To estimate the FFO / Net Debt ratio for Iberdrola SA for the year 2022 based on S&P methodology, we need to calculate Funds From Operations (FFO) and Net Debt using the provided financial data.

**1. Calculate Funds From Operations (FFO)**

According to S&P Global Ratings methodology, FFO is generally calculated as:
$$FFO = \text{Net Income} + \text{Depreciation and Amortization} + \text{Other Non-Cash Items}$$
*Note: S&P often starts with Net Income attributable to the parent or consolidated Net Income. We will use Consolidated Net Income (Profit Loss) and adjust for non-controlling interests if necessary, but standard FFO definitions usually start with reported Net Income including non-controlling interests or adjust specifically. A common simplified proxy for utility FFO is EBITDA minus Interest and Taxes plus/minus specific adjustments, or Net Income + D&A. Let's look at the components provided.*

From the data:
*   **Profit Loss (Consolidated Net Income)** for 2022-01-01 to 2023-01-01: 5,060,000,000 EUR
*   **Depreciation Amortisation And Impairment Loss...**: 4,774,000,000 EUR

However, S&P's definition of FFO for utilities often adds back depreciation and amortization to Net Income. It may also adjust for deferred taxes and other non-cash items. A more robust calculation often used is:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Adjustments}$$

Let's look at the "Cash Flows From Used In Operating Activities" which is 10,443,000,000 EUR. This includes changes in working capital. FFO typically excludes changes in working capital.

Let's stick to the standard S&P proxy:
$$FFO \approx \text{Net Income} + \text{Depreciation and Amortization}$$
Using Consolidated Net Income: 5,060,000,000 EUR
Plus Depreciation & Amortization: 4,774,000,000 EUR
$$FFO = 5,060,000,000 + 4,774,000,000 = 9,834,000,000 \text{ EUR}$$

*Refinement*: S&P often uses "Funds From Operations" which might differ slightly from simple NI + D&A. For regulated utilities, they sometimes add back deferred income taxes.
Deferred Tax Expense (Income Tax Expense Continuing Operations is 1,161,000,000. This is total tax. We don't have the split between current and deferred tax expense directly in the P&L lines, but we can look at the balance sheet changes or cash flow.
Change in Deferred Tax Assets: $6,321 - 5,917 = 404$ million (Increase in asset is a use of cash/non-cash charge reduction?)
Change in Deferred Tax Liabilities: $11,682 - 11,364 = 318$ million (Increase in liability is a source/add-back).
Net Deferred Tax impact on FFO is often added back.
However, a very common simplified FFO for European utilities in rating contexts is:
$$FFO = \text{EBITDA} - \text{Cash Interest} - \text{Cash Taxes}$$
Or:
$$FFO = \text{Net Income} + \text{D\&A}$$

Let's check the Interest and Tax payments to see if we can derive a cash-based FFO.
Cash Interest Paid (Operating): Not explicitly separated from financing in the total, but "Finance Costs" are 3,042,000,000.
"Income Taxes Paid": 1,055,000,000.
"Interest Paid Classified As Investing Activities": 189,000,000.
"Intereses Pagados Excluidos Intereses Capitalizados...": 1,495,000,000 (Financing).
"Intereses Pagados... Arrendamiento": 61,000,000.
Total Cash Interest $\approx 1,495 + 61 + 189 = 1,745$ million? Or is the 1,495 the main component? The P&L Finance Cost is 3,042. The difference is likely capitalized interest or non-cash.
S&P FFO usually adds back deferred taxes.
Let's assume the standard $NI + D\&A$ is the base, potentially adjusting for minority interests if we want FFO attributable to parent, but Net Debt is usually consolidated. So we use Consolidated FFO and Consolidated Net Debt.

Consolidated Net Income: 5,060,000,000 EUR
Depreciation & Amortization: 4,774,000,000 EUR
**Estimated FFO = 9,834,000,000 EUR**

*Alternative Check*: Some definitions include "Minority Interest" adjustments. If we use Net Income Attributable to Owners (4,339,000,000) + D&A (4,774,000,000) = 9,113,000,000. But Net Debt is consolidated. Standard practice is Consolidated NI + D&A. Let's stick with 9,834 million.

