I'll work through this step-by-step, analyzing Fortum Oyj's financial data and applying S&P methodology.

## Step 1: Identify the Relevant Industry for Fortum Oyj

Fortum Oyj is a Finnish energy company. Looking at its business:
- It operates in power generation (including nuclear, hydro, thermal, and renewables)
- It has regulated and unregulated activities
- It has significant operations in the Nordic power market
- The company has both generation and retail/supply activities

Based on the data, Fortum operates in **multiple sectors**: regulated utilities (distribution networks), unregulated power and gas (generation, trading, retail), and has historically had significant exposure to commodity markets. Given the complexity and the 2022 data showing significant derivative exposures and commodity trading activities, Fortum fits primarily into the **Unregulated Power and Gas** category, with some regulated utility elements.

However, looking at the 2022 annual report data more carefully:
- The company shows "Comparable Operating Profit" and "Items Affecting Comparability" 
- The massive derivative exposures (current derivative assets of €65.4 billion and liabilities of €71.9 billion at 2022 year-end) suggest significant trading/commodity activities
- The discontinued operations loss of €11.3 billion relates to the exit from Russian operations (Uniper divestiture)

Given the Nordic power market structure and Fortum's business model (generation, trading, retail, and networks), I'll apply the **Unregulated Power and Gas** methodology as the primary framework, with awareness that regulated utility elements exist.

## Step 2: Estimate Adjusted_EBITDA

From the data:
- "Operating Profit Before Depreciations Ebitda" 2022: €1,842,000,000
- "Comparable Ebitda" 2022: €2,436,000,000
- "Depreciation And Amortisation Expense" 2022: €566,000,000

Let me reconstruct EBITDA from operating profit:
- "Profit Loss From Operating Activities" 2022: €1,277,000,000
- Add back Depreciation and Amortization: €566,000,000
- EBITDA = €1,277,000,000 + €566,000,000 = €1,843,000,000

This matches closely with "Operating Profit Before Depreciations Ebitda" of €1,842,000,000. I'll use €1,842,000,000 as the base.

For S&P adjustments, I need to consider:
- **Nonrecurring items**: "Items Affecting Comparability" 2022: -€593,000,000 (negative means losses)
  - This includes: Impairment losses €905M, Capital gains €785M, Changes in fair values of derivatives €393M, Other adjustments €80M
  
For S&P purposes, we normalize by removing nonrecurring gains and adding back nonrecurring losses. The "Items Affecting Comparability" of -€593M means there were net losses of €593M that affected comparability. These should be added back to get to a normalized figure.

The "Comparable Ebitda" of €2,436,000,000 already represents the normalized figure (comparable = adjusted for nonrecurring items).

Let me verify: €1,842M (reported EBITDA) - €593M (items affecting comparability, negative = loss) doesn't directly reconcile. Let me check: €1,842M + €593M = €2,435M ≈ €2,436M (Comparable EBITDA). Yes, this works because the -€593M was a net loss item, so adding it back gives comparable.

So **Adjusted_EBITDA = €2,436,000,000** (using Comparable EBITDA as the normalized figure)

Wait - let me re-check. The items affecting comparability include both positive and negative items. Let me look more carefully:

From the detailed breakdown:
- Impairment loss reversal: €905,000,000 (this is a positive/gain)
- Capital gains and other related items: €785,000,000 (positive/gain)
- Changes in fair values of derivatives hedging future cash flow: €393,000,000 (positive/gain)
- Other adjustments affecting comparability: €80,000,000 (positive)

Sum of positive items: €905M + €785M + €393M + €80M = €2,163M

But "Items Affecting Comparability" is shown as -€593M. This suggests there are larger negative items not fully detailed, or these are presented differently.

Actually, looking more carefully at the signs: "Items Affecting Comparability" of -€593M means it's a net negative (loss). The detailed items might be gross amounts, and the net effect is -€593M.

Given that "Comparable EBITDA" is explicitly provided as €2,436M, and this is the normalized figure S&P would prefer, I'll use:
**Adjusted_EBITDA = €2,436,000,000**

However, for S&P methodology, I need to check if there are lease adjustments. The data doesn't explicitly show lease liabilities separately, but "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" suggests leases exist. Without explicit lease expense data, I'll use Comparable EBITDA as the base.

Actually, let me reconsider using the standard S&P approach. S&P typically starts with reported EBITDA and makes adjustments. Let me use:
- Reported EBITDA: €1,842,000,000
- Add back: nonrecurring losses or subtract nonrecurring gains

The "Items Affecting Comparability" of -€593,000,000 represents net losses (negative number in profit = loss). So to normalize, we add back these losses: €1,842M + €593M = €2,435M ≈ €2,436M.

For S&P purposes, I should also consider if there are pension adjustments or joint venture adjustments. The data shows:
- "Noncurrent Recognised Liabilities Defined Benefit Plan": €1,190,000,000 (2022)
- "Share Of Profit Loss Of Associates And Joint Ventures": -€629,000,000 (2022)

For joint ventures, S&P may want to use proportional EBITDA rather than equity earnings. However, without detailed JV financials, this is difficult. The equity method loss of €629M is already excluded from EBITDA (it's below operating profit).

Let me stick with **Adjusted_EBITDA = €2,436,000,000** (Comparable EBITDA)

But wait - I need to check if S&P would make further adjustments. The "Other Adjustments For Noncash Items" in cash flow is €153,000,000. This might include items S&P would adjust.

Actually, let me reconsider more carefully. S&P's baseline formula is:
Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± JV_proportional_EBITDA ± other_normalization

Starting from reported EBITDA of €1,842M:
- Items Affecting Comparability: -€593M (net losses, so add back +€593M)
- This gets to €2,435M ≈ Comparable EBITDA

Are there lease adjustments? Looking at cash flows: "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" = €5,888M. This suggests significant lease liabilities. However, without knowing the lease expense in EBITDA, I cannot make a precise adjustment. IFRS 16 means leases are likely already in EBITDA (depreciation of right-of-use assets).

For S&P, if EBITDA includes lease depreciation (IFRS 16), they might add back lease depreciation and subtract lease payments, or use a different approach. This gets complex.

Let me use a practical approach: **Adjusted_EBITDA = €2,436,000,000** (Comparable EBITDA), which is the company's own normalized metric and aligns with S&P's preference for normalized figures.

