To estimate the Net Debt / EBITDA ratio for Acea S.p.A. for the year 2022 based on the provided facts and standard S&P methodology, we need to calculate two components: Adjusted EBITDA and Net Debt.

**1. Calculate Adjusted EBITDA for 2022**

S&P Global Ratings typically defines EBITDA as Earnings Before Interest, Taxes, Depreciation, and Amortization. Often, it is calculated starting from Operating Profit (EBIT) or Net Income and adding back specific items. A common formula using the provided line items is:
$EBITDA = \text{Profit Loss From Operating Activities} + \text{Depreciation and Amortization} + \text{Impairment Losses}$

However, a more direct approach using the Income Statement items provided:
*   **Profit Loss From Operating Activities (EBIT):** 565,851,000 EUR
*   **Adjustments for Depreciation and Amortisation Expense:** 594,636,000 EUR
    *   *Note:* The item "Ammortamenti EAccantonamenti" (625,799,000 EUR) likely includes provisions. The cash flow statement adjustment for D&A is 594,636,000 EUR. S&P usually adds back D&A. Let's look for a standard EBITDA calculation.
    *   Alternatively, $EBITDA = \text{Revenue} - \text{Operating Expenses excluding D\&A}$.
    *   Let's use the add-back method to Operating Profit:
        *   Operating Profit: 565,851,000 EUR
        *   Add: Depreciation & Amortization. The fact "Adjustments For Depreciation And Amortisation Expense" is 594,636,000 EUR.
        *   Add: Impairment losses? The fact "Impairment Loss... IFRS9" is 113,370,000 EUR. The fact "Adjustments For Impairment Loss... Recognised In Profit Or Loss" is 67,680,000 EUR. S&P often adds back impairments if they are considered non-recurring or part of the standard EBITDA definition used for leverage (though sometimes they are excluded from "Adjusted" EBITDA, standard EBITDA usually includes them in the expense, so we add them back if they were deducted to reach Operating Profit).
        *   Let's check if Impairment is included in Operating Profit. Yes, typically impairment is an operating expense.
        *   Let's check the value of "Ammortamenti EAccantonamenti" (625,799,000) vs "Adjustments For Depreciation And Amortisation Expense" (594,636,000). The difference might be provisions.
        *   Let's look at "Gross Profit" (1,305,021,000) and "Operating Expense" (3,861,121,000). This doesn't sum up directly to Operating Profit because Operating Expense likely includes D&A and Impairments.
        *   $Operating Profit = Gross Profit - Operating Expenses + Other Operating Income$.
        *   Let's stick to the standard add-back to Operating Profit.
        *   $EBITDA = \text{Operating Profit} + \text{D\&A} + \text{Impairments (if deducted)}$.
        *   Operating Profit: 565,851,000 EUR.
        *   D&A: 594,636,000 EUR (from Cash Flow adjustments, which is a reliable proxy for the non-cash charge added back).
        *   Impairments: The line "Impairment Loss... IFRS9" is 113,370,000 EUR. However, the cash flow adjustment for impairment is 67,680,000 EUR. This suggests only 67.68M was deducted in the P&L or is being added back. Let's assume the standard EBITDA adds back the D&A and any significant impairments included in operating profit.
        *   Let's try a simpler definition often used: $EBITDA = \text{Net Income} + \text{Interest} + \text{Tax} + \text{D\&A} + \text{Impairments}$.
        *   Net Income (Profit Loss): 311,160,000 EUR.
        *   Interest Expense (Finance Costs): 111,670,000 EUR.
        *   Interest Income (Finance Income): 25,962,000 EUR.
        *   Net Interest: $111,670,000 - 25,962,000 = 85,708,000$ EUR. (This matches "Adjustments For Finance Costs" in CF statement).
        *   Tax: 186,777,000 EUR.
        *   D&A: 594,636,000 EUR.
        *   Impairments: 67,680,000 EUR (from CF adjustments).
        *   $EBITDA = 311,160,000 + 85,708,000 + 186,777,000 + 594,636,000 + 67,680,000$
        *   $EBITDA = 1,245,961,000$ EUR.

    *   Let's verify with the Operating Profit method:
        *   Operating Profit: 565,851,000 EUR.
        *   Add D&A: 594,636,000 EUR.
        *   Add Impairments: 67,680,000 EUR.
        *   $565,851,000 + 594,636,000 + 67,680,000 = 1,228,167,000$ EUR.
        *   There is a discrepancy of approx 17.8M. This might be due to "Other Income Expense From Subsidiaries..." or equity accounting.
        *   "Share Of Profit Loss Of Associates...": 17,793,000 EUR. This is usually below operating profit or included? In many formats, it's below. If it's below, it's not in Operating Profit.
        *   Let's check: $1,228,167,000 + 17,793,000 (Equity Income) = 1,245,960,000$. This matches the Net Income build-up almost exactly (1,245,961,000).
        *   So, **EBITDA ≈ 1,245,961,000 EUR**.

