I need to estimate the Net Debt / EBITDA ratio for 2022 using S&P methodology.

First, let me identify the key components needed:
- Net Debt
- EBITDA

**Step 1: Calculate Net Debt**

Net Debt = Total Debt - Cash and Cash Equivalents

From the balance sheet data (2023-01-01, which is end of 2022):
- Current financial liabilities (debt): Other Current Financial Liabilities = 619,418,000 EUR
- Non-current financial liabilities: Other Noncurrent Financial Liabilities = 4,722,263,000 EUR
- Total Debt = 619,418,000 + 4,722,263,000 = 5,341,681,000 EUR

Wait - I need to check if there are other debt items. Let me look more carefully.

Looking at the liabilities:
- Other Noncurrent Financial Liabilities: 4,722,263,000 EUR
- Other Current Financial Liabilities: 619,418,000 EUR
- Trade And Other Current Payables: 1,849,980,000 EUR (this is trade payables, not debt)
- Noncurrent Contract Liabilities: 5,452,905,000 EUR (these are contract liabilities, not financial debt)

For S&P methodology, we typically include:
- Financial debt (current and non-current)
- Sometimes lease liabilities if significant

Let me check for lease liabilities. I see "Rightofuse Assets" which suggests IFRS 16 leases, but I need to find the corresponding lease liabilities.

Looking more carefully at the liability structure:
- Noncurrent Provisions: 218,025,000 EUR
- Noncurrent Provisions For Employee Benefits: 112,989,000 EUR

For debt, I'll use:
- Other Noncurrent Financial Liabilities: 4,722,263,000 EUR
- Other Current Financial Liabilities: 619,418,000 EUR

Total Financial Debt = 5,341,681,000 EUR

Cash and Cash Equivalents:
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations: 559,908,000 EUR
- Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations: 0 EUR

Total Cash = 559,908,000 EUR

Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

Wait, I should also check if there are lease liabilities included in "Other Noncurrent Financial Liabilities" or if they're separate. Given the Right-of-use assets increased significantly from 53,096,000 to 90,397,000, there are leases. But without explicit lease liability breakdown, I'll proceed with total financial liabilities as reported.

Actually, let me reconsider. In many European annual reports under IFRS, lease liabilities are included in financial liabilities. Let me proceed with the financial liabilities as reported.

**Step 2: Calculate EBITDA**

For S&P methodology, EBITDA typically starts from Operating Profit (EBIT) and adds back depreciation and amortization.

From the income statement (2022-01-01 to 2023-01-01):
- Profit Loss From Operating Activities (EBIT): 565,851,000 EUR
- Ammortamenti E Accantonamenti (Depreciation and Amortization): 625,799,000 EUR

Wait, let me verify. "Ammortamenti E Accantonamenti" likely includes depreciation, amortization, and possibly other provisions. Let me check the cash flow statement for a cleaner D&A figure.

From cash flow statement:
- Adjustments For Depreciation And Amortisation Expense: 594,636,000 EUR

This is the clean D&A figure for cash flow purposes. But "Ammortamenti E Accantonamenti" of 625,799,000 might include impairment or other items.

Let me check: Impairment Loss... = 113,370,000 EUR

Looking at the P&L structure:
- Gross Profit: 1,305,021,000 EUR
- Impairment: 113,370,000 EUR
- Ammortamenti E Accantonamenti: 625,799,000 EUR
- Profit Loss From Operating Activities: 565,851,000 EUR

Let me verify: Gross Profit - Impairment - Ammortamenti E Accantonamenti + Other Income Expense From Subsidiaries... = EBIT?

Actually, looking more carefully:
- Gross Profit: 1,305,021,000 EUR
- Then we have: Impairment Loss... (113,370,000), Ammortamenti E Accantonamenti (625,799,000)
- But also: Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates: 27,897,000 EUR

Let me try: 1,305,021,000 - 113,370,000 - 625,799,000 + 27,897,000 = 593,749,000... not matching 565,851,000.

Actually, looking at typical Italian P&L structure, "Ammortamenti E Accantonamenti" might include various provisions. Let me use the cash flow D&A of 594,636,000 as the clean depreciation and amortization figure.

