To estimate the Net Debt / EBITDA ratio for Acciona SA for the year 2022 (period 2022-01-01 to 2023-01-01) using the S&P methodology, we need to calculate two main components: Adjusted Net Debt and EBITDA.

**1. Calculate EBITDA**

S&P typically defines EBITDA as Earnings Before Interest, Taxes, Depreciation, and Amortization. We can derive this from the "Profit Loss From Operating Activities" or by starting from Net Income and adding back the relevant items.

From the provided data for the period 2022-01-01 to 2023-01-01:
*   **Profit Loss From Operating Activities**: 1,334,000,000 EUR
    *   Note: In many European reporting standards, "Operating Profit" often includes depreciation and amortization but excludes interest and taxes. Let's verify the components.
    *   Alternatively, we can build EBITDA from the bottom up or top down.
    *   Let's check the Income Statement structure provided:
        *   Revenue: 11,195,000,000
        *   Expenses (Raw materials, Employee benefits, Other expense, Depreciation/Provisions, Impairment):
            *   Raw Materials: 3,483,000,000
            *   Employee Benefits: 2,077,000,000
            *   Other Expense: 4,814,000,000
            *   Depreciation/Provisions (Dotacion Amortizacion...): 762,000,000
            *   Impairment Loss: -15,000,000 (This is a gain/reversal, so it reduces expense or adds to income. The line item is negative, implying a reversal or gain).
            *   Other Gains/Losses: 13,000,000
            *   Share of Associates (Resultado De Puesta En Equivalencia Operativa): 159,000,000. This is often included in Operating Profit in some formats or separated. The line "Profit Loss From Operating Activities" is 1,334,000,000.

Let's verify if "Profit Loss From Operating Activities" is EBIT or EBITDA.
Usually, Operating Profit = Revenue - Operating Expenses (including D&A).
Let's sum the operating expenses:
3,483 + 2,077 + 4,814 + 762 - 15 (impairment reversal) + 13 (other gains) = 11,134 million in net operating costs/gains?
Revenue (11,195) - Costs (3,483 + 2,077 + 4,814) = 821 million gross margin before D&A and other items?
Let's look at the explicit D&A line: "Dotacion Amortizacion YVariacion De Provisiones": 762,000,000 EUR.
The "Profit Loss From Operating Activities" is 1,334,000,000 EUR.
If we assume this figure is EBIT (Earnings Before Interest and Taxes), we add back D&A to get EBITDA.
However, we must check if "Share of profit of associates" is included. The line "Resultado De Puesta En Equivalencia Operativa" (159m) is listed separately above "Profit Loss From Operating Activities" in many Spanish formats, or included. Let's look at the flow:
Revenue (11,195) + Other Income (1,016) - Raw Mat (3,483) - Emp Ben (2,077) - Other Exp (4,814) + Change Inv (-72) + D&A (762 - wait, D&A is an expense, so it's subtracted. The value 762 is likely the expense amount).
Let's reconstruct Operating Profit:
11,195 (Rev) + 1,016 (Other Inc) - 3,483 (Mat) - 2,077 (Emp) - 4,814 (Other Exp) + 72 (Change Inv, note: -72 change in inventory usually means inventory decreased, which is a source of cash or reduction in COGS? In P&L by nature, "Changes in inventories" is added if positive. Here it is -72. So we subtract 72? Or is it an expense? Usually, `Production = Sales + Change in Inventory`. If Change is negative, Production < Sales. The expense recognized is lower? No, typically in nature-based P&L:
Total Operating Expenses = Raw Materials + Employee Benefits + Other Expenses + Depreciation + Change in Inventories.
Let's assume the standard calculation:
EBITDA = Revenue + Other Income - Raw Materials - Employee Benefits - Other Expenses + Change in Inventories (if treated as reduction of cost) ... this is tricky without the exact P&L layout.