    *   *S&P Adjustment:* S&P often uses "Standard & Poor's adjusted EBITDA". They might adjust for leases (IFRS 16). The data includes "Rightofuse Assets" and lease liabilities are likely in financial debt. Under IFRS 16, EBITDA is often higher because rent expense is replaced by depreciation and interest. The D&A add-back already includes depreciation on ROU assets. The interest on lease liabilities is in Finance Costs. So the calculated EBITDA is effectively pre-lease-interest and pre-lease-depreciation, which is the standard EBITDA under IFRS 16.
    *   We will use **EBITDA = 1,245,961,000 EUR**.

**2. Calculate Net Debt for 2022**

S&P defines Net Debt as Gross Debt minus Cash and Cash Equivalents (and sometimes unrestricted cash).
Gross Debt typically includes:
*   Short-term borrowings
*   Long-term borrowings
*   Lease liabilities (often treated as debt for leverage ratios)
*   Other interest-bearing liabilities

From the Balance Sheet items (2022-01-01 represents the start of 2022, i.e., end of 2021. We need end of 2022, which is labeled 2023-01-01 in the facts, as the period is 2022-01-01 to 2023-01-01).
*   **Period:** 2022 fiscal year ends 2023-01-01.

**Debt Components (at 2023-01-01):**
1.  **Other Noncurrent Financial Liabilities:** 4,722,263,000 EUR. (This is the main long-term debt).
2.  **Other Current Financial Liabilities:** 619,418,000 EUR. (This is short-term debt).
3.  **Lease Liabilities:** Not explicitly broken out as "Lease Liabilities" in the debt lines, but "Rightofuse Assets" are 90,397,000 EUR. Usually, the corresponding liability is in Financial Liabilities. In many Italian reports, lease liabilities are included in "Other Financial Liabilities" or separate. Given the magnitude of "Other Noncurrent Financial Liabilities", it likely includes bonds and bank loans. S&P treats lease liabilities as debt. If they are embedded in the financial liabilities above, we don't double count. If they are separate, we need to find them. There is no specific "Lease Liabilities" line. However, "Other Noncurrent Liabilities" (399,628,000) and "Other Current Liabilities" (632,259,000) are non-financial. It is highly probable that lease liabilities are included within "Other Noncurrent/Current Financial Liabilities". We will assume the reported Financial Liabilities cover all interest-bearing debt including leases.

**Total Gross Debt:**
$4,722,263,000 + 619,418,000 = 5,341,681,000$ EUR.

**Cash and Cash Equivalents (at 2023-01-01):**
*   "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Continued Operations": 559,908,000 EUR.
*   "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations": 0 EUR.
*   Total Cash: 559,908,000 EUR.

**Net Debt:**
$Net Debt = Gross Debt - Cash$
$Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000$ EUR.

*Note on "Net Monetary Position" (DisponibilitàMonetaria Netta):*
The report provides "DisponibilitàMonetaria Netta" at 2023-01-01 as 559,908,000 EUR. Wait, looking at the facts:
"DisponibilitàMonetaria Netta" 2023-01-01: 559,908,000 EUR.
"DisponibilitàLiquide EMezzi Equivalenti..." 2023-01-01: 559,908,000 EUR.
This implies the "Net Monetary Position" reported by the company might just be cash, or they have net cash? No, "Net Debt" is usually Gross Debt minus Cash. The company's "Net Financial Position" (Posizione Finanziaria Netta) is a standard Italian metric.
Let's check the previous year to understand the company's definition.
2022-01-01 (End of 2021):
Cash: 680,820,000 EUR.
Net Monetary Position reported: 693,193,000 EUR.
Debt 2022-01-01:
Noncurrent Fin Liab: 4,791,979,000
Current Fin Liab: 285,222,000
Total Debt: 5,077,201,000
Net Debt (Standard): $5,077,201,000 - 680,820,000 = 4,396,381,000$.
The reported "DisponibilitàMonetaria Netta" is positive 693M? That seems to refer to *Net Cash* if it were positive, but here it's likely a label for *Net Financial Debt* but the sign or definition is tricky. Actually, in Italian GAAP/IFRS reports, "Posizione Finanziaria Netta" is often Debt - Cash. If the value is 693,193,000, it's way too low for Acea.
Let's re-read carefully: "DisponibilitàMonetaria Netta" 2022-01-01: 693,193,000 EUR.
And "DisponibilitàLiquide..." is 680,820,000 EUR.
These numbers are very close. It is highly likely that "DisponibilitàMonetaria Netta" in this specific XBRL taxonomy refers to **Net Cash** (Cash minus short term debt?) or just **Cash and Cash Equivalents**. Given the proximity to the Cash line, I will treat the Cash line as the cash available to offset debt.

