To estimate the S&P-adjusted FFO-to-debt ratio for ENEL - SPA for the fiscal year ended December 31, 2022, we follow the workflow based on the provided facts and industry methodology.

### Step 1: Identify the Relevant Industry

ENEL - SPA is a major multinational energy company involved in the generation, distribution, and sale of electricity and gas. The provided text outlines methodologies for "Regulated Utilities," "Oil And Gas Exploration And Production," "Unregulated Power And Gas," and "Transportation Infrastructure."

ENEL operates primarily as a utility. While it has unregulated generation and trading activities, a significant portion of its business involves regulated distribution networks and protected generation (especially in Italy and other core markets). The "Regulated Utilities" section is the most appropriate primary classification for a large integrated utility like Enel, especially given the emphasis on regulatory advantage and the nature of its assets. However, Enel also has significant exposure to merchant power and trading. S&P typically assesses integrated utilities by looking at the mix. Given the prompt's specific inclusion of "Regulated Utilities" and "Unregulated Power And Gas," and Enel's profile as a dominant incumbent with significant regulated asset bases (distribution), we will apply the **Regulated Utilities** methodology framework, noting that adjustments might be needed if specific "unregulated" volatility tables were strictly enforced. However, for the calculation of FFO and Adjusted Debt, the core definitions remain consistent across utility sectors, with specific adjustments for debt-like items (like hybrids) and cash.

### Step 2: Estimate Adjusted EBITDA

First, we need to determine EBITDA. We can reconstruct EBITDA from the Income Statement data provided.

**Reported Data for 2022:**
*   Revenue: 140,517,000,000 EUR
*   Operating Expense: 131,689,000,000 EUR
*   Profit Loss From Operating Activities (EBIT): 11,193,000,000 EUR

Let's verify EBIT:
Revenue (140,517) - Operating Expense (131,689) = 8,828 EUR.
Wait, the provided "Profit Loss From Operating Activities" is 11,193,000,000 EUR.
Let's look at the components of Operating Expense to see if EBITDA is directly available or needs reconstruction.
Operating Expense includes:
*   Raw Materials And Consumables Used: 96,896,000,000
*   Services And Other Materials: 20,228,000,000
*   Employee Benefits Expense: 4,570,000,000
*   Other Expense By Nature: 4,685,000,000
*   Depreciation Amortisation And Impairment... : 7,447,000,000 (Note: This line item name suggests it includes D&A. Usually, Operating Expenses exclude D&A if EBIT is derived after D&A, or include it if EBITDA is the starting point. Let's check the sign.)

Standard Income Statement structure:
Revenue - Operating Expenses = Operating Profit (EBIT).
If "Depreciation..." is listed under expenses, it is likely included in the 131,689,000,000 Operating Expense.
Let's check: 96,896 + 20,228 + 4,570 + 4,685 + 7,447 = 133,826. This is higher than 131,689.
There are also "Other Income" (4,864) and "Other Work Performed By Entity And Capitalised" (3,415) and "Impairment Loss Reversal..." (1,278).
Let's calculate EBITDA using the standard formula:
EBITDA = EBIT + Depreciation & Amortization + Impairment/Reversals.

From the facts:
*   Profit Loss From Operating Activities (EBIT): 11,193,000,000 EUR
*   Depreciation Amortisation And Impairment Loss Reversal...: 7,447,000,000 EUR.
    *   Note: The label is "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss". This usually represents the net charge. In cash flow statements, this is added back.
    *   There is also a separate line: "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade Receivables": 1,278,000,000 EUR.
    *   And "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal...": 8,809,000,000 EUR in the Cash Flow section. This suggests the total non-cash add-back for D&A and Impairment is 8,809,000,000.

Let's use the Cash Flow from Operations indirect method data to find a robust EBITDA proxy or reconstruct it.
Cash Flows From Operating Activities: 8,674,000,000 EUR.
Adjustments included in CFO:
*   Adjustments For Depreciation And Amortisation...: 8,809,000,000
*   Adjustments For Finance Income Cost: -2,499,000,000
*   Adjustments For Income Tax Expense: 3,470,000,000
*   Increase Decrease In Working Capital: 3,961,000,000
*   Other Adjustments (Provisions, etc.): Net of provisions (803 - 1521 = -718), Other noncash (-927), Losses/Gains on disposal (-355).

