I'll work through this step-by-step, analyzing ENEL - SPA's financial data to estimate the S&P-adjusted debt-to-EBITDA ratio.

## Step 1: Identify the Relevant Industry

ENEL - SPA is a major Italian multinational energy company. Based on the provided methodologies, ENEL operates in multiple segments:
- **Regulated utilities** (electricity and gas distribution/transmission networks)
- **Unregulated power and gas** (generation, supply, and trading)
- **Renewables**

Given ENEL's integrated nature with significant regulated and unregulated operations, I'll apply the **general corporate baseline formulas** with appropriate adjustments from both the regulated utilities and unregulated power and gas methodologies. ENEL is primarily a utility company with generation, distribution, and supply activities.

## Step 2: Estimate Adjusted_Debt

### Baseline Formula:
Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

### Reported Debt Components:

From the balance sheet data (2023-01-01 and 2022-01-01, using year-end 2022 figures):

**Long-term borrowings:** 54,500,000,000 EUR (2022-01-01)
**Short-term borrowings:** 13,306,000,000 EUR (2022-01-01)
**Current portion of long-term borrowings:** 4,031,000,000 EUR (2022-01-01)

Total reported debt = 54,500 + 13,306 + 4,031 = **71,837,000,000 EUR**

Wait - let me check if there's double counting. The "Current Portion Of Longterm Borrowings" is likely already included in either long-term or short-term. Looking at standard presentation, current portion of long-term borrowings is typically shown separately from both long-term and short-term borrowings.

Let me use: Long-term borrowings (54,500M) + Short-term borrowings (13,306M) + Current portion of long-term borrowings (4,031M) = **71,837,000,000 EUR**

But I need to check: Is current portion of long-term borrowings part of long-term borrowings? Usually it's presented separately. Let me verify with total liabilities structure.

Actually, looking more carefully: "Longterm Borrowings" 2022-01-01: 54,500,000,000 and "Current Portion Of Longterm Borrowings" 2022-01-01: 4,031,000,000. These are typically separate line items, so total borrowings = 54,500 + 4,031 + 13,306 = 71,837M.

### Hybrid Debt Portion:

From equity section: "Equity Instruments Perpetual Hybrid Bonds Member" 2022-01-01: 5,567,000,000 EUR

S&P typically treats 50% of hybrid bonds as debt-like. However, for utility companies with strong regulatory frameworks, S&P may treat these differently. I'll apply **50% debt treatment** = 2,783,500,000 EUR

### Pension Deficit:

"Noncurrent Provisions For Employee Benefits" 2022-01-01: 2,724,000,000 EUR

This includes pension obligations. S&P typically treats unfunded pension deficits as debt-like. I'll include **2,724,000,000 EUR** as pension-related debt.

### Leases:

Not explicitly broken out in the data. Looking through the facts, I don't see explicit lease liabilities. The "Other Noncurrent Financial Liabilities" is 120,000,000 EUR (2022-01-01), which is small. I'll assume leases are embedded in other categories or not material enough to separately identify from this data. Given the lack of specific lease data, I'll add **0** for explicit leases, noting that IFRS 16 leases may already be in debt figures.

Actually, let me check: Under IFRS 16, leases are typically included in borrowings. Given the data structure and lack of explicit lease breakout, I'll assume leases are included in reported debt.

### Guarantees and Other Debt-like Items:

Not explicitly identified in the data. I'll add **0** for lack of specific information.

### Eligible Cash:

"Cash And Cash Equivalents" 2022-01-01: 8,858,000,000 EUR

S&P typically deducts cash and liquid investments. I'll use **8,858,000,000 EUR** as eligible cash.

### Derivatives Related to Financing:

Looking at derivative assets/liabilities:
- Noncurrent derivative financial assets: 2,772,000,000
- Current derivative financial assets: 22,791,000,000
- Noncurrent derivative financial liabilities: 3,339,000,000
- Current derivative financial liabilities: 24,607,000,000

Net derivative position = (2,772 + 22,791) - (3,339 + 24,607) = 25,563 - 27,946 = -2,383M (net liability)

However, S&P typically makes specific adjustments for derivatives related to financing. The "Inflows Outflows Of Derivaties Relatedto Financing Activities" 2022-01-01 - 2023-01-01: -25,000,000 EUR (small). 