**2. Calculate Net Debt**

$$Net Debt = \text{Total Debt} - \text{Cash and Cash Equivalents}$$

**Total Debt Components:**
We need to sum interest-bearing debt. This typically includes:
*   Noncurrent Financial Liabilities
*   Current Financial Liabilities
*   Lease Liabilities (S&P includes lease liabilities in debt for utilities)
*   Perpetual Subordinated Debt (often treated as debt or equity depending on terms, but S&P often treats a portion as debt or adjusts equity. However, in the balance sheet, "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero" are listed. Let's include Financial Liabilities.)

From the Balance Sheet (2023-01-01, which represents the end of 2022):

*   **Noncurrent Financial Liabilities**: 44,216,000,000 EUR
    *   Includes: Deudas con entidades de credito... (36,129), Instrumentos de capital... (576), Derivative Financial Liabilities (3,690), Lease Liabilities (2,287), Other (1,534).
    *   *Note on Derivatives*: S&P typically excludes derivative liabilities from debt unless they are embedded or specific hedging instruments affecting cash flow volatility significantly, but standard "Gross Debt" often includes them or excludes them depending on the specific rating criteria. Usually, **Debt** refers to borrowings. Derivatives are often excluded from the debt numerator in leverage ratios unless specified. However, "Financial Liabilities" is a broad category. Let's look at the sub-components.
    *   Borrowings (Deudas con entidades...): 36,129,000,000
    *   Lease Liabilities (Noncurrent): 2,287,000,000
    *   Other Noncurrent Financial Liabilities: 1,534,000,000
    *   Instruments with equity characteristics (liability side): 576,000,000
    *   Derivatives: 3,690,000,000

*   **Current Financial Liabilities**: 25,079,000,000 EUR
    *   Includes: Deudas con entidades... (10,458), Instrumentos... (87), Derivative Financial Liabilities (3,398), Lease Liabilities (151), Other (5,058).
    *   Borrowings: 10,458,000,000
    *   Lease Liabilities (Current): 151,000,000
    *   Other Current Financial Liabilities: 5,058,000,000
    *   Derivatives: 3,398,000,000
    *   Instruments: 87,000,000

**Defining Debt for S&P:**
S&P generally defines debt as interest-bearing obligations. This includes bank debt, bonds, commercial paper, and **lease liabilities**. It typically **excludes** trade payables and derivative liabilities (unless they result in significant cash outflows that are debt-like). It also often treats "Instruments with equity characteristics" as debt if they are mandatory redeemable or have debt-like features, but the name suggests they might be treated as equity for some purposes. However, since they are classified as "Financial Liabilities", they are likely debt-like.

Let's calculate **Gross Debt** excluding Derivatives (standard for leverage ratios unless "Adjusted Debt" is specified):
Noncurrent Borrowings + Noncurrent Leases + Noncurrent Other Financial (if interest bearing) + Current Borrowings + Current Leases + Current Other Financial.

Let's look at "Other Noncurrent Financial Liabilities" (1,534) and "Other Current Financial Liabilities" (5,058). These often include factoring, short-term notes, etc. We will include them as debt.
What about "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero"? These are likely perpetuals or hybrids. S&P might treat these as equity or partial debt. Given the label "Liability", we will include them in Gross Debt for a conservative estimate, or check if they are excluded. In many utility ratings, hybrids are treated as 50% debt/50% equity or similar. Without specific instruction, including them in financial liabilities is the literal interpretation of "Financial Liabilities". However, standard "Net Debt" calculations often focus on **Interest Bearing Debt**.

Let's sum the explicit debt instruments:
1.  **Noncurrent Debt with Credit Entities/Bonds**: 36,129,000,000
2.  **Current Debt with Credit Entities/Bonds**: 10,458,000,000
3.  **Noncurrent Lease Liabilities**: 2,287,000,000
4.  **Current Lease Liabilities**: 151,000,000
5.  **Other Noncurrent Financial Liabilities**: 1,534,000,000
6.  **Other Current Financial Liabilities**: 5,058,000,000
7.  **Hybrid/Perpetual Instruments (Liability side)**:
    *   Noncurrent: 576,000,000
    *   Current: 87,000,000

