**Step 1: Identify the relevant industry**
REDEIA CORPORACION SA (Red Eléctrica de España) is a Spanish corporate group that operates the national electricity grid and transmits electricity. Its primary business involves the transmission of electricity through a regulated network. According to the S&P methodologies provided, it falls under the **Regulated Utilities** sector (specifically Electricity National).

**Step 2: Estimate Adjusted EBITDA**
For Regulated Utilities, we start with the reported/reconstructed EBITDA and make standard adjustments.
*   **EBITDA:** We calculate this from the income statement: 
    Profit Loss From Operating Activities (961,554,000 EUR) + Depreciation And Amortisation Expense (544,992,000 EUR) = 1,506,546,000 EUR.
    Alternatively, using the revenue and expenses: Revenue (2,015,036,000) + Other Work Capitalised (62,903,000) + Equity Method Profits (50,405,000) + Other Operating Income (77,673,000) - Supplies (37,061,000) - Employee Benefits (210,614,000) - Other Operating Expense (467,088,000) - Depreciation (544,992,000) + Grants Amortised (15,780,000) - Impairment (488,000) = 961,554,000 EUR (EBIT). Adding back D&A gives 1,506,546,000 EUR.
*   **Adjustment for leases:** Under S&P methodology, operating leases are adjusted to be treated as debt-like items. The rent expense is added back to EBITDA, and an interest component is imputed and subtracted later. We estimate the operating lease interest from the Finance Costs, differentiating it from debt interest.
    *   Total Finance Costs = 116,468,000 EUR
    *   Cash interest paid on debt (from Cash Flow) = 123,524,000 EUR
    *   The difference represents non-debt interest (primarily lease interest): 123,524,000 - 116,468,000 = 7,056,000 EUR.
    *   Estimated lease expense (multiplied by 8x as a standard S&P approximation for the lease asset value): 7,056,000 * 8 = 56,448,000 EUR.
    *   Adding lease rent expense back to EBITDA: 1,506,546,000 + 56,448,000 = 1,562,994,000 EUR.
*   **Nonrecurring items / Pension adjustments / Joint Ventures:** No significant nonrecurring gains/losses or pension deficits requiring adjustment are identified from the data. For JVs, we have already included the equity method profits in EBITA, and proportional consolidation is not explicitly required by the baseline formula provided in the absence of detailed JV debt/cash data. 
*   **Adjusted EBITDA = 1,562,994,000 EUR.**

**Step 3: Estimate FFO**
FFO is calculated as Adjusted EBITDA minus cash interest and cash taxes.
*   **Cash Interest:** This includes interest on debt and the imputed interest on leases.
    *   Interest paid classified as operating activities = 123,524,000 EUR
    *   Imputed lease interest = 7,056,000 EUR
    *   Total Cash Interest = 130,580,000 EUR.
*   **Cash Taxes:**
    *   Income Taxes Paid (from Cash Flow) = 363,996,000 EUR.
*   **FFO = Adjusted EBITDA - Cash Interest - Cash Taxes**
    *   FFO = 1,562,994,000 - 130,580,000 - 363,996,000 = 1,068,418,000 EUR.

**Step 4: Estimate Adjusted Debt**
Adjusted Debt is calculated as reported debt plus leases, plus other debt-like items, minus eligible cash.
*   **Reported Debt:** Longterm Borrowings (5,896,170,000) + Current Borrowings And Current Portion Of Noncurrent Borrowings (1,391,722,000) = 7,287,892,000 EUR.
*   **Leases:** The estimated lease liability (8x the lease interest): 7,056,000 * 8 = 56,448,000 EUR.
*   **Pension deficit / Guarantees / Hybrids:** No pension deficit, hybrids, or significant guarantees requiring adjustment are identified from the balance sheet facts.
*   **Other debt-like items:** Noncurrent Government Grants (746,498,000 EUR) are treated as debt-like items under S&P utilities methodology because they often substitute for rate base or rate base returns and are effectively recovered through tariffs in a manner economically equivalent to debt service.
*   **Eligible Cash:** Cash And Cash Equivalents (1,574,427,000 EUR). 
*   **Adjusted Debt =** (Reported Debt + Leases + Government Grants) - Eligible Cash
    *   Adjusted Debt = (7,287,892,000 + 56,448,000 + 746,498,000) - 1,574,427,000
    *   Adjusted Debt = 8,090,838,000 - 1,574,427,000 = 6,516,411,000 EUR.

**Step 5: Calculate FFO / Adjusted Debt**
*   Ratio = FFO / Adjusted Debt
*   Ratio = 1,068,418,000 / 6,516,411,000
*   Ratio = 0.1639829...

Rounding to four decimal places, we get 0.1640.

<answer>0.1640</answer>