Let's use the provided "Profit Loss From Operating Activities" (1,334m) and adjust.
Standard S&P EBITDA = Operating Profit + Depreciation & Amortization + Impairment Charges (if any).
The line "Dotacion Amortizacion YVariacion De Provisiones" is 762,000,000. This includes provisions. S&P usually adds back D&A. It might not add back provision changes unless they are non-cash impairments. However, "Impairment Loss" is listed separately as -15,000,000.
Let's assume "Profit Loss From Operating Activities" is EBIT.
EBIT = 1,334,000,000 EUR.
Add back D&A: The line "Dotacion Amortizacion..." is 762,000,000.
Add back Impairment: The line is -15,000,000. Since it's negative, it's a reversal (gain). To get EBITDA, we generally add back *charges*. If there was a reversal, we should subtract it from EBITDA if it was included in EBIT, or simply ignore it if we are adding back gross D&A.
Actually, a safer way is:
EBITDA = Operating Profit + Depreciation + Amortization + Impairment.
If Operating Profit (1,334) already includes the deduction of D&A (762) and the net effect of Impairment (-15), then:
EBITDA = 1,334 + 762 - (-15)? No.
If Impairment is a gain of 15, it increased Operating Profit. To get to a cash-flow-like proxy, we usually stick to EBIT + D&A.
Let's assume EBITDA = 1,334 + 762 = 2,096,000,000 EUR.
Wait, does "Profit Loss From Operating Activities" include the share of associates (159m)?
In Spanish GAAP (PGC), the "Resultado de Explotación" often excludes financial results and share of associates. The line "Resultado De Puesta En Equivalencia Operativa" is listed *before* "Profit Loss From Operating Activities" in the data dump order, but typically in the P&L, it's below operating profit or part of it depending on the format.
Let's look at "Profit Loss Before Tax": 869,000,000.
Finance Income: 47, Finance Costs: 256. Net Finance = -209.
Share of Associates (Equity Method): The line "Share Of Profit Loss Of Associates... Accounted For Using Equity Method" is -194,000,000.
There is also "Resultado De Puesta En Equivalencia Operativa": 159,000,000.
This suggests there are two lines related to equity method. One operational (159) and one financial/non-operational (-194)? Or perhaps the -194 is the total?
Let's check the math for Profit Before Tax:
Operating Profit (1,334) + Finance Income (47) - Finance Costs (256) + FX Gains (8) + Fair Value Changes (-70) + Share of Associates (-194) = ?
1,334 + 47 - 256 + 8 - 70 - 194 = 869.
1,334 + 47 = 1,381
1,381 - 256 = 1,125
1,125 + 8 = 1,133
1,133 - 70 = 1,063
1,063 - 194 = 869.
This matches "Profit Loss Before Tax" exactly (869,000,000).
So, "Profit Loss From Operating Activities" (1,334) is the Operating Profit (EBIT) used in this calculation.
Does this EBIT include D&A? Yes, operating profit is after D&A.
Does it include the "Resultado De Puesta En Equivalencia Operativa" (159)?
The calculation above used -194 for "Share Of Profit Loss Of Associates...". It did *not* explicitly add the 159. This implies the 159 is either included in the 1,334 or the -194 is the net total.
Given the label "Resultado De Puesta En Equivalencia Operativa" (Operational Equity Method Result), it is highly likely included in the Operating Profit (1,334). The -194 line is labeled "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method", which appears in the financial section of the P&L reconstruction above.
So, EBIT = 1,334,000,000 EUR.

Now, add back D&A.
The line "Dotacion Amortizacion YVariacion De Provisiones" is 762,000,000.
S&P EBITDA usually adds back Depreciation and Amortization. It may or may not add back provisions. Given the label combines them, and we don't have a split, we will add back the full 762m as a proxy for D&A, noting that provisions are non-cash but not always added back in strict EBITDA definitions (though often in Adjusted EBITDA). However, "Impairment Loss" is separate (-15m).
Let's assume EBITDA = EBIT + D&A.
EBITDA = 1,334 + 762 = 2,096,000,000 EUR.
Is there any other adjustment? S&P often adjusts for "Other Gains/Losses" if they are non-recurring. The "Other Gains Losses" is 13m. "Impairment" is -15m. These are small.
Let's stick with **EBITDA = 2,096,000,000 EUR**.

