**Step 1: Identify the relevant industry**

The entity is "REDEIA CORPORACION SA" (Red Eléctrica Corporación, S.A.). Based on the name and the nature of its assets (Property, Plant, and Equipment; Investment Property; Regulated Utilities context in the prompt), this is a Spanish electricity transmission system operator. This falls squarely under the **Regulated Utilities** sector described in the provided text. Specifically, it operates as a natural monopoly with regulated tariffs.

**Step 2: Estimate Adjusted_EBITDA**

For Regulated Utilities, S&P typically uses EBITDA as a key profitability indicator. We need to reconstruct EBITDA from the provided Income Statement data for the fiscal year ended December 31, 2022 (period 2022-01-01 to 2023-01-01).

*   **Profit Loss From Operating Activities (EBIT):** 961,554,000 EUR
*   **Depreciation And Amortisation Expense:** 544,992,000 EUR

Reported EBITDA = EBIT + Depreciation & Amortization
Reported EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR

*Adjustments:*
The prompt provides specific line items for adjustments. In the absence of specific information regarding non-recurring items, lease adjustments (IFRS 16 leases are often embedded in debt/EBITDA, but without specific lease liability data separate from financial liabilities, we assume reported figures are the baseline unless specified otherwise. However, standard S&P methodology for utilities often adds back non-cash items or normalizes. Let's look for specific adjustments mentioned in the text or implied.
*   "Participacion En Beneficios De Sociedades Valoradas Por El Metodo De La Participacion" (Share of profit of equity-accounted investees): 50,405,000 EUR. This is included in Operating Profit. S&P often adjusts FFO/EBITDA to include the proportional share of EBITDA from equity affiliates or excludes the equity income and adds back dividends/cash flow. However, a common simplification in these exercises, unless detailed affiliate EBITDA is provided, is to start with Reported EBITDA.
*   "Imputacion De Subvenciones..." (Grant income): 15,780,000 EUR. This is non-cash or deferred. It is included in Operating Profit.
*   "Deterioro YResultado Por Enajenaciones..." (Impairment/Gains on disposal): 488,000 EUR. This is a small non-recurring item.

Let's stick to the core reconstruction:
Adjusted_EBITDA ≈ Reported EBITDA = 1,506,546,000 EUR.
(Note: Without specific data on lease liabilities to capitalize or pension deficits, we use the reported operating performance. The "Adjustments For Reconcile Profit Loss" in the Cash Flow statement sums to 592,571,000, which includes D&A (544,992,000) and other items. The Cash Flow from Operations is 1,566,829,000. This is close to EBITDA but includes working capital changes and taxes/interest paid/received classifications. EBITDA is the standard starting point.)

Let's refine EBITDA calculation:
Revenue: 2,015,036,000
Operating Expenses (excluding D&A):
- Aprovisionamientos (Supplies): 37,061,000
- Employee Benefits: 210,614,000
- Misc Other Operating Expense: 467,088,000
- Depreciation: 544,992,000
Total Operating Costs = 37,061,000 + 210,614,000 + 467,088,000 + 544,992,000 = 1,259,755,000
Operating Profit (EBIT) reported is 961,554,000.
Check: Revenue (2,015,036,000) + Other Work Capitalized (62,903,000) + Misc Other Op Income (77,673,000) + Share of Equity Profits (50,405,000) + Grant Income (15,780,000) + Disposal Gains (488,000) - Supplies (37,061,000) - Employees (210,614,000) - Misc Op Exp (467,088,000) - D&A (544,992,000) = ?
2,015,036 + 62,903 + 77,673 + 50,405 + 15,780 + 488 - 37,061 - 210,614 - 467,088 - 544,992 = 962,530.
The reported "Profit Loss From Operating Activities" is 961,554,000. The difference (approx 1M) is likely due to rounding or minor unlisted items. We will use the reported EBIT of 961,554,000.

Adjusted_EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR.