For S&P EBITDA:
EBITDA = EBIT + D&A + Impairment (sometimes, depending on definition)

Standard S&P EBITDA = Operating Profit + Depreciation & Amortization

Using:
- Operating Profit (EBIT) = 565,851,000 EUR
- D&A = 594,636,000 EUR (from cash flow adjustments)

EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

But wait - S&P typically adjusts EBITDA for certain items. Let me also consider if we need to add back impairment.

Actually, looking at S&P methodology more carefully, they typically define EBITDA as:
- Operating profit before depreciation, amortization, and impairment

Or: EBIT + D&A + Impairment losses on fixed assets

Let me recalculate with impairment:
EBITDA = 565,851,000 + 594,636,000 + 113,370,000 = 1,273,857,000 EUR? 

Hmm, but this might double count if impairment is already in operating profit. Let me think...

Actually, standard calculation: Start with Revenue, subtract operating expenses (excluding D&A and impairment). 

Or: EBIT is already after impairment. So EBIT + D&A + Impairment = pre-impairment, pre-D&A operating profit.

But in the P&L, is impairment part of operating profit calculation? Yes, typically impairment is deducted before operating profit.

So: EBITDA = Operating Profit + D&A + Impairment = 565,851,000 + 594,636,000 + 113,370,000 = 1,273,857,000 EUR

Wait, I need to be more careful. Let me check if "Ammortamenti E Accantonamenti" already includes impairment or not.

Looking at the items:
- "Impairment Loss Impairment Gain And Reversal Of Impairment Loss Determined In Accordance With IFRS9": 113,370,000 EUR (this is financial instruments impairment, IFRS 9)
- "Ammortamenti E Accantonamenti": 625,799,000 EUR

IFRS 9 impairment is for financial assets, not fixed assets. So this is likely already below operating profit or part of operating expenses.

Actually, looking at the structure again, this seems to be a utility company (Acea is an Italian multi-utility). Let me re-read the P&L items.

For S&P Global Ratings methodology, EBITDA is typically defined as:
EBITDA = Operating revenues - Operating expenses (cash costs) + D&A

Or more practically from the bottom up:
EBITDA = EBIT + Depreciation + Amortization + Impairment of fixed assets + Other non-cash operating charges

Let me use a cleaner approach. From the cash flow statement:
- Cash Flows From Used In Operations Before Changes In Working Capital: 1,062,464,000 EUR

This is essentially: Net Income + D&A + other non-cash items + interest - taxes... no wait, this is before working capital changes but after some adjustments.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" typically equals:
EBITDA - Cash taxes paid + other non-cash adjustments

Hmm, let me try yet another approach. Looking at the P&L:

Revenue: 5,138,245,000 EUR
Operating Expense: 3,861,121,000 EUR

But Operating Expense likely includes D&A and impairment. Let me check if Gross Profit - Operating Expense = Operating Profit?

Gross Profit: 1,305,021,000 EUR
Operating Expense: 3,861,121,000 EUR... wait, that can't be right. Revenue is 5,138,245,000 and Operating Expense is 3,861,121,000, so Revenue - Operating Expense = 1,277,124,000, not matching Gross Profit of 1,305,021,000.

Actually, I think "Operating Expense" here is a specific line item, not total operating expenses. Let me re-read.

Looking at the Italian terms:
- "Ricavi Da Vendita E Prestazioni" = Revenues from sales and services: 4,957,179,000
- "Other Income": 181,066,000
- "Revenue": 5,138,245,000 (total)

- "Employee Benefits Expense": 305,066,000
- "Costi Esterni" = External costs: 3,556,055,000
- "Operating Expense": 3,861,121,000

Wait, 305,066,000 + 3,556,055,000 = 3,861,121,000. So Operating Expense = Employee Benefits + External Costs.

Then Gross Profit = Revenue - Operating Expense = 5,138,245,000 - 3,861,121,000 = 1,277,124,000... but reported Gross Profit is 1,305,021,000.

Difference is 27,897,000, which matches "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates"!

So Gross Profit includes this other income. Actually, looking more carefully, the P&L structure seems to be:
- Revenue: 5,138,245,000
- Less: Operating Expenses: 3,861,121,000
- Plus: Other Income from subs/JVs: 27,897,000? 

Actually no, let me check: 5,138,245,000 - 3,861,121,000 + 27,897,000 = 1,305,021,000. Yes! That matches Gross Profit.

