I need to calculate the FFO / Net debt ratio for 2022. Let me first understand what FFO (Funds From Operations) and Net debt are.

**FFO (Funds From Operations)** is typically calculated as:
- Net income + Depreciation/Amortization + Other non-cash items
- Or more commonly for credit analysis: Operating Profit + Depreciation/Amortization - Taxes (or variations thereof)

A standard approach for FFO in credit analysis is:
FFO = Profit Loss + Amortisation Depreciation And Provisions + Other non-cash adjustments

Or alternatively, from cash flow: FFO = Cash Flows From Used In Operating Activities + Changes in Working Capital - Finance Income/Costs adjustments + ...

Let me use a more standard credit metric approach. FFO is often calculated as:
FFO = Operating Profit (EBIT) + Depreciation & Amortization - Cash taxes

Or from the cash flow statement perspective, a common definition is:
FFO = Cash Flow from Operations before working capital changes + Dividends received from associates

Looking at the data, let me calculate FFO using the standard approach for utility/infrastructure companies:

**Method 1: From Cash Flow Statement**
"Cash Flows From Used In Operations Before Changes In Working Capital" 2022 = 1,202,000,000 EUR

This is essentially EBITDA - Taxes + other adjustments, or more precisely operating cash flow before working capital changes.

Actually, let me use a more precise FFO definition common in credit analysis:
FFO = Net Income + Depreciation/Amortization + Deferred Taxes + Other non-cash items

Or better yet, the standard Moody's/S&P definition:
FFO = Net Income + Depreciation + Amortization + Deferred Income Taxes + Other non-cash items - Gains on asset sales

Let me try another approach that's cleaner with the data:
FFO = Profit Loss From Operating Activities (EBIT) + Amortisation Depreciation And Provisions - Cash taxes paid

Wait - let me look more carefully. "Amortisation Depreciation And Provisions" for 2022 = 667,100,000 EUR

But there's also "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 478,600,000 EUR

This suggests the 667,100,000 includes provisions and other items beyond just D&A.

Let me use the cash flow approach which is more standard:
FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Interest Expense (or adjustments for finance costs)

Actually, standard FFO for credit ratios is often:
FFO = Net Income + D&A + Deferred Taxes + Other non-cash items

Let me calculate:
- Profit Loss (Net Income) 2022: 305,300,000 EUR
- Adjustments For Depreciation And Amortisation: 478,600,000 EUR
- Allocation To Provisions: 188,500,000 EUR

But wait - I need to be more careful. Let me look at what "Cash Flows From Used In Operations Before Changes In Working Capital" includes. This is 1,202,000,000 EUR for 2022.

This line typically = Operating profit + D&A + other non-cash items - cash taxes (or similar)

Actually, a very standard definition of FFO in European credit analysis is:
**FFO = Cash flow from operating activities before changes in working capital**

Which is exactly: "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 EUR

But we need to adjust for interest paid/received if it's classified as operating. Looking at the data:
- Finance Income Received Classified As Operating Activities: 41,800,000 EUR
- Finance Costs Paid Classified As Operating Activities: 128,000,000 EUR

So the 1,202,000,000 includes these. For FFO, we typically want to add back interest paid (or not subtract it), so:
FFO = 1,202,000,000 + 128,000,000 (interest paid) - 41,800,000 (interest received) + other adjustments?

Actually, standard FFO = EBIT + D&A - Cash taxes, or equivalently:
FFO = Operating Cash Flow before working capital changes + Interest paid

Let me use: FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Finance Costs Paid - Finance Income Received + Dividends Received (if equity accounted)

Hmm, this is getting complicated. Let me use a simpler, widely accepted approach:

**FFO = Net Income + Depreciation & Amortization + Other non-cash charges - Gains on sales**

From the data:
- Net Income (Profit Loss): 305,300,000
- D&A (Adjustments For Depreciation And Amortisation): 478,600,000
- Allocation To Provisions: 188,500,000 (this is a non-cash expense)
- Adjustments For Undistributed Profits Of Investments: -10,000,000 (subtract)
- Capital Gains Losses And Other Non Monetary Elements: 41,600,000 (add back if loss, or this is already adjustment)

Actually, looking at how "Cash Flows From Used In Operations Before Changes In Working Capital" is constructed, it should equal:
Profit Loss + Adjustments For Depreciation And Amortisation + Allocation To Provisions + Adjustments For Undistributed Profits + Adjustments For Finance Income Cost + Capital Gains Losses + Change In Provision For Risks And Charges + Adjustments For Employee Benefits

Let me verify: 305,300,000 + 478,600,000 + 188,500,000 + (-10,000,000) + 135,000,000 + 41,600,000 + (-27,800,000) + (-12,700,000) = ?

= 305,300,000 + 478,600,000 + 188,500,000 - 10,000,000 + 135,000,000 + 41,600,000 - 27,800,000 - 12,700,000
= 1,098,500,000

Hmm, that doesn't equal 1,202,000,000. Let me recheck.

Actually, I think "Adjustments For Finance Income Cost" = 135,000,000 is added back, and maybe some other items.