Let's stick to the standard S&P definition for Utilities:
**Adjusted EBITDA** is often approximated by **FFO + Cash Interest + Cash Taxes**.
Alternatively, we can calculate FFO directly from Net Income and add backs.

S&P FFO Definition for Utilities:
FFO = Net Income + Depreciation/Amortization + Deferred Taxes + Other Non-Cash Items - Changes in Working Capital (sometimes included in FFO definition varies, but S&P standard FFO is typically Net Income + D&A + Deferred Tax - Gains/Losses on Asset Sales).
Actually, the standard S&P FFO formula is:
**FFO = Net Income + Depreciation & Amortization + Deferred Income Taxes + Other Non-Cash Charges - Non-Cash Credits - Gains/Losses on Asset Disposals.**
Then **Adjusted EBITDA = FFO + Cash Interest + Cash Taxes**.

Let's calculate FFO first.

**Net Income:**
Profit Loss Attributable To Owners Of Parent: 1,682,000,000 EUR.
However, S&P FFO usually starts with Consolidated Net Income including Non-Controlling Interests (NCI) because debt is consolidated.
Profit Loss (Consolidated): 2,920,000,000 EUR.

**Add Backs:**
1.  **Depreciation and Amortization:**
    The line "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal..." is 8,809,000,000 EUR. This is the cash flow add-back. We should use this as the D&A component for FFO.
2.  **Deferred Taxes:**
    We need the change in Deferred Tax Assets/Liabilities or the specific deferred tax expense.
    Income Tax Expense Continuing Operations: 3,523,000,000 EUR.
    Income Taxes Paid: 1,934,000,000 EUR.
    The difference between tax expense and tax paid includes deferred taxes and changes in tax liabilities.
    Alternatively, look at the Balance Sheet changes in Deferred Tax Assets/Liabilities.
    Deferred Tax Assets 2021: 11,034; 2022: 10,925. Change: +109 (Decrease in asset = expense/add back? No, decrease in asset is a use of cash/expense recognition).
    Deferred Tax Liabilities 2021: 9,259; 2022: 9,542. Change: +283 (Increase in liability = deferred tax expense/add back).
    Net Deferred Tax Expense approx = Change in DTA (negative of change) + Change in DTL.
    Change in DTA = 10,925 - 11,034 = -109. (Asset decreased, so tax expense was recognized without cash outflow? No, if asset decreases, it means we used up the benefit, so it's a tax expense component. In FFO, we add back deferred tax expense).
    Change in DTL = 9,542 - 9,259 = +283. (Liability increased, deferred tax expense).
    Total Deferred Tax Add-back ≈ 109 + 283 = 392,000,000 EUR.
    *Note: S&P often uses the reported Deferred Tax Expense from the cash flow statement if available. It is not explicitly broken out as a single "Deferred Tax" line in the adjustments list, but "Adjustments For Income Tax Expense" is 3,470,000,000. The Total Tax Expense is 3,523,000,000. The difference (53,000,000) might be related to other tax items. Let's look closer.*
    Actually, a simpler way for S&P FFO is:
    FFO = Cash Flow from Operations (CFO) - Changes in Working Capital + Cash Interest + Cash Taxes? No.
    Standard S&P FFO = Net Income + D&A + Deferred Taxes.
    Let's use the Consolidated Net Income: 2,920,000,000.
    Add D&A: 8,809,000,000.
    Add Deferred Taxes: ~392,000,000.
    Subtract Gains on Asset Sales: "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" is -355,000,000. A negative adjustment in CFO means it was a Gain (added to NI, subtracted in CFO). So we must subtract this gain from NI for FFO.
    Gain = 355,000,000.
    
    Preliminary FFO = 2,920 + 8,809 + 392 - 355 = 11,766,000,000 EUR.

    *Refinement on Working Capital:* S&P FFO does *not* subtract changes in working capital. That is for Free Operating Cash Flow. FFO is an earnings-based metric.
    