**2. Calculate Net Debt**

S&P Net Debt definition:
Gross Debt - Cash and Cash Equivalents.
Gross Debt typically includes:
- Short-term debt
- Long-term debt
- Current portion of long-term debt
- Lease liabilities (S&P often includes lease liabilities in debt for leverage ratios, specifically Net Debt/EBITDA, treating them as debt-like).
- Preferred stock? S&P sometimes treats preferred stock as debt if it's mandatory redeemable or behaves like debt. The line "Participaciones Preferentes..." (Preferred Shares/Securities) is listed under liabilities/equity boundary. In the balance sheet provided, they are listed under Noncurrent Liabilities (3,101m) and Current Liabilities (1,139m). S&P generally treats preferred shares as equity unless they are mandatorily redeemable. However, the label "Participaciones Preferentes Obligaciones YOtros Valores Negociables" suggests a mix. "Obligaciones" means bonds/debt. "Valores Negociables" means tradable securities. Given they are listed in Liabilities sections in the data dump (under Noncurrent Liabilities and Current Liabilities headings implicitly by their grouping or explicit labels? Let's check the labels).
The labels are:
"Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1": 3,101,000,000 (Noncurrent)
"Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes": 1,139,000,000 (Current)
These are grouped with "Noncurrent Liabilities" and "Current Liabilities" in the text flow?
Actually, looking at the sequence:
...
"Equity" ...
"Participaciones Preferentes ... No Corrientes1" ...
"Noncurrent Portion Of Noncurrent Loans Received" ...
"Noncurrent Lease Liabilities" ...
"Deferred Tax Liabilities" ...
"Noncurrent Provisions" ...
"Other Noncurrent Liabilities" ...
"Noncurrent Liabilities" (Total): 8,467,000,000.

Let's sum the Noncurrent Liabilities components to see if the Preferreds are included in the total.
3,101 (Pref) + 2,624 (Loans) + 439 (Lease) + 890 (Def Tax) + 279 (Prov) + 1,134 (Other) = ?
3,101 + 2,624 = 5,725
5,725 + 439 = 6,164
6,164 + 890 = 7,054
7,054 + 279 = 7,333
7,333 + 1,134 = 8,467.
Yes, the "Participaciones Preferentes..." are included in the Noncurrent Liabilities total.
Similarly for Current:
"Participaciones Preferentes ... Corrientes": 1,139
"Current Loans ...": 553
"Current Lease Liabilities": 72
"Trade Payables": 3,889
"Current Provisions": 299
"Current Tax Liab": 74
"Other Current Liab": 1,798
Sum: 1,139 + 553 + 72 + 3,889 + 299 + 74 + 1,798 = ?
1,139 + 553 = 1,692
1,692 + 72 = 1,764
1,764 + 3,889 = 5,653
5,653 + 299 = 5,952
5,952 + 74 = 6,026
6,026 + 1,798 = 7,824.
Matches "Current Liabilities" total (7,824).

So, the "Participaciones Preferentes" are classified as Liabilities in this report. S&P will treat them as Debt.

**Components of Gross Debt (S&P Methodology):**
1.  **Short-term Debt**:
    *   Current Loans Received And Current Portion Of Noncurrent Loans Received: 553,000,000
    *   Participaciones Preferentes ... Corrientes: 1,139,000,000
    *   Current Lease Liabilities: 72,000,000 (S&P includes leases in debt for leverage)
    *   *Note: Trade payables and other current liabilities are operating liabilities, not debt.*
    *   Short-term Debt Total = 553 + 1,139 + 72 = 1,764,000,000 EUR.

2.  **Long-term Debt**:
    *   Noncurrent Portion Of Noncurrent Loans Received: 2,624,000,000
    *   Participaciones Preferentes ... No Corrientes: 3,101,000,000
    *   Noncurrent Lease Liabilities: 439,000,000
    *   *Note: Deferred tax, provisions, and other noncurrent liabilities are not debt.*
    *   Long-term Debt Total = 2,624 + 3,101 + 439 = 6,164,000,000 EUR.

**Total Gross Debt** = 1,764 + 6,164 = 7,928,000,000 EUR.

**Cash and Cash Equivalents**:
*   Cash And Cash Equivalents (2023-01-01, which is the end of the 2022 fiscal year): 2,360,000,000 EUR.
*   S&P typically uses year-end cash for Net Debt calculation.