Let me recalculate more carefully. The cash flow statement shows:
- Profit Loss: 305,300,000
- Adjustments For Depreciation And Amortisation: 478,600,000
- Allocation To Provisions: 188,500,000
- Adjustments For Undistributed Profits: -10,000,000
- Adjustments For Finance Income Cost: 135,000,000
- Capital Gains Losses: 41,600,000
- Change In Provision For Risks And Charges: -27,800,000
- Adjustments For Employee Benefits: -12,700,000

Sum: 305.3 + 478.6 + 188.5 - 10 + 135 + 41.6 - 27.8 - 12.7 = 1,098.5 million

But reported is 1,202 million. Difference = 103.5 million. Maybe I missed something or some items are not in the list.

Actually, looking again, "Amortisation Depreciation And Provisions" in P&L is 667,100,000, but cash flow adjustment is 478,600,000. The difference might be impairment or other items.

Let me just use the reported "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 as the base, and adjust for interest to get FFO.

Standard FFO for credit analysis (Moody's definition):
FFO = Funds from operations = Net income + D&A + Deferred taxes + Other non-cash items

Or more practically for this data, I'll use:
**FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Finance Costs Paid Classified As Operating Activities - Finance Income Received Classified As Operating Activities**

Wait, actually the 1,202,000,000 already includes these finance items if they're classified as operating. Let me think...

Actually, looking at standard European utility credit metrics, FFO is typically:
FFO = EBIT + D&A - Cash taxes

Or from cash flow: FFO = Operating cash flow before working capital changes + Interest paid - Interest received (if interest is not already in operating)

Let me use a cleaner approach. Standard FFO (S&P/Moody's):
FFO = Net income + Depreciation + Amortization + Deferred income taxes + Other non-cash items

From data:
- Net income: 305,300,000
- D&A adjustment: 478,600,000
- Allocation to provisions (non-cash): 188,500,000
- Undistributed profits of investments (subtract): -10,000,000

But we need to be careful about double counting. Let me use the cash flow statement reconciliation.

Actually, I realize "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 is the cleanest measure of operating cash generation before working capital and financing.

For **Net Debt**, I need:
Net Debt = Total Financial Debt - Cash and Cash Equivalents

Financial Debt = Noncurrent Financial Liabilities + Current Financial Liabilities + Current Derivative Financial Liabilities (if negative, i.e., liabilities) + Noncurrent Derivative Financial Liabilities (if negative)

Actually, let me look at what's typically included:
- Noncurrent Financial Liabilities: 5,689,900,000
- Current Financial Liabilities: 650,100,000
- Current Derivative Financial Liabilities: 1,347,600,000
- Noncurrent Derivative Financial Liabilities: 6,300,000

Wait - derivative liabilities are typically included in gross debt, but sometimes netted. Let me check if there are derivative assets too:
- Noncurrent Derivative Financial Assets: 1,000,000
- Current Derivative Financial Assets: 1,622,200,000

For net debt, standard approach:
Gross Debt = Noncurrent Financial Liabilities + Current Financial Liabilities + Current Lease Liabilities + Noncurrent Lease Liabilities + (Derivative liabilities - derivative assets if negative)

Actually, let me be more careful. "Financial Liabilities" typically includes:
- Borrowings (noncurrent and current)
- Lease liabilities
- Sometimes derivatives if they're liabilities

Standard net debt calculation:
Gross debt = Noncurrent Financial Liabilities + Current Financial Liabilities + Noncurrent Lease Liabilities + Current Lease Liabilities + Current Derivative Financial Liabilities + Noncurrent Derivative Financial Liabilities

Or sometimes excluding derivatives if they're hedging instruments.

Let me use a comprehensive approach:
**Gross Debt** = 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 + 1,347,600,000 + 6,300,000
= 7,770,300,000 EUR

**Cash and Cash Equivalents** = 1,942,400,000 EUR

**Net Debt** = 7,770,300,000 - 1,942,400,000 = 5,827,900,000 EUR

Wait, I should double check if Current Derivative Financial Liabilities should be included. Looking at the balance sheet, these are clearly liabilities. But in practice, for net debt, sometimes only "debt-like" items are included.

Actually, let me reconsider. The standard definition in many European annual reports for Net Debt is:
Net Debt = Financial liabilities (borrowings) + Lease liabilities - Cash and cash equivalents - Current financial assets

Sometimes derivatives are excluded or netted.

Let me try a more standard approach:
Financial liabilities (strictly debt) = Noncurrent Financial Liabilities + Current Financial Liabilities = 5,689,9 + 650.1 = 6,340 million

Plus lease liabilities = 55.1 + 21.3 = 76.4 million

Total gross debt = 6,340 + 76.4 = 6,416.4 million

Less cash = 1,942.4 million

Net debt = 6,416.4 - 1,942.4 = 4,474 million? No wait, that's wrong.

6,416.4 - 1,942.4 = 4,474 million = 4,474,000,000

But I think derivatives should be considered too. Let me check if the company reports net debt in their annual report. Since I don't have that, let me use a comprehensive definition.

Actually, looking at the cash flow statement, "Repayments And Other Net Changes In Financial Payables" = 47,300,000 - this suggests financial payables are part of debt management.

Let me reconsider FFO. In many European credit analyses, especially for utilities:

**FFO = Profit before tax + Interest expense + Depreciation & Amortization - Cash taxes**

Or: FFO = EBIT + D&A - Cash taxes

From data:
- Profit Loss From Operating Activities (EBIT): 533,800,000
- Amortisation Depreciation And Provisions: 667,100,000
- But this 667,100,000 might include more than just D&A

Actually, "Adjustments For Depreciation And Amortisation Expense And Impairment Loss" = 478,600,000 is the pure D&A add-back in cash flow.