For commodity/operating derivatives, S&P typically doesn't include in debt. For financing derivatives, we should consider. Given the complexity and lack of clear breakout between operating and financing derivatives, I'll make a simplified assumption that derivative liabilities related to financing are already captured or not material enough to adjust separately.

Let me reconsider: The large derivative values are likely primarily commodity/energy derivatives for operating purposes, not financing. I'll exclude from debt adjustment.

### Adjusted_Debt Calculation:

Adjusted_Debt = 71,837,000,000 + 2,783,500,000 (50% hybrid) + 2,724,000,000 (pension) - 8,858,000,000 (cash)

Adjusted_Debt = **68,486,500,000 EUR**

Wait - I need to reconsider the hybrid treatment. Let me check if the 5,567M is already in equity or if it's a separate component. Looking at equity: "Equity" 2022-01-01: 42,342,000,000 and "Equity Attributable To Owners Of Parent" 2022-01-01: 29,653,000,000. The hybrid bonds are part of equity attributable to owners. 

S&P methodology for hybrids: typically 50% equity credit for perpetual hybrids. So 50% debt treatment = 2,783,500,000 is correct.

But wait - I need to check if I'm double counting. The hybrid bonds are IN equity, not in debt. So adding 50% to debt is correct.

Let me recalculate: 71,837 + 2,783.5 + 2,724 - 8,858 = 68,486.5 million EUR.

Actually, let me re-verify the debt components. Looking at 2023-01-01 vs 2022-01-01:

For 2022 year-end (which is 2023-01-01 in the data):
- Longterm Borrowings: 68,191,000,000
- Shortterm Borrowings: 18,392,000,000
- Current Portion Of Longterm Borrowings: 2,835,000,000

Wait - I need to be careful about dates. The fiscal year ended December 31, 2022, so year-end 2022 is 2023-01-01 in the data format.

Let me re-read: "2022-01-01 - 2023-01-01" means the period from Jan 1, 2022 to Jan 1, 2023, which covers FY 2022. Balance sheet items with "2023-01-01" are year-end 2022.

So for FY 2022 year-end debt:
- Longterm Borrowings: 68,191,000,000
- Shortterm Borrowings: 18,392,000,000  
- Current Portion Of Longterm Borrowings: 2,835,000,000

Total reported debt = 68,191 + 18,392 + 2,835 = 89,418,000,000 EUR

And for 2022-01-01 (beginning of year):
- Longterm Borrowings: 54,500,000,000
- Shortterm Borrowings: 13,306,000,000
- Current Portion Of Longterm Borrowings: 4,031,000,000

Total = 71,837,000,000 EUR

For debt/EBITDA, S&P typically uses average debt or year-end debt. I'll use year-end 2022 debt as more conservative and standard practice.

Revised:
Reported debt (year-end 2022) = 89,418,000,000 EUR

Hybrid bonds (year-end 2022): 5,567,000,000 EUR → 50% = 2,783,500,000 EUR

Pension/employee benefits (year-end 2022): 2,202,000,000 EUR (Noncurrent Provisions For Employee Benefits)

Cash (year-end 2022): 11,041,000,000 EUR

Adjusted_Debt = 89,418 + 2,783.5 + 2,202 - 11,041 = **83,362,500,000 EUR**

Hmm, but let me check: Is "Current Portion Of Longterm Borrowings" already included in "Longterm Borrowings"? In standard IFRS presentation, long-term borrowings are shown net of current portion. So I may be double counting.

Let me assume standard presentation: Long-term borrowings = long-term portion only, and current portion is separate. Short-term borrowings is separate. So total = 68,191 + 18,392 + 2,835 = 89,418M seems correct.

