Let’s go through the workflow step-by-step.

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**Step 1: Identify the industry**

ENEL is a large electricity and gas utility, mainly with regulated networks and generation. The S&P categories that fit are **Regulated Utilities** and **Unregulated Power and Gas**. Based on the provided description (regulated + unregulated exposure), ENEL likely falls into a **Regulated Utility** classification with some unregulated generation. The methodology for regulated utilities applies, with potential adjustments from the unregulated methodology if needed.

For regulated utilities, the core ratio is **FFO to debt**.

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**Step 2: Estimate Adjusted EBITDA**

We start from the income statement.

Revenues:  
Revenue (total) 2022 = 140,517,000,000 EUR  

Operating costs:  
Raw materials and consumables used = (96,896,000,000)  
Services and other materials = (20,228,000,000)  
Employee benefits expense = (4,570,000,000)  
Depreciation, amortisation, impairment = (7,447,000,000)  
Impairment loss on trade receivables = (1,278,000,000)  
Other expense by nature = (4,685,000,000)  
Other work performed by entity and capitalised = +3,415,000,000  

Operating expense total per income statement = (131,689,000,000)  

Profit from operating activities = 11,193,000,000  

**Derivation of EBITDA:**  
EBITDA = Profit from operating activities + Depreciation, amortisation, impairment  
= 11,193,000,000 + 7,447,000,000 = 18,640,000,000  

We check for non-recurring items:  
- Impairment on trade receivables is a recurring cost item already in operating expense.  
- No large one-time gains/losses are shown outside operating profit that would require adjustment.

Also, add back “Net Results From Commodity Contracts” (already in operating profit) if needed, but this appears already part of operating results. The sum of revenue minus operating costs equals 8,828,000,000 before adding 2,365,000,000 from commodity contracts, giving ~11,193,000,000 – consistent.

So **Adjusted EBITDA = 18,640,000,000 EUR**.

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**Step 3: Estimate FFO**

FFO = Adjusted EBITDA − Cash Interest − Cash Taxes.

- **Cash Interest paid**: From cash flow statement: Finance costs paid (operating activities) = 5,016,000,000 EUR  
  (Finance income received is netted? The methodology says deduct cash interest, not net). So use 5,016,000,000.

- **Cash taxes paid**: Income taxes paid (operating activities) = 1,934,000,000 EUR.

FFO = 18,640,000,000 − 5,016,000,000 − 1,934,000,000 = 11,690,000,000 EUR.

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**Step 4: Estimate Adjusted Debt**

From the balance sheet at 2023-01-01:

Debt components:  
- Long-term borrowings: 68,191,000,000  
- Short-term borrowings: 18,392,000,000  
- Current portion of long-term borrowings: 2,835,000,000  

Reported debt = 68,191 + 18,392 + 2,835 = **89,418,000,000**.

We check for leases: not separately given → assume immaterial or included in debt.  

Pension deficit:  
Noncurrent provisions for employee benefits = 2,202,000,000 (2023). Typically treated as debt-like.

Hybrid bonds:  
Equity instruments perpetual hybrid bonds = 5,567,000,000 (2023). 50% treated as debt per S&P → +2,783,500,000.

Other debt-like items:  
- Other long-term provisions (some may be debt-like, but not specified; skip if no detail).  
- Noncurrent derivative financial liabilities = 5,895,000,000 (may be operating derivatives, so not added). No clear info to treat as debt.

Eligible cash:  
Cash and cash equivalents = 11,041,000,000 (2023). Deduct that.

Adjusted Debt = 89,418,000,000 + 2,202,000,000 + 2,783,500,000 − 11,041,000,000  
= 83,362,500,000 EUR.

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**Step 5: FFO / Adjusted Debt**

= 11,690,000,000 / 83,362,500,000 = 0.1402 (rounded to four decimals).

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<answer>0.1402</answer>