To estimate the Net Debt / EBITDA ratio for 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**

S&P typically defines EBITDA as Profit from Operating Activities plus Depreciation and Amortization. Sometimes adjustments are made for non-recurring items, but based on the provided facts, we will use the standard operating figures.

*   **Profit Loss From Operating Activities (2022):** 961,554,000 EUR
*   **Depreciation And Amortisation Expense (2022):** 544,992,000 EUR

$$EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 \text{ EUR}$$

*Note: S&P may also add back share of profit of associates if it's considered non-operating or if looking at consolidated cash flow generation, but standard EBITDA usually starts from Operating Profit. The "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" (50,405,000 EUR) is included in the Operating Profit line in many Spanish GAAP/IFRS presentations or just below. Looking at the structure: Revenue - Expenses = Operating Profit. The equity pick-up is often part of operating profit in utility companies or listed separately. Given "Profit Loss From Operating Activities" is explicitly stated, we use that. If the equity income is inside, it stays. If it's outside, we might need to adjust. However, standard EBITDA is Op Profit + D&A. Let's stick to the explicit "Profit Loss From Operating Activities".*

**2. Calculate Adjusted Net Debt for 2022 (Year-End 2022 / Start of 2023)**

S&P Net Debt generally includes:
*   Short-term debt
*   Long-term debt
*   Capital leases (often included in debt)
*   Preferred stock (if treated as debt-like)
*   Minority interest (sometimes treated as debt-like in leverage ratios, but S&P often treats it as equity unless redeemable. We will exclude it for standard Net Debt unless specified as mandatorily redeemable).
*   Less: Cash and Cash Equivalents
*   Less: Short-term investments (often excluded from cash if not highly liquid, but S&P often deducts unrestricted cash and short-term investments).

Let's identify the components from the Balance Sheet at 2023-01-01 (which represents the end of 2022):

*   **Gross Debt:**
    *   Current Financial Liabilities: 1,705,277,000 EUR
        *   This includes "Current Borrowings And Current Portion Of Noncurrent Borrowings": 721,845,000 EUR
        *   And "Other Current Financial Liabilities": 983,432,000 EUR
        *   And "Current Derivative Financial Liabilities": 7,053,000 EUR (Derivatives are often excluded from Net Debt in S&P calculations unless they are embedded or specific hedging instruments are netted. S&P usually looks at interest-bearing debt. Derivatives are typically excluded from the debt numerator but their mark-to-market might affect cash/working capital. We will exclude derivatives from Gross Debt to be conservative and standard, focusing on borrowings).
        *   Let's check "Other Current Financial Liabilities". In utility reports, this can include factoring or other short-term instruments. S&P usually includes all interest-bearing debt. Without a breakdown, we assume "Current Financial Liabilities" contains debt-like instruments. However, the most precise debt lines are "Borrowings".
        *   Let's look at Noncurrent:
    *   Noncurrent Financial Liabilities: 5,543,755,000 EUR
        *   "Longterm Borrowings": 5,491,124,000 EUR
        *   "Other Noncurrent Financial Liabilities": 52,631,000 EUR
        *   "Noncurrent Derivative Financial Liabilities": 22,016,000 EUR (Exclude).

    *   *Refined Gross Debt Calculation:*
        *   Long-term Borrowings: 5,491,124,000 EUR
        *   Current Borrowings: 721,845,000 EUR
        *   Other Financial Liabilities: S&P often includes "Other Financial Liabilities" if they are interest-bearing. The line "Other Current Financial Liabilities" (983M) and "Other Noncurrent Financial Liabilities" (52M) are significant. In the absence of a note specifying these are non-debt (like trade payables classified as financial), we must be careful. However, "Trade And Other Current Payables" is a separate line (1,160M). So "Other Current Financial Liabilities" likely represents short-term debt instruments, commercial paper, or factoring. S&P includes these.
        *   Let's sum all "Financial Liabilities" excluding derivatives:
            *   Current Borrowings: 721,845,000
            *   Other Current Financial Liabilities: 983,432,000
            *   Long-term Borrowings: 5,491,124,000
            *   Other Noncurrent Financial Liabilities: 52,631,000
            *   Total Gross Debt = $721,845,000 + 983,432,000 + 5,491,124,000 + 52,631,000 = 7,249,032,000$ EUR.

*   **Cash and Cash Equivalents:**
    *   Cash And Cash Equivalents: 794,824,000 EUR
    *   Current Financial Assets At Amortised Cost: 752,505,000 EUR. S&P often deducts short-term investments that are highly liquid and held for cash management purposes. "Current Financial Assets At Amortised Cost" often fits this description (e.g., term deposits). We will deduct this as well, as it acts as a cash equivalent for debt repayment capacity.
    *   Total Cash & Equivalents for Net Debt = $794,824,000 + 752,505,000 = 1,547,329,000$ EUR.

*   **Net Debt Calculation:**
    *   Net Debt = Gross Debt - Cash & Equivalents
    *   Net Debt = $7,249,032,000 - 1,547,329,000 = 5,701,703,000$ EUR.