Then from Gross Profit:
- Less: Impairment (IFRS 9): 113,370,000
- Less: Ammortamenti E Accantonamenti: 625,799,000
- Equals: Operating Profit: 565,851,000? 

Check: 1,305,021,000 - 113,370,000 - 625,799,000 = 565,852,000 ≈ 565,851,000. Yes!

So the P&L structure is:
Revenue - Operating Expenses + Other income from equity investments = Gross Profit
Gross Profit - Impairment - D&A and provisions = Operating Profit

For EBITDA, S&P would typically want:
EBITDA = Operating Profit + D&A + Impairment (if non-recurring or add back) + Other non-cash items

But "Ammortamenti E Accantonamenti" includes both depreciation/amortization and "accantonamenti" (provisions). The cash flow shows D&A of 594,636,000, which is less than 625,799,000. The difference (31,163,000) might be provisions or other accruals.

For S&P EBITDA, the standard is:
EBITDA = EBIT + D&A (of fixed assets and intangibles, not goodwill if already impaired)

Using cash flow D&A: 594,636,000
Plus operating profit: 565,851,000
EBITDA = 1,160,487,000 EUR

But wait - S&P also typically adjusts for dividends from equity investments if they're part of operating activities. The "Other Income Expense From Subsidiaries..." of 27,897,000 is already in operating profit. For utility companies, equity income can be part of operations.

Actually, let me reconsider whether to use the larger "Ammortamenti E Accantonamenti" figure. In Italian accounting, "accantonamenti" can mean provisions for risks, impairment of receivables, etc. The cash flow adjustment for D&A is specifically 594,636,000, which is cleaner.

However, S&P methodology for EBITDA typically adds back total depreciation and amortization as reported in the financial statements, not just the cash flow adjustment. But "Ammortamenti E Accantonamenti" may include items beyond pure D&A.

Let me check if there's a better way. Looking at the balance sheet changes:
- Property Plant And Equipment: increased from 2,938,530,000 to 3,144,250,000
- Other Intangible Assets: increased from 3,048,190,000 to 3,470,906,000
- Intangible Assets Other Than Goodwill: increased from 411,607,000 to 420,191,000
- Goodwill: increased from 251,477,000 to 255,048,000

Total PP&E + Intangibles increased significantly, suggesting heavy investment and thus D&A.

Actually, for S&P, a common approach is:
EBITDA = Revenue - Cash Operating Costs

Or from the bottom: EBIT + D&A + Asset impairment + Goodwill impairment

Let me use the most standard definition:
EBITDA = Operating Profit + Depreciation + Amortization

If "Ammortamenti E Accantonamenti" = 625,799,000 includes pure D&A plus some provisions, and cash flow D&A = 594,636,000, which should I use?

For S&P Global Ratings, they typically use:
EBITDA = EBIT + depreciation & amortization expense + impairment of fixed assets & goodwill

The cash flow D&A of 594,636,000 likely includes depreciation and amortization of tangible and intangible assets. The difference to 625,799,000 might be changes in provisions or other accruals.

I'll use EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

But I need to also consider if S&P would include the IFRS 9 impairment. IFRS 9 impairment is for financial instruments (receivables, etc.), not fixed assets. S&P typically does NOT add this back to EBITDA as it's considered part of normal operations for credit analysis.

However, let me also check if there's any goodwill impairment or fixed asset impairment hidden elsewhere. The IFRS 9 impairment is specifically for financial instruments.

So my EBITDA estimate: 1,160,487,000 EUR

**Net Debt calculation:**

I need to be more careful about what constitutes debt for S&P.

Financial Liabilities:
- Other Noncurrent Financial Liabilities: 4,722,263,000 EUR
- Other Current Financial Liabilities: 619,418,000 EUR

But I need to check if there are lease liabilities, derivative liabilities, or other items included.

Also, I should check "Noncurrent Contract Liabilities" - these are typically deferred revenue, not debt.

And "Trade And Other Current Payables" - these are trade payables, not financial debt.

What about the equity-accounted investments? No, those are assets.

Let me look for any other debt-like items:
- Current Tax Liabilities: 26,810,000 (tax, not debt)
- Other Current Liabilities: 632,259,000 (likely accruals, not debt)

For S&P Net Debt, we typically include:
- All interest-bearing debt (short-term and long-term)
- Finance lease obligations
- Less: Cash and cash equivalents
- Less: Liquid investments

Cash: 559,908,000 EUR

Are there any other liquid assets? "Other Current Financial Assets" = 342,085,000 EUR. Some of these might be liquid investments.

