To estimate the S&P-adjusted FFO-to-Debt ratio for Fortum Oyj for the fiscal year 2022, we apply the standard S&P Global Ratings Corporate Methodology, incorporating adjustments specific to the utilities and unregulated power sector.

**1. Estimate Adjusted EBITDA**
S&P typically starts with the company's reported continuing operating profitability and adjusts for non-recurring items and non-cash elements, while including cash distributions from equity investments.
*   **Comparable EBITDA:** Fortum reports a Comparable EBITDA of €2,436 million, which cleanly excludes the €593 million of non-recurring "Items Affecting Comparability" (fair value changes of derivatives, capital gains/losses, and impairments).
*   **Dividends from Equity Investments:** Since the equity method share of profits is excluded from EBITDA, S&P adds the cash dividends received from associates and joint ventures. 
    *   Dividends Received Classified As Operating Activities: €18 million
*   **Adjusted EBITDA** = €2,436m + €18m = **€2,454 million**

**2. Estimate Funds From Operations (FFO)**
FFO is calculated by deducting net cash interest and cash taxes from Adjusted EBITDA.
*   **Net Cash Interest:** S&P deducts interest received from interest paid to the extent that cash and equivalents are netted against debt.
    *   Interest Paid: €201 million
    *   Interest Received: €84 million
    *   Net Cash Interest = €201m - €84m = €117 million
*   **Cash Taxes:** We use the actual cash outflows for taxes.
    *   Income Taxes Paid: €167 million
*   **FFO** = €2,454m (Adjusted EBITDA) - €117m (Net Cash Interest) - €167m (Cash Taxes) = **€2,170 million**

**3. Estimate Adjusted Debt**
S&P's adjusted debt includes all interest-bearing financial liabilities and debt-like obligations (like pension deficits and net asset retirement obligations), minus accessible cash and liquid investments. Fortum's nuclear provisions (€966m) are fully funded by its share in the State Nuclear Waste Management Fund (€966m), so the net nuclear ARO added to debt is €0.
*   Other Noncurrent Financial Liabilities: €3,658 million
*   Other Current Financial Liabilities: €4,127 million
*   Pension Deficit (Noncurrent Recognised Liabilities Defined Benefit Plan): €13 million
*   *Gross Adjusted Debt* = 3,658 + 4,127 + 13 = €7,798 million
*   Less: Liquid Funds / Cash and Cash Equivalents: €3,919 million
*   **Adjusted Debt** = €7,798m - €3,919m = **€3,879 million**

**4. Calculate FFO-to-Debt Ratio**
*   **FFO / Adjusted Debt** = €2,170 million / €3,879 million = 0.55942...

<answer>0.5594</answer>