    *Refinement on Hybrid Bonds:* Enel has "Equity Instruments Perpetual Hybrid Bonds" of 5,567,000,000 EUR (2022). S&P typically treats a portion of hybrids as debt. The coupon paid is 123,000,000 EUR. In FFO calculation, if hybrids are treated as debt, the coupon is interest. If treated as equity, it's a dividend. S&P usually adds back the coupon to FFO if it's treated as debt-like for leverage, or leaves it out if it's equity. However, the standard FFO definition starts with Net Income. If the coupon was deducted to arrive at Net Income (as a distribution to equity holders/NCI or finance cost?), we need to know where it sits.
    Looking at "Coupon Paid Hybrid Bonds Classified As Financing Activities": 123,000,000.
    Looking at "Finance Costs": 5,880,000,000.
    Usually, hybrid coupons are treated as equity distributions in IFRS if they are perpetual and discretionary, but Enel might classify them differently. The fact that they are in "Equity" suggests they are equity. However, S&P adjusts for "Hybrid Debt Portion" in Adjusted Debt. For FFO, S&P typically adds back the hybrid coupon if it was deducted from Net Income, or ignores it if it wasn't. Given they are in Equity, the coupon is likely a distribution of equity, not an interest expense in the P&L. Therefore, it is not in Net Income. S&P FFO generally does *not* add back equity dividends. But for the purpose of the "FFO to Debt" ratio where Hybrid is in Debt, S&P often adjusts FFO to include the hybrid coupon (treating it as interest) to maintain consistency, OR they leave FFO as is and put the hybrid in debt.
    Standard S&P practice for Utilities with Hybrids: Include the hybrid coupon in Cash Interest for the coverage ratio, and include the hybrid principal in Adjusted Debt. For FFO, if the coupon is not in Net Income, we don't add it back to get FFO. But wait, if we treat it as debt, we should arguably treat the coupon as interest.
    Let's check the "Finance Costs" vs "Coupon Paid". Finance Costs are 5,880. Coupon is 123. It's likely the coupon is *not* in Finance Costs (since it's equity).
    S&P Definition: FFO = Net Income + D&A + Deferred Tax.
    If we treat Hybrids as Debt, we adjust Debt. Do we adjust FFO? S&P often calculates "FFO including hybrid coupons" or just uses standard FFO. The prompt asks for "S&P-adjusted FFO".
    Let's assume standard FFO first.
    
    Let's re-evaluate the "Adjustments For Finance Income Cost" in CFO: -2,499,000,000.
    Finance Income: 3,430. Finance Costs: 5,880. Net Finance Cost = 2,450.
    The adjustment is -2,499. This is close to the net finance cost.
    
    Let's calculate **Cash Interest** and **Cash Taxes** for the FFO -> EBITDA bridge or for the FFO definition itself?
    The prompt asks for FFO / Adjusted Debt.
    Formula: FFO = Adjusted EBITDA - Cash Interest - Cash Taxes.
    This implies we should calculate Adjusted EBITDA first, then subtract Cash Interest and Cash Taxes.
    
    **Step 2: Adjusted EBITDA**
    
    EBITDA = EBIT + D&A.
    EBIT (Profit Loss From Operating Activities) = 11,193,000,000.
    D&A (from CFO adjustments) = 8,809,000,000.
    Reported EBITDA = 11,193 + 8,809 = 20,002,000,000 EUR.
    
    Are there adjustments?
    *   **Non-recurring items:** The "Impairment Loss Reversal" of 1,278 is included in the 8,809 D&A line? The line is "Depreciation Amortisation And Impairment Loss Reversal...". Yes. Reversals are gains. We should subtract non-recurring gains. Is it non-recurring? Impairment reversals can be volatile. S&P often normalizes these. However, without specific guidance on what is "non-recurring" in the text, we might stick to the reported D&A add-back.
    *   **Joint Ventures:** "Share Of Profit Loss Of Associates...": 4,000,000. This is small. S&P may use proportional consolidation for JVs if significant. Here it is negligible (4M vs 20B EBITDA). We will ignore proportional JV EBITDA adjustment.
    *   **Pension:** No specific pension deficit/surplus adjustment data provided other than "Noncurrent Provisions For Employee Benefits". We will assume no specific pension adjustment beyond what's in operating costs.
    *   **Leases:** IFRS 16 leases are included in EBITDA (as EBITDA is pre-interest and pre-depreciation, and lease depreciation/interest are below EBITDA? No, under IFRS 16, operating lease expense is replaced by depreciation and interest. EBITDA adds back depreciation. So EBITDA includes the lease EBITDA effect. S&P usually adds back the "lease interest" to FFO? No, S&P treats leases as debt.
    