Total Gross Debt (including hybrids and other financial liabilities, excluding derivatives):
$$36,129 + 10,458 + 2,287 + 0,151 + 1,534 + 5,058 + 0,576 + 0,087 = 56,280 \text{ million EUR}$$

If we exclude "Other Financial Liabilities" and "Hybrids" and stick strictly to Bank Debt/Bonds + Leases:
$$36,129 + 10,458 + 2,287 + 0,151 = 49,025 \text{ million EUR}$$

S&P's "Debt" definition for utilities usually includes **all interest-bearing liabilities**, which encompasses the "Other Financial Liabilities" and often leases. Hybrids are often adjusted. Let's assume the broader "Financial Liabilities" minus Derivatives is the closest proxy for Gross Debt.
Gross Debt = Noncurrent Financial Liabilities (44,216) + Current Financial Liabilities (25,079) - Derivatives (Noncurrent 3,690 + Current 3,398).
$$Gross Debt = (44,216 - 3,690) + (25,079 - 3,398) = 40,526 + 21,681 = 62,207 \text{ million EUR}$$

Let's verify this sum:
Non-Derivative Noncurrent: $36,129 + 576 + 2,287 + 1,534 = 40,526$
Non-Derivative Current: $10,458 + 87 + 151 + 5,058 = 15,754$? Wait.
$10,458 + 87 + 151 + 5,058 = 15,754$.
Wait, the sum of Current Financial Liabilities components provided:
$10,458 + 87 + 3,398 + 151 + 5,058 = 19,152$.
The reported Total Current Financial Liabilities is **25,079**.
There is a discrepancy of $25,079 - 19,152 = 5,927$ million.
Looking at the list, "Trade And Other Payables To Trade Suppliers" is 5,927 million. This is **not** a Financial Liability in the strict interest-bearing sense, but it is listed near them. However, the line item "Current Financial Liabilities" is 25,079.
Let's re-read the components of Current Financial Liabilities.
The items listed under Current Liabilities are:
- Current Provisions: 922
- Current Financial Liabilities: 25,079
- Trade Payables: 5,927
- Other Current Financial Liabilities: 5,058 (This is a sub-component of Current Financial Liabilities?)
- Other Current Nonfinancial Liabilities: 2,811
- Current Tax Liabilities: 156
- Current Payables Social Security: 1,262
- Other Current Liabilities: 1,393

Let's check the sum of Current Liabilities:
$922 + 25,079 + 5,927 + 2,811 + 156 + 1,262 + 1,393 = 37,550$.
Reported Current Liabilities: 28,839.
There is a significant overlap or misclassification in my summation.
Ah, "Other Current Financial Liabilities" (5,058) is likely a **subset** of "Current Financial Liabilities" (25,079), not an addition.
Similarly, "Deudas Con Entidades..." (10,458) is a subset.
"Instrumentos..." (87) is a subset.
"Current Derivative..." (3,398) is a subset.
"Current Lease..." (151) is a subset.

So, to get Gross Debt, we take Total Financial Liabilities and subtract Derivatives (and potentially other non-debt financial items if any, but usually derivatives are the main exclusion).

**Total Noncurrent Financial Liabilities**: 44,216
**Total Current Financial Liabilities**: 25,079
**Total Gross Financial Liabilities**: $44,216 + 25,079 = 69,295$ million.

**Less Derivatives:**
Noncurrent Derivative Financial Liabilities: 3,690
Current Derivative Financial Liabilities: 3,398
Total Derivatives: 7,088 million.

**Adjusted Gross Debt**: $69,295 - 7,088 = 62,207$ million.

**Cash and Cash Equivalents**: 4,608 million.

**Net Debt**: $62,207 - 4,608 = 57,599$ million.

**3. Calculate Ratio**

$$FFO / Net Debt = 9,834 / 57,599$$

$$9,834 / 57,599 \approx 0.1707$$

Let's double check if "Other Comprehensive Income" or other items affect FFO. S&P FFO for utilities is often closer to **EBITDA - Cash Interest - Cash Taxes**.
EBITDA: 13,228 million.
Cash Interest: We estimated ~1,745 million (from financing cash flows: 1,495 + 61 + 189). Note: 189 is investing, but still cash interest.
Cash Taxes: 1,055 million.
$$FFO (Cash Basis) = 13,228 - 1,745 - 1,055 = 10,428 \text{ million}.$$

Using this FFO:
$$Ratio = 10,428 / 57,599 \approx 0.181$$

Let's check if there are other debt adjustments. S&P often includes **hybrid debt** as 50% debt or 100% debt depending on the instrument. The "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero" (576 + 87 = 663 million) are included in the Financial Liabilities above. If they were treated as equity, Debt would be lower.
If we exclude Hybrids (663m) from Debt:
Net Debt = $57,599 - 663 = 56,936$.
Ratio = $10,428 / 56,936 \approx 0.183$.

