I'll work through this step-by-step for REDEIA CORPORACION SA (formerly Red Eléctrica Corporación) for fiscal year 2022 (period 2022-01-01 to 2023-01-01).

## Step 1: Identify the Relevant Industry

REDEIA is Spain's electricity transmission system operator (TSO). It operates the national electricity grid under a regulated framework. This clearly falls under **Regulated Utilities**.

## Step 2: Estimate Adjusted EBITDA

First, reconstruct EBITDA from the income statement:

**Operating Profit (EBIT):** 961,554,000 EUR

**Depreciation & Amortisation:** 544,992,000 EUR

**EBITDA = EBIT + D&A** = 961,554,000 + 544,992,000 = 1,506,546,000 EUR

Now apply S&P adjustments:

- **Equity method income adjustment:** S&P typically removes equity method income (50,405,000) and adds back dividends received. Dividends received from equity method investments = 7,578,000 (from cash flow statement - "Dividends Received Classified As Operating Activities"). However, the equity method income is already included in operating profit as "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion."

Adjustment: Remove equity income of 50,405,000, add back dividends of 7,578,000.

- **Operating lease adjustments:** No specific lease data provided, so I'll assume lease adjustments are embedded in D&A/other items or minimal.

- **Government grant amortization (Imputacion de subvenciones):** 15,780,000 - this is non-cash income, but S&P typically doesn't adjust for this in regulated utilities.

- **Impairment/disposal adjustments:** 488,000 (gain) - relatively immaterial.

**Adjusted EBITDA** ≈ 1,506,546,000 - 50,405,000 + 7,578,000 = 1,463,719,000 EUR

## Step 3: Estimate FFO

**Cash Interest Paid:** 123,524,000 EUR (from cash flow statement "Interest Paid Classified As Operating Activities")

**Cash Taxes Paid:** 363,996,000 EUR (from "Income Taxes Paid Refund Classified As Operating Activities")

**FFO = Adjusted EBITDA - Cash Interest - Cash Taxes**

FFO = 1,463,719,000 - 123,524,000 - 363,996,000 = 976,199,000 EUR

## Step 4: Estimate Adjusted Debt

**Reported Debt:**
- Long-term borrowings: 5,491,124,000
- Current borrowings (current portion of non-current): 721,845,000
- Other non-current financial liabilities: 52,631,000
- Other current financial liabilities: 983,432,000

Total reported debt = 5,491,124,000 + 721,845,000 + 52,631,000 + 983,432,000 = 7,249,032,000 EUR

However, "Other Current Financial Liabilities" of 983,432,000 may include trade-related items. Let me use the more standard approach:

Core debt = Long-term borrowings + Current borrowings = 5,491,124,000 + 721,845,000 = 6,212,969,000

Adding other financial liabilities (which S&P may include): + 52,631,000 + 983,432,000 = 7,249,032,000

**Surplus cash deduction:** S&P typically does not net cash for regulated utilities, or nets only minimal amounts. For a regulated utility, I'll assume no cash netting.

**Pension adjustments:** The provisions (139,822,000 long-term + 30,536,000 current) may include pension deficits, but without specific data, I'll add the long-term provisions: ~139,822,000.

**Adjusted Debt** = 7,249,032,000 + 139,822,000 = 7,388,854,000 EUR

Actually, let me reconsider. The "Other Current Financial Liabilities" likely includes items like deposits/collateral. A more conservative approach uses just borrowings + other non-current financial liabilities + provisions:

Adjusted Debt = 6,212,969,000 + 52,631,000 + 983,432,000 + 139,822,000 = 7,388,854,000 EUR

## Step 5: Calculate FFO / Adjusted Debt

FFO / Adjusted Debt = 976,199,000 / 7,388,854,000 = 0.13211

Rounding to four decimal places: 0.1321

<answer>0.1321</answer>