,000 = **2,334,306,000 EUR**

*   **Cash and Cash Equivalents (as of 2023-01-01):**
    *   Cash And Cash Equivalents: **365,292,000 EUR**

*   **Net Debt** = Total Gross Debt - Cash and Cash Equivalents
    Net Debt = 2,334,306,000 - 365,292,000 = **1,969,014,000 EUR**

*   **S&P Adjustments:**
    *   S&P often adds back "underfunded pension liabilities" to debt. The item "Noncurrent Provisions For Employee Benefits" is 64,939,000 EUR. If this represents a defined benefit deficit, it might be added. However, without explicit "net pension deficit" data, we usually stick to financial debt.
    *   S&P often adjusts EBITDA for "Rent Expense" if leases are capitalized, but here we are using reported EBITDA which already excludes D&A (including right-of-use asset amortization).
    *   Let's check if there are other debt-like items. "Trade And Other Payables" are operational.

    Let's refine the Net Debt calculation.
    Net Debt = (Long Term Borrowings + Short Term Borrowings) - Cash
    Net Debt = (1,695,362,000 + 638,944,000) - 365,292,000 = 1,969,014,000 EUR.

**3. Calculate the Ratio**

*   **Net Debt:** 1,969,014,000 EUR
*   **EBITDA:** 488,997,000 EUR

Ratio = 1,969,014,000 / 488,997,000 ≈ 4.0266

Let's double check if "Finance Costs" includes lease interest. "Payments Of Lease Interests" is 26,000 EUR, which is negligible.

Is there any other adjustment?
The "Asset Related To The Transitional Gas Price Stabilization Regime" and corresponding Liability are 1 Billion EUR each. These offset each other on the balance sheet but are not debt/EBITDA relevant in the traditional sense. They are regulatory pass-throughs.

Let's re-verify the EBITDA.
Operating Profit: 239,721,000
D&A: 249,276,000
EBITDA: 488,997,000

Let's re-verify the Debt.
Long-term borrowings: 1,695,362,000
Current borrowings: 638,944,000
Total Debt: 2,334,306,000
Cash: 365,292,000
Net Debt: 1,969,014,000

Ratio: 1,969,014,000 / 488,997,000 = 4.02663...

Rounding to two decimal places, the ratio is 4.03.

One potential S&P adjustment: S&P sometimes includes the current portion of lease liabilities in debt. As noted, these are not explicitly broken out in the liability lines provided (likely inside Trade Payables or Other Provisions). Given the small interest payment (26k), the principal is likely small relative to the billions in debt.

Another potential adjustment: S&P calculates EBITDA as "Operating Income before D&A".
Operating Income (Profit Loss From Operating Activities) = 239,721,000.
Add D&A = 249,276,000.
EBITDA = 488,997,000.

