To estimate the S&P-adjusted FFO-to-debt ratio for Naturgy Energy Group S.A. for the fiscal year 2022, we will follow the standard S&P global corporate methodology, applying relevant adjustments for the utility sector.

**Step 1: Estimate Adjusted EBITDA**
S&P defines Adjusted EBITDA as reported EBITDA adjusted for non-recurring items, credit losses (treated as an operating expense), and the inclusion of dividends received from equity investments instead of their equity in earnings.

1. **Reported EBITDA:** 4,954m EUR
2. **Credit Losses:** The company added back "Increase/Decrease in Allowance Account for Credit Losses" (-228m EUR) to get its reported EBITDA. Since S&P treats credit losses as a recurring operating expense, we deduct this back out: -228m EUR.
3. **Non-recurring Gains:** The company included "Gains On Disposals Of Property, Plant And Equipment" (8m EUR) in its EBIT. We deduct this non-recurring gain: -8m EUR.
4. **Dividends from Associates:** Equity earnings are excluded from EBITDA, but we add cash dividends received from associates/joint ventures: +106m EUR. 
*(Note: "Other Gains Losses" of -111m EUR were correctly treated as non-recurring and were already added back in the reported EBITDA).*

*Adjusted EBITDA* = 4,954 - 228 - 8 + 106 = **4,824m EUR**

**Step 2: Estimate FFO (Funds From Operations)**
S&P calculates FFO by deducting net cash interest paid and cash taxes paid from Adjusted EBITDA.

1. **Net Cash Interest Paid:** Interest paid (520m EUR) minus interest received (87m EUR) = 433m EUR.
2. **Cash Taxes Paid:** Income taxes paid classified as operating activities = 762m EUR.

*FFO* = 4,824 (Adjusted EBITDA) - 433 (Net Cash Interest) - 762 (Cash Taxes) = **3,629m EUR**

**Step 3: Estimate Adjusted Debt**
S&P defines Adjusted Debt as total reported debt (including lease liabilities) minus eligible cash and highly liquid short-term investments.

1. **Total Financial Liabilities:** 
   - Noncurrent Financial Liabilities: 13,999m EUR (includes 12,689m Borrowings + 1,309m Leases + 1m Other)
   - Current Financial Liabilities: 2,302m EUR (includes 2,110m Borrowings + 177m Leases + 15m Other)
   *Gross Debt* = 13,999 + 2,302 = 16,301m EUR.
2. **Eligible Cash:** 
   - Cash and Cash Equivalents = 3,985m EUR
   - Other Current Financial Assets (highly liquid short-term investments) = 408m EUR
   *Total Eligible Cash* = 3,985 + 408 = 4,393m EUR.
*(Note: Without specific granular data, hybrid debt and unfunded pension deficits are held at baseline 0 as they cannot be reliably isolated from the general provisioning items).*

*Adjusted Debt* = 16,301 - 4,393 = **11,908m EUR**

**Step 4: Calculate FFO / Adjusted Debt**
*FFO / Adjusted Debt* = 3,629m EUR / 11,908m EUR = 0.304753...

<answer>0.3048</answer>