I need to estimate the FFO / Net debt ratio for 2022.

**Step 1: Estimate FFO (Funds From Operations)**

FFO is typically calculated as net income + depreciation/amortization + impairment losses, adjusted for non-cash items. In utility/infrastructure companies, FFO is often approximated as:

FFO ≈ Cash Flows from Operations before Working Capital changes - Income Taxes Paid

Or alternatively, FFO = Net Income + Depreciation & Amortization + Impairment losses + other non-cash charges - gains on asset sales

Let me use the cash flow approach. From the cash flow statement:

"Cash Flows From Used In Operations Before Changes In Working Capital" 2022-01-01 - 2023-01-01: 12,415,000,000 EUR

This is before taxes paid and working capital changes. Subtracting taxes paid:

12,415,000,000 - 1,504,000,000 = 10,911,000,000 EUR

This represents cash from operations before working capital changes but after taxes, which is a common FFO approximation.

Alternatively, FFO is often calculated as operating cash flow before working capital changes minus interest paid minus taxes paid:

But the "Cash Flows From Used In Operations Before Changes In Working Capital" likely already includes interest (since net financial income/cost adjustments are included). Let me check - the adjustments include "Adjustments For Finance Income Cost" which adds back the net financial loss, so the cash flow before WC is before interest and tax cash payments.

A more standard FFO: Cash from operations before WC - taxes paid - interest paid
= 12,415 - 1,504 - 822 + 194 = 10,283 million EUR

But actually, looking at ENGIE's typical reporting, FFO is often close to operating cash flow before WC minus taxes paid:
= 12,415 - 1,504 = 10,911 million EUR

**Step 2: Estimate Net Debt**

Net debt = Total borrowings (long-term + short-term) - Cash and cash equivalents

Long-term borrowings (2023-01-01, i.e., end of 2022): 28,083,000,000 EUR
Current borrowings (2023-01-01): 12,508,000,000 EUR
Cash and cash equivalents (2023-01-01): 15,570,000,000 EUR

Gross debt = 28,083 + 12,508 = 40,591 million EUR
Net debt = 40,591 - 15,570 = 25,021 million EUR

Some calculations also subtract other current financial assets:
Net debt = 40,591 - 15,570 - 2,394 = 22,627 million EUR

ENGIE typically reports net debt including financial assets held for investment purposes. Let me use a more standard approach:

Net debt = 28,083 + 12,508 - 15,570 = 25,021 million EUR

**Step 3: Calculate FFO / Net Debt**

Using FFO ≈ 10,911 million EUR and Net Debt ≈ 25,021 million EUR:

FFO / Net Debt = 10,911 / 25,021 ≈ 0.436

If I use the version with interest deducted:
FFO / Net Debt = 10,283 / 25,021 ≈ 0.411

ENGIE's reported figures typically show FFO/Net debt around 0.40-0.45 range.

Let me use the more conservative/common approach:
FFO = 10,911 million EUR (cash from ops before WC - taxes paid)
Net debt = 25,021 million EUR

FFO/Net debt = 10,911/25,021 ≈ 0.44

<answer>0.44</answer>