Looking at "Attività Finanziarie Correnti Di Cui Verso Parti Correlate" = 117,998,000 EUR (related party current financial assets). The total Other Current Financial Assets is 342,085,000.

For S&P, if these are liquid financial assets (not trade receivables), they might be deducted. But without knowing the exact nature, I'll be conservative and only deduct cash.

Actually, let me reconsider. "Other Current Financial Assets" could include short-term deposits, securities, etc. But in many utility companies, these might include derivatives, guarantees, or other items not readily liquid.

I'll use strict cash: 559,908,000 EUR

Total Debt: 5,341,681,000 EUR
Net Debt: 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

Wait - I need to double-check the debt figures. Let me look for any other borrowings or debt items.

Looking at the cash flow statement:
- Proceeds From Borrowings: 250,000,000
- Repayments Of Borrowings: 73,287,000

This suggests gross borrowings activity.

Also in financing activities:
- Other Inflows Outflows Of Cash Classified As Financing Activities: 92,441,000

And "Variazione Di Altri Debiti Classificati Come Attività Di Finanziamento" = 9,359,000 (related party)

Hmm, let me check if the total debt includes lease liabilities. The Right-of-use assets went from 53,096,000 to 90,397,000, an increase of 37,301,000. This suggests new leases.

In the cash flow, I don't see explicit lease payments separated.

For S&P Global Ratings, when calculating Net Debt/EBITDA, they typically include lease liabilities in debt if they're material. But without explicit lease liability figures, I'll use the reported financial liabilities.

Actually, I realize I should check if "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" are the complete debt picture, or if there are also "Noncurrent Contract Liabilities" that include debt.

"Noncurrent Contract Liabilities" of 5,452,905,000 EUR seems very large. In utility companies, this could include:
- Deferred revenue from concession fees
- Customer advances
- Regulatory liabilities

These are typically NOT financial debt.

Let me proceed with my debt calculation but also consider an alternative: maybe I should include only explicit borrowings.

Actually, looking more carefully at typical Italian utility financial statements, "Other Noncurrent Financial Liabilities" usually includes bonds, bank loans, and lease liabilities. "Other Current Financial Liabilities" includes current portion of long-term debt, short-term borrowings, and current lease liabilities.

I'll proceed with:
Total Debt = 4,722,263,000 + 619,418,000 = 5,341,681,000 EUR

But wait - I need to check if there are also financial liabilities embedded in other line items. Let me look at "Attività Finanziarie Non Correnti Di Cui Verso Parti Correlate" and similar items on the asset side to see if there are nettable items.

Actually, for Net Debt, S&P typically uses:
Gross Debt = Long-term debt + Short-term debt + Current portion of long-term debt + Finance leases + Preference shares treated as debt

Minus:
Cash & cash equivalents + Liquid investments + Short-term operating receivables from related parties (sometimes)

I'll stick with: 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

**Net Debt / EBITDA Ratio:**

4,781,773,000 / 1,160,487,000 = 4.12x

Hmm, let me reconsider if I should use a different EBITDA. Let me think about whether S&P would adjust this.

For utility companies, S&P might also consider:
- Adding back IFRS 9 impairment? Probably not for credit analysis.
- Treatment of equity income? The 27,897,000 from subsidiaries/JVs is in operating profit. S&P sometimes excludes equity income from EBITDA if it's not core operations, but for a holding company structure, it might be included.

Actually, let me recalculate EBITDA using a top-down approach to verify:

Revenue: 5,138,245,000
Less: Cash operating costs = ?

If Operating Expense (3,861,121,000) includes personnel and external costs, and we need to add back D&A of 594,636,000, but "Ammortamenti E Accantonamenti" is 625,799,000...

Actually, let me try: Revenue - Cash Costs = EBITDA
Cash costs = Total costs - D&A - non-cash items

Total operating costs would be: Employee Benefits (305,066,000) + External Costs (3,556,055,000) + Impairment (113,370,000) + Ammortamenti (625,799,000) - Other income from subs (27,897,000)? 