So EBITDA = EBIT + D&A = 533,800,000 + 478,600,000 = 1,012,400,000

Wait, but "Amortisation Depreciation And Provisions" is 667,100,000 on P&L. This includes provisions.

Let me use the cash flow approach which is cleaner. "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000

This is essentially: EBIT + D&A + other non-cash items - taxes paid (or accrued)

Actually, for FFO, a very common definition is simply:
**FFO = Cash flow from operating activities before changes in working capital**

Which = 1,202,000,000

Some analysts add back dividends received and subtract interest paid if they want a pre-interest measure, but 1,202,000,000 seems to already be after interest (since Finance Income/Cost are separate line items that get adjusted).

Wait, let me re-examine. The cash flow shows:
- Finance Income Received (operating): 41,800,000
- Finance Costs Paid (operating): 128,000,000

And "Adjustments For Finance Income Cost" = 135,000,000 in the reconciliation.

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 includes the accrual-based adjustments but not necessarily the cash interest paid/received.

Actually, looking more carefully at the structure, the 1,202,000,000 is before:
- Dividends received: 13,400,000
- Finance income received: 41,800,000
- Finance costs paid: -128,000,000
- Income taxes paid: -165,900,000

And after these, we get "Cash Flows From Used In Operating Activities" = 35,700,000

Wait, that doesn't add up: 1,202,000,000 + 13,400,000 + 41,800,000 - 128,000,000 - 165,900,000 = 963,300,000, not 35,700,000.

Hmm, there's also "Increase Decrease In Working Capital" = -927,600,000

So: 1,202,000,000 - 927,600,000 = 274,400,000 before the other items
Then 274,400,000 + 13,400,000 + 41,800,000 - 128,000,000 - 165,900,000 = 35,700,000 ✓

Yes! That checks out.

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 is the right starting point for FFO.

For FFO, standard definition (especially in European utility/infrastructure):
FFO = Cash flow from operating activities BEFORE changes in working capital + Interest paid - Interest received

Or sometimes just = Cash flow from operating activities before changes in working capital (if interest is already excluded)

Actually, looking at the reconciliation, "Adjustments For Finance Income Cost" = 135,000,000 is added back to profit. This means the 1,202,000,000 is AFTER removing finance income/cost effects (i.e., it's more like an operating measure).

Wait, let me verify: Profit Loss = 305,300,000. Add back Finance Income Cost (135,000,000) = 440,300,000. This is roughly Profit before finance costs.

Actually no - "Finance Income Cost" = -125,000,000 (negative means net cost). And "Adjustments For Finance Income Cost" = 135,000,000 is the add-back. These are close but not exact (125 vs 135), probably due to cash vs accrual differences.

So 1,202,000,000 includes the add-back of finance costs (accrual basis), meaning it's before financing costs on an accrual basis.

For FFO, we typically want a measure that's after taxes but before financing costs. So 1,202,000,000 seems about right, but we need to adjust for the cash vs accrual difference in taxes and interest.

Actually, let me use a more standard FFO definition from credit rating agencies:

**Moody's FFO** = Net income + Depreciation + Amortization + Deferred income taxes + Other non-cash items

Or more practically for this data:
FFO = Profit Loss + Adjustments For Depreciation And Amortisation + Allocation To Provisions + Other non-cash items - Gains

Let me calculate:
= 305,300,000 + 478,600,000 + 188,500,000 + (-10,000,000) + 41,600,000 + (-27,800,000) + (-12,700,000) + ...

Hmm, this is getting the same as before. Let me just use 1,202,000,000 as the base and adjust.

Actually, I think for this exercise, the most standard and defensible FFO is:

**FFO = Cash Flows From Used In Operations Before Changes In Working Capital = 1,202,000,000 EUR**

Or if we want to be more precise and add back cash interest paid (since FFO is typically pre-interest in credit analysis):
FFO = 1,202,000,000 + 128,000,000 (finance costs paid) - 41,800,000 (finance income received) = 1,288,200,000

But wait - the 1,202,000,000 already includes an accrual-based add-back of 135,000,000 for finance costs. Adding back cash interest would double count.

Let me think again... The 1,202,000,000 is derived from:
Profit 305.3 + D&A 478.6 + Provisions 188.5 - Undistributed profits 10 + Finance cost add-back 135 + Capital gains 41.6 - Change in provisions 27.8 - Employee benefits 12.7 = 1,098.5

Hmm, but reported is 1,202. Difference is 103.5. Maybe there's another item I'm missing, or the "Capital Gains" is treated differently.

Actually, let me just accept 1,202,000,000 as the reported figure and use it.

For **Net Debt**, let me use a standard definition:
Net Debt = (Noncurrent Financial Liabilities + Current Financial Liabilities + Noncurrent Lease Liabilities + Current Lease Liabilities + Current Derivative Financial Liabilities + Noncurrent Derivative Financial Liabilities) - (Cash And Cash Equivalents + Current Financial Assets)

Wait, should I include derivative assets? Let me think...

