I'll work through this step-by-step following S&P methodology for ENEL SPA.

## Step 1: Identify the Relevant Industry

ENEL is a major European utility company operating in both regulated and unregulated power and gas segments. It's a multi-utility with significant regulated operations (distribution/transmission networks) and unregulated generation/retail activities. The primary methodology applies **Regulated Utilities** and **Unregulated Power and Gas** frameworks. I'll treat it as a utility for financial metric purposes.

## Step 2: Estimate Adjusted EBITDA

**Reconstructing EBITDA from reported figures:**

From the income statement (2022, i.e., 2022-01-01 to 2023-01-01):
- Operating Profit (EBIT) = 11,193M EUR
- D&A and Impairment = 7,447M EUR

**Reported EBITDA** = EBIT + D&A = 11,193 + 7,447 = **18,640M EUR**

**S&P Adjustments:**

1. **Discontinued operations:** Loss from discontinued operations = -2,298M. The cash flow from discontinued operations shows operating cash flow of -391M. I'll include discontinued operations' impact at the operating level. The D&A adjustment in cash flow statement (8,809M) is larger than income statement D&A (7,447M), the difference (~1,362M) includes discontinued operations and other adjustments.

Looking at the cash flow adjustments for D&A: 8,809M vs 7,447M on income statement. The difference of 1,362M likely includes discontinued operations D&A and additional impairments.

Let me use the cash flow approach for a cleaner EBITDA:
- Cash from operations (continuing) = 8,674M
- Add back: Interest paid = 5,016M
- Add back: Taxes paid = 1,934M
- Add back: Working capital changes = -3,961M (decrease means cash outflow, already in CFO)

Actually, let me reconstruct more carefully from cash flow:

CFO = 8,674M (continuing operations)

To get to EBITDA from CFO:
CFO = 8,674M
+ Interest paid: 5,016M
- Interest received: 2,622M
+ Taxes paid: 1,934M
+ Working capital increase: 3,961M (this was a use of cash)
+ Provisions utilized net: 1,521 - 803 = 718M
+ Other non-cash: 927M
+ Loss on disposal: -355M
= Approximate EBITDA from continuing ops

Let me instead use the simpler approach:
EBITDA (continuing) = 11,193 + 7,447 = 18,640M

2. **Hybrid bonds adjustment:** ENEL has hybrid bonds of 5,567M in equity. S&P typically treats a portion as debt. For investment-grade utilities, S&P often assigns 50% equity credit. The coupon paid on hybrids = 123M. I'll add back 50% of the hybrid coupon to interest (treated as debt-like).

3. **Operating leases:** Already likely included in D&A under IFRS 16.

4. **Pension deficit:** Noncurrent provisions for employee benefits = 2,202M.

**Adjusted EBITDA ≈ 18,640M EUR** (from continuing operations)

Including discontinued operations EBITDA adjustment - the operating loss from discontinued ops before D&A would add some, but given the losses are largely impairments, I'll keep continuing operations EBITDA.

**Adjusted EBITDA = ~18,640M EUR**

## Step 3: Estimate FFO

**FFO = Adjusted EBITDA - Cash Interest - Cash Taxes**

- Cash interest paid = 5,016M
- Cash interest received = 2,622M
- Net cash interest = 5,016 - 2,622 = 2,394M
- Add hybrid coupon (debt portion, 50%): 123 × 50% = 62M
- Total adjusted cash interest = 2,394 + 62 = 2,456M
- Cash taxes paid = 1,934M

**FFO = 18,640 - 2,456 - 1,934 = 14,250M EUR**

## Step 4: Estimate Adjusted Debt

- Long-term borrowings: 68,191M
- Short-term borrowings: 18,392M
- Current portion of LT borrowings: 2,835M
- **Total reported debt = 89,418M**
- Hybrid bonds (50% debt): 5,567 × 50% = 2,784M
- Pension deficit: 2,202M
- Less surplus cash: ~(11,041 - 2,000) × some portion. S&P typically nets minimal cash. I'll assume ~2,000M readily available cash deducted.

**Adjusted Debt = 89,418 + 2,784 + 2,202 - 2,000 = 92,404M EUR**

## Step 5: Calculate FFO/Adjusted Debt

**FFO / Adjusted_Debt = 14,250 / 92,404 = 0.1542**

<answer>0.1542</answer>