## Step 3: Estimate FFO

Baseline formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes

From the data:
- "Interest Paid Classified As Operating Activities" 2022: €201,000,000
- "Income Taxes Paid Refund Classified As Operating Activities" 2022: €167,000,000 (positive = paid)

Wait, let me check: "Income Taxes Paid Refund Classified As Operating Activities" - the value is €167,000,000. In cash flow statements, positive typically means outflow (paid). But let me verify with 2021: €279,000,000. And "Adjustments For Income Tax Expense" is -€556,000,000 (2022), which is the income tax expense in P&L.

Actually, looking at "Income Taxes Paid Refund Classified As Operating Activities" = €167,000,000. This is likely taxes paid (outflow, positive number in cash flow statement convention).

Also: "Interest Received Classified As Operating Activities" = €84,000,000
"Interest Paid Classified As Operating Activities" = €201,000,000

For FFO, S&P uses:
- Cash interest paid (not interest expense)
- Cash taxes paid (not tax expense)

So:
- Cash interest = €201,000,000 (interest paid)
- Cash taxes = €167,000,000 (taxes paid)

However, I need to check if interest received should be deducted from interest paid or if it's separate. S&P typically uses "cash interest paid" net of "cash interest received" for the interest component, or just interest paid depending on methodology.

Looking at S&P's typical approach: FFO = Adjusted EBITDA - cash interest paid - cash taxes paid

FFO = €2,436,000,000 - €201,000,000 - €167,000,000 = €2,068,000,000

But wait - I should also consider if dividends received should be included. S&P sometimes includes dividends received from investments in FFO. "Dividends Received Classified As Operating Activities" = €18,000,000.

Actually, let me reconsider the FFO calculation more carefully. S&P's standard FFO for corporates is:
FFO = Funds from operations = Net income + depreciation + amortization + deferred taxes + other non-cash items - gain/loss on asset sales

Or from EBITDA: FFO = Adjusted EBITDA - cash interest - cash taxes

But there's also an alternative: FFO = Operating cash flow before working capital changes - cash interest - cash taxes, or similar.

Let me check "Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322,000,000

This is essentially EBITDA adjusted for non-cash items and other operating adjustments. Let me verify:
- Operating profit before depreciations (EBITDA): €1,842M
- Adjustments for APM: -€593M
- Other adjustments for noncash items: €153M
- Interest received: €84M
- Interest paid: -€201M
- Dividends received: €18M
- Income taxes paid: -€167M

Wait, that's not quite right. Let me look at the cash flow bridge more carefully.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" of €2,322M is likely:
Comparable EBITDA €2,436M
+/- other adjustments
- cash interest paid
- cash taxes paid
+ interest received
+ dividends received
etc.

Let me try: €2,436M - €201M - €167M + €84M + €18M = €2,170M. Not matching €2,322M.

Let me try from reported: €1,842M + €566M (D&A, already in EBITDA) ... no, EBITDA already includes D&A add-back.

Actually, looking at standard cash flow reconciliation:
Profit from operating activities: €1,277M
+ D&A: €566M
+ Other non-cash adjustments: ?
= Cash flow before working capital changes

The €2,322M includes various adjustments. Let me see if I can reconcile:
€1,277M (operating profit) + €566M (D&A) + €153M (other non-cash) - €593M (items affecting comparability, which are non-cash?) + interest received €84M - interest paid €201M + dividends received €18M - taxes paid €167M = ?

€1,277 + €566 = €1,843
+ €153 = €1,996
- €593 = €1,403
+ €84 - €201 = €1,286
+ €18 = €1,304
- €167 = €1,137

This doesn't match €2,322M. I need to understand the cash flow statement better.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" likely starts from "Comparable Operating Profit" or uses a different bridge.

Looking at the data: "Adjustments For Alternative Performance Measures" = -€593M, and "Other Adjustments For Noncash Items" = €153M.

Perhaps the bridge is:
Comparable Operating Profit: €1,871M
+ D&A: €566M
+ Other non-cash items: €153M
- Items affecting comparability (non-cash portion): ?
= ?

Actually, let me try a different approach. S&P FFO is often calculated as:
FFO = Net income from continuing operations + D&A + deferred taxes + other non-cash charges - gain on sale + interest expense - interest income (or similar adjustments)

Or more practically for this case, using the cash flow approach:
FFO = Cash flow from operations before working capital changes - cash interest paid - cash taxes paid + interest received (if not already in)...

Let me use the direct S&P formula from EBITDA:
FFO = Adjusted_EBITDA - cash_interest - cash_taxes

Where:
- Adjusted_EBITDA = €2,436,000,000 (Comparable EBITDA, normalized)
- Cash interest = €201,000,000 (interest paid, operating activities)
- Cash taxes = €167,000,000 (taxes paid)

FFO = €2,436,000,000 - €201,000,000 - €167,000,000 = €2,068,000,000

But I need to check if interest received should be added. S&P typically includes interest received in FFO if it's from operations. Looking at "Interest Received Classified As Operating Activities" = €84,000,000.

Actually, S&P's standard FFO calculation from EBITDA is:
FFO = EBITDA - cash paid for interest - cash paid for taxes

This gives: €2,436M - €201M - €167M = €2,068M

However, some S&P methodologies add back interest received. Let me check if the €2,322M "Cash Flows From Used In Operations Before Changes In Working Capital" can help.

€2,322M - €201M (interest paid, already in?) - €167M (taxes paid, already in?)... 

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" typically includes interest paid and taxes paid. So:
€2,322M = EBITDA-like figure - interest paid - taxes paid + interest received + dividends received + other items

If I add back interest paid and taxes paid to get to a pre-interest, pre-tax figure:
€2,322M + €201M + €167M = €2,690M

This is higher than Comparable EBITDA of €2,436M. The difference (€254M) might be from interest received (€84M), dividends received (€18M), and other items.

€2,436M + €84M + €18M = €2,538M. Still not matching.

Let me try: €2,322M + €201M + €167M - €84M - €18M = €2,588M. Hmm.

I think the safest approach is to use the standard S&P formula:
**FFO = Adjusted_EBITDA - cash_interest - cash_taxes = €2,436M - €201M - €167M = €2,068,000,000**

But let me also consider if we should use the cash flow figure. "Cash Flows From Used In Operations Before Changes In Working Capital" of €2,322M is close to what some call "operating cash flow before working capital changes" or "funds from operations" in a broader sense.

Actually, looking more carefully at S&P's methodology for unregulated power and gas, they might use a slightly different FFO definition. Let me check if there are specific adjustments.

For unregulated power and gas, S&P mentions: "For unregulated power and gas companies that enter into long-term power purchase agreements (PPAs), we make adjustments to account for those obligations."

Without specific PPA data, I'll proceed with standard FFO.