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

**3. Calculate Ratio**

Net Debt / EBITDA
Net Debt = 5,568,000,000 EUR
EBITDA = 2,096,000,000 EUR

Ratio = 5,568 / 2,096 ≈ 2.656

Let's double check the EBITDA calculation.
Is "Resultado De Puesta En Equivalencia Operativa" (159m) included in the 1,334m Operating Profit?
Yes, based on the P&L reconstruction:
Op Profit (1,334) + Fin Inc (47) - Fin Cost (256) + FX (8) - FV Change (70) - Share Assoc (194) = PBT (869).
The -194 "Share Of Profit Loss Of Associates" likely nets out the operational share (159) and other equity adjustments, or the 159 is inside Op Profit and the -194 is a separate line item below Op Profit.
If 159 is inside Op Profit, then Op Profit is 1,334.
If we assume standard EBITDA = Op Profit + D&A.
D&A = 762.
EBITDA = 1,334 + 762 = 2,096.

Are there any other non-cash items to add back?
"Impairment Loss Reversal" is -15. This is a gain. It increased EBIT. To get EBITDA, do we subtract it?
EBITDA is earnings before interest, tax, depreciation, amortization, and *impairment*.
If EBIT includes a gain of 15 from impairment reversal, then "Earnings" are higher.
Strict EBITDA = EBIT + D&A + Impairment Charges - Impairment Reversals.
So, EBITDA = 1,334 + 762 - 15 = 2,081?
Or does the 762 "Dotacion Amortizacion..." include the impairment?
"Dotacion Amortizacion YVariacion De Provisiones" usually refers to depreciation, amortization, and *provision* movements. Impairment of assets is often separate. The separate line "Impairment Loss..." suggests it is separate from the 762.
So, D&A = 762. Impairment Reversal = 15 (gain).
Adjusted EBITDA = 1,334 (EBIT) + 762 (D&A) - 15 (Reversal) = 2,081.
Let's use 2,081 for a more precise S&P-like adjustment (removing non-recurring gains).
However, S&P often uses "EBITDA" as reported or with minor adjustments. The reversal is small.
Let's check if "Other Gains Losses" (13) should be adjusted. Usually not unless specified as non-recurring.

Let's recalculate with EBITDA = 2,081.
Ratio = 5,568 / 2,081 ≈ 2.675.

Let's check if Lease Liabilities should be included in Debt.
S&P Global Ratings' "Key Credit Ratios" methodology states: "Debt includes... lease liabilities." So yes, include leases.

Let's check if "Participaciones Preferentes" should be included in Debt.
S&P treats preferred stock as debt if it is cumulative, mandatory redeemable, or if the issuer has a strong incentive to redeem. In many utility/infrastructure companies like Acciona, these instruments often have debt-like characteristics. Given they are classified as Liabilities in the balance sheet provided, it is safe to assume they are debt-like obligations for this calculation. If they were equity, they would be in the Equity section. The fact they are in the Liability section confirms their debt nature for accounting purposes, and thus for S&P.

Let's refine the Gross Debt sum:
Current:
- Loans: 553
- Pref: 1,139
- Leases: 72
Total Current Debt: 1,764

Non-Current:
- Loans: 2,624
- Pref: 3,101
- Leases: 439
Total Non-Current Debt: 6,164

Total Gross Debt: 7,928

Cash: 2,360

Net Debt: 5,568

EBITDA:
Operating Profit: 1,334
+ D&A: 762
- Impairment Reversal: 15 (Since it's a gain included in Op Profit, we subtract it to normalize)
= 2,081

Ratio: 5,568 / 2,081 = 2.6756...

If we do not adjust for the impairment reversal (standard EBITDA):
EBITDA = 2,096
Ratio = 5,568 / 2,096 = 2.6564...

S&P often uses "EBITDA" as defined in the credit agreement or standard definition which adds back D&A and Impairment. If the impairment is a reversal, it reduces the add-back.
Let's consider if "Resultado De Puesta En Equivalencia Operativa" (159) should be excluded from EBITDA?
S&P usually excludes income from equity method investments from EBITDA because it's not cash flow from operations and not consolidated.
If the 1,334 Operating Profit *includes* the 159, we should subtract it to get a consolidated operational EBITDA.
Let's verify if 1,334 includes 159.
In the P&L reconstruction:
1,334 (Op Profit) + 47 - 256 + 8 - 70 - 194 (Total Share of Associates) = 869.
If the -194 is the *total* share of associates, and 159 is the *operational* part, then the financial part is -194 - 159 = -353? Or is the -194 the financial part only?
The label for -194 is "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method".
The label for 159 is "Resultado De Puesta En Equivalencia Operativa".
Usually, "Operational" implies it's part of Operating Profit. The other one is likely the non-operational/financial share.
If 159 is included in Operating Profit, S&P would likely exclude it from EBITDA to focus on consolidated operating cash generation.
Adjusted EBITDA = 2,081 - 159 = 1,922.
Ratio = 5,568 / 1,922 = 2.89.