This is getting messy. Let me use the cleanest approach:

EBITDA = Operating Profit + D&A (from cash flow) = 565,851,000 + 594,636,000 = 1,160,487,000

But I want to verify if Operating Profit includes the IFRS 9 impairment. Yes, it does (we calculated 1,305,021,000 - 113,370,000 - 625,799,000 = 565,852,000 ≈ 565,851,000).

For S&P, they might calculate "Adjusted EBITDA" which sometimes adds back certain non-recurring or non-cash items. But for a standard Net Debt/EBITDA, I'll use the standard definition.

Let me also consider if I should use the larger D&A figure. If "Ammortamenti E Accantonamenti" includes 625,799,000 and this is the total depreciation, amortization, and provisions charged to the P&L, then:

EBITDA using this figure = 565,851,000 + 625,799,000 = 1,191,650,000 EUR

But this would include provisions (accruals), which are not pure D&A. S&P typically wants D&A of fixed assets and intangibles, not changes in provisions.

The cash flow figure of 594,636,000 is explicitly "Depreciation And Amortisation Expense", so it's cleaner.

Actually, let me look more carefully. The cash flow also has:
- Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss: 67,680,000

This is separate from D&A. So total non-cash P&L charges in cash flow = 594,636,000 + 67,680,000 = 662,316,000.

But the P&L impairment is 113,370,000 (IFRS 9) and "Ammortamenti E Accantonamenti" is 625,799,000, total 739,169,000. These don't match perfectly due to timing and classification differences.

For S&P EBITDA, I'll use: EBIT + D&A = 565,851,000 + 594,636,000 = 1,160,487,000

But wait - I should also consider whether to use "Funds From Operations" (FFO) based approach or pure EBITDA. S&P sometimes uses FFO/Debt or Debt/EBITDA.

Let me also verify my debt calculation by looking at total assets and equity.

Assets: 11,338,533,000
Equity: 2,755,243,000
Liabilities = 11,338,533,000 - 2,755,243,000 = 8,583,290,000

Total liabilities reported:
Noncurrent: 5,450,905,000 (contract liabilities) + 218,025,000 (provisions) + 112,989,000 (employee benefits) + 4,722,263,000 (financial) + 399,628,000 (other) = let's see...

Actually, let me look at the liability side more carefully:
- Noncurrent Provisions For Employee Benefits: 112,989,000
- Noncurrent Provisions: 218,025,000
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Noncurrent Liabilities: 399,628,000
- Noncurrent Contract Liabilities: 5,452,905,000

Wait, these are all non-current. Total non-current liabilities = 112,989,000 + 218,025,000 + 4,722,263,000 + 399,628,000 + 5,452,905,000 = 10,905,810,000? That can't be right because total liabilities should be around 8,583,290,000.

Hmm, let me re-read. "Noncurrent Contract Liabilities" of 5,452,905,000 - is this really a liability? In IFRS, contract liabilities are liabilities, yes. But let me check if this is already included in other categories or separate.

Actually, looking at the structure again, I think "Noncurrent Contract Liabilities" might be the total, not an addition. Or perhaps the categories are overlapping.

Let me try: Equity And Liabilities total = 11,338,533,000
Equity = 2,755,243,000
So Liabilities = 8,583,290,000

Current Liabilities = 3,128,466,000
Liabilities Held For Sale = 1,919,000
So Non-current Liabilities = 8,583,290,000 - 3,128,466,000 - 1,919,000 = 5,452,905,000

Ah! "Noncurrent Contract Liabilities" = 5,452,905,000 is likely the TOTAL non-current liabilities, not a separate item. Or it's a major component.

Wait, let me re-read the original data:
"Noncurrent Contract Liabilities" 2023-01-01: 5452905000 EUR
"Noncurrent Contract Liabilities" 2022-01-01: 5514512000 EUR

Hmm, but there are also:
"Other Noncurrent Financial Liabilities" 2023-01-01: 4722263000 EUR
"Other Noncurrent Liabilities" 2023-01-01: 399628000 EUR
"Noncurrent Provisions" 2023-01-01: 218025000 EUR
"Noncurrent Provisions For Employee Benefits" 2023-01-01: 112989000 EUR

Sum: 4,722,263,000 + 399,628,000 + 218,025,000 + 112,989,000 = 5,452,905,000 EUR!

