To estimate the S&P-adjusted FFO-to-debt ratio for EDP, S.A. for the fiscal year ended December 31, 2022, we follow the workflow outlined below.

### Step 1: Identify the Relevant Industry

EDP, S.A. (Energias de Portugal) is an integrated energy company involved in the generation, transmission, distribution, and supply of electricity and gas. The provided methodologies cover "Regulated Utilities," "Oil And Gas Exploration And Production," "Unregulated Power And Gas," and "Transportation Infrastructure."

EDP operates a mix of regulated (networks) and unregulated (generation and supply) businesses. In S&P Global Ratings' methodology, integrated utilities with significant regulated operations are typically assessed under the **Regulated Utilities** framework, or a hybrid approach where the regulated portion drives the core credit metrics. Given the prominence of its regulated network assets and the structure of the provided text, we will apply the **Regulated Utilities** methodology. Key adjustments for this sector include treating lease liabilities as debt and potentially adjusting for pension deficits, but generally using reported EBITDA and Debt with specific S&P normalizations.

### Step 2: Estimate Adjusted EBITDA

First, we reconstruct EBITDA from the provided income statement data for the period 2022-01-01 to 2023-01-01.

**Reported Data (in EUR):**
*   Profit Before Income Tax And CESE: 1,619,773,000
*   Finance Costs: 1,753,220,000
*   Finance Income: 843,000,000
*   Income Tax Expense And Extraordinary Contribution (CESE): 450,024,000
*   Depreciation, Amortisation And Impairment: 1,979,007,000

**Reconstructed EBITDA:**
$$EBITDA = \text{Profit Before Tax} + \text{Finance Costs} - \text{Finance Income} + \text{Tax} + \text{Depreciation/Amortization}$$
$$EBITDA = 1,619,773,000 + 1,753,220,000 - 843,000,000 + 450,024,000 + 1,979,007,000$$
$$EBITDA = 4,959,024,000 \text{ EUR}$$

*Note: The line item "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses..." is effectively EBITDA before provisions and joint venture adjustments. Let's verify with that line:*
*   Profit Before Provisions, Amortisation, etc.: 4,523,539,000
*   Add: Provisions Expenses: 14,539,000
*   Add: Depreciation/Amortisation: 1,979,007,000
*   Add: Joint Ventures And Associates (Equity Income is usually excluded from EBITDA in some definitions, but S&P often adds back equity income if it's not cash, or treats it separately. However, standard EBITDA reconstruction from PBT is safer).
*   Let's stick to the standard reconstruction from PBT which yielded ~4.96B.

**S&P Adjustments for Regulated Utilities:**
*   **Leases:** S&P typically adds back lease expenses to EBITDA (if deducted) and treats the lease liability as debt. In IFRS 16, depreciation and interest are separated. The "Depreciation Amortisation..." line includes right-of-use asset depreciation. The "Finance Costs" include interest on lease liabilities. To get to an S&P-style Adjusted EBITDA, we generally start with Reported EBITDA. Under IFRS 16, EBITDA already includes the add-back of depreciation on ROU assets. However, S&P often adjusts EBITDA to be consistent with pre-IFRS 16 operating lease rent expense or simply uses Reported EBITDA if it reflects cash operating performance. For simplicity and consistency with standard S&P utility calculations where IFRS 16 is adopted, we often use Reported EBITDA as a base, assuming no significant non-recurring items.
*   **Non-recurring items:** The "Impairment Loss... IFRS9" is 60,199,000. This is likely a recurring credit loss provision for a utility. "Gains Losses On Disposal" is -4,377,000. These are small relative to the total. We will assume Reported EBITDA is a reasonable proxy for Adjusted EBITDA absent specific large non-recurring flags in the text.
*   **Joint Ventures:** S&P often prefers to include proportional EBITDA from JVs rather than equity income. The equity income from JVs is 239,429,000. Without specific JV EBITDA data, we cannot make a precise proportional adjustment. We will proceed with the consolidated EBITDA derived above.

