Let’s go through the steps.

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**1. Identify the industry**

Électricité de France (EDF) is a large integrated electric utility, mainly producing nuclear, hydro, and other generation; it also operates regulated networks. The S&P methodology for **Regulated Utilities** applies, given its significant regulated and essential service operations.

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**2. Estimate Adjusted Debt**

We start from reported debt-like figures in the balance sheet.

From the data, the main liabilities carrying debt-like characteristics (end of 2022):

- *Other noncurrent financial liabilities:* €71,058M  
- *Other current financial liabilities:* €71,844M  

These represent reported financial debt (excluding leases, provisions, trade payables, etc.).

Now consider adjustments:

- **Leases:** The company likely has lease obligations. Specifically, "Property Plant And Equipment Operated Under French Public Electricity Distribution Concessions" and "… Under Concessions For Other Activities" are effectively right-of-use assets under concessions; the corresponding liabilities are "Special French Public Electricity Distribution Concession Liabilities" (€49,459M noncurrent) and current portions may be included in payables. We add the concession liabilities as debt-like.

  Concession liabilities: €49,459M

- **Pension deficit:**  
  Noncurrent provisions for employee benefits: €16,231M (this is the deficit). We add this in full.

- **Hybrid debt portion:** EDF has perpetual subordinated bonds. Issuances and redemptions occurred; total outstanding not explicitly provided, but payments to holders were €606M in 2022. For simplicity, we will assume there is no explicit hybrid balance given—only interest-like payments—and ignore adding a principal amount unless stated. We’ll assume no hybrid debt adjustment.

- **Other debt-like items:** Nuclear provisions (back-end of cycle, decommissioning) are huge: €56,021M. S&P typically adds these as debt-like for nuclear operators, given the mandatory funding nature.

Now, **eligible cash:**

- Cash and cash equivalents: €10,948M.

Thus:

**Adjusted Debt** = (€71,058M + €71,844M)  
    + €49,459M (concession liabilities)  
    + €16,231M (pension deficit)  
    + €56,021M (nuclear provisions)  
    – €10,948M (cash)

= €71,058M + €71,844M  
= €142,902M (financial debt)

+ €49,459M → €192,361M  
+ €16,231M → €208,592M  
+ €56,021M → €264,613M  
– €10,948M → **€253,665M adjusted debt**.

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**3. Estimate Adjusted EBITDA**

From the income statement:

- *Operating Profit Before Depreciation and Amortisation* (this is EBITDA, by definition): **–€4,986M** in 2022.

Adjustments per S&P:

- **Lease/concession payment adjustments**: Already included in EBITDA as operating costs—no further adjustment needed unless interest is separated.

- **Nonrecurring items:**  
  - Impairment loss: +€1,762M (add back as nonrecurring loss)  
  - Net changes in fair value on derivatives (excluding trading): –€849M (loss) — this is non-cash; add back as nonrecurring loss.  
  - Other income/expenses excluded from EBE: €687M (likely includes non-operating items) — depends on nature, but if excluded from EBITDA, we add back.  

- **Pension adjustments:** EBITDA already reflects service cost; S&P may add back interest cost component—here, interest expense includes €1,730M, discount effect €174M; the pension-related interest is embedded. For simplicity, the pension deficit adjustment in debt is sufficient and EBITDA is left as is for operating calculation.

- **Joint ventures/associates:** Profit from associates: €759M (equity-accounted); usually excluded from EBITDA. S&P might add proportional EBITDA from associates, but we lack detail—omit.

So:

Adjusted EBITDA = –€4,986M  
    + €1,762M (impairment add-back)  
    + €849M (fair value loss add-back)  
    + €687M (other excluded items add-back)

= –€4,986M + €3,298M  
= **–€1,688M**.

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**4. Ratio calculation**

Adjusted Debt / Adjusted EBITDA = €253,665M / –€1,688M ≈ **–150.33**.

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<answer>-150.33</answer>