Let me also consider: should I use reported or comparable basis? S&P prefers normalized figures, so Comparable EBITDA is appropriate.

However, I want to double-check the tax figure. "Income Taxes Paid Refund Classified As Operating Activities" = €167,000,000. Is this paid or refund? The label says "Paid Refund" suggesting it could be either. The positive value in 2022 vs €279M in 2021 suggests these are taxes paid. Also, "Income Tax Expense Continuing Operations" = -€556M (negative expense = benefit), which aligns with the company having tax losses or credits in 2022.

Given the negative tax expense (tax benefit) of €556M, but positive cash tax paid of €167M, there might be timing differences or payments related to prior years.

For S&P FFO, we use cash taxes paid: €167M.

So **FFO = €2,068,000,000**

Wait - I need to reconsider. Let me re-read the S&P formula more carefully:

"FFO = Adjusted_EBITDA - cash_interest - cash_taxes"

But in some S&P methodologies, FFO is defined as:
FFO = Net income + D&A + deferred income taxes + other non-cash items

Let me try this approach:
- "Profit Loss From Continuing Operations" 2022: €1,011,000,000
- Add D&A: €566,000,000
- Add deferred taxes: need to calculate. Income tax expense was -€556M (benefit), cash taxes paid €167M. So deferred tax benefit = €556M - €167M? Actually, tax expense = current + deferred. If total tax expense is -€556M (benefit) and cash paid is €167M, then deferred tax is -€556M - €167M = -€723M? That doesn't seem right.

Actually, the income statement shows "Income Tax Expense Continuing Operations" = -€556,000,000. Negative expense means a benefit. Cash taxes paid = €167,000,000. 

Total tax benefit = €556M. This consists of: current tax expense (which might be positive, i.e., expense) + deferred tax benefit.

If cash taxes paid = €167M, this is current tax. Then deferred tax = total tax - current tax = -€556M - €167M = -€723M? That would mean a large deferred tax benefit.

Actually, the sign convention might be different. Let me think: if tax expense is -€556M (negative = benefit), and cash paid is +€167M (positive = outflow), then:

Tax benefit in P&L: €556M
Cash tax paid: €167M
Deferred tax benefit: €556M + €167M = €723M? 

Hmm, this is getting complicated with signs. Let me just use the EBITDA-based FFO formula which is cleaner.

Actually, I realize I should check if S&P includes interest received in FFO. Looking at some S&P methodologies, FFO typically excludes interest received (it's not part of operations, or it's already excluded). The standard formula is:

FFO = EBITDA - cash interest paid - cash taxes paid

This gives **FFO = €2,068,000,000**

But let me also consider an alternative: if "Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322M already includes interest received and dividends received, then maybe:

FFO = €2,322M - adjustments for non-operating items within this figure

Actually, looking at typical S&P practice, they sometimes define FFO as:
FFO = Cash flow from operating activities before changes in working capital - cash interest paid - cash taxes paid + interest received

No wait, "Cash Flows From Used In Operations Before Changes In Working Capital" typically already deducts interest paid and taxes paid. Let me verify by checking if €2,322M + working capital change €219M = operating cash flow €2,104M? No, €2,322M - €219M = €2,103M, but "Cash Flows From Used In Operating Activities Continuing Operations" = €2,104M. Close but not exact (€2,103M vs €2,104M, likely rounding).

So "Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322M includes:
- Operating cash flows before working capital
- Which includes interest paid, taxes paid, interest received, dividends received, etc.

To get FFO, S&P might use:
FFO = Cash flow from operations before working capital changes + cash interest paid - interest received (if not operating) + ...

Actually, I think I'm overcomplicating this. Let me use the direct formula:

**FFO = Adjusted_EBITDA - cash_interest - cash_taxes = €2,436M - €201M - €167M = €2,068,000,000**

## Step 4: Estimate Adjusted_Debt

Baseline formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

First, I need to identify reported debt. From the balance sheet data:

Looking at liabilities:
- "Other Noncurrent Financial Liabilities" 2023-01-01: €3,658,000,000 (2022 year-end)
- "Other Current Financial Liabilities" 2023-01-01: €4,127,000,000

These likely include debt. But I need 2022 year-end debt, which is 2023-01-01 in the data (since fiscal year ended Dec 31, 2022, the balance sheet is as of Jan 1, 2023 = Dec 31, 2022).

Wait, let me re-read the dates. The data shows:
"Other Noncurrent Financial Liabilities" 2023-01-01: €3,658,000,000
"Other Noncurrent Financial Liabilities" 2022-01-01: €8,701,000,000

So 2023-01-01 is year-end 2022, and 2022-01-01 is year-end 2021.

For 2022 (fiscal year ended Dec 31, 2022), I need year-end 2022 balances, which are labeled 2023-01-01.

Debt items at year-end 2022 (2023-01-01):
- Other Noncurrent Financial Liabilities: €3,658M
- Other Current Financial Liabilities: €4,127M

But I need to understand what's in these. "Other Noncurrent Financial Liabilities" likely includes noncurrent debt. "Other Current Financial Liabilities" likely includes current portion of debt.

However, I also need to check if there are specific debt disclosures. Looking through the data, I don't see explicit "Long-term Debt" or "Short-term Debt" lines.

Let me also check cash flow data for debt movements:
- "Proceeds From Noncurrent Borrowings" 2022: €2,421M
- "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" 2022: €5,888M
- "Cash Flows From Used In Increase Decrease In Current Borrowings" 2022: -€170M

This suggests significant debt activity.

For S&P purposes, I need to estimate total debt. Let me look for more clues.

Actually, looking at the balance sheet more carefully, I need to identify all debt-like items. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" are the main candidates.

But wait - I also need to consider derivatives. For unregulated power and gas companies with significant trading activities, S&P may view certain derivative liabilities as debt-like, especially if they're used for hedging/ trading rather than normal operations.

Looking at the data:
- Noncurrent Derivative Financial Liabilities 2022: €16,657M (2022-01-01) → €756M (2023-01-01)
- Current Derivative Financial Liabilities 2022: €71,947M (2022-01-01) → €3,973M (2023-01-01)

The massive reduction in derivative liabilities from 2022-01-01 to 2023-01-01 reflects the exit from Russian operations (Uniper) and normalization of energy markets.

For S&P's Adjusted Debt, the key question is whether derivative liabilities should be included. For trading companies, S&P typically does not include routine trading derivatives in adjusted debt, but may include them if they're structural or represent debt-like obligations.

However, for unregulated power and gas companies, S&P specifically mentions: "For unregulated power and gas companies that enter into long-term power purchase agreements (PPAs), we make adjustments to account for those obligations."

