To estimate the FFO / Net Debt ratio for 2022, we need to calculate Funds From Operations (FFO) and Net Debt based on the provided financial data for the period ending 2023-01-01 (which represents the fiscal year 2022).

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

A common definition for FFO in the context of utilities and infrastructure companies is:
$$FFO = \text{Net Income} + \text{Depreciation and Amortization} + \text{Other Non-Cash Items}$$
Alternatively, it can be derived from Operating Cash Flow before changes in working capital, or simply:
$$FFO = \text{Profit/Loss} + \text{Depreciation and Amortization}$$
Let's look at the components provided:
*   **Profit Loss**: -879,000,000 EUR (This is the total net profit/loss for the group).
*   **Depreciation And Amortisation Expense**: 1,233,000,000 EUR.

Using the standard simplified FFO formula:
$$FFO = -879,000,000 + 1,233,000,000 = 354,000,000 \text{ EUR}$$

However, a more robust measure often used in credit analysis for regulated utilities adds back interest and taxes to get to an operating cash flow proxy, or uses EBITDA. Let's look at another common variation:
$$FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Adjustments}$$

Let's check the Cash Flow from Operations provided:
*   **Cash Flows From Used In Operating Activities**: 1,196,000,000 EUR.

FFO is often considered a pre-working capital metric. Let's try to reconstruct FFO from the bottom up or top down.
Top Down:
*   Revenue: 8,299,000,000
*   Operating Expense: 9,395,000,000
*   Operating Loss: -976,000,000
*   Add back D&A: 1,233,000,000
*   EBITDA approx: 257,000,000 (This seems low due to high opex).

Let's stick to the standard definition: **FFO = Net Income + Depreciation & Amortization**.
Net Income (Profit Loss) = -879,000,000 EUR.
Depreciation & Amortization = 1,233,000,000 EUR.
$$FFO = 354,000,000 \text{ EUR}.$$

Some definitions adjust for minority interests or hybrid capital.
Profit Loss Attributable To Owners Of Parent = -910,000,000 EUR.
If we use Net Income attributable to parent:
$$FFO_{parent} = -910,000,000 + 1,233,000,000 = 323,000,000 \text{ EUR}.$$

Let's look at "Cash Flows From Used In Operations Excluding EEG Working Capital" which is 596,000,000 EUR. This is closer to a recurring cash flow metric. However, standard FFO usually starts with Net Income. Let's use the Group Net Income + D&A as the primary estimate, but acknowledge that for a holding company, attributable income might be more relevant for equity ratios, while debt ratios often look at group cash generation. Given the high debt, lenders look at group FFO.

Let's refine FFO. Often, "Other Gains/Losses" and "Share of profit of associates" are non-cash or investing related.
Profit Loss: -879,000,000
Add: Depreciation: 1,233,000,000
Add: Share of profit of associates/JV (equity method is non-cash inflow until dividend, but included in net income): The share of profit is 120,000,000. Dividends received are 92,000,000. The difference (28m) is non-cash income included in profit. We should subtract the non-cash portion of equity income if we want cash-based FFO, or add it back if we start from Operating Profit.
Actually, the simplest and most common regulatory/agency definition is:
$$FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization}$$
$$FFO = -879 \text{ million} + 1,233 \text{ million} = 354 \text{ million EUR}.$$

Let's check if there are significant non-cash items in "Other Adjustments".
"Other Adjustments For Noncash Items": 1,347,000,000 EUR. This is huge.
Let's look at the Cash Flow statement indirect method reconstruction:
Net Loss: -879
+ D&A: 1,233
+ Loss on disposal: 38
+ Share of JV/Assoc profit (non-cash): -120 (Wait, the adjustment listed is "Adjustments For Undistributed Profits...": 120. This implies the profit was 120, and it's being added back? No, usually you subtract equity income and add dividends. Or you add back the undistributed portion.
Let's look at "Cash Flows From Used In Operating Activities": 1,196,000,000.
FFO is typically higher than Operating Cash Flow if working capital increased, or lower if it decreased.
Change in Working Capital (excluding EEG): 736,000,000 (Positive implies source of cash? Or use? The label is "Increase Decrease...". In cash flow statements, positive numbers are usually sources. Let's check the signs.
Receivables change: -1,026 (Use of cash, increase in receivables).
Inventories: -49 (Use).
Payables: -33 (Use? Decrease in payables is use).
Contract Liab: 103 (Source).
Fin Liab: 269 (Source).
Sum: -1026 - 49 - 33 + 103 + 269 = -736.
The line item says "Increase Decrease In Working Capital Excluding EEG Working Capital": 736,000,000.
If the sum of components is -736, and the total is positive 736, there might be a sign convention difference or I am misinterpreting "Adjustments For...".
Usually: $\text{CFO} = \text{Net Income} + \text{NonCash} + \Delta \text{WC}$.
$1,196 = -879 + (\text{NonCash Adjustments}) + \Delta \text{WC}$.
NonCash Adjustments sum:
D&A: 1,233
Loss on disposal: 38
Undistributed profits adj: 120 (This is likely an add-back of the equity income that wasn't received in cash, or similar).
Provisions: 104
Other Noncash: 1,347
Total NonCash Addbacks $\approx 1,233 + 38 + 120 + 104 + 1,347 = 2,842$.
$\Delta \text{WC}$ (Total): The report lists "Increase Decrease In Working Capital Excluding EEG" as 736 and "Increase Decrease In Working Capital EEG" as -1,792.
Total WC Change = $736 - 1,792 = -1,056$.
Let's test: $-879 + 2,842 - 1,056 = 907$. This does not match CFO of 1,196.
There are likely tax payments and interest classifications involved.
Income Taxes Paid: 231 (Outflow).
Interest Received/Paid classifications vary.

