To determine the S&P-adjusted FFO-to-debt ratio for REN - REDES ENERGÉTICAS NACIONAIS, SGPS, S.A. for the fiscal year 2022, we apply the standard S&P Global Ratings methodology for regulated utilities. 

**1. Adjusted EBITDA:**
We start with the reported operating profit (EBIT) and add back depreciation and amortization, as well as specific non-cash and non-recurring items. We also adjust for equity earnings, cash dividends from associates, and post-retirement benefit costs.
* **Reported EBIT (Profit Loss From Operating Activities):** 239,721,000 EUR
* **Depreciation and Amortization:** +249,276,000 EUR
* **Impairment Loss:** +1,437,000 EUR (added back as a non-cash expense)
* **Changes in Other Provisions:** -2,230,000 EUR (deducted as a non-cash gain/reversal)
* **Share of Profit of Associates:** -11,812,000 EUR (deducted to replace equity earnings with cash dividends)
* **Dividends Received (Classified as Investing):** +21,551,000 EUR (added to reflect total cash returns from equity and other investments)
* **Pension Adjustment:** -1,916,000 EUR (S&P substitutes P&L pension expense with actual cash contributions. Based on the provision reduction of 29,170k and OCI gain of 27,254k, cash contributions exceeded P&L expense by 1,916k, so we deduct this amount).
* **Adjusted EBITDA (before ESEC):** 496,027,000 EUR

**2. Funds From Operations (FFO):**
FFO is calculated by taking Adjusted EBITDA and subtracting cash interest and cash taxes paid. As a regulated utility in Portugal, REN is subject to the Energy Sector Extraordinary Contribution (ESEC), an ongoing cash levy that operates as an additional tax or operating outflow.
* **Adjusted EBITDA:** 496,027,000 EUR
* **Cash Interest Paid:** -40,571,000 EUR (40,545k financing interest + 26k lease interest)
* **Income Taxes Paid:** -77,970,000 EUR (Standard corporate taxes paid)
* **ESEC Cash Outflow:** -28,019,000 EUR (Deducted to reflect this recurring sector-specific tax/levy outflow not captured in the standard income tax line).
* **FFO:** 349,467,000 EUR

**3. Adjusted Debt:**
We sum the reported short- and long-term borrowings and make standard S&P adjustments for unfunded pension obligations and accessible cash. 
* **Reported Long-term Borrowings:** 1,695,362,000 EUR
* **Reported Short-term Borrowings:** 638,944,000 EUR
* **Total Borrowings:** 2,334,306,000 EUR
* **Pension Deficit (Post-tax):** +45,457,000 EUR (Unfunded provision of 64,939k, net of an estimated 30% tax shield observed from OCI tax lines)
* **Less: Cash and Cash Equivalents:** -365,292,000 EUR (treated as fully eligible to offset debt)
* *Note:* The 1,000,000,000 EUR asset/liability related to the Transitional Gas Price Stabilization Regime is excluded as it is a direct regulatory pass-through structure with no debt recourse.
* **Adjusted Debt:** 2,014,471,000 EUR

**4. FFO / Adjusted Debt Ratio:**
* **Ratio:** 349,467,000 EUR / 2,014,471,000 EUR = 0.173479...

<answer>0.1735</answer>