Step 1: Identify the relevant industry
Veolia Environnement is a major utility company primarily providing water and waste management services. Based on the S&P industry methodologies provided, it falls under the "Regulated Utilities" sector (specifically the Water subsector), as it provides essential infrastructure services shielded from competition and subject to comprehensive regulation.

Step 2: Estimate Adjusted_Debt
Baseline formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash
- Reported Debt: "Noncurrent Financial Liabilities Excluding Concession Liabilities" (19,692,100,000) + "Current Financial Liabilities Excluding Concession Liabilities" (6,521,400,000) = 26,213,500,000 EUR
- Leases: "Noncurrent Lease Liabilities" (1,656,200,000) + "Current Lease Liabilities" (496,500,000) = 2,152,700,000 EUR
- Pension deficit: No pension deficit is explicitly given in the provided facts, so 0 EUR.
- Guarantees: Not provided, 0 EUR.
- Hybrid debt portion: S&P typically treats deeply subordinated securities (Titres Super Subordonnes) as 50% equity / 50% debt. Total deeply subordinated securities = 3,496,300,000 EUR. Debt portion = 3,496,300,000 * 50% = 1,748,150,000 EUR.
- Other debt-like items: 0 EUR.
- Eligible cash: "Cash And Cash Equivalents" (9,012,200,000) + "Bank Overdrafts And Other Cash Position Items" (213,600,000) = 9,225,800,000 EUR.

Calculation:
Adjusted_Debt = 26,213,500,000 + 2,152,700,000 + 1,748,150,000 - 9,225,800,000 = 20,888,550,000 EUR

Step 3: Estimate Adjusted_EBITDA
Baseline formula: Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments
- Reported EBITDA: "Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities" (2,206,300,000) + "Operating Depreciation Amortization Provisions And Impairment Losses" (3,178,600,000) = 5,384,900,000 EUR
- Adjustment for leases: Under S&P methodology, lease interest and depreciation are added back to EBITDA. We estimate the lease expense from the cash flow statement: "Interest On Lease" (52,500,000) + "Repayment Of New Noncurrent Lease Debt" (130,400,000) + "Change In Current Lease Debt Ifrs16" (552,900,000) - "Interest On Lease" (excluded to avoid double counting with EBITDA margin add-back for rent expense, which substitutes the entire lease payment). The standard S&P adjustment for operating leases (pre-IFRS 16 logic) adds back the full rent expense. Assuming the rent expense is the principal repayment + interest: 130,400,000 + 52,500,000 = 182,900,000 EUR. 
- Nonrecurring losses/gains: "Gains Losses On Disposal Of Operating Assets" (-299,000,000). Since it's a loss (negative value), we add it back to normalize EBITDA: 299,000,000 EUR.
- Other normalization adjustments: "Profit Loss From Discontinued Operations" (-78,600,000), which is a loss. We add it back: 78,600,000 EUR.

Calculation:
Adjusted_EBITDA = 5,384,900,000 + 182,900,000 + 299,000,000 + 78,600,000 = 5,945,400,000 EUR

Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 20,888,550,000 / 5,945,400,000 ≈ 3.5126

<answer>3.51</answer>