I'll work through this systematically following the S&P methodology for EDF.

## Step 1: Identify the Relevant Industry

EDF (Électricité de France) is a large integrated energy utility with significant regulated and unregulated operations. The company operates in:
- Electricity generation (including nuclear, hydro, thermal, renewables)
- Electricity distribution (regulated in France)
- Electricity retail supply
- Gas distribution and supply

Given EDF's mix of regulated utilities (particularly French electricity distribution under concession) and unregulated power and gas operations, the **Regulated Utilities** methodology is primary, but with considerations for unregulated segments.

## Step 2: Estimate Adjusted_EBITDA

Starting with the income statement data for 2022:

**Reconstructing EBITDA:**
- Profit from operating activities (EBIT): -19,363 million EUR
- Add back: Depreciation and Amortisation: 11,079 million EUR
- Add back: Impairment loss reversals (net): 1,762 million EUR (shown as reversal, so subtract from negative)

**EBITDA = -19,363 + 11,079 + 1,762 = -6,522 million EUR**

**Adjustments for Regulated Utilities methodology:**

Per S&P guidance for regulated utilities, key adjustments include:
- Non-recurring items and fair value changes
- Pension-related adjustments (significant for utilities)
- Regulatory accounting normalization

**Fair value adjustments:**
- Net changes in fair value on derivatives: -849 million EUR (non-cash, non-recurring)
- Other finance costs: -1,997 million EUR (includes non-operating items)

**Non-recurring/Non-operating items:**
- Other income and expenses excluded from EBITDA: 687 million EUR (net gain)
- Add back: Fair value losses on derivatives: 849 million EUR

**Adjusted_EBITDA = -6,522 + 849 + 687 = -4,986 million EUR**

Note: The reported "Operating Profit Before Depreciation and Amortisation" is exactly -4,986 million EUR, which serves as validation.

## Step 3: Estimate FFO

**FFO = Adjusted_EBITDA - cash_interest - cash_taxes**

From the financial statements:
- Adjusted_EBITDA: -4,986 million EUR
- Interest Expense (from P&L): 1,730 million EUR (cash interest paid approximates this)
- Income tax expense (continuing operations): -3,926 million EUR (This is negative, meaning a tax refund/benefit)

For cash taxes paid:
- From cash flow statement: "Income Taxes Paid Refund": 1,282 million EUR (paid)

**FFO = -4,986 - 1,730 - 1,282 = -7,998 million EUR**

Alternatively, checking with cash flow data:
- Net Cash Flow From Operations Before Net Financial Expenses and Income Taxes: -5,140 million EUR
- Less: Financial expenses disbursed: 1,003 million EUR
- Less: Income taxes paid: 1,282 million EUR
- Approximately: -7,425 million EUR (close to above)

Using the more conservative estimate: **FFO = -7,998 million EUR**

## Step 4: Estimate Adjusted_Debt

**From Balance Sheet (as of 2022-01-01):**

Reported Debt Components:
- Other Noncurrent Financial Liabilities: 56,543 million EUR
- Other Current Financial Liabilities: 45,014 million EUR
- Total Financial Liabilities: 101,557 million EUR

**Lease adjustments (S&P requirement for utilities):**
- Concession liabilities (French distribution concession): 48,853 million EUR
- These are lease-like obligations but already accounted for under IFRS 16

**Provisions for nuclear decommissioning and pensions:**
- Provisions for nuclear decommissioning: 62,067 million EUR (operating liability, not debt-like)
- Noncurrent provisions for employee benefits: 21,716 million EUR (pension obligations)

For regulated utilities under S&P methodology, pension deficits are typically added to debt. Given the large nuclear decommissioning provisions, these should be treated as operational liabilities specific to the utility, not debt adjustments.

**Pension adjustment:**
- Using noncurrent provisions for pensions as proxy: 21,716 million EUR

**Hybrid debt (Perpetual subordinated bonds):**
- Included in financial liabilities above

**Cash and equivalents to subtract:**
- Cash and cash equivalents: 9,919 million EUR

**Adjusted_Debt = 101,557 + 21,716 - 9,919 = 113,354 million EUR**

## Step 5: Calculate FFO / Adjusted_Debt Ratio

**FFO / Adjusted_Debt = -7,998 / 113,354 = -0.0706**

Rounded to four decimal places: **-0.0706**

<answer>-0.0706</answer>