But wait - "Current Portion Of Longterm Borrowings" might be included in "Shortterm Borrowings"? Let me check: typically no, these are separate line items.

Actually, looking at the data more carefully: "Current Portion Of Longterm Borrowings" is 2,835M and "Shortterm Borrowings" is 18,392M. These are separate. And "Longterm Borrowings" is 68,191M. So total borrowings = 89,418M.

However, I need to check if current portion is included in long-term. In some presentations, long-term borrowings are shown gross including current portion, with current portion separately disclosed. But usually, long-term borrowings are shown net of current portion.

Given the values: 68,191 + 2,835 = 71,026 for total long-term debt including current portion, which seems reasonable.

Let me proceed with: 68,191 (long-term) + 18,392 (short-term) + 2,835 (current portion of long-term) = 89,418M. But if current portion is already in long-term, then it would be 68,191 + 18,392 = 86,583M. 

To be conservative and avoid double-counting, let me use: Long-term borrowings (which may include or exclude current portion) + Short-term borrowings. If current portion is NOT in long-term, I should add it. 

Given the typical IFRS presentation where "Longterm Borrowings" usually means non-current portion, I'll add current portion separately.

Total debt = 68,191 + 18,392 + 2,835 = 89,418M

### Recalculating Adjusted_Debt:

Adjusted_Debt = 89,418 + 2,783.5 (50% hybrid) + 2,202 (pension) - 11,041 (cash) = **83,362,500,000 EUR**

Actually, I want to double-check the hybrid amount. Looking at 2023-01-01 equity components:
- "Equity Instruments Perpetual Hybrid Bonds Member" 2023-01-01: 5,567,000,000

And for 2022-01-01: 5,567,000,000 also? Let me check: "Equity" "Equity Instruments Perpetual Hybrid Bonds Member" 2022-01-01: 5,567,000,000. Yes, same value.

Wait, I see "Equity" "Equity Instruments Perpetual Hybrid Bonds Member" 2021-01-01: 2,386,000,000 and 2022-01-01: 5,567,000,000. So it increased.

For year-end 2022 (2023-01-01): still 5,567,000,000.

## Step 3: Estimate Adjusted_EBITDA

### Baseline Formula:
Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

### Reconstructing EBITDA from Profit/Loss data:

From the income statement for 2022 (2022-01-01 - 2023-01-01):

**Profit Loss From Operating Activities:** 11,193,000,000 EUR

This is operating profit (EBIT).

To get EBITDA, add back depreciation and amortization:
**Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss:** 7,447,000,000 EUR

EBITDA = EBIT + D&A = 11,193 + 7,447 = **18,640,000,000 EUR**

Wait - I need to check if "Depreciation Amortisation And Impairment Loss..." is already included in operating expenses or if it's a separate charge. Looking at typical income statement structure, this is usually the depreciation/amortization expense that was deducted to get to operating profit. So adding it back to operating profit gives EBITDA.

But let me verify by reconstructing from revenue:
- Revenue: 140,517,000,000
- Operating Expense: 131,689,000,000
- Operating profit = 140,517 - 131,689 = 8,828,000,000? 

But reported "Profit Loss From Operating Activities" is 11,193,000,000. The difference might be due to "Net Results From Commodity Contracts" (2,365,000,000) and other items.

Actually, let me look more carefully. Revenue includes sales and other income. Operating expenses include various costs. The operating profit line should be after all operating expenses but before financing costs.

Let me verify: 140,517 (revenue) - 131,689 (operating expense) = 8,828. But operating profit is 11,193. Difference = 2,365, which equals "Net Results From Commodity Contracts." 

Actually, "Net Results From Commodity Contracts" is likely included in revenue or operating expenses. Let me not try to fully reconcile and use the reported operating profit.

