To determine the S&P-adjusted FFO-to-debt ratio for Veolia Environnement for the fiscal year ended December 31, 2022, we apply the standard S&P corporate methodology for Adjusted EBITDA, Funds From Operations (FFO), and Adjusted Debt.

**1. Adjusted EBITDA**
S&P calculates Adjusted EBITDA by taking the reported operating income, adding back depreciation and amortization, excluding non-recurring items (such as gains/losses on asset disposals), and replacing equity-method earnings with cash dividends received.
*   **Operating Income Before Share Of Net Income:** €2,206.30 million
*   **Depreciation, Amortization, Provisions & Impairments:** €3,178.60 million
*   **Less: Gains on Disposal of Operating Assets:** -€299.00 million (Since it appears as a negative in the cash flow reconciliation, it was a gain in the P&L and must be subtracted out)
*   **Plus: Dividends Received from Equity Investments:** €128.60 million
*   *Adjusted EBITDA* = 2,206.30 + 3,178.60 - 299.00 + 128.60 = **€5,214.50 million**

**2. Funds From Operations (FFO)**
FFO is calculated by deducting cash interest and cash taxes paid from the Adjusted EBITDA. We must also account for S&P's treatment of hybrid debt (50% of the hybrid coupon is treated as interest expense).
*   **Interest Paid:** €637.70 million
*   **Interest on Lease:** €52.50 million
*   **Hybrid Coupon (50% of €88.30m):** €44.15 million
*   **Total Cash Interest Paid:** 637.70 + 52.50 + 44.15 = €734.35 million
*   **Cash Taxes Paid:** €557.40 million
*   *FFO* = 5,214.50 - 734.35 - 557.40 = **€3,922.75 million**

**3. Adjusted Debt**
S&P adjusts reported debt to include lease liabilities, concession liabilities, and 50% of hybrid debt, while netting eligible accessible cash.
*   **Financial Liabilities (Non-current + Current):** €19,692.10m + €6,521.40m = €26,213.50 million
*   **Concession Liabilities (Non-current + Current):** €1,680.50m + €243.20m = €1,923.70 million
*   **Lease Liabilities (Non-current + Current):** €1,656.20m + €496.50m = €2,152.70 million
*   **Bank Overdrafts:** €213.60 million
*   **Subtotal Reported Borrowings:** €30,503.50 million
*   **Plus: 50% Hybrid Debt ("Titres Super Subordonnés à Durée Indéterminée", €3,496.30m):** €1,748.15 million
*   **Total Gross Debt:** €32,251.65 million
*   **Less: Eligible Cash & Cash Equivalents:** €9,012.20 million
*   *Adjusted Debt* = 32,251.65 - 9,012.20 = **€23,239.45 million**

**4. FFO / Adjusted Debt Ratio**
*   *FFO / Adjusted Debt* = 3,922.75 / 23,239.45 ≈ 0.168797

<answer>0.1688</answer>