To calculate the Net Debt / EBITDA ratio based on the S&P methodology using the provided financial facts for ENEL - SPA (2022), we need to determine the S&P Adjusted Net Debt and S&P Adjusted EBITDA. 

**1. S&P Adjusted EBITDA:**
S&P typically calculates EBITDA by taking the Operating Profit (EBIT) and adding back Depreciation, Amortization, and Impairments (excluding working capital impairments like bad debt).
*   **Profit Loss From Operating Activities (EBIT):** 11,193,000,000 EUR
*   **Depreciation, Amortisation And Impairment Loss Recognised In Profit Or Loss:** 7,447,000,000 EUR
*   **S&P Adjusted EBITDA** = 11,193,000,000 + 7,447,000,000 = **18,640,000,000 EUR**

*(Note: S&P sometimes adds dividends received from equity investments, which are immaterial here at ~27m EUR, leaving the base EBITDA practically unchanged).*

**2. S&P Adjusted Net Debt:**
S&P adjusts reported debt to include debt-like obligations and subtracts highly liquid accessible cash. S&P Debt generally includes reported borrowings, underfunded pension obligations, asset retirement obligations (AROs - typically found in other long-term provisions), and a portion of hybrid equity (S&P assigns 50% equity/50% debt content to standard perpetual hybrid bonds).
*   **Short-term Borrowings:** 18,392,000,000 EUR
*   **Current Portion of Long-term Borrowings:** 2,835,000,000 EUR
*   **Long-term Borrowings:** 68,191,000,000 EUR
    * *Total Reported Borrowings = 89,418,000,000 EUR*
*   **Noncurrent Provisions For Employee Benefits:** 2,202,000,000 EUR
*   **Other Long-term Provisions (AROs):** 6,055,000,000 EUR
*   **Equity Instruments Perpetual Hybrid Bonds:** 5,567,000,000 EUR *(S&P allocates 50% as debt)* = 2,783,500,000 EUR
    * *Gross Adjusted Debt = 89,418,000,000 + 2,202,000,000 + 6,055,000,000 + 2,783,500,000 = 100,458,500,000 EUR*
*   **Less: Cash and Cash Equivalents:** 11,041,000,000 EUR 
    * *S&P Adjusted Net Debt = 100,458,500,000 - 11,041,000,000* = **89,417,500,000 EUR**

**3. Ratio Calculation:**
*   **Net Debt / EBITDA** = 89,417,500,000 / 18,640,000,000 = 4.797

<answer>4.80</answer>