Let's stick to the S&P methodology:
**Numerator: Net Debt**
Gross Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities
Gross Debt (2023-01-01) = 4,722,263,000 + 619,418,000 = 5,341,681,000 EUR.
Cash (2023-01-01) = 559,908,000 EUR.
Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR.

**Denominator: EBITDA**
Calculated as 1,245,961,000 EUR.

**Ratio:**
$Net Debt / EBITDA = 4,781,773,000 / 1,245,961,000$
$Ratio \approx 3.8378$

Let's double check if "Other Noncurrent Financial Liabilities" includes everything.
Sometimes "Trade And Other Current Payables" contains no interest.
"Noncurrent Contract Liabilities" are not debt.
"Noncurrent Provisions" are not debt.

Is there any other debt?
"Other Current Financial Liabilities" usually includes the current portion of long-term debt and short-term loans.
"Other Noncurrent Financial Liabilities" includes bonds and long-term loans.

S&P might also adjust EBITDA.
Standard S&P Leverage Ratio = (Debt - Cash) / EBITDA.
Sometimes they use "Funds From Operations (FFO)" based leverage, but the question asks for Net Debt/EBITDA.

Let's refine the EBITDA calculation.
Operating Profit: 565,851,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
= 1,228,167,000.
If we exclude the Equity Income (17.79M) which is non-operating?
If we use the Net Income build-up:
Net Income: 311,160,000
+ Tax: 186,777,000
+ Net Interest: 85,708,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
= 1,245,961,000.

The difference between 1,228,167,000 and 1,245,961,000 is 17,794,000, which is exactly the "Share Of Profit Loss Of Associates" (17,793,000).
EBITDA generally *excludes* income from associates because it is not part of the core operating earnings before interest and tax of the consolidated entity's operations in the same way (it's a single line item below operating profit or included depending on presentation). However, standard EBITDA definitions vary.
If the Operating Profit (565M) *excludes* the associate income, then adding D&A and Impairment to Operating Profit gives the EBITDA of the core operations.
If the Operating Profit *includes* associate income, then we should subtract it.
In IFRS, "Profit from operating activities" often excludes share of associates.
Let's assume the standard S&P EBITDA is closer to the Operating Profit + Addbacks.
EBITDA (Core) = 1,228,167,000 EUR.

Let's recalculate the ratio with Core EBITDA:
$4,781,773,000 / 1,228,167,000 \approx 3.893$

Let's check if there are other adjustments.
S&P often adds back "Lease Interest" to EBITDA if it was deducted in Finance Costs? No, EBITDA is before interest.
S&P often treats leases as debt. We assumed lease liabilities are in Financial Liabilities.

Let's consider the "Net Debt" definition again.
Does S&P deduct all cash? Yes, usually unrestricted cash.
Are there any restricted cash? Not specified.

Let's look at the "Net Debt" provided by the company if available.
The company reports "DisponibilitàMonetaria Netta". In 2021 (2022-01-01), Cash was 680M, Net Monetary Pos was 693M. This is weird.
Wait, "DisponibilitàMonetaria Netta" might be **Net Financial Debt** but presented as a negative number or positive?
If Net Financial Debt = Debt - Cash.
Debt 2021 = 5,077M. Cash = 680M. Net Debt = 4,397M.
The reported value is 693M. This is close to Cash (680M).
It is possible "DisponibilitàMonetaria Netta" means **Net Cash Position** of a specific subset, or it is a typo in my interpretation of the label.
However, looking at 2022 (2023-01-01):
Cash = 559,908,000.
"DisponibilitàMonetaria Netta" = 559,908,000.
They are identical. This confirms that for this entity/report, this line item **is** Cash and Cash Equivalents, not Net Debt.

So, Net Debt = Gross Financial Liabilities - Cash.
Gross Financial Liabilities (2023-01-01):
Non-current: 4,722,263,000
Current: 619,418,000
Total: 5,341,681,000

Cash: 559,908,000

Net Debt: 4,781,773,000

EBITDA:
Using the Operating Profit + D&A + Impairment method (which excludes associate income, a common conservative EBITDA measure):
EBITDA = 565,851,000 + 594,636,000 + 67,680,000 = 1,228,167,000 EUR.

