To estimate the S&P-adjusted FFO-to-Debt ratio for HERA S.P.A. for the fiscal year 2022, we follow the S&P Global Ratings methodology for Corporate and Regulated Utilities.

**Step 1: Estimate Adjusted EBITDA**
S&P's Adjusted EBITDA generally starts with reported EBIT and adds back depreciation, amortization, and non-recurring items, as well as making adjustments for equity investments (removing equity income and adding back cash dividends received).

*   **Reported EBIT (Profit Loss From Operating Activities):** 533,800,000 EUR
*   **Depreciation & Amortization:** We use the specific D&A add-back from the cash flow statement (excluding operating provisions like bad debt which S&P considers a cash operating expense): 478,600,000 EUR
*   **Non-recurring losses:** The cash flow statement shows a positive adjustment for "Capital Gains Losses And Other Non Monetary Elements" of 41,600,000 EUR. Since this was a non-cash/non-operating deduction in arriving at EBIT, we add it back.
*   **JV & Associates Adjustments:** Hera reported a Share of Profit of Associates of 10,000,000 EUR, but this is reported *below* EBIT, so it's not currently in our EBIT figure. We only need to add the cash dividends received from JVs/associates, which were 13,400,000 EUR.
*   **Leases:** Under IFRS 16, leases are already capitalized, meaning the lease expense has already been removed from operating expenses, so no further EBITDA adjustment is required. 

*Adjusted EBITDA* = 533.8 + 478.6 + 41.6 + 13.4 = 1,067.4 million EUR.

**Step 2: Estimate FFO (Funds From Operations)**
FFO evaluates the cash flow generated by operations, starting from Adjusted EBITDA and deducting cash interest and cash taxes paid.

*   **Cash Interest Paid:** 128,000,000 EUR ("Finance Costs Paid Classified As Operating Activities")
*   **Cash Taxes Paid:** 165,900,000 EUR ("Income Taxes Paid Classified As Operating Activities")

*FFO* = 1,067.4 - 128.0 - 165.9 = 773.5 million EUR.

**Step 3: Estimate Adjusted Debt**
S&P defines Adjusted Debt as reported financial debt, plus capitalized lease liabilities, post-retirement obligations (pensions), minus eligible cash and cash equivalents.

*   **Reported Debt (Financial Liabilities):** 5,689,900,000 EUR (Noncurrent) + 650,100,000 EUR (Current) = 6,340,000,000 EUR
*   **Lease Liabilities:** 55,100,000 EUR (Noncurrent) + 21,300,000 EUR (Current) = 76,400,000 EUR
*   **Pension Deficit:** 92,000,000 EUR ("Noncurrent Provisions For Employee Benefits")
*   **Less Eligible Cash:** 1,942,400,000 EUR ("Cash And Cash Equivalents") 

*Adjusted Debt* = 6,340.0 + 76.4 + 92.0 - 1,942.4 = 4,566.0 million EUR.

**Step 4: Calculate the FFO-to-Debt Ratio**
*FFO / Adjusted Debt* = 773.5 / 4566.0 = 0.169404...

<answer>0.1694</answer>