So EBIT = 11,193,000,000
D&A = 7,447,000,000
EBITDA = 18,640,000,000

### Adjustments to EBITDA:

**Nonrecurring items:**
- "Profit Loss From Discontinued Operations": -2,298,000,000 (loss)
- "Gains Losses On Net Monetary Position": 290,000,000

For S&P purposes, we typically:
- Exclude discontinued operations (add back losses, subtract gains)
- Exclude non-recurring/monetary gains/losses

Adding back discontinued operations loss: +2,298,000,000
Removing monetary gains: -290,000,000

**Joint ventures:**
"Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method": 4,000,000 (small profit)

For EBITDA, we typically want proportional EBITDA from JVs, not just equity income. However, without detailed JV financials, I'll use equity income as proxy or exclude. S&P typically adds proportional EBITDA. Given small amount (4M), I'll ignore or add back equity income to get closer to proportional.

Actually, equity income is already below operating profit. Let me check where it sits:
- Operating profit: 11,193
- Then financing items, then "Share Of Profit Loss Of Associates..." = 4
- Then Profit Before Tax = 8,741

So equity income is after operating profit. For EBITDA calculation from operating profit, it's not included. For S&P-adjusted EBITDA, we might want to add proportional EBITDA from JVs. Given lack of data, I'll add the equity income as rough proxy: +4,000,000.

**Pension adjustments:**
Not explicitly identified. I'll assume 0 for lack of data.

**Other adjustments:**
- "Other Work Performed By Entity And Capitalised": 3,415,000,000 - this is capitalized costs, already excluded from operating expenses. No EBITDA adjustment needed.

- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables": 1,278,000,000 - this is a reversal, likely included in operating expenses. If it's a reversal of prior impairment, it may be non-recurring. However, it's likely part of normal operations. I'll exclude as non-recurring: subtract 1,278,000,000.

Actually, let me reconsider. The line item is "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" - this is a reversal (negative expense, i.e., income). If included in operating expenses, it reduced expenses and increased operating profit. As a reversal, it may be non-recurring. S&P would typically exclude such items.

So subtract 1,278,000,000 (remove the benefit).

**Commodity contracts:**
"Net Results From Commodity Contracts": 2,365,000,000 - this is likely operating activity for an energy company. However, S&P may view this as potentially volatile. For regulated utilities, commodity pass-through is normal. For ENEL's unregulated activities, this could be trading gains/losses.

Given ENEL's integrated nature, I'll treat this as largely operating but note that S&P may make adjustments for marked-to-market gains.

### Adjusted_EBITDA Calculation:

Base EBITDA = 18,640,000,000

Adjustments:
+ Discontinued operations loss (add back): +2,298,000,000
- Monetary gains: -290,000,000
- Impairment reversal (non-recurring): -1,278,000,000
+ Equity income from JVs (proportional proxy): +4,000,000

Adjusted_EBITDA = 18,640 + 2,298 - 290 - 1,278 + 4 = **19,374,000,000 EUR**

Wait, let me reconsider the impairment reversal. The item is "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" = 1,278,000,000. This is a reversal, meaning it's a positive (reduction of expense). If I want to normalize, I should remove this benefit.

But is this included in operating profit? Looking at typical structure, impairment of receivables is usually part of operating expenses. The reversal would reduce operating expenses. So yes, remove the benefit.

Actually, let me re-verify my EBITDA calculation. The D&A figure includes "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" - wait, there are two similar items:

1. "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" = 1,278,000,000 (this is receivables impairment reversal)
2. "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 7,447,000,000 (this is D&A and impairment)

The second item is the total D&A and impairment charge. The first is a subset (receivables impairment reversal).

So operating profit = Revenue - Operating Expenses + Other Income - D&A - Other costs...

Actually, the D&A of 7,447 likely INCLUDES any impairment. So my EBITDA = Operating Profit + D&A is correct.

But wait - is the receivables impairment reversal included in operating profit? Let me think...

"Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" - this is a separate line item, likely part of operating expenses or a separate line. If it's a reversal, it increases operating profit.

Looking at the data structure, this appears as a separate fact, not explicitly in operating expenses. It might be netted against "Other Expense By Nature" or shown separately.

Given uncertainty, let me take a more conservative approach and not adjust for the receivables impairment reversal, or treat it as part of normal operations.

