To estimate the FFO (Funds From Operations) / Net Debt ratio for Hera S.P.A. at the end of 2022, we first calculate the necessary components based on the provided data.

**1. FFO (Funds From Operations) Calculation:**
FFO is typically defined as the net cash from operating activities adjusted for changes in working capital and certain non-cash items. Based on the provided data:
*   "Cash Flows From Used In Operating Activities" (2022): 35,700,000 EUR
*   "Increase Decrease In Working Capital" (2022): -927,600,000 EUR
To derive FFO, we add back the working capital change to the operating cash flow:
FFO = 35,700,000 + 927,600,000 = 963,300,000 EUR

**2. Net Debt Calculation:**
Net Debt is calculated as total financial liabilities minus cash and cash equivalents and financial assets.
*   "Noncurrent Financial Liabilities": 5,689,900,000 EUR
*   "Current Financial Liabilities": 650,100,000 EUR
*   "Noncurrent Lease Liabilities": 55,100,000 EUR
*   "Current Lease Liabilities": 21,300,000 EUR
Total Financial Liabilities = 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 = 6,416,400,000 EUR

Cash and Financial Assets:
*   "Cash And Cash Equivalents": 1,942,400,000 EUR
*   "Current Financial Assets": 77,700,000 EUR
*   "Noncurrent Financial Assets": 151,800,000 EUR
Total Cash & Financial Assets = 1,942,400,000 + 77,700,000 + 151,800,000 = 2,171,900,000 EUR

Net Debt = 6,416,400,000 - 2,171,900,000 = 4,244,500,000 EUR

**3. FFO / Net Debt Ratio:**
Ratio = 963,300,000 / 4,244,500,000 ≈ 0.22695

<answer>0.22695</answer>