**Adjusted EBITDA Estimate:** 4,959,024,000 EUR

### Step 3: Estimate FFO

Formula: $FFO = \text{Adjusted EBITDA} - \text{Cash Interest} - \text{Cash Taxes}$

**1. Cash Interest:**
Reported Finance Costs: 1,753,220,000 EUR.
Reported Finance Income: 843,000,000 EUR.
Net Finance Costs: 910,220,000 EUR.

S&P uses **cash** interest. The cash flow statement provides:
*   "Interest And Similar Costs Of Financial Debt Including Hedge Derivatives": 716,454,000 EUR.
*   "Interest And Similar Costs Relating To Loans From Non Controlling Interests": 12,885,000 EUR.
*   "Interest And Similar Costs Of Loans From Related Parties": 111,000 EUR.
*   Total Cash Interest Paid (approx): $716,454,000 + 12,885,000 + 111,000 = 729,450,000$ EUR.
*   Note: S&P FFO definition subtracts cash interest. It does not net interest income. So we use gross cash interest expense.
*   Cash Interest Expense $\approx 729,450,000$ EUR.

**2. Cash Taxes:**
Reported Income Tax Expense + CESE: 450,024,000 EUR.
We need cash taxes paid. The cash flow statement does not explicitly list "Taxes Paid". However, we can estimate it or use the expense if cash taxes are not available. Often, for estimation purposes in absence of explicit cash tax outflow, we might use the tax expense adjusted for changes in tax liabilities.
*   Tax Liabilities Current 2022: 582,686,000
*   Tax Liabilities Current 2023: 1,001,102,000
*   Increase in Tax Liability: $1,001,102,000 - 582,686,000 = 418,416,000$ EUR.
*   Cash Taxes Paid $\approx$ Tax Expense - Increase in Liability
*   Cash Taxes Paid $\approx 450,024,000 - 418,416,000 = 31,608,000$ EUR.
*   *Self-Correction*: This seems very low. Let's look at Deferred Tax.
*   Deferred Tax Liabilities 2022: 989,078,000 -> 2023: 1,244,593,000 (Increase of 255,515,000).
*   Deferred Tax Assets 2022: 1,509,092,000 -> 2023: 1,784,292,000 (Increase of 275,200,000).
*   Net Deferred Tax Asset Increase: $275,200,000 - 255,515,000 = 19,685,000$ (Increase in DTA is a use of cash/reduction in tax payable relative to expense? No, increase in DTA means tax expense > cash tax paid? Or vice versa? An increase in DTA means we recognized expense but didn't pay cash (or got a refundable credit). An increase in DTL means we recognized expense but didn't pay cash.
*   Let's use the standard approximation: Cash Tax = Tax Expense - Change in Net Deferred Tax Liabilities - Change in Current Tax Payable?
*   Actually, simpler: Cash Flow from Operations often includes taxes paid. It is not broken out.
*   Given the uncertainty, and that S&P often uses "Cash Taxes" which can differ significantly from expense, but lacking explicit data, we will use the **Income Tax Expense** as a conservative proxy for cash taxes, or adjust slightly. However, looking at the "Income Tax And CESE" line in the Cash Flow reconciliation (indirect method), it adds back 258,849,000? No, that line is "Income Tax And CESE" with value -258,849,000 in the adjustments?
    *   Wait, the line `"Income Tax And CESE" 2022-01-01 - 2023-01-01: -258849000 EUR` appears in the adjustments to reconcile profit/loss.
    *   Let's check the Cash Flow from Operations calculation provided:
        *   Profit Before Tax: 1,619,773,000
        *   Adjustments...
        *   Cash Flows From Used In Operations: 4,200,324,000
        *   Other Inflows/Outflows Operating: -422,539,000
        *   Cash Flows From Operating Activities: 3,777,785,000.