The derivative exposures here are likely primarily for trading/hedging purposes rather than PPAs. Given the massive reduction and the company's exit from Uniper, the 2022 year-end derivatives of €756M (noncurrent) + €3,973M (current) = €4,729M total derivative liabilities are much more manageable.

For S&P adjusted debt, I'll focus on:
1. Reported debt (financial liabilities)
2. Lease liabilities
3. Pension deficit
4. Other debt-like items

From the balance sheet at year-end 2022 (2023-01-01):
- Other Noncurrent Financial Liabilities: €3,658M
- Other Current Financial Liabilities: €4,127M

Total financial liabilities: €7,785M

But I need to check what's in "Other Current Financial Liabilities" - it might include trade payables or other non-debt items. Looking at the detailed structure:
- Trade And Other Current Payables: €1,657M (separate line)
- Margin Liabilities: €352M
- Other Shortterm Provisions: €13M

So "Other Current Financial Liabilities" of €4,127M likely includes current debt and possibly other financial obligations.

Similarly, "Other Noncurrent Financial Liabilities" of €3,658M likely includes noncurrent debt.

I also need to consider:
- Pension deficit: "Noncurrent Recognised Liabilities Defined Benefit Plan" = €13M at 2023-01-01 (down from €1,190M). This is small.
- Lease liabilities: embedded in "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" but not separately stated. Given IFRS 16, leases are likely in the debt figures.

Actually, looking more carefully at the cash flow: "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities" = €5,888M. This suggests lease liabilities are combined with borrowings.

For a reasonable estimate, let me use total financial liabilities as debt proxy. But I need to be more precise.

Looking at the 2022 balance sheet (2023-01-01):
- Other Noncurrent Financial Liabilities: €3,658M
- Other Current Financial Liabilities: €4,127M

Total: €7,785M

But wait - are there also debt items in "Noncurrent Derivative Financial Liabilities" or "Current Derivative Financial Liabilities"? For trading companies, these are typically not counted as debt unless they're structural.

Let me also check if there's any securitized debt or other items. The data doesn't show explicit securitization.

For S&P adjusted debt, I also need to subtract eligible cash:
- Liquid Funds (cash): €3,919M

But S&P typically only subtracts "available cash" or "surplus cash," not all cash. For utilities, they might consider a portion of cash as necessary for operations.

However, following the baseline formula: Adjusted_Debt = reported_debt + ... - eligible_cash

If I use total financial liabilities as reported debt: €7,785M - €3,919M (all cash) = €3,866M

But this seems too low and might not be right. Let me reconsider.

Actually, I think I need to look at this differently. The "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" might include more than just debt. They could include:
- Debt
- Lease liabilities
- Derivative liabilities (if not separately stated)
- Other financial obligations

Looking at the 2021 year-end (2022-01-01):
- Other Noncurrent Financial Liabilities: €8,701M
- Other Current Financial Liabilities: €8,519M
- Noncurrent Derivative Financial Liabilities: €16,657M
- Current Derivative Financial Liabilities: €71,947M

At 2021 year-end, total derivative liabilities were €88,604M, and other financial liabilities were €17,220M, totaling €105,824M. This seems very high and likely includes trading derivatives.

At 2022 year-end:
- Derivative liabilities: €756M + €3,973M = €4,729M
- Other financial liabilities: €3,658M + €4,127M = €7,785M

The reduction in derivative liabilities from €88,604M to €4,729M reflects the Uniper deconsolidation and market normalization.

For debt purposes, I need to determine what's truly "debt" vs. trading obligations. For energy trading companies, derivative liabilities related to trading are typically not counted as debt in the same way - they're more like working capital or trading positions.

However, for S&P's adjusted debt, they might include certain derivative liabilities if they're deemed debt-like.

Let me try a different approach. Looking at the cash flow statement for financing activities:
- Proceeds From Noncurrent Borrowings: €2,421M
- Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities: €5,888M
- Cash Flows From Used In Increase Decrease In Current Borrowings: -€170M (negative = reduction)

Net debt repayment: €5,888M + €170M - €2,421M = €3,637M (repayments exceed borrowings)

This suggests debt reduction during 2022.

For year-end 2022 debt, let me estimate based on year-end 2021 and cash flows, but this is imprecise due to other factors.

Actually, let me look at this from a different angle. For S&P ratings, they often use "total debt" as reported by the company, adjusted for certain items. 

Given the data limitations, let me make reasonable assumptions:
- Reported debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities that represent debt
- At year-end 2022: €3,658M + €4,127M = €7,785M

But I need to subtract non-debt items if any. Looking at the balance sheet structure, "Other Current Financial Liabilities" likely includes current portion of debt, but might also include other items.

Actually, let me check if there's a better way. The total liabilities are €15,905M at year-end 2022. Equity is €7,737M. Total assets €23,642M.

Liabilities breakdown:
- Noncurrent liabilities: €5,784M
  - Other Noncurrent Financial Liabilities: €3,658M
  - Noncurrent Derivative Financial Liabilities: €756M
  - Deferred Tax Liabilities: €152M
  - Nuclear Non Current Provisions: €966M
  - Other Longterm Provisions: €118M
  - Noncurrent Recognised Liabilities Defined Benefit Plan: €13M
  - Other Noncurrent Liabilities: €121M

- Current liabilities: €10,122M
  - Other Current Financial Liabilities: €4,127M
  - Current Derivative Financial Liabilities: €3,973M
  - Other Shortterm Provisions: €13M
  - Margin Liabilities: €352M
  - Trade And Other Current Payables: €1,657M

For S&P adjusted debt, I should include:
1. Financial liabilities that are debt-like
2. Possibly some derivative liabilities
3. Pension deficits
4. Less eligible cash

Let me consider: "Other Noncurrent Financial Liabilities" €3,658M + "Other Current Financial Liabilities" €4,127M = €7,785M as core debt.

Should I include derivative liabilities? For a company with trading operations, S&P's view on derivatives depends on whether they're structural hedges or trading positions. Given Fortum's business, the remaining derivatives at year-end 2022 (€4,729M total) are likely primarily hedging/ trading related to normal operations.

For S&P, I'll include a portion or exclude them if they're routine trading. Let me check S&P's specific guidance for unregulated power and gas: "For unregulated power and gas companies that enter into long-term power purchase agreements (PPas), we make adjustments to account for those obligations."

This suggests PPAs are the focus, not routine trading derivatives.

Let me also consider lease liabilities. Under IFRS 16, these are in "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities."