Let's use a standard rating agency approach for FFO:
$$FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization} + \text{Deferred Tax} + \text{Other Non-Cash Items}$$
Often, "Other Non-Cash Items" includes the undistributed equity income.
Let's assume the standard simple FFO:
$$FFO = \text{Net Income} + \text{D\&A} = -879 + 1,233 = 354 \text{ million EUR}.$$

However, for highly leveraged utilities, **FFO** is often defined as **EBITDA - Cash Taxes - Cash Interest**? No, that's Free Cash Flow.
S&P defines FFO as Net Income + Depreciation + Amortization + Other Non-Cash Items.
Moody's often uses **RCF (Retained Cash Flow)** which is FFO - Dividends.

Let's look at the magnitude. Net Debt is likely very high.
**Step 2: Calculate Net Debt**

$$\text{Net Debt} = \text{Total Debt} - \text{Cash and Cash Equivalents}$$

Total Debt includes:
1.  **Long-term Borrowings**: 19,006,000,000 EUR
2.  **Short-term Borrowings**: 709,000,000 EUR
3.  **Current Bank Overdrafts**: 0 EUR
4.  **Lease Liabilities**:
    *   Noncurrent Lease Liabilities: 574,000,000 EUR
    *   Current Lease Liabilities: 155,000,000 EUR
    *   Total Lease Liabilities: 729,000,000 EUR

Note: Whether to include Lease Liabilities in Net Debt depends on the specific definition. Standard "Net Debt" for credit ratios often includes interest-bearing debt. Leases are interest-bearing. S&P and Moody's often include lease liabilities in debt for leverage ratios. Let's include them to be conservative and accurate to modern standards (IFRS 16).

Other items like "Other Noncurrent Financial Liabilities" (185m) and "Other Current Financial Liabilities" (550m) might also be debt-like.
"Other Noncurrent Financial Liabilities": 185,000,000
"Other Current Financial Liabilities": 550,000,000

Let's sum all interest-bearing financial liabilities:
*   Long-term Borrowings: 19,006
*   Short-term Borrowings: 709
*   Noncurrent Lease Liab: 574
*   Current Lease Liab: 155
*   Other Noncurrent Fin Liab: 185
*   Other Current Fin Liab: 550
*   Current Bank Overdrafts: 0

Total Gross Debt = $19,006 + 709 + 574 + 155 + 185 + 550 = 21,179 \text{ million EUR}$.

Cash and Cash Equivalents:
*   Cash And Cash Equivalents: 6,547,000,000 EUR

$$\text{Net Debt} = 21,179 - 6,547 = 14,632 \text{ million EUR}.$$

If we exclude "Other Financial Liabilities" and just stick to Borrowings + Leases:
Debt = $19,006 + 709 + 574 + 155 = 20,444$.
Net Debt = $20,444 - 6,547 = 13,897 \text{ million EUR}$.

If we exclude Leases (older definition):
Debt = $19,006 + 709 = 19,715$.
Net Debt = $19,715 - 6,547 = 13,168 \text{ million EUR}$.

Given "TenneT" is a utility, lease liabilities are significant but often treated separately or included. Let's look at the "Net Financing" cash flow line.
Net Financing = 5,999.
This doesn't help directly with the stock.

Let's assume the most comprehensive definition of Debt for a utility rating context (including leases and other financial liabilities):
Gross Debt $\approx 21,179 \text{ million}$.
Net Debt $\approx 14,632 \text{ million}$.

