To estimate the S&P-adjusted FFO-to-Debt ratio for ACEA S.P.A. (a utility company) for the 2022 fiscal year, we calculate the S&P Adjusted EBITDA, FFO, and Adjusted Debt based on the provided IFRS financial data.

**1. S&P Adjusted EBITDA**
S&P defines EBITDA as operating profit plus depreciation and amortization (D&A). Operating provisions and bad debt expenses are treated as operating expenses and are not added back. 
ACEA reports a Gross Profit (Margine Operativo Lordo, MOL) of €1,305,021,000. However, this figure is before the deduction of D&A, standard operating provisions, and IFRS 9 bad debt impairments.
- Operating Profit (EBIT): €565,851,000
- Add back: Depreciation and Amortization (actual D&A portion from CF statement): €594,636,000
*(Note: We do not add back the €113,370,000 IFRS 9 impairment as bad debt is classified as an operating expense. We also do not add back the remaining €31,163,000 difference in D&A & Provisions, as standard operating provisions are not added back.)*
- Add back: Dividends received from equity-accounted associates: €3,381,000
**Adjusted EBITDA** = €565,851,000 + €594,636,000 + €3,381,000 = **€1,163,868,000**

**2. Funds From Operations (FFO)**
S&P determines FFO by subtracting net cash interest paid and cash taxes paid from Adjusted EBITDA.
- Gross Cash Interest Paid: €114,121,000
- Less: Cash Interest Received: €29,243,000 (netted since the related cash & liquid assets are deducted from debt)
- Net Cash Interest Paid = €84,878,000
- Cash Taxes Paid: €178,506,000
**FFO** = €1,163,868,000 (Adjusted EBITDA) - €84,878,000 (Net Interest) - €178,506,000 (Taxes) = **€900,484,000**

**3. S&P Adjusted Debt**
We calculate Adjusted Debt by starting with gross financial debt, deducting accessible cash and highly liquid short-term financial assets, and adding S&P's standard debt-like adjustments (such as pension deficits).
- Noncurrent Financial Liabilities: €4,722,263,000
- Current Financial Liabilities: €619,418,000
- Gross Financial Debt = €5,341,681,000
- Less: Cash and Cash Equivalents: €559,908,000
- Less: Other Current Financial Assets (highly liquid investments/deposits): €342,085,000
- Add: Pension Deficit (Noncurrent Provisions For Employee Benefits): €112,989,000
*(Operating leases are already capitalized as financial liabilities under IFRS 16).*
**Adjusted Debt** = €5,341,681,000 - €559,908,000 - €342,085,000 + €112,989,000 = **€4,552,677,000**

**4. FFO-to-Debt Ratio**
FFO / Adjusted Debt = €900,484,000 / €4,552,677,000 ≈ 0.197792

<answer>0.1978</answer>