Yes! So "Noncurrent Contract Liabilities" = 5,452,905,000 is the TOTAL of non-current liabilities, which includes:
- Other Noncurrent Financial Liabilities: 4,722,263,000
- Other Noncurrent Liabilities: 399,628,000
- Noncurrent Provisions: 218,025,000
- Noncurrent Provisions For Employee Benefits: 112,989,000

Total: 5,452,905,000 EUR. Perfect match!

Similarly for current liabilities:
"Current Liabilities" = 3,128,466,000, which includes:
- Other Current Financial Liabilities: 619,418,000
- Trade And Other Current Payables: 1,849,980,000
- Current Tax Liabilities: 26,810,000
- Other Current Liabilities: 632,259,000

Sum: 619,418,000 + 1,849,980,000 + 26,810,000 + 632,259,000 = 3,128,467,000 ≈ 3,128,466,000 (rounding)

Great, so my debt figure is correct: 619,418,000 + 4,722,263,000 = 5,341,681,000 EUR

Now, for S&P Net Debt, should I deduct anything else from gross debt? Sometimes they net certain items, but typically it's just cash.

Actually, I should also check if there are any "financial assets" that are truly liquid and should be netted against debt.

"Financial Assets" (non-current): 30,531,000
"Other Current Financial Assets": 342,085,000

These might include derivatives, deposits, guarantees, or other items. For conservative S&P analysis, only cash and near-cash equivalents are deducted.

"Disponibilità Liquide E Mezzi Equivalenti" = Cash and Cash Equivalents = 559,908,000 EUR

I'll use this as the deduction.

Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

Now, one more consideration: S&P sometimes uses "average" debt or year-end debt. For Net Debt/EBITDA, they typically use year-end debt with annual EBITDA.

But wait - I need to check if 2023-01-01 balance sheet is indeed end of 2022. Yes, in Italian annual reports, the fiscal year typically ends December 31, so 2023-01-01 is the start of the next day, i.e., end of 2022.

However, for S&P methodology, they sometimes prefer to use average debt for the year if there's been significant change. Debt at 2022-01-01 was:
- Other Noncurrent Financial Liabilities: 4,791,979,000
- Other Current Financial Liabilities: 285,222,000
Total: 5,077,201,000

Average debt = (5,341,681,000 + 5,077,201,000) / 2 = 5,209,441,000

But S&P Global Ratings typically uses point-in-time (year-end) debt for Net Debt/EBITDA, not average. Some practitioners use average, but S&P's published methodology usually uses latest available.

Actually, let me verify S&P's standard approach. For their credit ratios, S&P Global Ratings typically uses:
- Debt: year-end or latest reported
- EBITDA: latest 12 months or annual

I'll use year-end debt: 5,341,681,000 - 559,908,000 = 4,781,773,000

But I want to double-check my EBITDA once more. Let me see if there's any other income or expense I should consider.

Actually, I realize I should check whether "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" of 27,897,000 is part of operating profit or below it. Looking at the calculation:

Gross Profit (1,305,021,000) - Impairment (113,370,000) - Ammortamenti (625,799,000) = 565,852,000 ≈ Operating Profit (565,851,000)

So the 27,897,000 from subsidiaries is already IN Gross Profit, not below it. This means it's part of operating revenue/costs structure.

For S&P EBITDA, this equity-method-like income is included in the operating profit, so it's part of EBITDA. This is fine for a holding company structure.

Let me recalculate one more time:
EBITDA = Operating Profit + D&A = 565,851,000 + 594,636,000 = 1,160,487,000 EUR

Net Debt = 4,781,773,000 EUR

Ratio = 4,781,773,000 / 1,160,487,000 = 4.1205...

Let me also try with the alternative D&A figure to see the range:
If D&A = 625,799,000 (from P&L "Ammortamenti E Accantonamenti"):
EBITDA = 565,851,000 + 625,799,000 = 1,191,650,000
Ratio = 4,781,773,000 / 1,191,650,000 = 4.013

Or if I add back impairment too (which S&P sometimes does for "adjusted EBITDA"):
EBITDA = 565,851,000 + 594,636,000 + 113,370,000 = 1,273,857,000
Ratio = 4,781,773,000 / 1,273,857,000 = 3.754

Hmm, this is a significant range. Let me think about what S&P would most likely use.

For S&P Global Ratings, their standard "EBITDA" for corporate issuers typically includes:
- Operating profit before depreciation and amortization
- They usually DO NOT add back impairment of financial assets (IFRS 9)
- They usually DO add back impairment of fixed assets and goodwill

But here, the impairment is specifically labeled "Determined In Accordance With IFRS9", meaning it's impairment of financial instruments (receivables, etc.), not fixed assets. S&P typically does NOT add this back.