For pension deficit: "Noncurrent Recognised Liabilities Defined Benefit Plan" = €13M at year-end 2022. This is small.

For other debt-like items: "Nuclear Non Current Provisions" = €966M. These are nuclear decommissioning/waste provisions. S&P might view these as debt-like if they're unfunded obligations.

Actually, looking at the asset side: "Share In State Nuclear Waste Management Fund" = €966M at year-end 2022. This matches the nuclear provision! So the nuclear waste liability is fully funded by the state fund. Thus, no net debt impact.

Let me reconsider the debt calculation more carefully. 

For S&P adjusted debt, a common approach is:
Adjusted Debt = Short-term debt + Long-term debt + Current portion of long-term debt + Lease liabilities + Pension deficit + Hybrid securities (debt portion) + Other debt-like obligations - Cash and cash equivalents

From the data, using:
- Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities = €3,658M + €4,127M = €7,785M

But wait - I need to check if "Other Current Financial Liabilities" includes items that are not debt. For example, it might include dividends payable, accrued interest, or other non-debt financial obligations.

Given the lack of granularity, I'll use €7,785M as reported debt proxy, but let me also consider if I should add derivative liabilities.

Actually, for energy companies with significant trading, S&P sometimes includes trading-related liabilities if they're structural. But at year-end 2022, with the Uniper exit, Fortum's trading operations are much reduced.

Let me try a different approach: look at what the company's comparable net debt might be. Fortum reports "Comparable net debt" in its own metrics, but this isn't directly in the data.

Given all this, let me make a reasonable estimate:
- Reported debt (financial liabilities): €7,785M
- Less: Cash and liquid funds: €3,919M
- Adjusted Debt (baseline): €7,785M - €3,919M = €3,866M

But I need to add back any pension deficit or other items. Pension deficit is only €13M, negligible.

However, I should also consider if S&P would include all or part of the derivative liabilities. For prudence, let me check if the derivative liabilities are debt-like.

Actually, looking more carefully at S&P methodology for unregulated power and gas, they mention making adjustments for PPAs. Fortum likely has PPAs, but they're not separately identified in the data.

Let me also consider: should I use gross debt or net debt? S&P's formula says "eligible_cash" is subtracted, not all cash. S&P typically only subtracts "available cash" or "surplus cash" beyond operating needs.

For a utility/energy company, S&P might consider a portion of cash as necessary for operations. However, without specific guidance, I'll use the full cash amount as a baseline, or perhaps a portion.

Actually, re-reading the S&P formula: "Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash"

"Eligible cash" typically means cash that is truly available to pay down debt, not restricted cash. For Fortum, "Liquid Funds" = €3,919M. This likely includes cash and cash equivalents and short-term investments.

But wait - I also need to check "Margin Receivables" and margin-related items. "Margin Receivables" = €2,607M and "Margin Liabilities" = €352M. These are collateral postings for trading. They're not debt per se, but represent working capital tied up in trading.

For S&P, margin receivables might be considered "trapped cash" or working capital, not eligible cash. Similarly, derivative assets/liabilities are trading positions.

Given the complexity, let me use a simplified but reasonable approach:
- Core debt: Other Noncurrent Financial Liabilities + Other Current Financial Liabilities = €7,785M
- Less: Liquid Funds (cash) = €3,919M
- Adjusted Debt = €3,866M

But I want to double-check if this is too low. Let me see if there are other debt items I missed.

Looking again at noncurrent liabilities: "Other Noncurrent Financial Liabilities" €3,658M. Is this all debt? It might include other items like deferred payments, put options, etc.

And "Other Current Financial Liabilities" €4,127M - this seems high for just current debt. It might include:
- Current portion of long-term debt
- Short-term borrowings
- Lease liabilities (current)
- Other financial obligations

Actually, looking at the 2021 figure: "Other Current Financial Liabilities" was €8,519M when the company was larger (with Uniper). The reduction to €4,127M reflects the Uniper deconsolidation.

For a reasonable S&P adjusted debt estimate, let me also consider if I should include the derivative liabilities. At year-end 2022, derivative liabilities are €4,729M. If these represent structural hedges or debt-like obligations, they should be included. If they're trading positions, maybe not.

Given Fortum's reduced trading profile post-Uniper, and that derivative liabilities are now much smaller, I'll include them partially or consider them as working capital.

Actually, let me look at this from an enterprise value perspective. Total assets €23,642M - Equity €7,737M - Non-debt liabilities (trade payables, provisions, deferred taxes, etc.) = debt.

Non-debt liabilities:
- Deferred Tax Liabilities: €152M
- Nuclear Non Current Provisions: €966M (funded by €966M asset, net zero)
- Other Longterm Provisions: €118M
- Noncurrent Recognised Liabilities Defined Benefit Plan: €13M
- Other Noncurrent Liabilities: €121M
- Other Shortterm Provisions: €13M
- Margin Liabilities: €352M
- Trade And Other Current Payables: €1,657M

Total non-debt liabilities (excluding derivatives and financial liabilities): €152+€966+€118+€13+€121+€13+€352+€1,657 = €2,392M (but nuclear is funded, so really €1,426M net)

Total liabilities: €15,905M
Less: Non-debt liabilities (approx): €2,392M
Less: Derivative liabilities: €4,729M
= Debt-like financial liabilities: €15,905M - €2,392M - €4,729M = €8,784M

Hmm, this is close to my €7,785M estimate. The difference might be classification differences.

Actually, let me just use the explicit financial liability lines:
- Other Noncurrent Financial Liabilities: €3,658M
- Other Current Financial Liabilities: €4,127M
Total: €7,785M

I'll use this as reported debt, and subtract cash.

But I need to consider: is all €7,785M truly "debt"? Some might be other financial obligations. Without more detail, I'll proceed.

For S&P's purposes, they might also add back certain items. Let me check if there are guarantees or hybrid securities. The data doesn't show explicit hybrids.

Let me also check "Equity" for hybrid-like items. The equity structure shows:
- Issued Capital: €3,046M
- Share Premium: €73M
- Retained Earnings: €6,467M
- Other Equity Interest: -€1,916M (negative = accumulated losses/OCI)

Total equity: €7,737M. No obvious hybrids.

Given all this, my estimate for Adjusted Debt:
= Reported debt + leases + pension_deficit + ... - eligible_cash
= €7,785M + €0 (leases in debt already) + €13M (pension) - €3,919M (cash)
= €3,879M

Wait, I need to check if leases are already in the €7,785M. Given IFRS 16 and the cash flow line "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities", leases are likely included in debt.

