Alright, let’s go through this step-by-step.

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**Step 1 – Identify industry**  
Italgas S.p.A. is a natural gas distribution utility in Italy, operating under a regulatory framework.  
This matches the **Regulated Utilities** methodology.

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**Step 2 – Estimate Adjusted EBITDA**

For a regulated utility, Adjusted EBITDA is largely based on reported figures with adjustments for nonrecurring items, pensions, leases, joint ventures, etc.

From the data:

- Revenue and Operating Income (FY2022)  
  = 2,312,476,000 EUR

- Operating Expense (FY2022)  
  = 1,191,952,000 EUR

- Depreciation, Amortisation, and Impairment (FY2022)  
  = 479,186,000 EUR

**EBITDA (reconstructed):**  
Profit from operating activities + Depreciation/Amortisation/Impairment  

= 641,338,000 + 479,186,000  
= **1,120,524,000 EUR**

**Adjustments:**

- Share-based payments (non-cash, added back in FFO but not EBITDA) → no effect here.
- Nonrecurring gains: “Adjustments For Losses Gains On Disposal Of Noncurrent Assets” shows a gain of 25,357,000 EUR (FY2022).  
  → Subtract from EBITDA.
- Nonrecurring losses: None identified.

Also:

- Lease adjustment: Operating lease expenses are already included; no separate data given to capitalize leases differently.

- Pension adjustment: Difference between service cost and actual contribution is not explicitly given, so assuming no material adjustment.

- JV proportional EBITDA: Not material enough here to adjust given the small equity method result.

Thus:

Adjusted EBITDA = 1,120,524,000 − 25,357,000  
= **1,095,167,000 EUR**

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**Step 3 – FFO**

FFO = Adjusted EBITDA − Cash Interest − Cash Taxes

From cash flow statement:

- Finance Costs Paid (classified as operating) = 53,720,000 EUR  
  (This is cash interest proxy).

- Income Taxes Paid (classified as operating) = 152,372,000 EUR

FFO = 1,095,167,000 − 53,720,000 − 152,372,000  
= **889,075,000 EUR**

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**Step 4 – Adjusted Debt**

Adjusted Debt = Reported Debt + Leases + Pension Deficit + Other − Eligible Cash

**Reported Debt (financial liabilities):**

- Short-term financial liabilities (2023-01-01) = 142,437,000  
- Other current financial liabilities (2023-01-01) = 290,000  
- Long-term financial liabilities (2023-01-01) = 6,402,913,000  
- Other noncurrent financial liabilities (2023-01-01) = 34,000  

Sum = 6,545,674,000 EUR

**Leases:** Not separately reported as debt-like in balance sheet; already embedded in financial liabilities.

**Pension deficit:**  
Noncurrent Provisions for Employee Benefits = 69,917,000 EUR (deficit-like, include fully).

**Other debt-like items:**  
Other long-term provisions = 144,277,000 EUR (may include some, but not clearly debt-like, so exclude for conservative approach).

**Eligible cash:**  
Cash and cash equivalents (2023-01-01) = 451,946,000 EUR

Adjusted Debt = 6,545,674,000 + 69,917,000 − 451,946,000  
= **6,163,645,000 EUR**

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**Step 5 – FFO / Adjusted Debt**

= 889,075,000 / 6,163,645,000  
= 0.144238…

Rounded to four decimals: **0.1442**

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<answer>0.1442</answer>