I'll work through this step-by-step for ENI S.P.A. for fiscal year 2022 (the period 2022-01-01 to 2023-01-01).

## Step 1: Identify the Relevant Industry

ENI S.P.A. is a major integrated oil and gas company. The relevant industry methodology is **Oil and Gas Exploration and Production** (integrated). Since ENI is an integrated oil & gas company, I'll apply the general corporate methodology with considerations from the E&P sector.

## Step 2: Estimate Adjusted EBITDA

**Reconstruct EBITDA from reported figures:**

- Operating Profit (EBIT) = 17,510M EUR
- D&A = 7,205M EUR
- Impairment losses = 1,140M EUR
- Write-offs = 599M EUR

**Reported EBITDA** = Operating Profit + D&A + Impairments + Write-offs
= 17,510 + 7,205 + 1,140 + 599 = 26,454M EUR

**S&P Adjustments:**

1. **Lease adjustments:** S&P adds back lease depreciation (already in D&A) and reclassifies lease payments as interest. The operating lease adjustment under S&P typically adds the lease depreciation component back. Since IFRS 16 is already applied, D&A includes ROU depreciation and interest includes lease interest. Under S&P methodology, we need to add back lease-related D&A and lease interest that's already captured, but the key adjustment is ensuring EBITDA reflects the full lease payment as an operating cost reversal. For S&P, EBITDA is adjusted by adding back the full lease expense. 

Current lease liabilities = 884M, lease payments (financing) = 994M. The lease interest is embedded in finance costs. S&P typically adds lease depreciation back to EBITDA (already done via D&A) and also adds lease interest. Let me estimate lease interest: Beginning lease liability = 948 + 4,389 = 5,337M; ending = 884 + 4,067 = 4,951M. Average ~5,144M. At roughly 3-4% interest rate, lease interest ≈ ~180M EUR. This is already in finance costs and thus already excluded from operating profit. For S&P EBITDA, we add lease depreciation (already in D&A) — so no further adjustment needed for EBITDA here. Actually, S&P reclassifies leases: they add the full lease payment back and deduct it differently. The net effect on EBITDA is adding lease interest back. Let me estimate lease interest ≈ 180M.

2. **Non-recurring items:** The "Other Income Expense from Investments" of 3,623M includes gains from asset disposals (adjustments for losses/gains on disposal = -524M, meaning 524M gain). Per S&P, remove non-recurring gains. However, for E&P companies, asset sales are somewhat routine. I'll be conservative and exclude the large disposal gain.

3. **Equity method income:** Share of profit of equity-accounted investments = 1,841M. S&P typically removes this and adds dividends received instead. Dividends received = 1,545M (classified as operating). Adjustment = -1,841 + 1,545 = -296M.

4. **Hybrid bonds:** ENI has perpetual subordinated bonds (equity-classified). Coupon payment = 138M. S&P typically treats ~50% of hybrid bonds as debt. The coupon on the 50% equity portion stays in equity; the 50% debt portion's coupon is treated as interest.

**Adjusted EBITDA:**
= 26,454 + 180 (lease interest add-back) - 296 (equity method adjustment) 
= 26,338M EUR

I'll keep non-recurring adjustments minimal as E&P companies regularly have gains/losses.

## Step 3: Estimate FFO

**Cash Interest:**
- Interest paid (operating) = 851M
- Add lease interest ≈ 180M
- Hybrid coupon (50% debt portion) ≈ 69M (half of 138M)
- Total cash interest = 851 + 180 + 69 = 1,100M

**Cash Taxes:**
- Income taxes paid = 8,488M

**FFO = Adjusted EBITDA - Cash Interest - Cash Taxes**
= 26,338 - 1,100 - 8,488 = 16,750M EUR

## Step 4: Estimate Adjusted Debt

**Reported Debt:**
- Short-term borrowings = 4,446M
- Current portion of LT borrowings = 3,097M
- Long-term borrowings = 19,374M
- Total reported debt = 26,917M

**Lease liabilities:** 884 + 4,067 = 4,951M

**Pension deficit:** 786M

**Hybrid bonds (50% debt):** From equity disclosures, ~5,000M in hybrid bonds outstanding. 50% = 2,500M.

**Asset retirement obligations (in Other LT Provisions):** 15,267M — a portion relates to decommissioning. Estimate ~50% = 7,634M. However, S&P typically doesn't add full ARO. I'll be conservative and not add ARO separately.

**Surplus cash deduction:** Cash = 10,155M. S&P typically allows some cash offset. Surplus cash ≈ 10,155 × 75% = 7,616M (conservative).

**Adjusted Debt** = 26,917 + 4,951 + 786 + 2,500 - 7,616 = 27,538M EUR

## Step 5: Calculate FFO / Adjusted Debt

FFO / Adjusted_Debt = 16,750 / 27,538 = 0.6083

<answer>0.6083</answer>