Let’s go through this step-by-step.

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**Step 1 – Identify the relevant industry**

Fortum Oyj is a Nordic energy company historically focused on electricity generation (including hydro, nuclear, and thermal), district heating, and energy trading. In 2022, it sold its Uniper stake, classified as discontinued operations.

The company has regulated and unregulated operations. Based on the provided methodologies, **Unregulated Power And Gas** fits best for the continuing operations, since it operates in liberalized power markets, generation, and retail without full cost-of-service regulation covering most earnings.

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**Step 2 – Estimate Adjusted EBITDA**

From the data:

- **Comparable EBITDA 2022**: 2,436,000,000 EUR
- **Items Affecting Comparability 2022**: –593,000,000 EUR  
  (This is the adjustment for non-recurring items.)

The comparable EBITDA already excludes items affecting comparability, so to get Adjusted EBITDA under S&P methodology, I should check if these items are non-recurring losses or gains.

Items Affecting Comparability = –593M (negative, meaning it reduced reported profit).  
The breakdown includes:
- Impairment losses 905M  
- Capital gains 785M  
- Derivative fair value changes 393M  
- Other adjustments 80M

Net effect on operating profit is –593M.

For Adjusted EBITDA, we start from **Comparable EBITDA** because it already strips out impairments, capital gains, etc., which S&P normally excludes.  
Therefore:

**Adjusted EBITDA ≈ Comparable EBITDA = 2,436,000,000 EUR**

No lease, pension, or JV proportional EBITDA adjustments are specifically needed from the data provided (joint venture share of loss already excluded from comparable figures).

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**Step 3 – Estimate FFO**

FFO = Adjusted EBITDA – cash interest – cash taxes

From the cash flow statement:

- **Interest paid** (operating activities) = 201,000,000 EUR
- **Income taxes paid** (operating) = 167,000,000 EUR

So:

FFO = 2,436,000,000 – 201,000,000 – 167,000,000  
FFO = **2,068,000,000 EUR**

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**Step 4 – Estimate Adjusted Debt**

From the balance sheet (31 Dec 2022):

- **Noncurrent financial liabilities** (excl. derivatives) = 3,658,000,000 EUR
- **Current financial liabilities** (excl. derivatives) = 4,127,000,000 EUR  
Total reported debt ≈ 7,785,000,000 EUR

Add:
- Pension deficit = 13,000,000 EUR (noncurrent defined benefit plan liability)
- Other long-term provisions? S&P would normally exclude nuclear and asset retirement obligations from debt-like adjustments unless unfunded—but Fortum has matching assets in the nuclear waste fund (966M). Net nuclear provision ≈ 0.
- Guarantees, hybrids, other debt-like items: not given, assume 0.

Less:
- Eligible cash: cash and equivalents = 3,919,000,000 EUR

Adjusted Debt = 7,785,000,000 + 13,000,000 – 3,919,000,000  
= **3,879,000,000 EUR**

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**Step 5 – Calculate FFO / Adjusted Debt**

FFO / Adjusted Debt = 2,068,000,000 / 3,879,000,000  
= 0.5331 (rounded to 4 decimal places)

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<answer>0.5331</answer>