*   *Alternative Check on Debt:* Sometimes "Other Current Financial Liabilities" includes trade-related financial liabilities that might not be considered core debt. However, given the separation from "Trade Payables", it is safer to include them. If we strictly used only "Borrowings":
    *   Gross Debt (Borrowings only) = $5,491,124,000 + 721,845,000 = 6,212,969,000$.
    *   Net Debt (Borrowings only) = $6,212,969,000 - 1,547,329,000 = 4,665,640,000$.
    *   S&P methodology is comprehensive regarding debt-like items. "Other Financial Liabilities" in Spanish utilities often includes securitizations or factoring which are treated as debt. We will use the broader definition including Other Financial Liabilities.

**3. Calculate the Ratio**

*   **Net Debt:** 5,701,703,000 EUR
*   **EBITDA:** 1,506,546,000 EUR

$$Ratio = \frac{5,701,703,000}{1,506,546,000} \approx 3.7846$$

Let's double-check if "Investment Accounted For Using Equity Method" profits are excluded from EBITDA. S&P often adds back equity income if it's not cash-generative or subtracts it if it's included in Operating Profit but not distributable. The line "Profit Loss From Operating Activities" (961M) likely includes the 50M equity pick-up. If we subtract it:
Adjusted EBITDA = $1,506,546,000 - 50,405,000 = 1,456,141,000$.
Ratio = $5,701,703,000 / 1,456,141,000 \approx 3.91$.

However, standard EBITDA definitions usually do not subtract equity income unless it's a specific "Adjusted EBITDA" calculation for credit ratings where non-consolidated entities are excluded. S&P Global Ratings typically uses "EBITDA" as reported or with minor adjustments. For Red Eléctrica, the equity method investments are significant. S&P often calculates "Funds From Operations (FFO)" or "Debt/EBITDA" using consolidated EBITDA. If the equity income is part of Operating Profit, it boosts EBITDA. Given the prompt asks for "Net Debt / EBIDTA" based on S&P methodology, and S&P often treats equity income as non-cash or less certain, they might exclude it. But without explicit instruction to adjust for equity income, the standard formula is Op Profit + D&A.

Let's look at the "Other Current Financial Liabilities" again. 983M is large. If this is not debt, the ratio drops significantly. In Red Eléctrica's case, these often relate to short-term financing. We will stick to the comprehensive debt definition.

Let's refine the Cash deduction. S&P deducts "Cash and short-term investments".
Cash: 794,824,000
Current Financial Assets (Amortised Cost): 752,505,000
Total Deduction: 1,547,329,000.

Let's refine the Debt.
Long-term Borrowings: 5,491,124,000
Current Borrowings: 721,845,000
Other Noncurrent Financial Liab: 52,631,000
Other Current Financial Liab: 983,432,000
Total Debt: 7,249,032,000.

Net Debt: 5,701,703,000.
EBITDA: 1,506,546,000.

Ratio: 3.78.

If we exclude "Other Financial Liabilities" (assuming they are not interest-bearing debt, which is a risk):
Debt = 6,212,969,000.
Net Debt = 4,665,640,000.
Ratio = 3.10.

Looking at Red Eléctrica's typical capital structure, they have significant debt. The "Other Current Financial Liabilities" likely includes commercial paper and short-term bank debt. Therefore, including them is correct for S&P methodology which captures all interest-bearing obligations.

One final check on EBITDA.
Operating Profit: 961,554,000
D&A: 544,992,000
EBITDA: 1,506,546,000.

Is there any other adjustment? S&P might add back "Share of profit of associates" to the extent it is not received in cash, or subtract it if it is included. The line "Participacion En Beneficios..." is 50,405,000. If this is included in Operating Profit, and we assume it's non-cash/unconsolidated, S&P might exclude it from the EBITDA used for leverage.
Adjusted EBITDA = 1,506,546,000 - 50,405,000 = 1,456,141,000.
Net Debt = 5,701,703,000.
Ratio = 3.91.

However, many simple "S&P methodology" estimations in this context just use Reported EBITDA. Let's look at the "Profit Loss From Operating Activities". In IFRS, equity income is often presented separately from Operating Profit or within it. If it's within it, it's part of the standard EBITDA. S&P's *standard* definition is EBITDA = Operating Income + D&A. They then make *adjustments* for rating purposes. Without specific instructions to make rating-specific adjustments (like pension deficits, leases, etc.), the base ratio is calculated on reported numbers.

Let's calculate with the standard reported numbers.

Net Debt = 5,701,703,000
EBITDA = 1,506,546,000
Ratio = 3.78

If we consider "Other Current Financial Liabilities" might not be debt:
The line "Trade And Other Current Payables" is 1,160,176,000.
"Other Current Financial Liabilities" is 983,432,000.
This is a very large amount for non-trade financial liabilities. It is highly likely to be short-term debt (commercial paper, etc.).

Let's verify the Cash component.
"Cash And Cash Equivalents": 794,824,000.
"Current Financial Assets At Amortised Cost": 752,505,000.
S&P deducts cash and cash equivalents and short-term investments. These assets are likely short-term investments.
Total Cash Deduction: 1,547,329,000.

Final Calculation:
Net Debt = 7,249,032,000 - 1,547,329,000 = 5,701,703,000.
EBITDA = 1,506,546,000.
Ratio = 3.7846...

Rounding to two decimal places: 3.78.

<answer>3.78</answer>