To determine the S&P-adjusted FFO-to-debt ratio for ENEL - SPA for the fiscal year ended December 31, 2022, we apply the standard S&P Corporate Methodology using the provided financial data.

**1. Estimate Adjusted EBITDA**
*   **Reported Operating Profit (EBIT):** 11,193 million EUR
*   **Depreciation & Amortization (D&A):** 7,447 million EUR (From "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss")
*   **Reported EBITDA:** 11,193 + 7,447 = 18,640 million EUR
*   *Adjustment for Non-Recurring Items:* We deduct the non-recurring gain on asset disposals ("Adjustments For Losses Gains On Disposal Of Noncurrent Assets": -355 million EUR in the cash flow, meaning a gain of 355 million EUR was included in profit).
*   **Adjusted EBITDA:** 18,640 - 355 = 18,285 million EUR

**2. Estimate Funds From Operations (FFO)**
FFO is calculated as Adjusted EBITDA minus net cash interest paid and cash taxes paid. 
*   **Net Cash Interest Paid:** 
    *   Finance Costs Paid: 5,016 million EUR
    *   *Less* Finance Income Received: 2,622 million EUR
    *   *Add* 50% of Hybrid Bond Coupons (S&P treats 50% of the hybrid coupon as interest): 0.5 * 123 million EUR = 61.5 million EUR
    *   Net Cash Interest Paid = 5,016 - 2,622 + 61.5 = 2,455.5 million EUR
*   **Cash Taxes Paid:** 1,934 million EUR (from "Income Taxes Paid Refund Classified As Operating Activities")
*   **FFO:** 18,285 - 2,455.5 - 1,934 = 13,895.5 million EUR

**3. Estimate Adjusted Debt**
*   **Reported Borrowings:** 
    *   Long-term Borrowings: 68,191 million EUR
    *   Short-term Borrowings: 18,392 million EUR
    *   Current Portion of Long-term Borrowings: 2,835 million EUR
    *   *Total Reported Borrowings* = 89,418 million EUR
*   **Hybrid Capital Adjustment:** S&P treats 50% of outstanding perpetual hybrid bonds as debt. 
    *   50% * 5,567 million EUR = 2,783.5 million EUR
*   **Pension Deficit:** S&P adds unfunded pension obligations to debt.
    *   Noncurrent Provisions For Employee Benefits = 2,202 million EUR
*   **Less Accessible Cash & Equivalents:**
    *   Cash and Cash Equivalents = 11,041 million EUR
    *   Short-term Investments Classified As Cash Equivalents = 78 million EUR
    *   *Total Cash Deducted* = 11,119 million EUR
*   **Adjusted Debt:** 89,418 + 2,783.5 + 2,202 - 11,119 = 83,284.5 million EUR

*(Note: Without precise breakouts and tax shielding available for specific generic standard additions like AROs, we strictly use the given definable figures following S&P baseline formulas.)*

**4. Calculate S&P-Adjusted FFO-to-Debt Ratio**
*   **FFO / Adjusted Debt:** 13,895.5 / 83,284.5 = 0.166843...

<answer>0.1668</answer>