For D&A, they would use the accounting D&A, which should be the 594,636,000 from cash flow (cleaner) or derived from the notes. The "Ammortamenti E Accantonamenti" of 625,799,000 likely includes other provision movements.

Actually, let me check if 625,799,000 could be the right figure. In Italian, "accantonamenti" literally means "set-asides" or provisions. So this line item includes:
- Depreciation (ammortamenti)
- Provisions (accantonamenti)

For EBITDA, we only want to add back depreciation and amortization, not provisions. So 594,636,000 is correct.

Wait, but I should verify: is 594,636,000 the total D&A, or just an adjustment? The line says "Adjustments For Depreciation And Amortisation Expense" - this is the add-back in the cash flow statement, so yes, it's the total D&A expense.

Let me also check if there's any amortization of intangibles or goodwill included. Goodwill is 255,048,000, not huge. Other intangible assets are 3,470,906,000, significant.

Actually, I want to double-check my debt figure once more. Are there any debt-like items I'm missing?

Looking at "Other Current Liabilities" = 632,259,000 - could this include debt? Typically no, these are accruals, deferred income, VAT, etc.

What about "Trade And Other Current Payables" = 1,849,980,000? These are trade payables, not financial debt.

And "Current Tax Liabilities" = 26,810,000? Tax, not debt.

So financial debt is just the two "financial liabilities" line items.

One more check: are there any derivatives or hedging instruments that should be included? The gains/losses on derivatives are 0, so likely minimal.

Let me also consider if S&P would include the "current portion of non-current debt" in current financial liabilities. Yes, typically this is already included in "Other Current Financial Liabilities."

Final calculation:
Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR
EBITDA = 565,851,000 + 594,636,000 = 1,160,487,000 EUR
Ratio = 4,781,773,000 / 1,160,487,000 = 4.1205...

Rounding to two decimal places: 4.12

But let me also consider if S&P uses "total debt" slightly differently. Sometimes they include:
- Committed bank facilities drawn
- Commercial paper
- Bonds
- Finance leases
- Pension deficits (sometimes)
- Less: Cash

I've included all reported financial liabilities. 

Actually, one more thing: should I use "net debt" or "gross debt"? S&P's Net Debt/EBITDA uses net debt (debt minus cash).

Let me also verify my cash figure. "Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations" = 559,908,000. Is there any restricted cash? Not specified, so I'll assume it's all available.

Also, "Disponibilità Monetaria Netta" = 559,908,000? Wait, let me check:
"Disponibilità Monetaria Netta" 2023-01-01: 559908000 EUR
"Disponibilità Monetaria Netta" 2022-01-01: 693193000 EUR

Hmm, "Disponibilità Monetaria Netta" literally means "Net Monetary Availability" or "Net Cash." But this equals the cash and equivalents figure, not net debt. This might be a translation issue or specific Italian accounting term.

Actually, looking at 2022-01-01: Cash was 680,820,000 and "Disponibilità Monetaria Netta" was 693,193,000. Close but not exact. The difference (12,373,000) might be bank overdrafts or other items.

For 2023-01-01: Cash 559,908,000 equals "Disponibilità Monetaria Netta" 559,908,000. 

Wait, let me recheck. "Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Continued Operations" 2023-01-01: 559908000. And "Disponibilità Monetaria Netta" 2023-01-01: 559908000. Yes, same figure.

But "Disponibilità Liquide E Mezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations" 2022-01-01: 12374000. So total cash 2022 was 680,820,000 + 12,374,000 = 693,194,000 ≈ 693,193,000. 

For 2023, discontinued operations cash is 0, so total cash = 559,908,000.

OK, my calculation seems solid.

One final check: should I use EBITDA before or after dividends from investments? The 27,897,000 from subsidiaries is in operating profit, so it's in EBITDA. For a holding company, S&P might treat this differently, but it's standard to include it.

Actually, let me reconsider one more time whether I should use "Funds From Operations" (FFO) adjusted EBITDA. S&P sometimes calculates:
FFO = Net Income + D&A + Deferred taxes + Other non-cash items - Equity income + Dividends received

But for pure EBITDA, it's simpler.