So **Adjusted_Debt ≈ €3,879M** or roughly **€3,900M**

But let me reconsider if I should use more cash or less. "Liquid Funds" = €3,919M. Is all of this eligible? S&P typically considers "available cash" which might exclude restricted cash. For a utility, some cash might be needed for operations.

Also, I should check "Current Derivative Financial Assets" = €1,486M and "Noncurrent Derivative Financial Assets" = €343M. These are derivative assets, not cash. They might be considered as offsets to derivative liabilities, but S&P typically doesn't net derivatives this way for debt purposes.

Let me also consider if I should include margin receivables as available cash. "Margin Receivables" = €2,607M. These are collateral posted for trading. They might be recoverable but are not immediately available cash.

Given all considerations, let me use:
**Adjusted_Debt = €7,785M (debt) - €3,919M (cash) = €3,866M**

Or if I include pension deficit: €3,866M + €13M = €3,879M

I'll round to **€3,880M** or be more precise with **€3,866M - €3,879M range**.

Actually, let me reconsider one more time. Should I include derivative liabilities in debt? For energy companies, S&P's view is nuanced. Let me check if the derivative liabilities are "debt-like."

At year-end 2022, derivative liabilities are €4,729M. These are much smaller than at year-end 2021 (€88,604M). The remaining derivatives are likely normal hedging for Fortum's operations.

For S&P, if derivatives are "normal course of business" hedging, they might not be included in adjusted debt. If they're speculative trading positions, they might be.

Given Fortum's profile post-Uniper, I'll exclude derivatives from adjusted debt, treating them as working capital/operating items.

So my final Adjusted Debt estimate: **€3,866M** (or with pension: **€3,879M**)

Let me use **€3,880M** as a rounded figure, or more precisely, let me check if I can derive a better number.

Actually, I want to re-examine. The S&P formula says "reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items - eligible_cash".

If "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" include leases (which they do under IFRS 16), then I don't need to add leases separately.

For "other_debt_like_items", I might consider:
- Nuclear provisions if unfunded: but they're funded by the State Nuclear Waste Management Fund (€966M asset vs €966M liability)
- Other long-term provisions: €118M - these might be debt-like if they're environmental or decommissioning obligations

Let me add other long-term provisions as debt-like: €118M

Also, "Other Shortterm Provisions" €13M - probably not debt-like.

So Adjusted Debt = €7,785M + €13M (pension) + €118M (other LT provisions) - €3,919M (cash) = €3,997M ≈ **€4,000M**

Hmm, this is getting close to €4B. Let me also consider if deferred tax liabilities should be included (typically no, they're non-debt).

Given the uncertainty, let me use a range and be conservative. I'll use **€4,000M** as a reasonable estimate, or more precisely about **€3,900M - €4,000M**.

For calculation purposes, let me use **Adjusted_Debt = €3,997M** or rounded **€4,000M**.

Actually, let me step back and think about whether my debt figure is too low. Fortum is a major utility with significant operations. Even post-Uniper, it has substantial assets (€23.6B) and operations. A debt figure of €4B net (€7.8B gross) seems reasonable for the reduced company.

Let me verify by checking interest expense: €179M on €7.8B debt = 2.3% average interest rate. This seems reasonable for 2022.

Also, looking at the cash flow: interest paid €201M on average debt during year. If debt was higher during year and reduced to €7.8B at year-end, this makes sense.

I'll proceed with **Adjusted_Debt = €4,000M** (approximately), or more precisely let me use the calculation:
= €3,658M + €4,127M + €13M + €118M - €3,919M = €3,997M

Let me use **€3,997,000,000** or approximately **€4,000,000,000**.

Actually, I want to reconsider the cash subtraction. S&P typically doesn't subtract all cash - only "eligible" or "excess" cash. For utilities, they might leave some cash as necessary for operations.

However, the formula explicitly says "eligible_cash", and without specific guidance on what's ineligible, I'll use total liquid funds as a baseline.

Let me also consider: should I include "Other Current Financial Assets" €660M or "Other Noncurrent Financial Assets" €624M as cash-like? These are financial assets but not necessarily cash equivalents.

And "Current Tax Assets" €71M - not cash.

I'll stick with "Liquid Funds" = €3,919M as cash.

## Step 5: Calculate FFO / Adjusted_Debt

FFO = €2,068,000,000
Adjusted_Debt = €3,997,000,000 (or €4,000,000,000 rounded)

FFO / Adjusted_Debt = €2,068M / €3,997M = 0.5174

Or with rounded debt: €2,068M / €4,000M = 0.5170

Let me recalculate more precisely:
€2,068,000,000 / €3,997,000,000 = 0.517387...

Rounded to four decimal places: **0.5174**

Wait - I need to double-check my FFO calculation. Let me reconsider if I should use a different FFO figure.

Alternative FFO calculation: Starting from "Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322M.

This figure already includes:
- Operating cash flows
- Interest paid: -€201M (deducted)
- Interest received: +€84M (included)
- Dividends received: +€18M (included)
- Taxes paid: -€167M (deducted)

To get to S&P FFO, I might need to adjust this. S&P FFO is typically before working capital changes but after certain items.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" is essentially:
EBITDA + non-cash adjustments - cash interest - cash taxes + other operating cash flows

If I add back cash interest and cash taxes to this figure:
€2,322M + €201M + €167M = €2,690M

Then subtract cash interest and cash taxes to get FFO: €2,690M - €201M - €167M = €2,322M

Wait, that gives €2,322M, not €2,068M. The difference is that €2,322M already includes interest received (€84M) and dividends received (€18M), which my EBITDA-based FFO excludes.

So the question is: should S&P FFO include interest received and dividends received?

Looking at S&P methodology, FFO is typically defined as:
FFO = Net income + depreciation + amortization + deferred taxes + other non-cash items - gain/loss on asset sales

Or from cash flows: FFO = Cash flow from operations before working capital changes - cash interest paid - cash taxes paid + interest received (if operating)

Actually, I need to check if interest received is in S&P FFO. For many companies, interest received is considered part of operations and included in FFO. For utilities, it might be.

If I use €2,322M as the base and subtract nothing (since it already includes interest paid and taxes paid), I get FFO = €2,322M? No wait, "Cash Flows From Used In Operations Before Changes In Working Capital" already has interest paid and taxes paid deducted.

Let me re-read: "Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322M

This is cash flow BEFORE working capital changes, but AFTER interest and taxes. So to get to a pre-interest, pre-tax figure, I need to add back interest and taxes.