Revised Adjusted_EBITDA:
Base EBITDA = 18,640,000,000
+ Discontinued operations loss: +2,298,000,000
- Monetary gains: -290,000,000
+ Equity income proxy: +4,000,000

= **20,652,000,000 EUR**

Hmm, but I need to think more carefully. The discontinued operations loss of 2,298M - is this already excluded from operating profit? Yes, operating profit is from continuing operations. So adding back discontinued operations loss makes sense if we want total entity EBITDA.

But S&P typically focuses on continuing operations for debt/EBITDA, or includes discontinued if they're still part of the consolidated entity being rated. Given ENEL's structure, I'll include discontinued operations.

Actually, for debt/EBITDA, S&P typically uses continuing operations EBITDA, especially if discontinued operations are being divested. But the debt remains with the parent. Let me think...

Given that ENEL is a consolidated entity and the discontinued operations are still part of the group (held for sale or being disposed), I should include or exclude based on S&P's typical treatment. S&P typically excludes discontinued operations from EBITDA if they're truly non-recurring and being separated.

However, for a more comprehensive view, let me calculate both ways:
- Including discontinued: 20,652M
- Excluding discontinued (continuing only): 18,354M

Given the large loss in discontinued operations (-2,298M), this likely represents significant operations being wound down. S&P would likely focus on continuing operations or make specific adjustments.

Let me use a middle ground: include if operations still contribute to debt service capacity, but normalize.

Actually, re-reading S&P methodology: for EBITDA, they typically exclude non-recurring items and discontinued operations. So I should NOT add back discontinued operations loss.

Revised Adjusted_EBITDA (continuing operations focus):
= 18,640 - 290 (monetary gains) + 4 (equity) = **18,354,000,000 EUR**

Or if we include discontinued:
= 18,354 + 2,298 = 20,652M

Let me check what "Profit Loss From Discontinued Operations" represents. It's -2,298M for 2022. This is a loss, meaning discontinued operations lost money. If we're measuring debt service capacity, and these operations are still part of the entity during 2022, we might include them.

But S&P standard practice is to exclude discontinued operations from EBITDA for leverage metrics. I'll exclude.

### Final Adjusted_EBITDA: 18,354,000,000 EUR

Wait - I need to add back equity income more carefully. "Share Of Profit Loss Of Associates And Joint Ventures" = 4M. This is equity method income, already below operating profit. For EBITDA, if I want proportional EBITDA, I need to add it back and add proportional D&A. Without detailed JV data, I'll add the 4M as a minimal adjustment.

Actually, equity income is AFTER operating profit in the income statement. So it's not in my base EBITDA of 18,640M. Let me verify:

Operating profit: 11,193M
Then: Finance income, Finance costs, etc.
Then: Share of profit of associates: 4M
Then: Profit before tax: 8,741M

So equity income is not in operating profit. For S&P-adjusted EBITDA, we typically want to include proportional EBITDA from material JVs. Given immateriality (4M vs 11,193M operating profit), I'll ignore.

Revised: Adjusted_EBITDA = 18,640 - 290 = **18,350,000,000 EUR**

Hmm, but I need to check if monetary gains are in operating profit. "Gains Losses On Net Monetary Position" = 290M. Where does this sit in the income statement? It's likely part of finance items or operating items.

Looking at profit before tax reconciliation:
Operating profit: 11,193
+ Finance income: 3,430
- Finance costs: 5,880
+/- Derivatives: 3,118 - 3,414 = -296
+ Monetary gains: 290
+ Equity income: 4
= Profit before tax: 8,741

Let me verify: 11,193 + 3,430 - 5,880 - 296 + 290 + 4 = 8,741. Yes: 11,193 + 3,430 = 14,623; 14,623 - 5,880 = 8,743; 8,743 - 296 = 8,447; 8,447 + 290 = 8,737; 8,737 + 4 = 8,741. Close enough (rounding).

So monetary gains of 290M are NOT in operating profit. They're below operating profit. So my base EBITDA of 18,640 doesn't include them. 

