To estimate the Funds From Operations (FFO) to Net Debt ratio for TERNA S.P.A. at the end of 2022, we first determine the FFO and the Net Debt from the provided financial data.

**1. Funds From Operations (FFO)**
A standard and straightforward proxy for FFO is adding back non-cash expenses, such as depreciation and amortization, to the net income.
* Profit Loss (Net Income): 857,700,000 EUR
* Depreciation, Amortisation And Impairment Loss: 725,700,000 EUR
* FFO = 857,700,000 + 725,700,000 = 1,583,400,000 EUR

*(Note: Alternatively, calculating FFO directly from the cash flow statement operations prior to working capital changes yields a highly comparable figure of approximately 1,602,000,000 EUR).*

**2. Net Debt**
Net Debt is typically calculated as the sum of all short-term and long-term interest-bearing borrowings minus cash and cash equivalents.
* Short-term Borrowings: 444,100,000 EUR
* Current Portion Of Long-term Borrowings: 1,909,300,000 EUR
* Long-term Borrowings: 8,416,700,000 EUR
* Total Gross Debt = 444,100,000 + 1,909,300,000 + 8,416,700,000 = 10,770,100,000 EUR
* Less Cash And Cash Equivalents: 2,155,100,000 EUR
* Net Debt = 10,770,100,000 - 2,155,100,000 = 8,615,000,000 EUR

**3. FFO / Net Debt Ratio**
* FFO / Net Debt = 1,583,400,000 / 8,615,000,000 ≈ 0.1838

<answer>0.18</answer>