    S&P Adjustment for Leases:
    Adjusted EBITDA is generally reported EBITDA.
    However, for FFO, S&P defines FFO as EBITDA - Cash Interest - Cash Taxes.
    Wait, the prompt gives the formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.
    
    Let's refine Adjusted EBITDA.
    Reported EBITDA = 20,002,000,000.
    Are there "other_normalization_adjustments"?
    Enel has "Net Results From Commodity Contracts": 2,365,000,000. This is likely part of Operating Profit.
    Enel has "Other Income": 4,864,000,000.
    
    Let's assume **Adjusted EBITDA = 20,002,000,000 EUR**. (Standard S&P practice for utilities often accepts reported EBITDA with minor adjustments for non-recurring items. Given the lack of specific "non-recurring" tags, we use the reconstructed EBITDA).

### Step 3: Estimate FFO

Formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`

**1. Cash Interest:**
We need the cash interest paid.
"Finance Costs Paid Classified As Operating Activities": 5,016,000,000 EUR.
Does this include lease interest? Under IFRS, lease interest is often in financing or operating. S&P adds lease interest back to FFO? No, S&P subtracts *cash interest* from EBITDA to get FFO. If lease interest is included in "Finance Costs Paid", it is subtracted.
However, S&P often defines Cash Interest as the interest paid on debt.
The line item "Finance Costs Paid Classified As Operating Activities" is 5,016,000,000.
There is also "Coupon Paid Hybrid Bonds Classified As Financing Activities": 123,000,000.
S&P treats Hybrid Bonds as debt-like. Therefore, the coupon should be treated as interest for the FFO calculation (consistent with treating the principal as debt).
So, Total Cash Interest = Finance Costs Paid (Operating) + Hybrid Coupon Paid.
Note: "Finance Costs Paid" might not include the hybrid coupon if it's classified as financing/equity distribution. The hybrid coupon is explicitly listed separately.
Total Cash Interest = 5,016,000,000 + 123,000,000 = 5,139,000,000 EUR.

*Check:* Is there any interest capitalized? "Other Work Performed By Entity And Capitalised" is 3,415,000,000. This likely includes capitalized interest. Cash interest *paid* is the outflow. The formula uses Cash Interest. So we use the paid amount.

**2. Cash Taxes:**
"Income Taxes Paid Refund Classified As Operating Activities": 1,934,000,000 EUR.
This is the cash tax outflow.

**Calculation of FFO:**
FFO = 20,002,000,000 (Adj EBITDA) - 5,139,000,000 (Cash Interest) - 1,934,000,000 (Cash Taxes)
FFO = 20,002 - 5,139 - 1,934 = 12,929,000,000 EUR.

