I'll estimate the FFO / Net Debt ratio for Acciona SA for 2022 (the fiscal year ending 2023-01-01) using S&P methodology.

## Step 1: Calculate Funds From Operations (FFO)

S&P's FFO starts with net income attributable to the company, adds back depreciation/amortization, and adjusts for non-cash items. More precisely:

**FFO ≈ Net Income + Depreciation & Amortization + Other Non-cash charges - Non-cash gains**

Key components:
- **Profit Loss (Net Income)**: 615,000,000 EUR (total, including NCI)
- **Depreciation, Amortization & Provisions ("Dotacion Amortizacion YVariacion De Provisiones")**: 762,000,000 EUR
- **Impairment losses**: -15,000,000 EUR (this is a reversal, so net gain of 15M)

Alternatively, using the cash flow statement approach:
- **Cash Flows from Operating Activities**: 1,648,000,000 EUR
- **Working capital changes**: 135,000,000 EUR (S&P's FFO excludes working capital changes)

**FFO = Operating Cash Flow - Working Capital Changes**
FFO = 1,648,000,000 - 135,000,000 = 1,513,000,000 EUR

However, S&P also typically adjusts for lease payments (treating them as debt-like). Let me also note that S&P adds back lease payments classified in financing:
- Lease payments in financing: 120,000,000 EUR (these are already excluded from operating CF)

So FFO (S&P) ≈ 1,648,000,000 - 135,000,000 = 1,513,000,000 EUR

## Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt includes all financial debt plus lease liabilities, minus cash and short-term investments.

**Gross Debt:**
- Non-current bonds/securities: 3,101,000,000
- Non-current loans: 2,624,000,000
- Non-current lease liabilities: 439,000,000
- Current bonds/securities: 1,139,000,000
- Current loans: 553,000,000
- Current lease liabilities: 72,000,000

**Total Gross Debt** = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = 7,928,000,000 EUR

**Cash and Cash Equivalents**: 2,360,000,000 EUR

S&P typically doesn't deduct all cash (often applies haircuts), but for a standard estimate:

**Net Debt** = 7,928,000,000 - 2,360,000,000 = 5,568,000,000 EUR

## Step 3: Calculate FFO / Net Debt

FFO / Net Debt = 1,513,000,000 / 5,568,000,000 = 0.2717 ≈ 27.2%

Let me double-check with a slightly different FFO calculation. S&P FFO is often computed as:
- Operating cash flow before working capital changes
- = Profit + D&A adjustments + other non-cash = 615 + 848 + 79 = 1,542M
- Less: interest paid (already in "otros flujos") and taxes paid
- The "otros flujos" of -283M includes interest paid (209M), interest received (-40M), dividends received (-89M), taxes paid (215M), and other (-12M) = 209-40-89+215-12 = 283M (checks out as negative cash flow)

FFO = 1,648M - 135M (working capital) = 1,513M

FFO / Net Debt = 1,513 / 5,568 ≈ 0.272

<answer>0.27</answer>