But S&P FFO is typically AFTER interest and taxes (cash basis). So if "Cash Flows From Used In Operations Before Changes In Working Capital" is already after interest and taxes, it might be close to FFO.

However, this figure includes interest received (€84M) and dividends received (€18M), which might or might not be in S&P FFO depending on classification.

Let me check: €2,322M - €84M (interest received) - €18M (dividends received) = €2,220M. This is close to but higher than my €2,068M.

The difference (€152M) might be from "Other Adjustments For Noncash Items" or other items in the cash flow bridge.

Actually, let me try to reconcile more carefully. From the cash flow statement:
"Cash Flows From Used In Operations Before Changes In Working Capital" = €2,322M

This likely includes:
- Comparable Operating Profit: €1,871M
+ D&A: €566M
+ Other non-cash items: €153M
- Items affecting comparability (cash portion?): ?
+ Interest received: €84M
- Interest paid: €201M
+ Dividends received: €18M
- Taxes paid: €167M
= €1,871 + €566 + €153 + €84 - €201 + €18 - €167 = €2,324M ≈ €2,322M

Yes! This reconciles. So "Cash Flows From Used In Operations Before Changes In Working Capital" includes interest received and dividends received.

For S&P FFO, should these be included? 
- Interest received: typically yes, if from operations or cash management
- Dividends received: typically yes, from investments

But my EBITDA-based FFO of €2,068M excludes these. Let me check S&P's standard definition more carefully.

Actually, looking at S&P's corporate methodology, FFO is often defined as:
FFO = Cash flow from operating activities before changes in working capital and after deducting cash interest and cash taxes

Or equivalently:
FFO = EBITDA - cash interest - cash taxes + other non-cash adjustments

The "Cash Flows From Used In Operations Before Changes In Working Capital" of €2,322M is essentially this, but it includes interest received and dividends received which might not be in EBITDA.

Wait, actually "Operating Profit Before Depreciations Ebitda" of €1,842M or "Comparable Ebitda" of €2,436M should include interest received if it's part of operations. But interest received is typically below EBITDA (in financial income).

Actually, looking at the P&L structure:
- Operating profit includes operating activities
- Finance income (€87M) is below operating profit
- So EBITDA (operating profit before D&A) does NOT include interest received

Therefore, "Cash Flows From Used In Operations Before Changes In Working Capital" includes items below operating profit (interest received, dividends received, interest paid) that are not in EBITDA.

For S&P FFO calculation from EBITDA:
FFO = EBITDA - cash interest paid - cash taxes paid

This gives €2,436M - €201M - €167M = €2,068M

But if I use the cash flow figure €2,322M, this includes interest received (€84M) and dividends received (€18M), which are not in EBITDA.

Which is correct for S&P FFO? Let me think...

S&P's FFO is meant to measure funds available for debt service from operations. Interest received and dividends received are funds from operations, so they could be included. However, the standard formula FFO = EBITDA - cash interest - cash taxes excludes them.

Actually, looking at more detailed S&P methodology, they sometimes define:
FFO = Cash flow from operations before working capital changes - capital expenditures + ...

Or for some sectors, FFO includes interest received.

Given the ambiguity, let me consider both:
- Conservative FFO (excluding interest/dividends received): €2,068M
- Broader FFO (including interest/dividends received): €2,322M - €201M - €167M + €201M + €167M - €84M - €18M + €84M + €18M... I'm confusing myself.

Let me just use the standard S&P formula:
**FFO = Adjusted_EBITDA - cash_interest - cash_taxes = €2,436M - €201M - €167M = €2,068M**

But I want to check if this is too conservative. The cash flow figure of €2,322M is higher because it includes interest and dividends received. If S&P FFO is meant to capture all funds from operations, maybe €2,322M is closer.

However, S&P explicitly states the formula as "FFO = Adjusted_EBITDA - cash_interest - cash_taxes". They don't mention adding interest received. So I'll stick with €2,068M.

Actually, re-reading the problem statement: "FFO = Adjusted_EBITDA - cash_interest - cash_taxes". This is explicit. So I should follow this.

But wait - I need to check if "cash_interest" means interest paid or interest paid minus interest received. In some contexts, "cash interest" means net cash interest (paid minus received).

Looking at the data: "Interest Paid Classified As Operating Activities" = €201M, "Interest Received Classified As Operating Activities" = €84M.

Net cash interest = €201M - €84M = €117M? Or is it gross interest paid?

S&P's formula says "cash_interest" which typically means cash interest paid, not net. But sometimes they use net.

Let me check: if I use net interest paid = €201M - €84M = €117M:
FFO = €2,436M - €117M - €167M = €2,152M

Or if I use gross interest paid = €201M:
FFO = €2,436M - €201M - €167M = €2,068M

I think "cash_interest" in S&P terminology typically refers to cash interest paid (gross), not net. Interest received is often treated separately or as part of other income.

However, looking at some S&P publications, they sometimes use "cash interest paid" explicitly. The formula given says "cash_interest" not "cash interest paid".

Given the ambiguity and the explicit formula provided, I'll use **cash_interest = €201M** (interest paid).

So **FFO = €2,068,000,000**

Now, let me also reconsider my Adjusted Debt. I want to check if I should include more items.

Looking at the balance sheet again, I wonder if "Other Noncurrent Financial Liabilities" includes pension liabilities or other non-debt items. The pension liability is shown separately as "Noncurrent Recognised Liabilities Defined Benefit Plan" = €13M.

Also, I should check if there are any "debt-like" derivative liabilities. For unregulated power and gas with PPAs, S&P makes adjustments. But I don't have specific PPA data.

Let me also consider if "Nuclear Non Current Provisions" should be included. These are €966M, but they're fully funded by "Share In State Nuclear Waste Management Fund" of €966M. So net impact is zero.

What about "Other Longterm Provisions" = €118M? These might be environmental, decommissioning, or other obligations. S&P sometimes includes these as debt-like if they're unfunded.

I'll add €118M to debt.

Also, "Deferred Tax Liabilities" = €152M. Typically not included in debt.

"Other Noncurrent Liabilities" = €121M. Unclear what these are. Might include deferred income, grants, etc. Probably not debt-like.

So Adjusted Debt = €3,658M + €4,127M + €13M + €118M - €3,919M = €3,997M

Let me verify my debt classification once more. "Other Noncurrent Financial Liabilities" = €3,658M and "Other Current Financial Liabilities" = €4,127M. Are these all debt?

In Fortum's financial statements, these likely include:
- Bonds and loans
- Lease liabilities
- Derivative liabilities (non-trading)
- Other financial obligations

Given that derivative liabilities are reported separately (€756M noncurrent + €3,973M current), the "Other Financial Liabilities" likely exclude trading derivatives.