    *   Usually, Taxes Paid are deducted *after* Cash Flow from Operations or within it. In IFRS, taxes paid can be operating or financing.
    *   Without a specific "Taxes Paid" line, we will use the **Tax Expense** of 450,024,000 EUR as the best available estimate for cash taxes, acknowledging it might overstate cash outflow if liabilities increased, or understate if they decreased. Given the current tax liability increased significantly (582M to 1001M), the company *accrued* more than it *paid*. Thus, Cash Taxes < Tax Expense.
    *   Change in Current Tax Payable: +418M.
    *   Change in Deferred Tax (Net): DTA increased 275M, DTL increased 255M. Net DTA increase 20M.
    *   Total Tax Expense (450M) = Cash Taxes + Change in Current Payable (418M) + Change in Net Deferred (20M)?
    *   $450 = \text{Cash} + 418 + 20 \Rightarrow \text{Cash} \approx 12$ Million. This seems unrealistically low for a company of this size.
    *   Let's re-read the balance sheet items. "Tax Assets-Current" also exists.
        *   Tax Assets-Current 2022: 551,842,000
        *   Tax Assets-Current 2023: 814,298,000
        *   Increase in Current Tax Assets: 262,456,000.
    *   Net Current Tax Position = Liability - Asset.
        *   2022: $582,686 - 551,842 = 30,844,000$ (Net Liability)
        *   2023: $1,001,102 - 814,298 = 186,804,000$ (Net Liability)
        *   Change in Net Current Tax Liability: $186,804 - 30,844 = 155,960,000$ Increase.
    *   Deferred Tax Net:
        *   2022: $989,078 (L) - 1,509,092 (A) = -520,014,000$ (Net Asset)
        *   2023: $1,244,593 (L) - 1,784,292 (A) = -539,699,000$ (Net Asset)
        *   Change in Net Deferred Tax Asset: $-539,699 - (-520,014) = -19,685,000$ (Increase in Net Asset).
    *   Total Change in Tax Balances (Increase in Net Asset/Liability):
        *   An increase in Net Liability means we owe more (Expense > Cash).
        *   An increase in Net Asset means we have more credits (Expense < Cash? Or Expense recognized but not paid?).
        *   Formula: $\text{Tax Expense} = \text{Cash Taxes Paid} + \Delta \text{Net Tax Liability} - \Delta \text{Net Tax Asset}$.
        *   Actually, simpler: $\text{Cash Taxes} = \text{Tax Expense} - \Delta \text{Total Tax Liabilities} + \Delta \text{Total Tax Assets}$.
        *   $\Delta \text{Total Tax Liabilities} = (1,001,102 + 1,244,593) - (582,686 + 989,078) = 2,245,695 - 1,571,764 = 673,931,000$.
        *   $\Delta \text{Total Tax Assets} = (814,298 + 1,784,292) - (551,842 + 1,509,092) = 2,598,590 - 2,060,934 = 537,656,000$.
        *   $\text{Cash Taxes} = 450,024,000 - 673,931,000 + 537,656,000 = 313,749,000$ EUR.
    *   This figure (313.7M) is more realistic than 12M or 450M. We will use **313,749,000 EUR** for Cash Taxes.

**FFO Calculation:**
$$FFO = 4,959,024,000 (\text{Adj EBITDA}) - 729,450,000 (\text{Cash Interest}) - 313,749,000 (\text{Cash Taxes})$$
$$FFO = 3,915,825,000 \text{ EUR}$$

### Step 4: Estimate Adjusted Debt

Formula: $\text{Adjusted Debt} = \text{Reported Debt} + \text{Leases} + \text{Pension Deficit} + \text{Other Debt-like} - \text{Eligible Cash}$

**1. Reported Debt:**
*   Long-term Borrowings (2023-01-01, i.e., year-end 2022): 15,782,604,000
*   Current Borrowings (2023-01-01): 4,239,869,000
*   Other Noncurrent Financial Liabilities: 5,159,496,000
*   Other Current Financial Liabilities: 3,600,893,000
*   Total Interest-Bearing Debt $\approx 15,782,604,000 + 4,239,869,000 + 5,159,496,000 + 3,600,893,000 = 28,782,862,000$ EUR.