For S&P-adjusted EBITDA, should I include monetary gains? They're non-operating in nature (net monetary position relates to inflation accounting). S&P would likely exclude from EBITDA.

Since they're not in my base EBITDA, no adjustment needed.

But wait - are they in EBIT? No, they're below operating profit. So EBIT = 11,193, and EBITDA = 18,640 are both before monetary gains.

Actually, let me re-verify. Is "Profit Loss From Operating Activities" the same as EBIT? In IFRS, "Operating profit" is typically before finance costs and income. Yes, 11,193 is EBIT.

So my EBITDA calculation is correct: 11,193 + 7,447 = 18,640.

Now, for S&P adjustments to EBITDA:
- Discontinued operations: exclude (not in operating profit anyway)
- Monetary gains: exclude (not in operating profit anyway)
- Non-recurring items in operating profit: need to identify

Looking at operating profit items:
- "Net Results From Commodity Contracts": 2,365M - this is likely operating, but volatile
- "Impairment Loss Reversal...Trade Receivables": 1,278M - likely non-recurring benefit

For S&P, commodity contract results for an energy company are typically operating. But marked-to-market gains might be excluded. Given complexity, I'll treat as operating.

For receivables impairment reversal: this is likely non-recurring. But is it in operating profit? 

Looking at the structure: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" - this could be part of operating expenses or a separate line. 

Actually, I think this reversal is likely included in the operating expenses or shown as a separate positive item. If it's a reversal of prior impairment, it reduces current period expenses.

Given uncertainty, let me make a simplified assumption: the base EBITDA of 18,640M is reasonable, and I'll make minimal adjustments.

### S&P-Specific Adjustments for Utilities:

From the regulated utilities methodology:
- "Where substantial seasonal working capital requirements...distort leverage measures, we adjust inventory and debt balances by netting the value of inventory against outstanding short-term borrowings."
- "We deconsolidate securitized debt (and associated revenue and expense) that has been accorded specialized recovery provisions."
- For purchased power contracts: "we use our purchased power methodology to adjust measures for such contracts' debt-like obligations."

For ENEL:
- Inventory: 4,853M (2023-01-01) or 3,109M (2022-01-01). Seasonal adjustment might apply but I'll skip for simplicity.
- No explicit purchased power adjustment data available.

From unregulated power and gas methodology:
- "For unregulated power and gas companies that enter into long-term power purchase agreements (PPAs), we make adjustments to account for those obligations."

No explicit PPA data available.

Given data limitations, I'll proceed with base calculations.

### Final Adjusted_EBITDA:

Let me use a cleaner approach. From cash flow data:
"Cash Flows From Used In Operating Activities" 2022: 8,674,000,000

But this includes working capital changes and other items, not pure EBITDA.

Let me stick with income statement based EBITDA.

Reconstructed EBITDA from continuing operations:
= Operating Profit + D&A
= 11,193 + 7,447 
= 18,640M

Adjustments:
- Add: Non-recurring losses / subtract non-recurring gains
- The impairment reversal of 1,278M is a gain (reduction of expense). If non-recurring, subtract from EBITDA.
- Discontinued operations: not in continuing EBITDA

Adjusted_EBITDA = 18,640 - 1,278 (reversal) = **17,362,000,000 EUR**

Or if reversal is operating/normal: 18,640M

Given the magnitude and nature (reversal of prior impairment), I'll treat as non-recurring and exclude.

Actually, let me reconsider. The item "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" = 1,278M. This is a reversal, meaning it's income. But where is it in the income statement? 

Looking at the facts, there's also "Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade And Other Receivables" in cash flow = 1,288M. This is added back in cash flow (since it's non-cash).

This suggests the 1,278M reversal affected operating profit but is non-cash. So it's in my EBITDA already (since EBITDA adds back D&A and other non-cash items... wait, no, receivables impairment is not D&A).

Actually, receivables impairment is typically an operating expense. The reversal reduces operating expense. It's not added back in EBITDA because it's not part of D&A. EBITDA = Operating Profit + D&A. If the reversal is in operating profit, then EBITDA includes it.