Actually, a very common definition is:
Net Debt = Total Borrowings + Lease Liabilities - Cash and Cash Equivalents

Where Total Borrowings = Noncurrent Financial Liabilities + Current Financial Liabilities

Let me calculate both ways:

**Approach 1: Strict debt only**
Gross Debt = 5,689,900,000 + 650,100,000 = 6,340,000,000
Net Debt = 6,340,000,000 - 1,942,400,000 = 4,397,600,000

**Approach 2: Including leases**
Gross Debt = 6,340,000,000 + 55,100,000 + 21,300,000 = 6,416,400,000
Net Debt = 6,416,400,000 - 1,942,400,000 = 4,474,000,000

**Approach 3: Including all derivative liabilities (net of derivative assets)**
Derivative liabilities = 1,347,600,000 + 6,300,000 = 1,353,900,000
Derivative assets = 1,622,200,000 + 1,000,000 = 1,623,200,000
Net derivatives = -269,300,000 (asset position)

So if we include derivatives net:
Gross Debt = 6,340,000,000 + 76,400,000 - 269,300,000 = 6,147,100,000? No wait, that's wrong.

Actually, for net debt, we typically add liabilities and subtract assets:
Net Debt = (5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 + 1,347,600,000 + 6,300,000) - (1,942,400,000 + 1,622,200,000 + 1,000,000 + 77,700,000 + 151,800,000)

Hmm, that's getting complicated with financial assets.

Let me use a simpler, more standard approach. In many annual reports, "net debt" is disclosed as:
Net debt = Financial liabilities (borrowings) - Cash and cash equivalents - Current financial assets

From the balance sheet:
Financial liabilities = Noncurrent Financial Liabilities + Current Financial Liabilities = 5,689.9 + 650.1 = 6,340 million

Cash and cash equivalents = 1,942.4 million
Current Financial Assets = 77.7 million

Net debt = 6,340 - 1,942.4 - 77.7 = 4,319.9 million

Or if we include more items...

Actually, let me look at this from the perspective of what a credit analyst would typically do. For utility companies like Hera, the standard net debt includes:

Total financial debt = Non-current borrowings + Current borrowings + Lease liabilities
Less: Cash and cash equivalents
Less: Current financial assets (if liquid)

Let me try: 5,689.9 + 650.1 + 55.1 + 21.3 - 1,942.4 - 77.7 = 4,396.3 million

Or about 4,400 million.

Hmm, but I want to be more precise. Let me check if there's a standard formula I can derive from the data.

Actually, looking at the financing cash flows:
- Proceeds from noncurrent borrowings: 2,127,000,000
- Repayments of noncurrent borrowings: 0
- Repayments and other net changes in financial payables: 47,300,000

This suggests "financial payables" are part of the debt structure.

Let me use a comprehensive net debt definition that includes all interest-bearing liabilities:

**Gross Debt** = Noncurrent Financial Liabilities + Current Financial Liabilities + Noncurrent Lease Liabilities + Current Lease Liabilities + Current Derivative Financial Liabilities + Noncurrent Derivative Financial Liabilities
= 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 + 1,347,600,000 + 6,300,000
= 7,770,300,000 EUR

**Liquid Assets** = Cash And Cash Equivalents + Current Financial Assets + Current Derivative Financial Assets + Noncurrent Derivative Financial Assets
= 1,942,400,000 + 77,700,000 + 1,622,200,000 + 1,000,000
= 3,643,300,000 EUR

**Net Debt** = 7,770,300,000 - 3,643,300,000 = 4,127,000,000 EUR

Wait, but this nets derivative assets against derivative liabilities, which is standard. But should we include all derivative assets? Some might not be truly liquid.

Actually, a more conservative approach:
**Net Debt** = Gross Debt (all liabilities) - Cash and Cash Equivalents only
= 7,770,300,000 - 1,942,400,000 = 5,827,900,000 EUR

Or with financial assets:
= 7,770,300,000 - 1,942,400,000 - 77,700,000 = 5,750,200,000 EUR

I think for this exercise, I need to use a standard definition. Let me use:

**Net Debt = Noncurrent Financial Liabilities + Current Financial Liabilities + Lease Liabilities - Cash and Cash Equivalents**

= 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 - 1,942,400,000
= 4,474,000,000 EUR

This excludes derivatives, which is common in many debt calculations unless they're clearly hedging-related and material.

Now for FFO, let me use:
**FFO = Cash Flows From Used In Operations Before Changes In Working Capital = 1,202,000,000 EUR**

Or should I use a different measure? Let me think about what "FFO" typically means in European utility credit analysis.

Actually, I recall that for many European companies, especially Italian utilities, FFO is often calculated as:

FFO = EBIT + D&A - Cash taxes ± Change in working capital (sometimes excluded)

Or from the cash flow statement: FFO = Operating cash flow + Change in working capital - Interest received + Interest paid (i.e., before working capital and financing effects)

Wait, I already have "Cash Flows From Used In Operations Before Changes In Working Capital" which excludes working capital changes.

Let me verify this is the right FFO by checking if it includes interest. Looking at the reconciliation:
- "Adjustments For Finance Income Cost" = 135,000,000 is added back

This means the 1,202,000,000 is AFTER adding back finance costs (i.e., it's a pre-financing measure on an accrual basis). But then in the cash flow, "Finance Costs Paid" = 128,000,000 is subtracted as a cash outflow.

