To estimate the S&P-adjusted FFO-to-debt ratio for TenneT Holding B.V. for 2022, we follow S&P's Global Corporate Methodology, specifically taking into account the adjustments for regulated utilities and the explicit pass-through nature of the German EEG (Erneuerbare-Energien-Gesetz) framework. 

**1. Calculate Adjusted Funds From Operations (FFO)**
For transmission system operators (TSOs) administering the EEG, S&P excludes the EEG-related working capital and its cash flow mismatch (which act as a pass-through) to reflect true underlying operating cash flow. We start directly from the reported cash flow to avoid non-cash estimate errors.

* **CFO excluding EEG Working Capital:** The annual report provides cash flows from operations excluding EEG working capital of €596M.
* **Working Capital (WC) excluding EEG CF effect:** The change in WC excluding EEG is reported as an increase of €736M. Because an increase in working capital implies a use of cash, the cash flow effect is -€736M.
* **FFO excluding EEG (before interest):** 
  FFO = CFO excluding EEG - CF effect of WC excluding EEG
  FFO (before interest) = €596M - (-€736M) = €1,332M.

Next, we calculate the S&P cash interest to arrive at Adjusted FFO. Since interest paid is classified under financing activities under IFRS for TenneT, the CFO above does not yet deduct it.
* **Net Cash Interest Paid:**
  + Interest Paid: €202M
  + Hybrid Interest (50% of the €57M hybrid capital dividend): €28.5M
  - Interest Received (netted as per standard utility accessible cash): €45M
  = Net Cash Interest = €185.5M.
*(Note: Cash taxes paid of €231M are already deducted as they are captured within Operating Activities).*

* **Adjusted FFO** = €1,332M - €185.5M = **€1,146.5M**.

**2. Calculate Adjusted Debt**
We aggregate reported debt, S&P debt-like obligations, and deduct accessible cash.
* **Reported Borrowings:** Long-term (€19,006M) + Short-term (€709M) = €19,715M
* **Lease Liabilities:** Non-current (€574M) + Current (€155M) = €729M
* **Hybrid Capital:** S&P generally attributes 50% equity and 50% debt content to standard corporate hybrid capital = 50% of €2,125M = €1,062.5M
* **Pension Deficit (Tax-Effected):** 
  Reported non-current defined benefit liability is €174M. 
  The implied tax rate from the OCI remeasurements tax effect (€64M tax on €217M remeasurement) is ~29.5%.
  Net Pension = €174M × (1 - 0.295) ≈ €123M.
* **Gross Debt** = €19,715M + €729M + €1,062.5M + €123M = €21,629.5M.
* **Eligible Cash:** Cash & cash equivalents = €6,547M.
* **Adjusted Debt** = €21,629.5M - €6,547M = **€15,082.5M**.

**3. Calculate FFO-to-Debt Ratio**
* **FFO / Adjusted Debt** = €1,146.5M / €15,082.5M = 0.076015...

<answer>0.0760</answer>