**Step 3: Calculate Ratio**

Using FFO = 354 million.
Ratio = $354 / 14,632 \approx 0.024$.

This seems very low. Let's re-evaluate FFO.
Is "Profit Loss" the right starting point?
Maybe we should use **EBITDA**?
EBITDA = Operating Profit + D&A.
Operating Profit (Profit Loss From Operating Activities) = -976,000,000.
EBITDA = $-976 + 1,233 = 257 \text{ million}$.
This is even lower.

Why is the profit so negative?
Revenue: 8,299.
OpEx: 9,395.
The OpEx is very high.
Let's check "Energy Transmission Charges": 7,517.
This is the regulated revenue.
The loss is driven by high operating expenses or one-offs.
"Other Gains Losses": -38.
"Finance Costs": 300.
"Finance Income": 43.

Let's look at **Cash Flow from Operations** as a proxy for FFO if FFO is distorted by non-cash accounting losses that don't affect cash generation capability?
CFO = 1,196 million.
If we use CFO as the numerator (some analysts use Operating Cash Flow / Net Debt):
Ratio = $1,196 / 14,632 \approx 0.08$.

However, the question asks for **FFO**.
Standard FFO adds back D&A to Net Income.
Net Income: -879.
D&A: 1,233.
FFO: 354.

Is there a large non-recurring loss?
"Other Adjustments For Noncash Items": 1,347 million.
This is a massive add-back in the cash flow statement.
Let's trace the Cash Flow from Operations again.
Net Loss: -879
+ D&A: 1,233
+ Loss on disposal: 38
+ Undistributed profits adj: 120 (Add back?)
+ Provisions: 104
+ Other Noncash: 1,347
= Subtotal: ~1,963.
+ Working Capital Changes:
  - Excl EEG: 736
  - EEG: -1,792
  - Total WC: -1,056
= Cash from Ops before Tax/Interest adjustments?
$1,963 - 1,056 = 907$.
The reported CFO is 1,196.
Difference: $1,196 - 907 = 289$.
This difference might be due to Interest/Dividends classification or Tax.
Interest Paid (Financing): 202.
Interest Received (Investing): 45.
Dividends Received (Operating): 92.
Tax Paid (Operating): 231 (Refund? "Income Taxes Paid Refund...": 231. Positive number in cash flow usually means inflow/refund if it's an adjustment, or outflow if it's a payment. The label is "Income Taxes Paid Refund Classified As Operating Activities". In the previous year it was 246. Given the loss, it's likely a refund or benefit. If it's a refund, it's an inflow.

If we assume the "Other Noncash Items" of 1,347 includes significant non-cash charges that reduced Net Income but didn't reduce cash, they should arguably be added back for a "Cash FFO" metric. However, standard FFO usually just adds D&A.

Let's consider the source of the 1,347m "Other Adjustments".
It could be related to the "EEG Working Capital" adjustments or regulatory assets/liabilities revaluations.
In German/Dutch utilities, regulatory deferrals are common.
If we look at **EBITDA** again: 257m.
If we look at **CFO**: 1,196m.

FFO is generally between Net Income and CFO.
If we use the S&P definition: FFO = Net Income + Depreciation + Amortization.
FFO = 354m.

Let's check the Net Debt calculation again.
Maybe "Net Debt" excludes leases?
Net Debt (Borrowings only) = $(19,006 + 709) - 6,547 = 13,168$.
Ratio = $354 / 13,168 = 0.027$.

Maybe "Net Debt" includes the "Other Financial Liabilities"?
Net Debt = 14,632.
Ratio = 0.024.

Let's consider if "FFO" implies **Funds From Operations** before changes in working capital?
Some definitions: FFO = CFO + Changes in Working Capital.
CFO = 1,196.
Change in WC = -1,056 (Use of cash).
FFO (pre-WC) = $1,196 - (-1,056)$? No.
$\text{CFO} = \text{FFO} - \Delta \text{WC}$?
If $\text{FFO} = \text{Net Income} + \text{D\&A}$, then $\text{CFO} = \text{FFO} + \text{Other NonCash} + \Delta \text{WC}$.
The "Other NonCash" is 1,347 + 104 + 38 + 120 = 1,609.
So $\text{CFO} \approx 354 (\text{FFO}) + 1,609 (\text{Other}) - 1,056 (\text{WC}) = 907$.
The reported CFO is 1,196. The difference is 289.
This suggests the "True" cash generation is higher than the simple FFO.

However, in many financial databases, **FFO** is strictly **Net Income + D&A**.
Let's stick to that unless there's a reason to believe "Other Noncash" are recurring operating items. Given the size (1.3B vs 1.2B D&A), they are significant. But without detail, we can't safely add them all.

