To determine the S&P-adjusted debt-to-EBITDA ratio for Veolia Environnement for the year ended December 31, 2022, we must compute the Adjusted Debt and Adjusted EBITDA according to standard S&P Global Ratings methodology. 

**1. Adjusted Debt Calculation**
Under S&P’s methodology, Adjusted Debt encompasses all reported interest-bearing obligations, capitalized lease obligations, financial concession liabilities, and the debt-equivalent portion of hybrid instruments, minus accessible cash and cash equivalents.

*   **Reported Borrowings and Lease Liabilities:**
    *   Noncurrent Financial Liabilities (Excluding Concessions): €19,692.1m
    *   Current Financial Liabilities (Excluding Concessions): €6,521.4m
    *   Noncurrent Lease Liabilities: €1,656.2m
    *   Current Lease Liabilities: €496.5m
    *   Noncurrent Concession Liabilities: €1,680.5m
    *   Current Concession Liabilities: €243.2m
    *   Bank Overdrafts and Other Cash Position Items: €213.6m
    *   *Total Borrowings:* €30,503.5m
*   **Hybrid Debt Portion:**
    S&P typically applies a 50% equity content (and thus 50% debt treatment) to deeply subordinated perpetual securities.
    *   Deeply Subordinated Securities ("Titres Super Subordonnés..."): €3,496.3m × 50% = €1,748.15m
*   **Gross Adjusted Debt:** €30,503.5m + €1,748.15m = €32,251.65m
*   **Eligible Cash:**
    *   Cash and Cash Equivalents: €9,012.2m
*   **Net Adjusted Debt:** €32,251.65m - €9,012.2m = **€23,239.45m**

*(Note: Without an explicit breakdown confirming "Other Current Financial Assets" as fully accessible surplus cash, we conservatively deduct just the explicit Cash and Cash Equivalents).*

**2. Adjusted EBITDA Calculation**
We reconstruct EBITDA starting from the operating income, adding back depreciation & amortization, excluding non-recurring events, and adding cash dividends received from equity-accounted entities. 

*   **Reported Operating Income** (Before Share of Net Income of Equity-Accounted Entities): €2,206.3m
*   **Depreciation, Amortization, Provisions & Impairments:** €3,178.6m
*   **Nonrecurring Items:** 
    We add back the reported loss on the disposal of operating assets (as it depressed operating income).
    *   Losses on Disposal of Operating Assets: €299.0m
*   **Dividends from Equity Investments:** 
    Cash dividends received reflect the actual cash generation proportional to the company's joint ventures. 
    *   Dividends Received Classified As Investing Activities: €128.6m
*   **Adjusted EBITDA:** €2,206.3m + €3,178.6m + €299.0m + €128.6m = **€5,812.5m**

**3. S&P-Adjusted Debt-to-EBITDA Ratio**
*   **Ratio:** €23,239.45m / €5,812.5m = 3.998...x

<answer>4.00</answer>