To estimate the S&P-adjusted FFO-to-debt ratio for VERBUND AG for the fiscal year ended December 31, 2022, we follow the standard S&P Global Ratings corporate methodology, with specific considerations for the Power and Gas / Utilities sector.

**Step 1: Estimate Adjusted EBITDA**
S&P starts with the reported EBITDA and adjusts for non-recurring items and equity investments. 
First, let's verify what is included in the Reported EBITDA:
*   Profit/Loss from Operating Activities (EBIT): 2,626,196,000 EUR
*   Depreciation & Amortization: 462,694,000 EUR
*   Net Impairments (197,761,000 EUR loss - 125,973,000 EUR reversal): 71,788,000 EUR
*   EBIT + D&A + Net Impairment = 3,160,678,000 EUR. 
This aligns perfectly with the Reported "EBITDA" of 3,160,679,000 EUR, confirming that impairments and massive non-cash derivative valuation losses (-857,961,000 EUR, reported below EBIT) are already excluded from this EBITDA base.

We make standard S&P adjustments:
*   **Dividends received from equity investments:** Added to EBITDA as they represent the true cash flow from joint ventures/associates. (+29,900,000 EUR)
*   **Share of profit of associates:** This is typically subtracted to avoid double counting, but tracing the income statement shows this equity income (4,293,000 EUR) was reported *below* EBIT, meaning it was never in the reported EBITDA. We do not subtract it.
*   **Loss on disposal of non-current assets:** Added back as a non-recurring operating loss. (+4,914,000 EUR)

*Adjusted EBITDA* = 3,160,679,000 + 29,900,000 + 4,914,000 = 3,195,493,000 EUR

**Step 2: Estimate FFO (Funds From Operations)**
FFO is calculated by deducting cash interest paid and cash taxes paid from the Adjusted EBITDA.
*   **Adjusted EBITDA:** 3,195,493,000 EUR
*   **Cash Interest Paid:** 36,100,000 EUR
*   **Cash Taxes Paid:** 343,100,000 EUR

*FFO* = 3,195,493,000 - 36,100,000 - 343,100,000 = 2,816,293,000 EUR

**Step 3: Estimate Adjusted Debt**
S&P defines Adjusted Debt as total reported financial debt plus debt-like items (such as lease liabilities and underfunded pensions/AROs if explicitly broken out), minus accessible cash and cash equivalents.
*   **Current Financial Liabilities:** 1,109,297,000 EUR
*   **Noncurrent Financial Liabilities:** 2,844,559,000 EUR 
*(Note: IFRS 16 lease liabilities are typically already capitalized and mapped into these financial liability figures).*
*   **Gross Debt:** 1,109,297,000 + 2,844,559,000 = 3,953,856,000 EUR
*   **Less: Cash and Cash Equivalents:** -409,252,000 EUR 
*(Note: Excludes operating derivative liabilities which are not classified as debt).*

*Adjusted Debt* = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR

**Step 4: Calculate FFO / Adjusted Debt**
*   FFO / Adjusted Debt = 2,816,293,000 EUR / 3,544,604,000 EUR = 0.794529...

<answer>0.7945</answer>