So if I want to normalize, I need to subtract the reversal from EBITDA.

Adjusted_EBITDA = 18,640 - 1,278 = 17,362M

But wait - is the reversal in operating profit? Let me check if operating profit includes it.

From the facts: "Profit Loss From Operating Activities" = 11,193M. This should include all operating items.

Looking at what affects operating profit:
Revenue: 140,517M
Operating Expense: 131,689M
Net Results From Commodity Contracts: 2,365M (likely in revenue or operating)

Actually, let me try: Revenue - Operating Expense = 140,517 - 131,689 = 8,828. But operating profit is 11,193. Difference = 2,365 = Net Results From Commodity Contracts. So commodity contracts are likely additional income not in revenue or netted against expenses.

So Operating Profit = Revenue - Operating Expense + Commodity Contracts + Other items.

The 1,278M reversal might be part of operating expenses (reducing them) or a separate line.

Given I can't perfectly reconcile, let me use reported operating profit and make minimal adjustments.

### Conservative Adjusted_EBITDA: 18,640,000,000 EUR (base, minimal adjustments)

Or with impairment reversal removed: 17,362,000,000 EUR

Let me also consider: S&P for utilities often uses "Funds From Operations" (FFO) based approach, but for debt/EBITDA they use adjusted EBITDA.

Given the complexity, let me use **18,640,000,000 EUR** as base EBITDA and make selective adjustments.

Actually, looking at S&P's typical utility adjustments more carefully:
- They may adjust for non-recurring items
- They may include proportional EBITDA from JVs
- They adjust for operating leases (now in IFRS 16)

For ENEL, given data limitations, I'll use:
Adjusted_EBITDA = 18,640M (base) + minimal adjustments

Let me try another approach: use cash flow to validate.

From cash flow:
Cash from operations = 8,674M
+ Income taxes paid = 1,934M
+ Finance costs paid = 5,016M  
+ Finance income received = -2,622M (subtract)
+ Working capital changes = -3,961M (reverse)
= Approx operating cash before working capital = 8,674 + 1,934 + 5,016 - 2,622 + 3,961 = 16,963M

This should approximate EBITDA - interest - taxes ± working capital. Not a clean validation.

Let me try: EBITDA ≈ Cash from operations + Interest paid + Taxes paid - Interest received + Working capital changes
= 8,674 + 5,016 + 1,934 - 2,622 + 3,961 = 16,963M

Hmm, this is lower than 18,640M. Difference could be due to working capital, capex timing, etc.

Actually, I think my EBITDA calculation is more reliable. The cash flow approach has too many variables.

### Final Adjusted_EBITDA Decision:

I'll use **18,640,000,000 EUR** as the base, and make one adjustment for non-recurring items:

Looking at "Other Expense By Nature" = 4,685M with related party portion 581M. This seems like normal operations.

"Other Income" = 4,864M with related party 389M. Normal operations.

"Net Results From Commodity Contracts" = 2,365M. For an energy company, this is operating but volatile. S&P might smooth or exclude marked-to-market. Given it's likely a mix of realized and unrealized, and ENEL's business model includes trading, I'll include it.

"Impairment Loss Reversal...Trade Receivables" = 1,278M. Non-recurring, exclude.

Adjusted_EBITDA = 18,640 - 1,278 = **17,362,000,000 EUR**

Or, if I want to be more conservative and exclude only clear non-recurring:

Actually, let me check if the 1,278M is in operating profit. Given that "Impairment Loss Reversal..." is a separate line item and operating profit is 11,193M, and I add 7,447M D&A to get 18,640M EBITDA...

If the 1,278M is part of operating profit, then removing it gives operating profit of 11,193 - 1,278 = 9,915M, and EBITDA = 9,915 + 7,447 = 17,362M.

But is it in operating profit? I believe so, as it's an operating item (trade receivables).