Let me try an alternative EBITDA calculation from the cash flow:
Cash Flow From Operations Before Working Capital Changes = 1,062,464,000

This equals roughly: Net Income + D&A + other non-cash items - gain on sales + interest expense - interest income - equity income + dividends received + other adjustments... 

Actually, CFO before working capital = Net Income + D&A + Impairment + Finance Costs - Finance Income - Equity Earnings + Other non-cash items + Taxes - Tax paid... it's complex.

Let me verify: 
Net Income = 311,160,000
+ D&A = 594,636,000
+ Impairment (cash flow adj) = 67,680,000
+ Finance Costs adjustment = 85,708,000 (this is after some netting)
+ Other adjustments = ?

This gets complicated. Let me stick with the direct EBIT + D&A approach.

Final answer: 4,781,773,000 / 1,160,487,000 = 4.12

But let me also try with the year-average debt to see if it makes more sense:
Average debt = (5,077,201,000 + 5,341,681,000) / 2 = 5,209,441,000
Average cash = (693,193,000 + 559,908,000) / 2 = 626,550,500
Average net debt = 4,582,890,500
Ratio = 4,582,890,500 / 1,160,487,000 = 3.95

However, S&P typically uses year-end figures, not averages, for leverage ratios. I'll stick with 4.12.

Wait, I want to double-check one thing. Is 2023-01-01 really the year-end 2022? In IFRS annual reports, the balance sheet date is typically the last day of the fiscal year. So if the fiscal year is 2022-01-01 to 2022-12-31, the balance sheet would be dated 2022-12-31. But here we have 2023-01-01.

Actually, looking at the data format, it seems like the data uses "2023-01-01" to represent the balance at the beginning of 2023, which is the same as end of 2022. This is a common data representation in XBRL or structured data formats where the instant is the start of the next day.

Similarly, "2022-01-01" is beginning of 2022, or end of 2021.

So yes, 2023-01-01 = December 31, 2022.

And the income statement periods "2022-01-01 - 2023-01-01" represent the year 2022.

My calculation is correct.

One more sanity check: is the ratio reasonable for a utility company? Net Debt/EBITDA of 4.1x is reasonable for an Italian multi-utility. Acea is a regulated utility with stable cash flows, and such leverage is typical.

Let me also verify by looking at total debt/EBITDA: 5,341,681,000 / 1,160,487,000 = 4.60x. This also seems reasonable.

I'll provide my final answer as 4.12.

Actually, let me recalculate more precisely:
4,781,773,000 / 1,160,487,000 = 4.120540...

Rounded to two decimal places: 4.12

Or should I use one decimal place? S&P typically reports to one or two decimal places. I'll use 4.12.

Hmm, but let me reconsider one more aspect. Should I include the "Other Current Financial Assets" of 342,085,000 as a deduction from debt? These are current financial assets, which might include short-term deposits, bonds, or other liquid investments.

For S&P Global Ratings, their definition of "cash and liquid investments" sometimes includes more than just cash. If these are truly liquid (e.g., short-term government bonds, deposits), they should be deducted.

However, "Attività Finanziarie Correnti Di Cui Verso Parti Correlate" = 117,998,000 of this is related party. The nature of these assets is unclear - they could be loans to related parties, which are not necessarily liquid.

Without knowing the exact composition, I'll be conservative and only deduct cash.

But let me also consider: if I deduct all current financial assets:
Net Debt = 5,341,681,000 - 559,908,000 - 342,085,000 = 4,439,688,000
Ratio = 4,439,688,000 / 1,160,487,000 = 3.83

This is a meaningful difference. For S&P, the standard is to include "cash and cash equivalents" and sometimes "short-term investments" or "marketable securities." 

Given that "Other Current Financial Assets" are not labeled as "cash equivalents" or "marketable securities," and may include derivative assets, guarantees, or other non-liquid items, I'll exclude them.

Final answer remains 4.12.

Actually, one more consideration: S&P sometimes calculates "Adjusted EBITDA" which adds back certain items. For utilities, they might adjust for non-recurring items, regulatory changes, etc. Without specific knowledge of such adjustments, I'll use reported EBITDA.

Let me also check if there's any "maintenance capex" adjustment, but that's for FCF calculations, not EBITDA.

OK, I'm comfortable with 4.12.

<answer>4.12</answer>