If we consider "Share Of Profit Loss Of Associates" (11,812,000). This is usually included in Operating Profit or just below. If it's in Operating Profit, it's part of EBITDA. If it's below, it's not. The line "Profit Loss From Operating Activities" is explicitly given. In many European reports, share of associates is below operating profit. However, the line "Revenue And Operating Income" minus "Operating Expense" equals "Profit Loss From Operating Activities".
824,683,000 - 584,962,000 = 239,721,000.
So "Profit Loss From Operating Activities" is strictly Operating Revenue minus Operating Expenses.
Share of associates (11,812,000) is likely included in the bridge to "Profit And Loss Before Taxes".
Let's check:
Operating Profit: 239,721,000
Finance Income/Cost: -45,668,000 (Net Finance Income)
Profit Before Tax: 194,053,000
239,721,000 - 45,668,000 = 194,053,000.
This matches exactly. This implies that the "Share Of Profit Loss Of Associates" is **not** in the Operating Profit line provided, or it is netted out in Finance/Other. Wait, 11,812,000 is positive.
If Share of Associates was in Operating Profit, Operating Profit would be higher.
Usually, Share of Associates is a separate line item below Operating Profit.
If it is below Operating Profit, it is NOT part of EBITDA in the strictest "Operating" sense, but S&P often includes equity income in EBITDA if it's recurring. However, the standard definition of EBITDA starts with Operating Profit. If the associate income is not in Operating Profit, we might need to add it back if we consider it part of the core earnings power, but strictly speaking, EBITDA is Earnings (Net) + Interest + Tax + D&A.
Let's try the Net Income bridge:
Net Income: 111,771,000
+ Tax: 54,263,000
+ Net Finance Cost: -45,668,000 (Since it's income, we subtract it? No. EBIT = Net Income + Tax + Net Interest Expense. Here we have Net Finance *Income*. So EBIT = Net Income + Tax - Net Finance Income).
EBIT = 111,771,000 + 54,263,000 - (-45,668,000)? No.
Profit Before Tax = 194,053,000.
EBIT = Profit Before Tax + Net Finance Expense.
Here, Finance Income Cost is -45,668,000 (Income).
So EBIT = 194,053,000 + (-45,668,000) = 148,385,000?
Let's check the Operating Profit again.
Operating Profit = 239,721,000.
The difference between Operating Profit (239.7M) and PBT (194.0M) is 45.6M.
This confirms that the "Finance Income Cost" of -45.6M explains the difference.
So, Operating Profit is 239,721,000.
Does Operating Profit include Share of Associates?
If Share of Associates (11.8M) was included in Operating Profit, then "Core" Operating Profit would be lower.
However, usually, "Profit Loss From Operating Activities" in IFRS statements (like REN's) often *excludes* share of associates, which is presented separately. But here, the math `Revenue - OpEx = Op Profit` holds perfectly. Share of associates is likely *not* in that 239M figure, or it is netted in "Miscellaneous Other Operating Income".
Actually, looking at REN's typical reporting, Share of Results of Associates is often below Operating Profit.
If it is below Operating Profit, standard EBITDA (based on Operating Profit) excludes it.
However, S&P's "EBITDA" often aims to capture total cash generation.
Let's stick to the most robust definition: EBITDA = Operating Profit + D&A.
EBITDA = 239,721,000 + 249,276,000 = 488,997,000.

If we were to include Share of Associates (assuming it's cash-generative and recurring):
Adjusted EBITDA = 488,997,000 + 11,812,000 = 500,809,000.
Ratio = 1,969,014,000 / 500,809,000 = 3.93.

However, without explicit instruction to adjust for equity income, the standard reported EBITDA is the safer bet. Also, S&P often deducts dividends received from associates if they are not consolidated, but here we are looking at EBITDA.
Let's look at "Dividends Received Classified As Investing Activities": 21,551,000.
This suggests the associates pay dividends.
S&P methodology for "Debt/EBITDA" typically uses **EBITDA** as reported by the company or standard Operating EBITDA.

Let's check if there are any "Preferred Dividends" or "Minority Interest" adjustments.
"Profit Loss Attributable To Noncontrolling Interests" is 0.

Let's assume the standard calculation:
Net Debt = 1,969,014,000
EBITDA = 488,997,000
Ratio = 4.03

One detail: S&P often adds **Lease Liabilities** to Debt.
In the 2022 Annual Report of REN, Lease Liabilities are typically part of "Other Non-Current Provisions" or "Trade and Other Payables".
In 2022, REN had lease liabilities.
If we estimate lease liabilities:
The cash flow shows payments of lease liabilities of 2,157,000.
This is a small amount. Even if the total liability is 10x the annual payment (approx 20M), it would change Net Debt to ~1,989M.
Ratio: 1,989 / 489 = 4.06.
The difference is small. Given the data provided doesn't explicitly list the Lease Liability balance, we cannot accurately add it. We must rely on the explicit "Borrowings" lines.

Final check on Cash:
"Cash And Cash Equivalents" 2023-01-01: 365,292,000.
This is the correct ending balance for 2022.

Final check on Debt:
Long-term Borrowings: 1,695,362,000
Current Borrowings: 638,944,000
Total: 2,334,306,000

Net Debt: 1,969,014,000

EBITDA: 488,997,000

Ratio: 4.0266

<answer>4.03</answer>