To estimate the S&P-adjusted FFO-to-debt ratio for ERG S.P.A. for the fiscal year 2022, we apply the standard S&P Global Ratings corporate methodology step-by-step:

**Step 1: Estimate Adjusted EBITDA**
We begin with the reported EBITDA. According to the data:
* Reported EBITDA ("Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense") = 499,430,000 EUR
This figure correctly adds back depreciation and amortization, and already excludes the impairment loss (43,185,000 EUR) which is considered a non-recurring item. ERG operates under IFRS 16, so operating lease expenses are already excluded from EBITDA.
* Adjusted EBITDA = 499,430,000 EUR

**Step 2: Estimate FFO (Funds From Operations)**
Using the baseline formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`
* Cash Interest Paid ("Interest Paid Classified As Financing Activities") = 29,146,000 EUR
* Cash Taxes Paid ("Income Taxes Paid Classified As Operating Activities") = 91,854,000 EUR
* FFO = 499,430,000 - 29,146,000 - 91,854,000 = 378,430,000 EUR

**Step 3: Estimate Adjusted Debt**
S&P adjusts reported debt to include lease liabilities, post-retirement obligations, and other debt-like items such as asset retirement obligations (AROs). We subtract eligible highly liquid cash to arrive at the net adjusted debt.
* Reported Debt (Noncurrent + Current Borrowings) = 1,751,255,000 EUR + 389,716,000 EUR = 2,140,971,000 EUR
* Lease Liabilities (Noncurrent + Current) = 150,955,000 EUR + 6,362,000 EUR = 157,317,000 EUR
* Pension Deficit ("Noncurrent Provisions For Employee Benefits") = 3,723,000 EUR
* Other Debt-Like Items (ARO: "Longterm Provision For Decommissioning Restoration And Rehabilitation Costs") = 92,613,000 EUR
* *Gross Adjusted Debt* = 2,140,971,000 + 157,317,000 + 3,723,000 + 92,613,000 = 2,394,624,000 EUR
* Less: Eligible Cash ("Cash And Cash Equivalents") = 392,811,000 EUR 
* *Net Adjusted Debt* = 2,394,624,000 - 392,811,000 = 2,001,813,000 EUR

**Step 4: Calculate the S&P-Adjusted FFO-to-Debt Ratio**
* FFO / Adjusted Debt = 378,430,000 / 2,001,813,000 ≈ 0.18904

<answer>0.1890</answer>