Okay, let’s proceed step-by-step.

---

### **Step 1 – Identify the relevant industry**

ELECTRICITE DE FRANCE (EDF) is a large, vertically integrated electric utility whose activities include regulated networks (French public electricity distribution concessions), nuclear and renewable generation, and retail supply. This clearly falls under **Regulated Utilities** (with some unregulated activities), for which the specific S&P methodology applies.

---

### **Step 2 – Estimate Adjusted_EBITDA**

From the given data:

- **Operating Profit Before Depreciation and Amortisation (EBITDA)** =  
  `-4,986,000,000 EUR` (for 2022)

This reported EBITDA already includes the effect of items that S&P might classify as nonrecurring or operating, so we must consider adjustments.

- **Nonrecurring items:**
  - Impairment loss: `1,762,000,000 EUR` (operating, should be added back because it’s non-cash and nonrecurring)
  - Net changes in fair value on energy/commodity derivatives (excluding trading): `-849,000,000 EUR` (likely non-cash, may be adjusted but volatility is part of operations; S&P methodology often normalizes non-trading derivative fair value changes, adding back losses).
  - Other income/expenses excluded from EBITDA: `687,000,000 EUR` (already excluded, given it's “excluded from EBITDA”, so no adjustment here).

For regulated utilities, S&P generally adds back impairment, and may normalize derivative FV losses.  
We’ll add back both:

```
Adjusted_EBITDA = -4,986,000,000 + 1,762,000,000 + 849,000,000
               = -2,375,000,000 EUR
```

No lease, pension adjustment, or JV proportional EBITDA data given, so no further adjustments.

---

### **Step 3 – Estimate FFO**

Baseline:

```
FFO = Adjusted_EBITDA - cash_interest - cash_taxes
```

- **Cash interest**: Given `Interest Expense` = `1,730,000,000 EUR`, but we need cash interest paid. The cash flow statement shows:

  - `Net Financial Expenses Disbursed Including Dividends Received` = `1,003,000,000 EUR`.  
    This includes dividends received (`590,000,000 EUR`), so:
    ```
    Cash interest paid ≈ 1,003,000,000 - 590,000,000 = 413,000,000 EUR
    ```
    (We assume no other major non-interest components; this is the closest proxy.)

- **Cash taxes**: `Income Taxes Paid Refund` = `1,282,000,000 EUR` (cash outflow).

So:

```
FFO = -2,375,000,000 - 413,000,000 - 1,282,000,000 = -4,070,000,000 EUR
```

---

### **Step 4 – Estimate Adjusted_Debt**

For regulated utilities, S&P includes reported debt, underfunded pensions, leases, and hybrid debt portions.

- **Reported financial debt**:
  - Noncurrent financial liabilities: `71,058,000,000 EUR`
  - Current financial liabilities: `71,844,000,000 EUR`  
    Total = `142,902,000,000 EUR`

- **Pension deficit**:
  - Noncurrent provisions for employee benefits: `16,231,000,000 EUR` (can be used as a proxy for pension deficit; S&P usually adds the unfunded portion of DB plans).
  
- **Hybrid debt**:
  - Perpetual subordinated bonds: no direct balance in debt line items, but we see proceeds/repayments. We’ll assume no separate hybrid adjustment is possible without balance—omit.

- **Leases**: Not separately given, so assume included in reported debt or immaterial.

- **Eligible cash**:
  - Cash and cash equivalents: `10,948,000,000 EUR`

Thus:

```
Adjusted_Debt = 142,902,000,000 + 16,231,000,000 - 10,948,000,000
             = 148,185,000,000 EUR
```

---

### **Step 5 – FFO / Adjusted_Debt**

```
FFO / Adjusted_Debt = -4,070,000,000 / 148,185,000,000 = -0.02746...
```

Rounded to 4 decimal places: **-0.0275**

---

<answer>-0.0275</answer>