To estimate the S&P-adjusted FFO-to-debt ratio for HERA S.P.A. for the fiscal year 2022, we follow the S&P methodology for regulated utilities/multi-utilities.

**Step 1: Industry Identification**
Hera S.p.A. is a multi-utility company (water, gas, electricity) operating in Italy. The regulated utility methodology applies.

**Step 2: Estimate Adjusted EBITDA**
*   Reported Operating Profit (EBIT): 533,800,000 EUR
*   Add back: Amortisation, Depreciation, and Provisions: 667,100,000 EUR
*   Adjustments:
    *   Cash Flows from Operations before changes in working capital is a good proxy for recurring cash-generating EBITDA. The provided "Cash Flows From Used In Operations Before Changes In Working Capital" is 1,202,000,000 EUR. We use this as our proxy for the S&P-adjusted EBITDA.
    *   Lease adjustments: "Right-of-use assets" increased from 101.6M to 84.2M (net). Lease liabilities (current + noncurrent) 2022: 43.4M + 53.2M = 96.6M. We treat these as part of the operating cash flow/debt adjustments.
    *   Adjusted EBITDA = 1,202,000,000 EUR

**Step 3: Estimate FFO (Funds From Operations)**
*   FFO = Adjusted_EBITDA - Cash_Interest - Cash_Taxes
*   Cash Interest (Finance Costs Paid): 128,000,000 EUR (from Cash Flow statement)
*   Cash Taxes (Income Taxes Paid): 165,900,000 EUR (from Cash Flow statement)
*   FFO = 1,202,000,000 - 128,000,000 - 165,900,000 = 908,100,000 EUR

**Step 4: Estimate Adjusted Debt**
*   Reported Debt:
    *   Noncurrent Financial Liabilities: 5,689,900,000
    *   Current Financial Liabilities: 650,100,000
    *   Total Reported Financial Debt: 6,340,000,000
*   Lease Liabilities: 55,100,000 (Noncurrent) + 21,300,000 (Current) = 76,400,000
*   Eligible Cash: 1,942,400,000 (S&P typically nets cash against debt if it is not operational/working capital restricted)
*   Adjusted_Debt = (6,340,000,000 + 76,400,000) - 1,942,400,000 = 4,474,000,000 EUR

**Step 5: Calculate FFO / Adjusted_Debt Ratio**
*   Ratio = 908,100,000 / 4,474,000,000
*   Ratio ≈ 0.2030

<answer>0.2030</answer>