*Alternative Check using Net Income method:*
NI (Consolidated) = 2,920.
+ D&A = 8,809.
+ Deferred Tax = ~392.
- Gain on Disposal = 355.
= 11,766.
Difference between 12,929 and 11,766 is ~1,163.
Where is the difference?
EBITDA (20,002) - Interest (5,139) - Tax (1,934) = 12,929.
NI (2,920) + D&A (8,809) + DefTax (392) - Gain (355) = 11,766.
The difference is roughly the non-cash working capital changes and other items?
Actually, FFO (S&P) is closer to the Net Income + D&A method. The formula `FFO = EBITDA - Cash Interest - Cash Taxes` is an approximation that assumes EBITDA - Interest - Taxes = Net Income + D&A + Deferred Tax.
Let's check the P&L Interest and Tax.
EBIT = 11,193.
Net Finance Cost = Finance Costs (5,880) - Finance Income (3,430) = 2,450.
Pre-tax Income = 11,193 - 2,450 + Other items?
Profit Before Tax = 8,741.
Tax Expense = 3,523.
Net Income = 5,218 (Continuing) - 2,298 (Disc) = 2,920.
EBITDA (20,002) - Net Finance Cost (2,450) - Tax Expense (3,523) = 14,029.
This is not Net Income + D&A.
The difference between Cash Interest (5,139) and Accrued Net Finance Cost (2,450) is huge. Why?
Finance Costs (5,880) includes non-cash items?
"Adjustments For Finance Income Cost" in CFO is -2,499. This implies the cash flow impact of finance items is different from the P&L.
Cash Interest Paid (5,016) is much higher than P&L Finance Costs (5,880)? No, 5,016 is lower than 5,880.
Wait, Finance Income is 3,430.
Net P&L Finance Cost = 5,880 - 3,430 = 2,450.
Cash Finance Paid = 5,016.
Cash Finance Received = 2,622 ("Finance Income Received Classified As Operating Activities").
Net Cash Finance Outflow = 5,016 - 2,622 = 2,394.
This is close to the P&L Net Finance Cost of 2,450.
So, should "Cash Interest" in the FFO formula be Net Cash Interest?
S&P FFO definition: `FFO = Adjusted EBITDA - Cash Interest - Cash Taxes`.
Usually, "Cash Interest" refers to gross interest paid on debt. However, if we subtract *Gross* Cash Interest (5,139) from EBITDA, we are ignoring Cash Interest Income.
Standard S&P FFO derivation from EBITDA:
FFO = EBITDA - Net Cash Interest - Cash Taxes?
Or is FFO = Net Income + D&A...?
Let's stick to the Net Income + D&A method as it is more robust for S&P ratings when cash interest/income nets out.
FFO (NI Method) = 11,766,000,000 EUR.
Let's refine the NI Method components.
1. Consolidated Net Income: 2,920,000,000.
2. Add: D&A and Impairment Reversals (Net): 8,809,000,000.
3. Add: Deferred Taxes.
   Tax Expense: 3,523.
   Tax Paid: 1,934.
   Change in Tax Payables/Receivables also affects this.
   Current Tax Liabilities 2021: 712. 2022: 1,623. Change: +911.
   Current Tax Assets 2021: 530. 2022: 561. Change: +31.
   Deferred Tax Liab 2021: 9,259. 2022: 9,542. Change: +283.
   Deferred Tax Asset 2021: 11,034. 2022: 10,925. Change: -109.
   Total Tax Expense (3,523) = Cash Tax (1,934) + Change in Current Liab (911) - Change in Current Asset (31?? No, increase in asset is use) + Change in DTL (283) - Change in DTA (-109 -> +109 expense?).
   Let's check: 1,934 + 911 - 31 + 283 + 109 = 3,206. Still off from 3,523. There are other tax items (e.g., taxes in discontinued ops, or foreign exchange).
   However, the "Deferred Tax" add-back in FFO is specifically the non-cash portion of the tax expense.
   Deferred Tax Expense = Change in DTL - Change in DTA = 283 - (-109) = 392.
   So Add Back 392.
4. Subtract: Gains on Asset Sales.
   "Adjustments For Losses Gains On Disposal..." is -355. This means a Gain of 355 was included in NI. Subtract 355.
5. Adjust for Hybrid Coupon?
   If Hybrids are Debt, S&P adds the coupon back to FFO? No, if it's not in NI, we don't add it. If we treat it as debt, we want FFO to be available to pay *all* debt interest.
   Standard S&P FFO for utilities with hybrids: They often calculate "FFO including hybrid coupons" or just use FFO.
   Let's assume the standard FFO = 11,766,000,000.
   
   Let's check the "EBITDA - Cash Interest - Cash Taxes" result again.
   If we use Net Cash Interest:
   Cash Interest Paid: 5,016.
   Cash Interest Received: 2,622.
   Net Cash Interest: 2,394.
   Hybrid Coupon: 123.
   Total Net Cash Interest Cost: 2,394 + 123 = 2,517.
   Cash Taxes: 1,934.
   FFO = 20,002 - 2,517 - 1,934 = 15,551.
   This is significantly higher than 11,766.
   Why? Because EBITDA (20,002) includes "Other Income" (4,864) and excludes "Other Expense" (4,685).
   The difference between 15,551 and 11,766 is ~3,785.
   This gap is likely due to "Other Expense By Nature" and other non-operating items not added back in the NI method?
   Actually, FFO is supposed to represent cash flow from operations.
   S&P's preferred FFO for utilities is often close to CFO + Cash Interest + Cash Taxes?
   CFO = 8,674.
   Add Cash Interest (Net): 2,517.
   Add Cash Taxes: 1,934.
   FFO (CFO Method) = 8,674 + 2,517 + 1,934 = 13,125.
   