So Adjusted_EBITDA = **17,362,000,000 EUR**

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA

Using:
- Adjusted_Debt = 83,362,500,000 EUR
- Adjusted_EBITDA = 17,362,000,000 EUR

Ratio = 83,362.5 / 17,362 = **4.80**

Let me verify my debt calculation once more:

Reported debt (year-end 2022):
- Longterm Borrowings: 68,191M
- Shortterm Borrowings: 18,392M  
- Current Portion Of Longterm Borrowings: 2,835M
Total = 89,418M

Wait - I need to double-check if Current Portion is included in Longterm. In standard IFRS, "Longterm Borrowings" typically means non-current, and current portion is shown separately. So yes, add separately.

But let me verify: 68,191 + 2,835 = 71,026 total long-term debt (current + non-current). Plus 18,392 short-term = 89,418 total borrowings. This seems reasonable for a utility.

Hybrid: 5,567M × 50% = 2,783.5M
Pension: 2,202M
Cash: 11,041M

Adjusted_Debt = 89,418 + 2,783.5 + 2,202 - 11,041 = 83,362.5M

Hmm, but I want to check: Is the hybrid already counted in equity, not debt? Yes. So adding 50% to debt is correct.

But wait - S&P's standard treatment: for hybrid bonds classified as equity, they typically give 50% equity credit, meaning 50% debt-like. So yes, add 50% to debt.

Let me also verify pension: "Noncurrent Provisions For Employee Benefits" = 2,202M. This includes pension and other post-employment benefits. S&P treats unfunded pension deficits as debt-like. The full 2,202M may overstate if there's funded portion. Without more detail, I'll use full amount as conservative.

Actually, "Provisions For Employee Benefits" under IAS 19 typically represents the net defined benefit liability (funded status). So 2,202M is likely the net deficit, appropriate to add.

### Final Calculation:

Adjusted_Debt = 83,362,500,000
Adjusted_EBITDA = 17,362,000,000

Ratio = 83,362.5 / 17,362 = 4.801...

Rounded to two decimal places: **4.80**

Let me also try with higher EBITDA (no impairment adjustment):
Ratio = 83,362.5 / 18,640 = 4.47

And with lower debt (no hybrid or pension):
Reported debt only - cash = 89,418 - 11,041 = 78,377
Ratio = 78,377 / 17,362 = 4.51

Given S&P's typical conservative approach, my adjustments seem reasonable.

One more check: Should I use average debt vs year-end debt? S&P typically uses year-end or average. For growing debt, year-end is more conservative. ENEL's debt grew from 71,837M (2022 start) to 89,418M (2022 end). Average = 80,627.5M.

Using average debt:
Adjusted_Debt (avg) = 80,627.5 + 2,783.5 + 2,202 - 11,041 = 74,572M? 

Wait, cash also changed: 8,858M to 11,041M. Average cash = 9,949.5M.

Average reported debt = (71,837 + 89,418) / 2 = 80,627.5M
Average hybrid = 5,567M (constant) × 50% = 2,783.5M
Average pension = (2,724 + 2,202) / 2 = 2,463M
Average cash = (8,858 + 11,041) / 2 = 9,949.5M

Adjusted_Debt (avg) = 80,627.5 + 2,783.5 + 2,463 - 9,949.5 = 75,924.5M

Ratio = 75,924.5 / 17,362 = 4.37

S&P typically uses year-end debt for leverage ratios. I'll stick with year-end.

### Final verification of EBITDA:

Let me recalculate more carefully from the income statement:

Revenue 2022: 140,517M
Operating Expense 2022: 131,689M
Operating Profit: 11,193M (matches 140,517 - 131,689 + other items = 11,193)

D&A 2022: 7,447M
EBITDA = 11,193 + 7,447 = 18,640M

Less: Impairment reversal (non-recurring) = 1,278M
Adjusted EBITDA = 17,362M

Actually, I want to verify: is the 1,278M reversal included in operating profit? 

Looking at the structure, "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables" - this is likely a credit to operating expenses (reducing them). So yes, it's in operating profit.

Final answer: 83,362.5 / 17,362 = 4.80

<answer>4.80</answer>