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 is:
- Pre-financing on an accrual basis (finance costs added back)
- But includes cash taxes paid? No, taxes paid come later.

Actually wait - "Income Taxes Paid Classified As Operating Activities" = 165,900,000 is subtracted later. So the 1,202,000,000 is before cash taxes paid.

Hmm, but is it before or after accrual taxes? Looking at the P&L: "Income Tax Expense Continuing Operations" = 103,500,000. This would have been deducted to get to "Profit Loss" = 305,300,000.

So starting from Profit Loss (after tax), we add back non-cash items to get to 1,202,000,000. This means 1,202,000,000 is AFTER accrual taxes but BEFORE cash taxes and BEFORE working capital changes and BEFORE cash interest effects.

For FFO, we want a sustainable measure of cash generation. Standard definition:
**FFO = Net income + D&A + Other non-cash items - Gain on asset sales + Deferred taxes**

Or: **FFO = EBIT + D&A - Cash taxes**

Let me calculate EBIT + D&A - Cash taxes:
- EBIT (Profit Loss From Operating Activities) = 533,800,000
- D&A (from cash flow adjustment) = 478,600,000
- Cash taxes = 165,900,000 (from cash flow)

FFO = 533,800,000 + 478,600,000 - 165,900,000 = 846,500,000

But this seems low compared to 1,202,000,000. The difference is the other adjustments (provisions, etc.).

Actually, looking at standard credit rating agency definitions, FFO typically includes provisions and other non-cash items that are part of normal operations.

Let me use: **FFO = Cash Flows From Used In Operations Before Changes In Working Capital - Finance Income Received + Finance Costs Paid + Dividends Received**

= 1,202,000,000 - 41,800,000 + 128,000,000 + 13,400,000
= 1,301,600,000

No wait, that's adding back interest to get a pre-interest measure, but FFO is typically post-interest.

Actually, I think I'm overcomplicating this. Let me use the simplest and most standard definition:

**FFO = Cash Flows From Used In Operations Before Changes In Working Capital = 1,202,000,000 EUR**

And **Net Debt** as calculated with leases but without derivatives:
= 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 - 1,942,400,000
= 4,474,000,000 EUR

Then FFO / Net Debt = 1,202,000,000 / 4,474,000,000 = 0.2687 or about 26.9%

But wait, I should check if this ratio makes sense. For a utility company, FFO/net debt of ~27% is reasonable (investment grade territory is typically >15-20%).

Let me also try with a broader net debt definition including derivatives:
Net Debt = 7,770,300,000 - 1,942,400,000 = 5,827,900,000 (if we don't net derivative assets)
Or = 7,770,300,000 - 3,643,300,000 = 4,127,000,000 (if we net all derivative assets)

The latter gives FFO/net debt = 1,202/4,127 = 29.1%

Hmm, these are somewhat different. Let me think about which is most standard.

Actually, I realize I should check how the company itself might calculate net debt. Looking at the balance sheet structure, "Current Derivative Financial Assets" of 1,622,200,000 is quite large. These are likely related to hedging of energy prices (very common for Italian utilities given their exposure to energy markets).

For a utility with significant energy trading/hedging, derivative positions can be large. In net debt calculations, these are sometimes:
1. Excluded entirely (treated as operating working capital)
2. Included net (derivatives assets vs liabilities)
3. Included gross

I think for standardization, I'll use:
**Net Debt = Financial Liabilities + Lease Liabilities - Cash and Cash Equivalents**
= (5,689,900,000 + 650,100,000) + (55,100,000 + 21,300,000) - 1,942,400,000
= 6,340,000,000 + 76,400,000 - 1,942,400,000
= 4,474,000,000 EUR

And **FFO = Cash Flows From Used In Operations Before Changes In Working Capital = 1,202,000,000 EUR**

FFO / Net Debt = 1,202,000,000 / 4,474,000,000 = 0.26866...

Let me round to 0.269 or 26.9%.

Actually, I want to double-check my FFO definition. In many European credit analyses, especially for utilities, FFO is defined as:

FFO = Net income + Depreciation + Amortization + Net interest expense + Deferred taxes + Other non-cash items

Or from cash flow: FFO = Cash flow from operating activities before changes in working capital

I think 1,202,000,000 is correct.

But let me also consider if we should use "Cash Flows From Used In Operating Activities" instead, which is 35,700,000? No, that's way too low and includes working capital changes which are volatile.

Or should we add back some items to get a cleaner FFO? For example, the 1,202,000,000 includes "Adjustments For Finance Income Cost" = 135,000,000. If we want FFO before interest, we'd add more. But standard FFO is typically after interest.

Actually, I realize I should look at this more carefully. The standard FFO in S&P methodology is:

FFO = Funds from operations = Net income from continuing operations + Depreciation + Amortization + Deferred income taxes + Other non-cash items

Let me try to calculate this:
- Net income (Profit Loss): 305,300,000
- Depreciation and amortization: 478,600,000
- Other non-cash: 188,500,000 (provisions) + 41,600,000 (capital losses) - 27,800,000 (change in risk provisions) - 12,700,000 (employee benefits) - 10,000,000 (undistributed profits)
= 188.5 + 41.6 - 27.8 - 12.7 - 10 = 179.6 million

Total FFO = 305.3 + 478.6 + 179.6 = 963.5 million

But this doesn't match 1,202 million. The difference is about 238.5 million.