If we use the NI + D&A FFO (9,834):
Ratio = $9,834 / 57,599 \approx 0.171$.

S&P typically reports FFO/Debt ratios for Iberdrola in the range of 15%-20%.
In 2022, Iberdrola's reported Net Debt was approximately €57-58 billion.
EBITDA was approximately €13.2 billion.
FFO is typically EBITDA - Cash Interest - Cash Taxes + Working Capital Changes (sometimes).
Standard S&P FFO definition: Net Income + Depreciation + Deferred Taxes + Other Non-Cash.
Net Income: 5,060
Depreciation: 4,774
Deferred Taxes: (Change in DTL - Change in DTA)?
DTL Change: $11,682 - 11,364 = +318$
DTA Change: $6,321 - 5,917 = +404$
Net Deferred Tax Expense/Benefit in P&L is not explicitly given, but the balance sheet changes suggest a net deferred tax asset increase (cash outflow/non-cash add back?).
Actually, Deferred Tax Expense = Current Tax Expense - Total Tax Expense? No.
Total Tax Expense = 1,161.
Current Tax Paid = 1,055.
This doesn't help directly with the accrual.

Let's rely on the **EBITDA - Cash Interest - Cash Taxes** proxy as it is more robust for cash-flow based leverage ratios used by S&P for utilities.
EBITDA: 13,228
Cash Interest: 1,745 (1,495 + 61 + 189)
Cash Taxes: 1,055
FFO = 10,428

Net Debt: 57,599

Ratio: $10,428 / 57,599 = 0.1810$

If we consider that "Interest Paid Classified As Investing Activities" (189) might be capitalized interest (which is added back to EBITDA via D&A or excluded from Cash Interest in some definitions), we might adjust. Capitalized interest is part of CAPEX. If it's capitalized, it's not in the P&L Finance Costs?
Finance Costs: 3,042.
Cash Interest Paid (Financing + Operating?): The cash flow statement shows "Intereses Pagados... Deudas" (1,495) and "Arrendamiento" (61) in Financing. And 189 in Investing.
Total Cash Interest = 1,745.
If 189 is capitalized, it is not in the P&L Finance Costs? Or is it? Usually, capitalized interest is excluded from Finance Costs in P&L and added to Assets. If so, the P&L Finance Cost (3,042) excludes the 189.
So Cash Interest relevant to FFO (which starts from Net Income) should be the cash paid for the interest expensed.
If 189 is capitalized, it's not an expense. So we shouldn't subtract it from EBITDA to get to Net Income?
EBITDA is before interest.
Net Income = EBITDA - D&A - Interest Expensed - Taxes.
FFO = Net Income + D&A + Deferred Taxes.
FFO = (EBITDA - Interest Expensed - Taxes) + Deferred Taxes.
FFO = EBITDA - Cash Interest (approx) - Cash Taxes (approx) + Changes in Working Capital/Tax accruals.

The proxy $EBITDA - Cash Interest - Cash Taxes$ is a standard "Funds From Operations" estimate for regulated utilities when detailed deferred tax data is ambiguous.

Result: 0.181

Let's try one more check on Debt.
Does S&P include "Trade Payables" in Net Debt? No.
Does S&P include "Provisions"? No.
Does S&P include "Derivatives"? Generally no, unless they are in a net liability position that is settled in cash and considered debt-like. We excluded them.

Is there any "Minority Interest" adjustment in FFO?
S&P FFO is usually consolidated.
Net Debt is consolidated.

Final Calculation:
FFO: 10,428 million EUR
Net Debt: 57,599 million EUR
Ratio: 0.181

Rounding to two decimal places: 0.18

<answer>0.18</answer>