To estimate the S&P-adjusted FFO-to-Debt ratio for ITALGAS S.P.A. (a natural gas distribution utility) for the fiscal year 2022, we apply the S&P methodologies for "Regulated Utilities" and general corporate adjustments.

**1. Estimate Adjusted EBITDA**
First, we find the reported operating components and construct the base EBITDA:
* **Operating Income (EBIT)** = Profit Loss From Operating Activities = 641,338,000 EUR
* **Depreciation & Amortization (D&A)** = 479,186,000 EUR
* **Reported EBITDA** = 641,338,000 + 479,186,000 = 1,120,524,000 EUR

Next, we apply normalizations (adjustments):
* Subtract **Gain on Disposal of Noncurrent Assets**, which is a non-recurring operating item backed out in cash flows: -25,357,000 EUR
* Add **Dividends Received from Equity Investments**, as it represents the cash flow generated from JVs/associates: +1,372,000 EUR
* *Adjusted EBITDA* = 1,120,524,000 - 25,357,000 + 1,372,000 = **1,096,539,000 EUR**

**2. Estimate Funds From Operations (FFO)**
We subtract net cash interest paid and cash taxes paid from Adjusted EBITDA:
* **Net Cash Interest Paid** = Finance Costs Paid (53,720,000 EUR) - Finance Income Received (4,043,000 EUR) = 49,677,000 EUR
* **Cash Taxes Paid** = 152,372,000 EUR
* *FFO* = 1,096,539,000 - 49,677,000 - 152,372,000 = **894,490,000 EUR**

**3. Estimate Adjusted Debt**
For a natural gas distribution utility, S&P criteria stipulate an adjustment for substantial seasonal working capital requirements by netting the value of inventory against outstanding short-term borrowings. 

* **Gross Financial Debt:**
  Short-Term Financial Liabilities = 142,437,000 EUR
  Long-Term Financial Liabilities = 6,402,913,000 EUR
  Other Current Financial Liabilities = 290,000 EUR
  Other Noncurrent Financial Liabilities = 34,000 EUR
  *Sub-total* = 6,545,674,000 EUR

* **Debt-like Adjustments:**
  Add: Pension Deficit (Noncurrent Provisions For Employee Benefits) = 69,917,000 EUR

* **Deductions:**
  Less: Cash and Cash Equivalents = -451,946,000 EUR
  Less: Seasonal Inventory Adjustment = -120,486,000 EUR *(Inventories are capped against the short-term financial liabilities, which are sufficient to absorb the full netting)*

* *Adjusted Debt* = 6,545,674,000 + 69,917,000 - 451,946,000 - 120,486,000 = **6,043,159,000 EUR**

**4. FFO-to-Debt Ratio Calculation**
* FFO / Adjusted Debt = 894,490,000 EUR / 6,043,159,000 EUR ≈ 0.1480169

<answer>0.1480</answer>