Hmm, let me check: 1,202 - 963.5 = 238.5. Where does this come from?

Looking at the reconciliation again, I had:
305.3 + 478.6 + 188.5 - 10 + 135 + 41.6 - 27.8 - 12.7 = 1,098.5 (my calculation)

But reported is 1,202. Difference = 103.5.

Wait, I made an error. Let me recheck: 305.3 + 478.6 + 188.5 - 10 + 135 + 41.6 - 27.8 - 12.7
= 305.3 + 478.6 = 783.9
+ 188.5 = 972.4
- 10 = 962.4
+ 135 = 1,097.4
+ 41.6 = 1,139.0
- 27.8 = 1,111.2
- 12.7 = 1,098.5

Yes, 1,098.5 vs 1,202. Difference of 103.5.

Maybe there's another item not listed in my summary? Or perhaps "Other Work Performed By Entity And Capitalised" = 82,500,000 is involved? No, that's investing or operating adjustment?

Actually, looking at P&L, "Other Work Performed By Entity And Capitalised" = 82,500,000. This is typically a positive item in costs (reduces expenses). In cash flow, it might be treated differently.

Or maybe I need to include "Share Of Profit Loss Of Associates" = 10,000,000? This is subtracted in P&L to get to profit before tax, but in cash flow we might add it back (since it's non-cash).

Let me try: 1,098.5 + 10 (share of profit) = 1,108.5. Still not 1,202.

Hmm, difference is now 93.5. 

Actually, looking more carefully at the P&L structure:
Profit Loss From Operating Activities = 533,800,000
+ Share Of Profit Loss Of Associates = 10,000,000
+ Finance Income = 82,200,000
- Finance Costs = 217,200,000
= Profit Loss Before Tax = 408,800,000 ✓

Wait: 533.8 + 10 + 82.2 - 217.2 = 408.8 ✓

Then 408.8 - 103.5 (tax) = 305.3 (Profit Loss) ✓

So the cash flow reconciliation starts from 305.3.

Let me see if "Other Work Performed By Entity And Capitalised" affects operating cash flow. This is typically capitalized costs that are not expensed. In cash flow, this would be an investing outflow or operating adjustment.

Actually, I think I found it. Looking at the P&L, the operating profit includes various items. Let me check if "Other Work Performed By Entity And Capitalised" is already in the operating profit calculation.

Typically: Revenue - Costs + Other work capitalized = Operating profit (simplified)

So "Other Work Performed By Entity And Capitalised" = 82,500,000 is ADDED to get operating profit. But this is not cash from operations - it's a reclassification of costs. In cash flow, this would need to be adjusted.

Actually, for cash flow purposes, "Other Work Performed By Entity And Capitalised" is typically treated as an investing activity (capital expenditure), not operating. So it's not in operating cash flow.

Hmm, I'm stuck on the 103.5 difference. Let me just accept the reported 1,202,000,000 as correct and use it.

Actually, one more try: maybe "Allocation To Provisions Excluding Change In Provision For Risks And Charges" = 188,500,000 is not the full provision expense. Looking at P&L, "Amortisation Depreciation And Provisions" = 667,100,000. This includes depreciation, amortization, and provisions.

If D&A is 478,600,000 (from cash flow), then provisions in P&L = 667,100,000 - 478,600,000 = 188,500,000. This matches the "Allocation To Provisions" figure! ✓

So the P&L provision expense = 188,500,000, which equals the cash flow add-back. Good.

Now, "Change In Provision For Risks And Charges" = -27,800,000 in cash flow. This is the change in a specific provision, not the P&L expense.

Let me try another approach to reconcile:
Start with Profit Loss: 305,300,000
Add back non-cash and non-operating items:
+ D&A: 478,600,000
+ Provisions (allocation): 188,500,000
- Share of profit of associates: 10,000,000 (this is non-cash income, so subtract)
+ Finance costs (accrual): let's say ~135,000,000 (from cash flow adjustment)
- Finance income (accrual): need to estimate
+ Capital losses: 41,600,000
- Change in risk provision: -27,800,000 (this is a use of provision, so it's income-like, hence subtract)
- Employee benefits change: -12,700,000

Hmm, I think the issue is that "Adjustments For Finance Income Cost" = 135,000,000 is not exactly the P&L finance cost. P&L finance cost = 217,200,000 - 82,200,000 = 135,000,000 net finance cost. Wait, that's 135,000,000! ✓

So "Finance Income Cost" = -125,000,000 (per label), but "Adjustments For Finance Income Cost" = 135,000,000. These are close but not exact. The difference might be cash vs accrual or foreign exchange or other items.

Actually wait, let me re-read: "Finance Income Cost" 2022 = -125,000,000 EUR. But Finance Income = 82,200,000 and Finance Costs = 217,200,000, so net = 82.2 - 217.2 = -135,000,000. 

But the label says -125,000,000. There's a 10,000,000 difference. This could be the "Share Of Profit Loss Of Associates" = 10,000,000 or some other item.

Actually, looking at P&L: Profit Loss From Operating Activities 533.8 + Share of associates 10 + Finance Income 82.2 - Finance Costs 217.2 = 408.8 (Profit Before Tax). ✓

And 533.8 + 10 - 135 (net finance) = 408.8. So net finance = 135.

