To estimate the S&P-adjusted debt-to-EBITDA ratio for HERA S.P.A. for 2022, we apply the standard S&P methodology adjustments to the reported financials.

**Step 1: Estimate Adjusted Debt**
We calculate the Adjusted Debt by summing the reported financial debt, capitalized lease obligations, and standard debt-like items (such as unfunded pension obligations), and then subtracting eligible cash and cash equivalents.

*   **Reported Debt**: 
    *   Noncurrent Financial Liabilities: 5,689,900,000 EUR
    *   Current Financial Liabilities: 650,100,000 EUR
    *   *Total Reported Debt* = 6,340,000,000 EUR
*   **Lease Liabilities**:
    *   Noncurrent Lease Liabilities: 55,100,000 EUR
    *   Current Lease Liabilities: 21,300,000 EUR
    *   *Total Leases* = 76,400,000 EUR
*   **Pension Deficit**: 
    *   Noncurrent Provisions For Employee Benefits = 92,000,000 EUR
*   **Eligible Cash**:
    *   Cash and Cash Equivalents = 1,942,400,000 EUR

*Adjusted Debt* = 6,340.0 + 76.4 + 92.0 - 1,942.4 = 4,566.0 million EUR

**Step 2: Estimate Adjusted EBITDA**
We reconstruct the standard EBITDA starting from the reported EBIT (Profit/Loss from Operating Activities) and add back pure Depreciation and Amortization (excluding standard operating/bad debt provisions). We then make applicable standard adjustments such as adding cash dividends received from equity investments and reversing non-cash / non-recurring capital losses.

*   **Reported EBIT**: Profit Loss From Operating Activities = 533,800,000 EUR
*   **Depreciation and Amortization**: We use the pure D&A amount from the cash flow statement (Adjustments For Depreciation And Amortisation Expense And Impairment Loss) to avoid adding back standard recurring bad debt operating provisions = 478,600,000 EUR
*   **Dividends Received from Joint Ventures**: S&P commonly includes recurring cash dividends received from equity method investments = 13,400,000 EUR
*   **Nonrecurring / Non-Cash Losses**: Capital Gains/Losses And Other Non-Monetary Elements (this represents non-cash losses that impacted EBIT, reflected as a positive add-back in the CF statement) = 41,600,000 EUR

*Adjusted EBITDA* = 533.8 + 478.6 + 13.4 + 41.6 = 1,067.4 million EUR

*(Note: Hera operates under IFRS 16; lease depreciation is already backed out from this EBITDA since it is treated equivalently to a financing expense by S&P).*

**Step 3: Calculate the S&P-Adjusted Debt-to-EBITDA Ratio**
Adjusted Debt / Adjusted EBITDA = 4,566.0 / 1,067.4 = 4.27768

<answer>4.28</answer>