To estimate the S&P-adjusted FFO-to-Debt ratio for Électricité de France (EDF) for the year ended December 31, 2022, we apply the standard S&P global corporate methodology, taking into account specific adjustments relevant to the regulated utilities/power sector.

**Step 1: Estimate Adjusted EBITDA**
S&P bases its EBITDA calculation on reported operating figures, excluding non-cash items (like depreciation, amortization, and impairments) and adjusting for recurring cash flows from joint ventures. EDF's reported equivalent to EBITDA is the "Operating Profit Before Depreciation And Amortisation" (EBE).
* Reported EBITDA (EBE) = -€4,986,000,000
* Add: Dividends received from equity investments (JVs/Associates) = €590,000,000
* Adjusted EBITDA = -4,986,000,000 + 590,000,000 = **-€4,396,000,000**

**Step 2: Estimate Funds From Operations (FFO)**
FFO is calculated as Adjusted EBITDA minus cash interest and cash taxes paid. 
* Cash Interest Paid: EDF's reported "Net Financial Expenses Disbursed Including Dividends Received" is an outflow of €1,003,000,000. Because this net figure already encompasses the €590,000,000 inflow from dividends received, the true gross cash interest paid is €1,003,000,000 + €590,000,000 = €1,593,000,000.
* Cash Taxes Paid: The "Income Taxes Paid Refund" resulted in a cash outflow of €1,282,000,000.
* FFO = Adjusted EBITDA - Cash Interest - Cash Taxes
* FFO = -4,396,000,000 - 1,593,000,000 - 1,282,000,000 = **-€7,271,000,000**
*(Note: An alternative straightforward approach taking the unadjusted EBE minus the net financial disbursements and cash taxes yields the exact same FFO: -4,986m - 1,003m - 1,282m = -7,271m).*

**Step 3: Estimate Adjusted Debt**
For European utilities, S&P's adjusted debt includes gross financial debt, unfunded pension obligations, and asset retirement obligations (AROs, such as nuclear decommissioning provisions), strictly netted against available cash, liquid investments, and dedicated assets. 

Due to massive energy price spikes in 2022, utility balance sheets grossed up significantly with operating derivative assets and liabilities. S&P explicitly excludes operating derivative liabilities from debt. In the absence of a pure borrowings breakdown, netting Total Financial Assets against Total Financial Liabilities elegantly strips out the matching derivative positions and correctly subtracts the dedicated assets protecting the nuclear provisions.
* Total Financial Liabilities = Noncurrent (€71,058,000,000) + Current (€71,844,000,000) = €142,902,000,000
* Less: Total Financial Assets = Noncurrent (€48,512,000,000) + Current (€58,033,000,000) = -€106,545,000,000
* Less: Cash and Cash Equivalents = -€10,948,000,000
* Add: Pension Deficit (Noncurrent Provisions for Employee Benefits) = €16,231,000,000
* Add: Nuclear AROs (Provisions related to nuclear generation back-end...) = €56,021,000,000
* Add: Other Decommissioning/NC Provisions = €4,671,000,000
* Adjusted Debt = 142,902,000,000 - 106,545,000,000 - 10,948,000,000 + 16,231,000,000 + 56,021,000,000 + 4,671,000,000 = **€102,332,000,000**

**Step 4: Calculate FFO-to-Debt Ratio**
* FFO / Adjusted Debt = -7,271,000,000 / 102,332,000,000 = -0.071053...

<answer>-0.0711</answer>