But "Finance Income Cost" is labeled as -125. Maybe this is a typo in my reading or there's a different calculation.

Anyway, let me just use 1,202,000,000 as FFO and proceed.

**Final Calculation:**

FFO = 1,202,000,000 EUR

Net Debt = Noncurrent Financial Liabilities + Current Financial Liabilities + Noncurrent Lease Liabilities + Current Lease Liabilities - Cash and Cash Equivalents
= 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 - 1,942,400,000
= 4,474,000,000 EUR

FFO / Net Debt = 1,202,000,000 / 4,474,000,000 = 0.268663...

Let me also consider if Current Financial Assets should be deducted:
Net Debt = 4,474,000,000 - 77,700,000 = 4,396,300,000
FFO / Net Debt = 1,202 / 4,396.3 = 0.2734

Or about 27.3%.

Hmm, this is a material difference. Let me think about which is more standard.

In many European annual reports, "net debt" or "net financial debt" is calculated as:
Financial debt - Cash and cash equivalents - Other liquid assets

Where "liquid assets" includes current financial assets but maybe not derivative assets.

If I use: Net Debt = 6,416,400,000 - 1,942,400,000 - 77,700,000 = 4,396,300,000

Then ratio = 0.273

Actually, I want to check one more thing. Should I include "Current Tax Assets Current" = 46,000,000? These are typically not liquid in the same way, so probably not.

And "Other Current Assets" = 642,500,000? These are trade-like, not financial.

So my preferred net debt is:
= Total debt-like liabilities - Cash - Liquid financial assets
= (5,689.9 + 650.1 + 55.1 + 21.3 + 1,347.6 + 6.3) - (1,942.4 + 77.7 + 1,622.2 + 1.0) 
= 7,770.3 - 3,643.3 = 4,127.0 if netting all derivatives

Or = 7,770.3 - 1,942.4 - 77.7 = 5,750.2 if including derivative liabilities gross and only netting cash and simple financial assets

This is a huge range! From 4,127 to 5,750.

I think for standardization and comparability, I'll use the most common definition in European utility credit analysis:

**Net Debt = Financial Liabilities (borrowings) + Lease Liabilities - Cash and Cash Equivalents**

= (5,689,900,000 + 650,100,000) + (55,100,000 + 21,300,000) - 1,942,400,000
= 6,340,000,000 + 76,400,000 - 1,942,400,000
= 4,474,000,000 EUR

This excludes derivatives, which is common when derivatives are used for hedging and are not considered part of the structural debt.

FFO / Net Debt = 1,202,000,000 / 4,474,000,000 = 0.2687

Let me round to 0.269 or express as percentage 26.9%. But the question asks for a ratio, so 0.269.

Actually, I want to reconsider FFO one more time. In some definitions, FFO includes dividends received from associates. The cash flow shows "Dividends Received Classified As Operating Activities" = 13,400,000. But this is already in the operating cash flow after the 1,202,000,000 (it's part of the reconciliation to final operating cash flow).

Wait, let me re-check: 
1,202,000,000 (before WC changes)
- 927,600,000 (working capital)
= 274,400,000
+ 13,400,000 (dividends)
+ 41,800,000 (finance income received)
- 128,000,000 (finance costs paid)
- 165,900,000 (taxes paid)
= 35,700,000

So dividends received are AFTER the 1,202,000,000. If we want a more comprehensive FFO, we might add them back:
FFO = 1,202,000,000 + 13,400,000 = 1,215,400,000

But this is unusual. Standard FFO typically excludes dividends from associates as they're not from core operations.

Actually, for credit analysis, dividends from associates ARE often included in FFO because they represent cash available to the group.

Let me use: FFO = 1,202,000,000 + 13,400,000 = 1,215,400,000

Then FFO / Net Debt = 1,215,400,000 / 4,474,000,000 = 0.2717

Or about 27.2%.

Hmm, but I think the more standard approach is to use 1,202,000,000 as FFO and not add dividends. Let me stick with that for conservatism.

Actually, I want to check one more thing. Is "Cash Flows From Used In Operations Before Changes In Working Capital" the same as "Funds From Operations"? 

In many European annual reports and credit analyses, yes. But sometimes FFO is defined more narrowly.

Let me try the S&P definition more precisely:
FFO = Net income + Depreciation + Amortization + Deferred taxes + Other non-cash items

From the data, I can approximate:
- Net income: 305,300,000
- D&A: 478,600,000
- Deferred taxes: ? (not directly given, but "Deferred Tax Assets" changed from 229,400,000 to 240,400,000, so increase of 11,000,000, meaning deferred tax expense was negative or benefit)
- Other non-cash: provisions, etc.

Actually, looking at P&L: Income Tax Expense = 103,500,000. But cash taxes paid = 165,900,000. The difference (62,400,000) might be deferred tax benefit or timing differences.

If cash taxes > accrual taxes, then FFO (which is after accrual taxes) would be higher than operating cash flow before working capital (which is before cash taxes but after accrual taxes? No wait...)

Actually, the 1,202,000,000 is derived from net income which is after accrual taxes. Then we add back non-cash items. Then later we subtract cash taxes paid.

So 1,202,000,000 is after accrual taxes, before cash taxes, before working capital, before cash interest effects.

For FFO, we typically want after taxes (whether accrual or cash depends on definition). S&P uses after accrual taxes. Moody's sometimes uses after cash taxes.

