Step 1 — Relevant industry

EDP, S.A. is described as engaged in “generation, transmission, distribution and supply of electricity and supply of gas.” This is primarily a utility/power group with regulated network activities and unregulated generation/supply activities. From the methodologies provided, the closest fit is the utilities framework, especially Regulated Utilities / Unregulated Power And Gas. For the requested ratio, the core calculation remains S&P-style FFO to adjusted debt.

Step 2 — Estimate Adjusted EBITDA

Use the reported pre-depreciation operating profit proxy:

- Profit before provisions, amortisation/impairment, financial income/expenses, tax and CESE = EUR 4,523,539,000

This is effectively EBITDA before provisions and financial items.

Adjustments:
- Add back provisions expense: EUR 14,539,000, since provisions are non-cash operating charges.
- Nonrecurring gains/losses: cash flow statement shows gains/losses on disposals and scope effects except asset rotation of EUR -4,377,000. This appears to be a gain reducing earnings, so add back/removing gain impact would reduce EBITDA by EUR 4,377,000 if already included. However, given immateriality and ambiguity, include as normalization: subtract EUR 4,377,000.
- Joint ventures and associates: already included in EBITDA line as EUR 239,429,000. S&P often adjusts equity income and may include dividends/distributions instead. Available dividends received = EUR 81,394,000. The cash flow reconciliation adjustment for JVs/associates is EUR -208,684,000, implying a non-cash equity-income adjustment. To approximate FFO more directly, remove equity-accounted JV income and add dividends received: -239,429,000 + 81,394,000 = -158,035,000.

Estimated Adjusted EBITDA:

= 4,523,539,000  
+ 14,539,000  
- 4,377,000  
- 158,035,000  
= EUR 4,375,666,000

Step 3 — Estimate FFO

Formula:

FFO = Adjusted EBITDA - cash interest - cash taxes

Cash interest:
- Interest and similar costs of financial debt including hedge derivatives = EUR 716,454,000
- Interest and similar costs relating to loans from non-controlling interests = EUR 12,885,000
- Interest and similar costs of loans from related parties = EUR 111,000

Total cash interest:

= 716,454,000 + 12,885,000 + 111,000  
= EUR 729,450,000

Cash taxes:
- Income Tax and CESE in operating cash flow reconciliation = EUR 258,849,000 cash outflow

Estimated FFO:

= 4,375,666,000 - 729,450,000 - 258,849,000  
= EUR 3,387,367,000

Step 4 — Estimate Adjusted Debt

Reported debt:
- Long-term borrowings = EUR 15,782,604,000
- Current borrowings and current portion of noncurrent borrowings = EUR 4,239,869,000

Reported borrowings:

= 15,782,604,000 + 4,239,869,000  
= EUR 20,022,473,000

Lease adjustment:
- Right-of-use assets = EUR 1,320,270,000 used as proxy for lease debt, since explicit lease liability is not provided.

Pension deficit:
- Noncurrent provisions for employee benefits = EUR 644,299,000
- Current provisions for employee benefits = EUR 126,767,000

Pension/employee benefit obligation proxy:

= 644,299,000 + 126,767,000  
= EUR 771,066,000

Other debt-like items:
- Institutional partnerships in North America = EUR 2,212,162,000. This is financing-like and included as debt-like.
- Loans from non-controlling interests are not separately listed on the balance sheet, but the interest line indicates financing from NCI. With no balance disclosed, no incremental amount is added to avoid double counting possible inclusion in financial liabilities.
- Other financial liabilities are not included wholesale because they may include derivatives and non-debt items.

Gross adjusted debt before cash:

= 20,022,473,000  
+ 1,320,270,000  
+ 771,066,000  
+ 2,212,162,000  
= EUR 24,325,971,000

Eligible cash:
- Cash and cash equivalents = EUR 4,900,205,000

Adjusted Debt:

= 24,325,971,000 - 4,900,205,000  
= EUR 19,425,766,000

Step 5 — Calculate FFO / Adjusted Debt

FFO / Adjusted Debt:

= 3,387,367,000 / 19,425,766,000  
= 0.17438937

Rounded to four decimals:

<answer>0.1744</answer>