Ratio = 4,781,773,000 / 1,228,167,000 = 3.8934...

If we include associate income in EBITDA (less common for "Operating" EBITDA but sometimes done for "Group" EBITDA):
EBITDA = 1,245,961,000 EUR.
Ratio = 4,781,773,000 / 1,245,961,000 = 3.8378...

S&P typically calculates EBITDA as reported EBITDA plus/minus adjustments. Reported EBITDA is often derived from Operating Profit.
Let's check if there are "Other" operating items.
"Other Income": 181,066,000. This is likely included in Operating Profit or Gross Profit?
Revenue (5,138M) + Other Income (181M) = Total Income?
Usually "Revenue" is top line. "Other Income" is often below Gross Profit but above Operating Profit.
If "Profit Loss From Operating Activities" is 565M, it already includes Other Income.

Let's assume the standard definition:
EBITDA = Operating Profit + D&A + Impairment.
Value: 1,228,167,000.

Net Debt: 4,781,773,000.

Ratio: 3.89.

Let's do a sanity check on the Debt.
Acea is a utility. Leverage around 3.5x - 4.0x is common.
The calculation seems robust.

One detail: S&P might include "Provisions" in debt if they are pension deficits?
"Noncurrent Provisions For Employee Benefits": 112,989,000.
S&P often treats underfunded pension liabilities as debt.
If we add this to Net Debt:
Net Debt Adjusted = 4,781,773,000 + 112,989,000 = 4,894,762,000.
Ratio = 4,894,762,000 / 1,228,167,000 = 3.985.

Does S&P treat Italian IFRS pension provisions as debt?
Generally, S&P adjusts for "pension deficits" relative to the expected return on assets. The net liability on the balance sheet (112M) is the deficit/surplus. If it's a liability, it's a deficit. S&P often adds the full net pension liability to debt.
Let's include it for a more accurate "S&P Methodology" estimate.

Adjusted Net Debt = 4,894,762,000 EUR.
EBITDA = 1,228,167,000 EUR.
Ratio = 3.985.

Let's check if there are other "Debt-like" items.
"Other Noncurrent Liabilities" (399M) - usually provisions for risks/charges. S&P might add some, but without detail, we stick to Pension and Financial Debt.

Let's check the EBITDA again.
Is "Impairment" of 67M the only one?
"Impairment Loss... IFRS9" is 113M.
"Adjustments For Impairment Loss... Recognised In Profit Or Loss" is 67M.
The difference (46M) might be non-cash or not recognized in P&L? Or maybe the 113M is the total provision movement, and 67M is the P&L charge. We should add back the P&L charge. So 67M is correct.

What about "Gains Losses On Change In Fair Value Of Derivatives"? 0.

So, EBITDA = 1,228,167,000.

Final Calculation:
Net Debt (Financial) = 4,781,773,000
Pension Debt = 112,989,000
Total Adjusted Net Debt = 4,894,762,000

Ratio = 4,894,762,000 / 1,228,167,000 = 3.9854...

Rounding to two decimal places: 3.99.

If we do NOT include pension debt (some simplified methodologies don't):
Ratio = 3.89.

S&P's *standard* methodology for industrial companies (like utilities) typically **includes** net pension liabilities in debt.
Therefore, 3.99 is the more methodologically accurate estimate.

Let's double check the Cash.
"Cash And Cash Equivalents" = 559,908,000.
Are there "Current Financial Assets" that can be netted?
"Other Current Financial Assets": 342,085,000.
S&P usually nets cash and cash equivalents. They do not typically net other financial assets unless they are highly liquid and part of cash management. "Other Current Financial Assets" might include derivatives or short-term investments. Without specific "Cash equivalents" classification, we stick to the explicit Cash line. However, if "DisponibilitàLiquide" is strictly cash, and "Other Current Financial Assets" are liquid, S&P might net them.
But "DisponibilitàLiquide EMezzi Equivalenti" translates to "Cash and Cash Equivalents". So the 559M figure *is* the cash and equivalents. The 342M in "Other Current Financial Assets" are likely other investments or derivatives, not cash equivalents. So we do not net them.

Final check on Debt:
"Other Noncurrent Financial Liabilities" (4,722M) + "Other Current Financial Liabilities" (619M).
Are there any "Current Tax Liabilities" or "Trade Payables" considered debt? No.

Result: 3.99.

<answer>3.99</answer>