If we want FFO after cash taxes (more conservative):
FFO = 1,202,000,000 - 165,900,000 = 1,036,100,000

But this is unusual. Most FFO definitions are before cash taxes or after accrual taxes.

Let me stick with 1,202,000,000.

One final check: should I use "Comprehensive Income" instead of "Profit Loss"? No, FFO is based on net income or operating cash flow, not comprehensive income.

OK, I'm going with:
- FFO = 1,202,000,000 EUR
- Net Debt = 4,474,000,000 EUR
- Ratio = 0.2687

Let me express this as a decimal: 0.269 or about 26.9%.

Actually, I want to try one more net debt variant. Some analysts include "Other Current Liabilities" or exclude leases. Let me see...

If we exclude leases (treating them as operating):
Net Debt = 6,340,000,000 - 1,942,400,000 = 4,397,600,000
Ratio = 1,202 / 4,397.6 = 0.2733

This is close to my previous calculation.

Given the ambiguity, I'll use the more comprehensive definition including leases (as IFRS 16 requires leases to be capitalized).

Final answer: **0.269** or **26.9%**

But wait - I should check if the ratio is typically expressed as a percentage or decimal. In credit analysis, FFO/net debt is usually expressed as a percentage (e.g., "25%") or sometimes as a multiple (e.g., "0.25x"). 

The question asks for "FFO / Net debt ratio" - this could be either. I'll provide as decimal 0.269.

Actually, looking at the format requested: "no units, and no prose" - so just the number. And "like so: <answer>VALUE</answer>".

Let me provide 0.2687 or rounded. I'll use 0.269.

Hmm, but I want to double-check my net debt one more time. Let me see if there's any other interpretation.

Actually, I realize "Current Financial Liabilities" = 650,100,000 might include more than just borrowings. It could include trade payables or other items. But typically in balance sheets, "Financial Liabilities" means interest-bearing debt.

Similarly, "Noncurrent Financial Liabilities" = 5,689,900,000 is likely long-term borrowings.

And "Trade And Other Current Payables To Trade Suppliers" = 3,093,100,000 is clearly trade payables, not debt.

So my debt figures seem correct.

One more thing: "Other Current Liabilities" = 1,720,000,000. Could this include debt-like items? Possibly, but without more detail, I'll assume they're operating liabilities (taxes payable, accrued expenses, etc.).

OK, final answer: **0.269** (or 26.9% if expressed as percentage, but I'll use decimal 0.269)

Actually, let me recalculate more precisely:
1,202,000,000 / 4,474,000,000 = 0.268663388...

Rounded to 3 decimal places: 0.269

Or should I use more precision? 0.2687?

I'll use 0.269.

Wait, I want to try one more FFO calculation. Some sources define FFO as:

FFO = Operating profit + Depreciation + Amortization - Taxes

= 533,800,000 + 478,600,000 + (667,100,000 - 478,600,000) - 103,500,000
= 533,800,000 + 667,100,000 - 103,500,000
= 1,097,400,000

Hmm, this is close to my reconciliation attempt of 1,098.5 million. And the difference from 1,202 million is about 104.6 million.

Actually, this 104.6 million might be the "Share Of Profit Loss Of Associates" (10) plus some other adjustments. Or maybe it's the net effect of various working capital-like items that are not working capital proper.

Let me just accept 1,202,000,000 as the most accurate figure since it's explicitly reported as "Cash Flows From Used In Operations Before Changes In Working Capital".

Final calculation:
FFO / Net Debt = 1,202,000,000 / 4,474,000,000 = 0.268663...

I'll round to **0.27** or keep as **0.269**. Let me use 0.269 for more precision.

Actually, thinking about it more, I wonder if I should include current financial assets in net debt. In many modern credit analyses, especially post-IFRS 9, financial assets are included if they're liquid.

Net Debt = 4,474,000,000 - 77,700,000 = 4,396,300,000
FFO / Net Debt = 1,202,000,000 / 4,396,300,000 = 0.2734

Or about 0.273.

This is about 1.7% higher. Given the ambiguity, I'll use the more common definition without financial assets (since they're not always liquid and the composition is unknown).

Final answer: **0.269**

Hmm, but I want to check one more thing. The question says "estimate" the FFO/Net debt ratio. This suggests some estimation is needed, and perhaps the exact figure isn't directly calculable.

Let me see if I can derive a more precise FFO from the available data.

Actually, I realize that "FFO" in some European contexts (especially for utilities) is calculated as:

FFO = EBIT + D&A - Cash taxes + Other non-cash items

And from the cash flow, we can derive:
FFO ≈ Cash Flows From Used In Operations Before Changes In Working Capital + Cash taxes paid - Cash interest paid + Cash interest received - Dividends received

= 1,202,000,000 + 165,900,000 - 128,000,000 + 41,800,000 - 13,400,000
= 1,268,300,000

This would be a "pure" operating cash flow before any financing or tax effects, but after accrual-based operating adjustments.

Then FFO / Net Debt = 1,268,300,000 / 4,474,000,000 = 0.2835

This is getting complicated. Let me just use the standard reported figure.

I'll go with **FFO = 1,202,000,000** and **Net Debt = 4,474,000,000**, giving ratio = **0.269**.

<answer>0.269</answer>