To estimate the S&P-adjusted FFO-to-debt ratio for REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. for the fiscal year ended December 31, 2022, we follow the workflow based on the provided facts and industry methodology.

### Step 1: Identify the Relevant Industry

REN is a Portuguese company operating in the energy transmission sector (electricity and natural gas). The provided text describes "Regulated Utilities" as companies that provide essential infrastructure, are shielded from competition, and are subject to comprehensive regulation. REN operates as a transmission system operator (TSO) under a regulated framework in Portugal. Therefore, the **Regulated Utilities** industry methodology applies.

Key characteristics of the Regulated Utilities methodology relevant to this calculation:
*   **FFO Calculation:** Typically derived from Adjusted EBITDA minus cash interest and cash taxes.
*   **Debt Adjustment:** Standard adjustments include netting eligible cash against debt. Lease liabilities are often treated as debt-like, but we must check if specific lease data is available or if standard borrowings cover the primary debt obligation. The prompt provides "Payments Of Lease Liabilities" and "Payments Of Lease Interests", suggesting leases exist. However, without a explicit lease liability balance sheet item, we will use the reported borrowings as the primary debt component and adjust for cash. S&P typically nets "eligible cash" (cash and cash equivalents) against gross debt.

### Step 2: Estimate Adjusted EBITDA

First, we reconstruct EBITDA from the Income Statement items provided for the period 2022-01-01 to 2023-01-01.

**Reported Operating Profit (EBIT):**
The item "Profit Loss From Operating Activities" is given as **239,721,000 EUR**. This is effectively EBIT.

**Add back Depreciation and Amortization:**
"Depreciation And Amortisation Expense" is **249,276,000 EUR**.

**Calculated EBITDA:**
$$EBITDA = \text{Operating Profit} + \text{Depreciation \& Amortization}$$
$$EBITDA = 239,721,000 + 249,276,000 = 488,997,000 \text{ EUR}$$

**Adjustments for Adjusted EBITDA:**
*   **Leases:** The methodology often adds back lease interest to EBITDA if EBIT is after lease interest, or treats lease payments as debt service. In IFRS, Operating Profit usually includes depreciation of right-of-use assets but excludes interest on lease liabilities. The "Finance Costs" include interest. We will assume the reported Operating Profit is the starting point. S&P adjustments for regulated utilities often focus on regulatory deferrals or non-recurring items. No significant non-recurring gains/losses or pension adjustments are explicitly detailed as requiring adjustment in the text provided (e.g., "Changes In Other Provisions" is small). We will assume Reported EBITDA is a close proxy for Adjusted EBITDA, or that any normalizations are immaterial given the data constraints.
*   **Joint Ventures:** The "Share Of Profit Loss Of Associates And Joint Ventures" is 11,812,000 EUR. S&P often includes proportional EBITDA from JVs. However, without the specific EBITDA of the JVs, we cannot accurately add this back. Usually, if the share of profit is included in Net Income but not EBITDA, we might adjust. But "Profit Loss From Operating Activities" typically excludes equity income in many IFRS presentations (it's often below operating profit or separate). Looking at the structure: Revenue - OpEx = Operating Profit. Equity income is usually non-operating. If it's not in Operating Profit, we don't add it to EBITDA unless we are doing a "look-through" adjustment. Given the lack of JV EBITDA data, we will stick to the consolidated EBITDA.

Let's assume **Adjusted EBITDA ≈ 488,997,000 EUR**.

### Step 3: Estimate FFO

Formula: $FFO = \text{Adjusted EBITDA} - \text{Cash Interest} - \text{Cash Taxes}$

**Cash Interest:**
We need the cash paid for interest.
The Cash Flow Statement provides:
*   "Interest Paid Classified As Financing Activities": **40,545,000 EUR**
*   "Payments Of Lease Interests": **26,000 EUR**
*   Total Cash Interest = $40,545,000 + 26,000 = 40,571,000 \text{ EUR}$.

Note: "Finance Costs" in the P&L is 67,394,000 EUR, but FFO uses *cash* interest.

**Cash Taxes:**
The Cash Flow Statement provides:
*   "Income Taxes Paid Refund Classified As Operating Activities": **77,970,000 EUR**.

**Calculate FFO:**
$$FFO = 488,997,000 - 40,571,000 - 77,970,000$$
$$FFO = 370,456,000 \text{ EUR}$$

### Step 4: Estimate Adjusted Debt

Formula: $\text{Adjusted Debt} = (\text{Reported Debt} + \text{Leases} + \dots) - \text{Eligible Cash}$

**Reported Debt:**
From the Balance Sheet (2023-01-01, which represents the end of fiscal year 2022):
*   "Longterm Borrowings": **1,695,362,000 EUR**
*   "Current Borrowings And Current Portion Of Noncurrent Borrowings": **638,944,000 EUR**
*   Total Gross Debt = $1,695,362,000 + 638,944,000 = 2,334,306,000 \text{ EUR}$.

**Lease Liabilities:**
The balance sheet does not explicitly list "Lease Liabilities". However, S&P methodology typically capitalizes operating leases or includes finance lease liabilities in debt. Without a specific line item for lease liabilities in the provided facts, we cannot add them precisely. However, "Payments Of Lease Liabilities" is very small (2,157,000 EUR), suggesting the lease burden is low. We will proceed with the reported borrowings as the primary debt component. If lease liabilities were material, they would likely appear in "Other Longterm Provisions" or "Trade And Other Non Current Payables", but we cannot disentangle them. We will assume Reported Debt is the best available proxy for Gross Debt.

**Eligible Cash:**
*   "Cash And Cash Equivalents" (2023-01-01): **365,292,000 EUR**.
*   S&P typically nets unrestricted cash against debt. There is no indication of restricted cash that is ineligible.

**Calculate Adjusted Debt:**
$$\text{Adjusted Debt} = \text{Gross Debt} - \text{Cash}$$
$$\text{Adjusted Debt} = 2,334,306,000 - 365,292,000$$
$$\text{Adjusted Debt} = 1,969,014,000 \text{ EUR}$$

### Step 5: Calculate FFO / Adjusted Debt Ratio

$$\text{Ratio} = \frac{FFO}{\text{Adjusted Debt}}$$
$$\text{Ratio} = \frac{370,456,000}{1,969,014,000}$$

Calculation:
$370,456,000 / 1,969,014,000 \approx 0.1881429$

Rounding to four decimal places: **0.1881**

<answer>0.1881</answer>