**2. Leases:**
*   S&P treats lease liabilities as debt.
*   The balance sheet shows "Right-of-use Assets" but not explicitly "Lease Liabilities". However, "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" likely contain lease liabilities.
*   In many IFRS utilities, lease liabilities are embedded in "Other Financial Liabilities" or disclosed separately. Without a specific "Lease Liability" line, we might need to estimate.
*   However, often "Other Financial Liabilities" includes derivatives and leases.
*   Let's check if we can derive lease liabilities. The cash flow shows "Payments Of Lease Liabilities Classified As Financing Activities": 133,696,000 EUR.
*   If we assume the "Other Financial Liabilities" are primarily debt and leases, we have already included them in the "Reported Debt" sum above (as Financial Liabilities).
*   S&P Adjustment: If the reported debt *already* includes lease liabilities (which it does, as they are financial liabilities), we do not add them again. We just ensure they are included.
*   Are there off-balance sheet leases? Unlikely for a major IFRS utility.
*   So, Debt Base = 28,782,862,000 EUR.

**3. Pension Deficit:**
*   "Noncurrent Provisions For Employee Benefits": 644,299,000
*   "Current Provisions For Employee Benefits": 126,767,000
*   Total Provisions: 771,066,000 EUR.
*   S&P typically adds the underfunded portion of defined benefit plans. The provision represents the deficit. We add **771,066,000 EUR**.

**4. Other Debt-like Items:**
*   "Institutional Partnerships In North America": 2,212,162,000 EUR.
*   These are often treated as debt-like by S&P if they have mandatory distributions or debt-like characteristics. In EDP's case, these are often non-recourse financing structures but consolidated. S&P may treat the full amount or a portion as debt. Given they are listed separately from borrowings, and often represent equity-like instruments with debt features (or vice versa), we need to be careful.
*   However, standard S&P utility analysis often treats "Institutional Partnerships" (like EDPR's yieldco structures) as debt if the cash flows are committed. Let's assume these are debt-like for a conservative estimate, or check if they are already in "Financial Liabilities". They are listed separately in the equity/liabilities section?
*   Looking at the list: "Institutional Partnerships In North America" is listed between Deferred Tax Liabilities and Trade Payables. It is likely a mezzanine or debt-like instrument. We will add **2,212,162,000 EUR** to Adjusted Debt.

**5. Eligible Cash:**
*   Cash and Cash Equivalents: 4,900,205,000 EUR.
*   S&P deducts unrestricted cash.
*   "Collateral Deposits Associated To Financial Debt": 23,765,000 (Non-current) + 29,336,000 (Current) = 53,101,000 EUR. This cash is restricted and should *not* be deducted.
*   Eligible Cash = Total Cash - Restricted Cash.
*   Eligible Cash = $4,900,205,000 - 53,101,000 = 4,847,104,000$ EUR.

**Adjusted Debt Calculation:**
$$\text{Adjusted Debt} = \text{Total Financial Debt} + \text{Pension Deficit} + \text{Inst. Partnerships} - \text{Eligible Cash}$$
$$\text{Adjusted Debt} = 28,782,862,000 + 771,066,000 + 2,212,162,000 - 4,847,104,000$$
$$\text{Adjusted Debt} = 31,766,090,000 - 4,847,104,000$$
$$\text{Adjusted Debt} = 26,918,986,000 \text{ EUR}$$

### Step 5: Calculate FFO / Adjusted Debt Ratio

$$\text{Ratio} = \frac{FFO}{\text{Adjusted Debt}}$$
$$\text{Ratio} = \frac{3,915,825,000}{26,918,986,000}$$
$$\text{Ratio} \approx 0.145467$$

Rounding to four decimal places: **0.1455**

<answer>0.1455</answer>