   Let's look at the CFO Method vs NI Method.
   NI Method: 11,766.
   CFO Method: 13,125.
   Difference: 1,359.
   This difference is largely the "Increase Decrease In Working Capital" (3,961) and other adjustments.
   S&P FFO definition: **FFO = Net Income + Depreciation + Deferred Taxes + Other Non-Cash Items.** It does *not* include changes in working capital.
   However, for Utilities, S&P sometimes uses a "Funds From Operations" that is closer to operating cash flow.
   But the standard Global Corporate Methodology defines FFO as Net Income based.
   Let's stick to the NI-based FFO: **11,766,000,000 EUR**.
   
   *Self-Correction*: The prompt provides a specific formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.
   This formula implies we *must* use the EBITDA derivation.
   If we use this formula, we must define "Cash Interest".
   Does "Cash Interest" mean Gross Interest Paid or Net?
   In S&P contexts, `FFO = EBITDA - Cash Interest - Cash Taxes` is a shorthand.
   If we use Gross Interest Paid (5,139) and Gross Cash Taxes (1,934):
   FFO = 20,002 - 5,139 - 1,934 = 12,929.
   
   Let's compare 12,929 (EBITDA method) vs 11,766 (NI method).
   The EBITDA method effectively adds back the difference between EBITDA and EBIT (D&A) and subtracts cash outflows.
   The NI method adds back D&A to NI.
   The discrepancy is 1,163.
   This discrepancy is likely due to **Non-Operating Items** included in EBITDA but not in FFO?
   EBITDA includes "Other Income" (4,864) and "Other Expense" (4,685). Net = +179.
   EBITDA includes "Net Results From Commodity Contracts" (2,365).
   NI includes these.
   
   Let's look at "Adjustments For Noncash Items" in CFO: -927.
   Let's look at "Adjustments For Accruals To Provisions": 803.
   "Adjustments For Utilization From Provisions": -1,521.
   
   Given the explicit formula in the prompt `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`, I will use the result from this formula.
   Adjusted EBITDA = 20,002,000,000.
   Cash Interest = 5,139,000,000 (5,016 Operating Finance Costs Paid + 123 Hybrid Coupon).
   Cash Taxes = 1,934,000,000.
   FFO = 20,002 - 5,139 - 1,934 = 12,929,000,000 EUR.

### Step 4: Estimate Adjusted Debt

Formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

**1. Reported Debt:**
*   Long-term Borrowings: 54,500,000,000 (2022-01-01? No, we need 2022 year-end, which is 2023-01-01 in the report labels?
    *   The labels are "2022-01-01 - 2023-01-01" for flows.
    *   For Balance Sheet, "2023-01-01" represents the end of the 2022 fiscal year (Dec 31, 2022).
    *   "2022-01-01" represents the beginning (Dec 31, 2021).
    *   We need the 2022 year-end values, so we use the **2023-01-01** column.

*   Long-term Borrowings (2023-01-01): 68,191,000,000.
*   Short-term Borrowings (2023-01-01): 18,392,000,000.
*   Current Portion of Long-term Borrowings (2023-01-01): 2,835,000,000.
    *   Note: "Short-term Borrowings" and "Current Portion of Long-term Borrowings" are distinct.
    *   Total Interest-Bearing Debt = Long-term Borrowings + Short-term Borrowings + Current Portion of LT Borrowings.
    *   Debt = 68,191 + 18,392 + 2,835 = 89,418,000,000 EUR.

**2. Leases:**
*   IFRS 16 Lease Liabilities are not explicitly broken out as "Lease Liabilities" in the provided facts.
*   However, "Other Noncurrent Financial Liabilities" is 0. "Other Current Financial Liabilities" is 853.
*   Often, lease liabilities are included in "Other Noncurrent Liabilities" or "Borrowings".
*   Without a specific "Lease Liability" line, and given Enel's size, leases might be material. However, lacking specific data, we cannot add a specific lease adjustment. We assume reported debt includes finance lease obligations if classified as borrowings, or we ignore if not identifiable. S&P usually adds operating leases (pre-IFRS 16) or adjusts. Under IFRS 16, they are in debt. We assume the "Borrowings" lines capture the debt-like lease liabilities or they are immaterial relative to the total.

