Let’s go through the steps systematically.

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## 1. Industry Identification

REDEIA CORPORACION SA (formerly Red Eléctrica Corporación, S.A.) is a Spanish electricity transmission system operator.  
It is a regulated utility under a transparent, stable regulatory framework (strong regulatory advantage).  
Thus, we use the **Regulated Utilities** methodology.

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## 2. Adjusted EBITDA

### Step 2.1 — Reconstruct EBITDA

We start from **Profit Loss From Operating Activities** (EBIT):  
EBIT = 961,554,000 EUR

Add back **Depreciation and Amortisation Expense**:  
D&A = 544,992,000 EUR

So:  
EBITDA = EBIT + D&A  
EBITDA = 961,554,000 + 544,992,000 = **1,506,546,000 EUR**

### Step 2.2 — Adjustments

- **Leases**: IFRS 16 — we check if lease depreciation is included in D&A and lease interest in finance costs. Data suggests possible lease liabilities under borrowings, but no split is given. We assume IFRS 16 already accounted in EBITDA and debt.  
- **Non-recurring items**: No clear non-recurring gains/losses mentioned outside normal operations.  
- **Joint ventures**: "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" = 50,405,000 EUR — this is equity-accounted income already included in EBIT. Under S&P, we do not add proportional JV EBITDA again unless we deconsolidate. We keep as is.  
- **Pension adjustments**: No data on pension deficit changes; assume none required.

Thus:  
Adjusted EBITDA ≈ **1,506,546,000 EUR**

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## 3. FFO Calculation

FFO = Adjusted EBITDA – Cash Interest – Cash Taxes

### Cash Interest

Interest Paid Classified As Operating Activities = 123,524,000 EUR  
Interest Paid Classified As Financing Activities = 0 EUR  
So cash interest = **123,524,000 EUR**

### Cash Taxes

Income Taxes Paid = 363,996,000 EUR

### FFO

FFO = 1,506,546,000 – 123,524,000 – 363,996,000  
FFO = **1,019,026,000 EUR**

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## 4. Adjusted Debt

### Step 4.1 — Reported Debt

We take:

- Long-term borrowings (2023-01-01) = 5,491,124,000
- Current borrowings and current portion of noncurrent borrowings (2023-01-01) = 721,845,000

Total reported debt = 5,491,124,000 + 721,845,000 = **6,212,969,000 EUR**

### Step 4.2 — Other Debt-like Items

- **Leases**: IFRS 16 leases already in borrowings; no separate adjustment needed.
- **Pension deficit**: No data on unfunded pension obligations; assume zero.
- **Hybrids**: No hybrids mentioned.
- **Guarantees**: None mentioned.

So Adjusted Debt (before cash) = **6,212,969,000 EUR**

### Step 4.3 — Eligible Cash

Cash and Cash Equivalents (2023-01-01) = 794,824,000 EUR  
We assume all cash is eligible unless restricted. No restriction data.

### Step 4.4 — Adjusted Debt (net)

Adjusted Debt = 6,212,969,000 – 794,824,000 = **5,418,145,000 EUR**

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## 5. Ratio

FFO / Adjusted Debt = 1,019,026,000 / 5,418,145,000 ≈ **0.1881**

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<answer>0.1881</answer>