**Step 3: Estimate FFO**

Formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes

*   **Cash Interest:**
    The Cash Flow statement reports "Interest Paid Classified As Operating Activities" as 123,524,000 EUR.
    It also reports "Interest Received Classified As Operating Activities" as 15,680,000 EUR.
    Usually, FFO deducts *net* cash interest paid.
    Net Cash Interest = Interest Paid - Interest Received = 123,524,000 - 15,680,000 = 107,844,000 EUR.
    *(Note: Some methodologies use Gross Interest Paid. However, S&P FFO definition typically subtracts cash interest paid. If interest received is operating, it's part of cash flow. Let's look at the standard definition: FFO = Net Income + D&A - Non-cash items. Alternatively, FFO = EBITDA - Cash Interest - Cash Taxes. Using Net Cash Interest is more accurate for the cash burden.)*
    Let's check the Finance Costs in P&L: 116,468,000. Finance Income: 23,161,000. Net Finance Cost: 93,307,000.
    Cash Interest Paid (123.5M) is higher than accrued finance costs, likely due to timing or capitalized interest differences. We use the cash flow figure as per the formula "cash_interest".
    We will use **Net Cash Interest** = 107,844,000 EUR.

*   **Cash Taxes:**
    The Cash Flow statement reports "Income Taxes Paid Refund Classified As Operating Activities" as 363,996,000 EUR. This is an outflow.
    Cash Taxes = 363,996,000 EUR.

FFO = 1,506,546,000 - 107,844,000 - 363,996,000
FFO = 1,034,706,000 EUR.

*Alternative Check using Net Income approach:*
Net Income Attributable to Owners: 664,731,000
Add D&A: 544,992,000
Add Deferred Tax/Other non-cash?
Change in Working Capital is excluded in FFO? No, FFO is generally pre-working capital changes in the "Funds" sense, but S&P FFO is often defined as Net Income + D&A + Deferred Taxes + Other Non-Cash Items.
Let's try this standard reconciliation:
Net Income (Consolidated): 681,187,000
+ D&A: 544,992,000
+ Deferred Tax Expense (P&L Tax 188,330,000 vs Cash Tax 363,996,000? No, we need the deferred tax *change* or expense).
Income Tax Expense (P&L): 188,330,000.
Cash Tax Paid: 363,996,000.
This implies a significant reduction in tax liabilities or payment of prior years.
Standard S&P FFO for utilities often approximates to EBITDA - Cash Interest - Cash Taxes.
Let's stick to the calculated FFO: **1,034,706,000 EUR**.

**Step 4: Estimate Adjusted_Debt**

Formula: Adjusted_Debt = Reported_Debt + Leases + Pension_Deficit + Guarantees + Hybrid_Debt - Eligible_Cash

*   **Reported Debt:**
    We need to identify interest-bearing debt.
    Noncurrent Financial Liabilities: 5,543,755,000 EUR
    Current Financial Liabilities: 1,705,277,000 EUR
    Total Financial Liabilities (Debt) = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR.
    
    Breakdown check:
    Longterm Borrowings: 5,491,124,000
    Other Noncurrent Financial Liabilities: 52,631,000
    Current Borrowings: 721,845,000
    Other Current Financial Liabilities: 983,432,000
    Sum: 5,491,124 + 52,631 + 721,845 + 983,432 = 7,249,032 (Matches).

*   **Leases:**
    The data does not explicitly separate lease liabilities. In many IFRS reports, "Other Noncurrent/Current Financial Liabilities" might contain leases, or they are included in borrowings. Without explicit "Lease Liabilities" line items, and given the utility nature, we assume reported financial liabilities capture the debt-like obligations. We will not add a separate lease adjustment due to lack of data, assuming it's embedded or negligible relative to the total debt structure provided.

*   **Pension Deficit:**
    No specific pension deficit liability is provided in the liabilities section (only "Other Longterm Provisions" and "Noncurrent Government Grants"). We assume no significant unfunded pension deficit adjustment is required based on the provided facts.

*   **Hybrid Debt:**
    No hybrid instruments are explicitly identified in the equity/liabilities breakdown (Equity is clearly separated). We assume 0.

*   **Eligible Cash:**
    S&P allows the deduction of unrestricted cash and cash equivalents.
    Cash And Cash Equivalents (2023-01-01, which is the end of FY2022): 794,824,000 EUR.
    
    Adjusted_Debt = Total Financial Liabilities - Cash
    Adjusted_Debt = 7,249,032,000 - 794,824,000
    Adjusted_Debt = 6,454,208,000 EUR.

**Step 5: Calculate FFO / Adjusted_Debt**

FFO = 1,034,706,000 EUR
Adjusted_Debt = 6,454,208,000 EUR

Ratio = 1,034,706,000 / 6,454,208,000
Ratio ≈ 0.160314...

Rounding to four decimal places: 0.1603

<answer>0.1603</answer>