Step 1 — Relevant industry

ENEL S.p.A. is an integrated electricity and gas utility with substantial regulated networks and generation/supply activities. The most relevant provided methodology is therefore Regulated Utilities, with elements of unregulated power and gas. For estimating the S&P-adjusted FFO-to-debt ratio from the available annual-report facts, I apply the regulated-utility/general corporate cash-flow and debt adjustment framework.

Step 2 — Estimate Adjusted EBITDA

Reported/reconstructed operating EBITDA can be estimated from operating profit plus depreciation, amortization and impairments:

- Profit from operating activities = EUR 11.193bn
- Depreciation, amortization and impairment = EUR 7.447bn

EBITDA = 11.193 + 7.447 = EUR 18.640bn

S&P EBITDA may adjust for nonrecurring gains/losses, leases, pensions, JVs, etc. The provided data does not give enough detail to quantify such items reliably. Therefore:

Adjusted_EBITDA ≈ EUR 18.640bn

Step 3 — Estimate FFO

Using the baseline formula:

FFO = Adjusted_EBITDA - cash_interest - cash_taxes

From the cash-flow statement:

- Finance costs paid classified as operating activities = EUR 5.016bn
- Income taxes paid = EUR 1.934bn

FFO = 18.640 - 5.016 - 1.934 = EUR 11.690bn

Cross-check: Cash flow from operations was EUR 8.674bn, which includes working-capital effects. Adding back the working-capital outflow/inflow adjustment of EUR 3.961bn would give about EUR 12.635bn before other refinements, broadly consistent with the EBITDA-based estimate. I use the formula-directed estimate of EUR 11.690bn.

Step 4 — Estimate Adjusted Debt

Reported debt components at Dec. 31, 2022 / Jan. 1, 2023:

- Long-term borrowings = EUR 68.191bn
- Short-term borrowings = EUR 18.392bn
- Current portion of long-term borrowings = EUR 2.835bn

Reported debt = 68.191 + 18.392 + 2.835 = EUR 89.418bn

S&P adjustments:

- Hybrid debt portion: ENEL reports perpetual hybrid bonds in equity of EUR 5.567bn. S&P commonly gives intermediate equity content to qualifying hybrids, often treating 50% as debt. Estimated hybrid debt portion = 50% × 5.567 = EUR 2.784bn
- Pension deficit proxy: noncurrent provisions for employee benefits = EUR 2.202bn
- Leases, guarantees, purchased power obligations: not separately disclosed in the provided facts, so no additional adjustment is quantified.
- Eligible cash: cash and cash equivalents = EUR 11.041bn. I treat this as eligible cash for this estimate.

Adjusted_Debt = reported debt + hybrid debt portion + pension deficit - eligible cash

Adjusted_Debt = 89.418 + 2.784 + 2.202 - 11.041 = EUR 83.363bn

Step 5 — FFO / Adjusted Debt

FFO / Adjusted_Debt = 11.690 / 83.363 = 0.140225

Rounded to four decimals:

<answer>0.1402</answer>