So "Other Noncurrent Financial Liabilities" €3,658M likely includes:
- Noncurrent debt (bonds, loans)
- Lease liabilities (noncurrent)
- Possibly some derivative liabilities that are hedges (not trading)

And "Other Current Financial Liabilities" €4,127M likely includes:
- Current portion of long-term debt
- Short-term borrowings
- Lease liabilities (current)
- Trade finance, accrued interest, etc.

I think using these as "reported debt" is reasonable.

One more check: should I include the separate derivative liabilities (€756M + €3,973M = €4,729M) in debt?

For energy companies, trading derivatives are typically not included in adjusted debt because they're part of normal operations and are matched by derivative assets (€343M + €1,486M = €1,829M net derivative asset/liability position).

Actually, net derivative liability = €4,729M - €1,829M = €2,900M net liability. This could represent a structural short position or trading exposure.

For S&P, if derivatives are "normal course" trading/hedging, they might not be in adjusted debt. If they represent speculative positions or structural debt-like obligations, they might be.

Given the lack of specific guidance and Fortum's reduced trading profile, I'll exclude derivatives from adjusted debt.

Final numbers:
- FFO = €2,068,000,000
- Adjusted_Debt = €3,997,000,000

FFO / Adjusted_Debt = 2,068 / 3,997 = 0.517387... ≈ **0.5174**

Let me also try with slightly different assumptions to check sensitivity:

If I use FFO including interest and dividends received (€2,322M - €201M - €167M + €84M + €18M = €2,056M? No wait, that's not right. The €2,322M already includes interest paid and taxes paid. So if I want FFO including interest/dividends received, I'd use €2,322M + €201M + €167M - €84M - €18M = €2,628M as pre-interest, pre-tax, then subtract €201M + €167M = €2,260M? I'm getting confused.

Let me just accept that using the explicit formula: FFO = EBITDA - cash interest - cash taxes = €2,068M.

Actually, one more thought: should I use "Comparable EBITDA" €2,436M or "Operating Profit Before Depreciations Ebitda" €1,842M as starting point?

"Operating Profit Before Depreciations Ebitda" €1,842M is the reported EBITDA. "Comparable EBITDA" €2,436M is normalized for nonrecurring items.

S&P prefers normalized figures, so Comparable EBITDA is appropriate. The €593M "Items Affecting Comparability" represents net losses (negative number), so adding back gives normalized EBITDA.

Wait, let me re-check: "Items Affecting Comparability" = -€593M. This is shown as a negative in the P&L, meaning it's a loss or negative item. "Comparable Operating Profit" = €1,871M vs "Profit Loss From Operating Activities" = €1,277M. The difference is €594M ≈ €593M.

So Comparable Operating Profit = Reported Operating Profit - Items Affecting Comparability (since comparability items were negative/losses).

Similarly, Comparable EBITDA = Reported EBITDA + €593M (adding back losses) = €1,842M + €593M = €2,435M ≈ €2,436M.

Yes, this confirms Comparable EBITDA is the normalized figure.

For S&P, using normalized EBITDA is correct.

Final calculation:
FFO = €2,436M - €201M - €167M = €2,068M
Adjusted Debt = €3,658M + €4,127M + €13M + €118M - €3,919M = €3,997M

FFO / Adjusted Debt = 2,068 / 3,997 = 0.517387... 

Rounded to four decimal places: **0.5174**

Let me double-check the arithmetic:
2,068 / 3,997 = ?

3,997 × 0.5 = 1,998.5
2,068 - 1,998.5 = 69.5
69.5 / 3,997 = 0.01738...

So 0.5 + 0.01738 = 0.51738...

Yes, **0.5174** when rounded to four decimal places.

Actually, let me reconsider if my debt is too low. I want to check one more thing: should I include "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" in full, or are there non-debt items?

Looking at the 2021 balance sheet (2022-01-01):
- Other Noncurrent Financial Liabilities: €8,701M
- Other Current Financial Liabilities: €8,519M

At 2022 year-end (2023-01-01):
- Other Noncurrent Financial Liabilities: €3,658M
- Other Current Financial Liabilities: €4,127M

The reduction is dramatic (from €17,220M to €7,785M), reflecting the Uniper deconsolidation.

For a company of Fortum's size post-Uniper, €7.8B in financial liabilities seems reasonable. Net debt of ~€4B also seems reasonable.

Let me check interest coverage: FFO €2,068M / interest expense €179M = 11.6x. This is strong coverage, consistent with a healthy utility.

Debt/EBITDA: €7,785M / €2,436M = 3.2x gross, or €3,997M / €2,436M = 1.6x net. These are reasonable leverage metrics for a utility.

I think my estimates are reasonable.

One final check: should I use year-end 2022 or average debt? S&P typically uses year-end or latest available debt for their ratios. The problem asks for 2022 ratio, so year-end 2022 is appropriate.

Also, for FFO, S&P typically uses latest twelve months or annual figure. The 2022 annual FFO is appropriate.

I'm comfortable with **0.5174** as my final answer.

Wait - I want to re-verify my adjusted debt one more time. Let me check if there are any other debt-like items I missed.

Looking at liabilities again:
- "Other Noncurrent Financial Liabilities" €3,658M
- "Noncurrent Derivative Financial Liabilities" €756M
- "Deferred Tax Liabilities" €152M
- "Nuclear Non Current Provisions" €966M
- "Other Longterm Provisions" €118M
- "Noncurrent Recognised Liabilities Defined Benefit Plan" €13M
- "Other Noncurrent Liabilities" €121M

Current:
- "Other Current Financial Liabilities" €4,127M
- "Current Derivative Financial Liabilities" €3,973M
- "Other Shortterm Provisions" €13M
- "Margin Liabilities" €352M
- "Trade And Other Current Payables" €1,657M

For S&P adjusted debt, the standard approach is:
- All interest-bearing debt (short-term and long-term)
- Capitalized leases
- Pension deficit (funded status)
- Hybrid securities (debt portion)
- Other debt-like obligations

Derivative liabilities are typically not included unless they're structural or debt-like.

Trade payables are not debt.

Provisions are typically not debt unless they're debt-like (e.g., unfunded pension, decommissioning).

Margin liabilities (€352M) are collateral for trading, similar to derivatives. Not typically debt.

So my €7,785M debt figure + €13M pension + €118M other LT provisions - €3,919M cash = €3,997M seems reasonable.

I'll stick with **0.5174**.

<answer>0.5174</answer>