Let’s proceed step by step.

**Step 1 – Identify relevant industry**  
Veolia Environnement is primarily in water, waste, and energy services. Among the provided methodologies, “Regulated Utilities” is the closest fit, since water and waste are often under regulated or concession frameworks with tariff-setting mechanisms. We’ll apply the Regulated Utilities approach with baseline formulas unless industry-specific adjustments are specified. Given no specific modifications in the methodology for FFO or debt for regulated utilities, the baseline formulas will be used.

---

**Step 2 – Estimate Adjusted EBITDA**

Start with reconstructing EBITDA from the given data for 2022 (fiscal year ending Dec 31, 2022):

- **Revenue**: €42,885,300,000  
- **Cost of Sales**: €35,739,800,000  
- **Selling Expense**: €954,200,000  
- **General and Administrative**: €3,215,800,000  
- **Other Operating Income/Expense**: –€769,200,000  
- **Operating Income Before Share of Equity Income** = €2,206,300,000  

From the cash flow statement:
- **Operating Depreciation, Amortization, Provisions & Impairment Losses**: €3,178,600,000  
- **Financial Amortization & Impairment Losses**: €14,800,000  

Reconstructed EBITDA:
\[
2,206,300,000 + 3,178,600,000 = 5,384,900,000
\]
(Financial amortization is not part of operating EBITDA.)

Adjustments:  
- Gains/Losses on disposal of operating assets: –€299,000,000 (loss increases EBITDA for normalization).  
- Plus/Moins values de cessions d’actifs financiers: –€370,000,000 (loss, nonrecurring).  
- Other non-operating items: Other Adjustments to Reconcile Profit/Loss = €282,300,000 (could include noncash or nonrecurring items). Since we lack breakdown, I’ll treat it as adding back.

No lease adjustment needed here (already included in depreciation from right-of-use).

Joint ventures/associates:  
- Share of net income of equity accounted entities already included in operating income? In Veolia’s case, “Résultat opérationnel après quote-part” is after equity income. For proportional EBITDA adjustment we would need EBITDA from JVs/associates, but not available. I’ll assume no proportional consolidation adjustment possible with given data, so skip.

Adjusted EBITDA (approx.):
\[
5,384,900,000 + 299,000,000 + 370,000,000 + 282,300,000 = 6,336,200,000
\]

---

**Step 3 – Estimate FFO**

Formula:  
\[
FFO = Adjusted\_EBITDA - cash\_interest - cash\_taxes
\]

- **Cash interest**: Interest Paid = €637,700,000 (from financing cash flows)  
  Plus: Interest on Lease = €52,500,000  
  Less: Interest on operating assets = €78,500,000 (operating, not deducted for FFO).  
  Cash interest = €637,700,000 + €52,500,000 = €690,200,000.

- **Cash taxes**: Income Taxes Paid = €557,400,000.

So:
\[
FFO = 6,336,200,000 - 690,200,000 - 557,400,000 = 5,088,600,000
\]

---

**Step 4 – Estimate Adjusted Debt**

Reported debt components (Dec 31, 2022):

- Noncurrent financial liabilities (excl. concession): €19,692,100,000  
- Current financial liabilities (excl. concession): €6,521,400,000  
- Noncurrent lease: €1,656,200,000  
- Current lease: €496,500,000  
- Bank overdrafts: €213,600,000  

Total reported debt + leases + overdrafts:
\[
19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 213,600,000 = 28,579,800,000
\]

Add hybrid debt portion (50% of deeply subordinated securities—standard S&P practice):  
50% × €3,496,300,000 = €1,748,150,000.

Pension/provisions adjustments:  
Noncurrent Provisions = €2,844,400,000 (likely includes pension deficit, include fully).  
Current Provisions = €1,015,300,000 (include).  

Adjusted debt before cash:
\[
28,579,800,000 + 1,748,150,000 + 2,844,400,000 + 1,015,300,000 = 34,187,650,000
\]

Less eligible cash:  
Cash & equivalents = €9,012,200,000.

Adjusted debt:
\[
34,187,650,000 - 9,012,200,000 = 25,175,450,000
\]

---

**Step 5 – Calculate ratio**

\[
\frac{FFO}{Adjusted\_Debt} = \frac{5,088,600,000}{25,175,450,000} \approx 0.2021
\]

---

**Final answer**  
<answer>0.2021</answer>