**3. Pension Deficit:**
*   "Noncurrent Provisions For Employee Benefits": 2,202,000,000.
*   S&P adjusts for the underfunded status of defined benefit plans.
*   We don't have the Plan Assets value to calculate the net deficit. We only have the Provision (Liability).
*   Typically, S&P adds the *net* pension deficit. Without asset info, we can't calculate the net. We will assume the provision is the best proxy or that the plan is fully funded (unlikely) or that the adjustment is netted. Given the lack of asset data, we will **exclude** a specific pension deficit adjustment, or assume it's captured in the provision if it's a net liability. However, standard S&P adjustment is `Pension Deficit = PBO - Plan Assets`. We only have Liability. We will leave this as 0 adjustment due to missing data, or assume the "Provision" is the net recognized liability on balance sheet. If it's the net liability, it's already in Equity/Debt? No, it's a liability. S&P adds the *unfunded* portion to debt. If the balance sheet liability is the net funded status, then adding it to debt is double counting? No, S&P adds the deficit to Debt. The liability is already in Total Liabilities. Adjusted Debt = Reported Debt + Pension Deficit. If the Pension Deficit is *part* of Reported Debt (if classified as financial liability), we don't add it. Provisions are usually not "Debt". So we should add the Pension Deficit.
*   Let's assume the "Noncurrent Provisions For Employee Benefits" (2,202) is the net liability. We add this to Adjusted Debt.
*   Adjustment: +2,202,000,000.

**4. Hybrid Debt Portion:**
*   "Equity Instruments Perpetual Hybrid Bonds": 5,567,000,000.
*   S&P typically treats 100% of hybrids as debt for utility leverage ratios if they are cumulative and perpetual.
*   Adjustment: +5,567,000,000.

**5. Other Debt-Like Items:**
*   None identified.

**6. Eligible Cash:**
*   "Cash And Cash Equivalents": 11,041,000,000.
*   S&P deducts unrestricted cash.
*   "Cash And Cash Equivalents Classified As Discontinued Operations": 326,000,000.
*   "Cash And Cash Equivalents Classified As Part Of Disposal Group Held For Sale": 98,000,000.
*   Eligible Cash = Total Cash - Restricted/Discontinued Cash?
*   S&P usually deducts all cash and short-term investments unless restricted.
*   Total Cash (2023-01-01): 11,041,000,000.
*   We will deduct the full amount of "Cash And Cash Equivalents".
*   Adjustment: -11,041,000,000.

**Calculation of Adjusted Debt:**
Reported Debt = 89,418,000,000.
+ Pension Deficit (Provision) = 2,202,000,000.
+ Hybrid Debt = 5,567,000,000.
- Eligible Cash = 11,041,000,000.

Adjusted Debt = 89,418 + 2,202 + 5,567 - 11,041
Adjusted Debt = 97,187 - 11,041 = 86,146,000,000 EUR.

### Step 5: Calculate FFO / Adjusted Debt

FFO = 12,929,000,000 EUR.
Adjusted Debt = 86,146,000,000 EUR.

Ratio = 12,929 / 86,146
Ratio ≈ 0.15008

Let's double check the FFO calculation.
If we used the NI-based FFO (11,766):
Ratio = 11,766 / 86,146 ≈ 0.1366.

Which FFO is more "S&P-adjusted"?
S&P's "Corporate Methodology: Ratios And Adjustments" states:
FFO = Net Income + Depreciation + Deferred Taxes + Other Non-Cash Items.
It does *not* typically use the `EBITDA - Cash Interest - Cash Taxes` formula as the primary definition, but rather as a check. The prompt *explicitly* asks to use the formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.
Therefore, I must use the result from that formula: 12,929.

However, there is a nuance: "Cash Interest" in that formula usually implies *Net* Cash Interest if EBITDA is an operating metric? No, EBITDA is pre-interest. Subtracting Gross Interest gives you a pre-tax, pre-interest-income metric?
If I subtract Gross Interest (5,139) from EBITDA (20,002), I get 14,863. Then subtract Taxes (1,934) = 12,929.
This metric (12,929) is effectively `EBITDA - Gross Interest - Cash Taxes`.
This is a conservative FFO measure (ignoring interest income).

Let's verify the Debt calculation.
Long-term Borrowings: 68,191.
Short-term Borrowings: 18,392.
Current Portion LT: 2,835.
Total Debt: 89,418.
Hybrids: 5,567.
Pension Provision: 2,202.
Cash: 11,041.
Adj Debt = 89,418 + 5,567 + 2,202 - 11,041 = 86,146.

Ratio = 12,929 / 86,146 = 0.150082...

Rounding to four decimal places: 0.1501.

<answer>0.1501</answer>