Let's try one more interpretation. Is it possible the question implies **EBITDA / Net Debt**?
EBITDA = 257m.
Ratio = $257 / 14,632 = 0.017$.

Or **CFO / Net Debt**?
Ratio = $1,196 / 14,632 = 0.081$.

Let's look at the previous year (2021) to see if we can calibrate.
2021 Net Income: -340.
2021 D&A: 1,165.
2021 FFO = 825.
2021 Net Debt:
Debt 2022-01-01 (Start of 2022 / End of 2021):
LT Borrowings: 12,366.
ST Borrowings: 1,339.
Leases: 235 + 169 = 404.
Other Fin: 183 + 281 = 464.
Total Gross Debt 2021 = $12,366 + 1,339 + 404 + 464 = 14,573$.
Cash 2021: 3,204.
Net Debt 2021 = $14,573 - 3,204 = 11,369$.
FFO / Net Debt 2021 = $825 / 11,369 = 0.072$.

2022 FFO / Net Debt = $354 / 14,632 = 0.024$.

The drop in ratio is due to the massive drop in Net Income (from -340 to -879) and increase in Debt.

Let's double check the FFO calculation.
Is it possible "Profit Loss" includes minority interests and we should use "Profit Loss Attributable To Owners"?
Attributable Net Income: -910.
FFO = $-910 + 1,233 = 323$.
Ratio = $323 / 14,632 = 0.022$.

Let's check if "Hybrid Capital" dividends are added back?
Hybrid dividends are 57m. They are treated as equity distributions but are often added back to FFO for credit analysis because they are discretionary or subordinated? Actually, for FFO attributable to common equity, you subtract them. For Group FFO, you start with Group Net Income.

Let's assume the standard **Group FFO = Net Income + D&A**.
FFO = 354,000,000.
Net Debt = 14,632,000,000.
Ratio = 0.02419...

Rounding to 2 decimal places: 0.02.
Rounding to 3 decimal places: 0.024.

Let's consider if "Net Debt" should only be Interest Bearing Debt (Borrowings).
Net Debt (Borrowings) = 13,168.
Ratio = $354 / 13,168 = 0.0268$.

Let's consider if "FFO" should be **EBITDA**.
EBITDA = 257.
Ratio = $257 / 13,168 = 0.019$.

Given the ambiguity, **FFO** is most commonly **Net Income + Depreciation + Amortization**.
And **Net Debt** is **Total Financial Liabilities - Cash**.
Total Financial Liabilities = Borrowings + Leases + Other Financial Liabilities.
Total = 21,179.
Net Debt = 14,632.
FFO = 354.
Ratio = 0.024.

If I exclude "Other Financial Liabilities" (which might be trade-related or derivatives):
Debt = Borrowings + Leases = 20,444.
Net Debt = 13,897.
Ratio = $354 / 13,897 = 0.025$.

If I exclude Leases:
Debt = Borrowings = 19,715.
Net Debt = 13,168.
Ratio = $354 / 13,168 = 0.027$.

The values are all around 0.02 - 0.03.

Let's check the solution format. "Estimate the FFO / Net debt ratio".
I will provide the value based on the most standard definition:
FFO = Net Income + D&A = 354m.
Net Debt = (LT Borrowings + ST Borrowings + Lease Liab) - Cash. (Excluding "Other Financial Liabilities" as they are often not considered core debt in simple ratios, but including Leases is standard for IFRS).
Debt = $19,006 + 709 + 574 + 155 = 20,444$.
Net Debt = $20,444 - 6,547 = 13,897$.
Ratio = $354 / 13,897 = 0.02547$.

If I include Other Financial Liabilities:
Ratio = 0.024.

Let's look at the "Net Financing" cash flow again.
Proceeds from borrowings: 7,338.
Repayments: 1,339.
Net borrowing increase: ~6,000.
Debt increased from ~13,700 (2021 end borrowings only: 12,366+1,339=13,705) to ~19,715 (2022 end borrowings only). Increase of 6,010. Matches.

I will use the definition:
FFO = Net Income + Depreciation & Amortization
Net Debt = Total Borrowings (Long + Short) + Lease Liabilities - Cash & Equivalents

FFO = -879,000,000 + 1,233,000,000 = 354,000,000
Total Borrowings = 19,006,000,000 + 709,000,000 = 19,715,000,000
Total Leases = 574,000,000 + 155,000,000 = 729,000,000
Gross Debt = 20,444,000,000
Cash = 6,547,000,000
Net Debt = 13,897,000,000

Ratio = 354,000,000 / 13,897,000,000 = 0.02547...

<answer>0.025</answer>