However, many standard EBITDA calculations for conglomerates leave equity income in if it's considered core. Acciona is a holding/operating mix. But S&P prefers consolidated EBITDA.
Let's look at the "Profit Loss From Operating Activities". If this is the standard IFRS "Operating Profit", it often includes share of associates if they are integral.
But wait, looking at the Cash Flow from Operations: 1,648.
Net Income: 615.
Adjustments: 927.
Working Capital: 135.
Other: -283.
1,648 is CFO.
EBITDA is a proxy for operating cash flow before working capital and taxes/interest.
CFO (1,648) + Interest Paid (209) + Taxes Paid (215) + Working Capital Change (reverse sign? No, WC increase consumes cash).
Change in WC is 135 (positive inflow? "Increase Decrease In Working Capital" 135. If positive, it's a source of cash, meaning WC decreased).
So Unlevered Free Cash Flow proxy = CFO + Interest + Tax = 1,648 + 209 + 215 = 2,072.
This is very close to our EBITDA estimate of 2,081/2,096.
This suggests our EBITDA figure is robust. The equity income (159) might be non-cash or included. If it's non-cash, it would be adjusted in the "Adjustments For Reconcile Profit Loss" (927).
The adjustments include D&A (848? No, "Ajustes Por Amortizacion..." is 848).
Wait, the Cash Flow statement shows "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" as 848.
Our P&L D&A was 762. The difference (86) might be provisions or impairments.
If we use the Cash Flow adjustment for D&A/Impairment (848) as the add-back to Net Income?
Net Income (615) + D&A/Imp (848) + Other Adj (79) = 1,542.
Then adjust for Interest and Tax?
EBITDA = Net Income + Tax + Interest + D&A.
Net Income (615) + Tax (254) + Interest Net (256-47=209) + D&A (762) = 1,840?
615 + 254 + 209 + 762 = 1,840.
Why the difference?
1,840 vs 2,096.
Difference is 256.
Ah, "Share of Associates" (-194) and "Fair Value" (-70) and "FX" (8).
Net Income includes these. EBITDA should exclude them if they are non-operating.
1,840 (Net Income + Tax + Int + D&A)
Add back Share of Associates loss: +194? (It reduced NI).
Add back Fair Value loss: +70?
Subtract FX gain: -8?
1,840 + 194 + 70 - 8 = 2,096.
This matches our previous EBITDA calculation exactly (2,096).
So, EBITDA = 2,096 is the correct gross EBITDA including all operating and non-operating items that are above the "Finance" and "Tax" lines, plus D&A.
Does S&P exclude the Share of Associates from EBITDA?
S&P defines EBITDA as earnings before interest, taxes, depreciation, and amortization. It often *excludes* income from unconsolidated subsidiaries (equity method) because it's not cash.
If we exclude the 159 operational equity income:
EBITDA = 2,096 - 159 = 1,937.
Ratio = 5,568 / 1,937 = 2.87.

However, without explicit instruction to adjust for equity income, and given the "Operating Profit" line likely includes it, standard "EBITDA" reported by companies often includes it. S&P *adjusts* it. The prompt asks for "S&P methodology". S&P methodology for "Net Debt/EBITDA" typically uses "EBITDA" as reported by the company *unless* specified as "S&P Adjusted EBITDA". But S&P ratings reports usually present "S&P Global Ratings-adjusted EBITDA".
Key adjustments for S&P:
1. Exclude equity income (non-cash).
2. Exclude non-recurring gains/losses.

If we exclude equity income (159):
EBITDA = 1,937.
Net Debt = 5,568.
Ratio = 2.87.

If we do NOT exclude equity income:
Ratio = 2.66.

Let's look at the magnitude. 159 is significant.
Also, check the "Other Income" (1,016). Is this recurring?
Let's stick to the most standard definition: EBITDA = Operating Profit + D&A.
Operating Profit = 1,334.
D&A = 762.
EBITDA = 2,096.
Net Debt = 5,568.
Ratio = 2.66.

I will provide the value based on the standard calculation without aggressive adjustments for equity income, as "Operating Profit" is the standard starting point.

<answer>2.66</answer>