To estimate the FFO / Net Debt ratio for Acciona SA for the year 2022, we need to calculate two components: Funds From Operations (FFO) and Net Debt.

**1. Calculate Funds From Operations (FFO)**

FFO is typically calculated as Net Income plus Depreciation and Amortization (and other non-cash charges), minus gains on sales of assets. In the context of European industrial companies like Acciona, a common proxy for FFO is Operating Cash Flow before changes in working capital, or Net Income + Depreciation/Amortization + Interest + Taxes. Let's use the standard definition often used in credit analysis:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Interest Expense} + \text{Tax Expense}$$
*Note: Sometimes "Other non-cash items" are included. Let's look at the data provided.*

From the Income Statement data for the period 2022-01-01 to 2023-01-01 (which represents the fiscal year 2022):
*   **Profit Loss (Net Income):** 615,000,000 EUR
*   **Dotacion Amortizacion YVariacion De Provisiones (Depreciation, Amortization & Provisions):** 762,000,000 EUR.
    *   *Refinement:* The Cash Flow statement provides "Ajustes Por Amortizacion Variacion De Provisiones YDeterioros" as 848,000,000 EUR. This is a more comprehensive non-cash add-back figure often closer to the D&A used in FFO calculations because it includes impairments. Let's use 848,000,000 EUR as the D&A/Non-cash proxy.
*   **Finance Costs (Interest Expense):** 256,000,000 EUR
*   **Income Tax Expense:** 254,000,000 EUR

Using the formula: $FFO = \text{Net Income} + \text{D\&A} + \text{Interest} + \text{Taxes}$
$$FFO = 615 + 848 + 256 + 254 = 1,973 \text{ million EUR}$$

Alternatively, FFO is sometimes defined as Cash Flow from Operations + Interest Paid + Taxes Paid.
*   **Cash Flows From Operating Activities:** 1,648,000,000 EUR
*   **Interest Paid:** 209,000,000 EUR
*   **Income Taxes Paid:** 215,000,000 EUR
*   $FFO_{CFO\_based} = 1,648 + 209 + 215 = 2,072 \text{ million EUR}$

Another common definition in European infrastructure/utilities is EBITDA - Change in Working Capital - Capex? No, that's Free Cash Flow.
Let's stick to the most standard credit rating agency definition (S&P/Moody's style):
$FFO = \text{Net Income} + \text{Depreciation/Amortization} + \text{Non-cash items}$.
Often, Interest and Taxes are added back to get to a pre-financing, pre-tax operating cash flow proxy, or simply Net Income + D&A.
If we use **Net Income + D&A**:
$FFO = 615 + 848 = 1,463 \text{ million EUR}$.

However, "Funds From Operations" in real estate (REITs) is Net Income + D&A - Gains on Sales. Acciona has significant renewable energy and infrastructure assets.
Let's look at **EBITDA**.
$EBITDA = \text{Profit from Operating Activities} + \text{D\&A}$
$\text{Profit from Operating Activities} = 1,334 \text{ million EUR}$
$EBITDA = 1,334 + 848 = 2,182 \text{ million EUR}$ (Using the CF adjustment for D&A/Impairment).
Or using the P&L line "Dotacion...": $1,334 + 762 = 2,096 \text{ million EUR}$.

A very common proxy for FFO in industrial firms is **Operating Cash Flow (before working capital changes)**.
From the Cash Flow Statement:
$\text{Cash Flow from Operating Activities} = 1,648 \text{ million EUR}$.
This figure already includes interest and tax payments (classified as operating).
If we define FFO as **Net Debt Service Capacity**, we might add back interest and taxes paid to the Operating Cash Flow? No, usually FFO is an inflow metric.
Let's use the standard S&P definition for industrial companies:
$FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization} + \text{Non-cash charges}$.
Using the Cash Flow reconciliation:
Net Income: 615
Adjustments (D&A, Provisions, Impairment): 848
Other Adjustments: 79
Total Adjustments to reconcile profit to operating cash flow before working capital: $848 + 79 = 927$.
So, Cash flow from operations *before* working capital changes = $615 + 927 = 1,542 \text{ million EUR}$.
Then there is "Increase Decrease In Working Capital": 135.
$1,542 + 135 = 1,677$.
Then "Otros Flujos...": -283.
$1,677 - 283 = 1,394$?
Wait, the reported "Cash Flows From Used In Operating Activities" is 1,648.
Let's check the sum: $615 (\text{Net Income}) + 927 (\text{Adjustments}) + 135 (\text{WC}) - 283 (\text{Other}) = 1,394$. This does not match 1,648.
Let's re-read the CF items.
"Cash Flows From Used In Operating Activities": 1,648.
"Adjustments For Reconcile Profit Loss": 927.
"Increase Decrease In Working Capital": 135.
"Otros Flujos De Efectivo De Actividades De Explotacion": -283.
"Interest Paid": 209.
"Interest Received": 40.
"Dividends Received": 89.
"Income Taxes Paid": 215.
"Other Inflows...": 12.

Usually, IFRS allows interest and dividends received/paid to be operating or financing. Here they are listed separately below the main operating subtotal or as part of it?
The structure seems to be:
Net Income: 615
+ Adjustments: 927
+/- Working Capital: 135
+/- Other Operating Flows: -283
= Subtotal?
If we sum $615 + 927 + 135 - 283 = 1,394$.
The reported Operating Cash Flow is 1,648.
Difference: $1,648 - 1,394 = 254$.
This difference might be related to taxes or interest classification differences or the "Other Inflows" of 12.
Actually, if Interest and Taxes are *added back* to get to a gross FFO, we should look at the components.

Let's use a robust definition of FFO for leverage ratios: **EBITDA - Maintenance Capex**? No, that's Free Cash Flow.
Standard FFO = Net Income + Depreciation & Amortization.
Let's calculate Net Debt first.

**2. Calculate Net Debt**

Net Debt = Total Financial Debt - Cash and Cash Equivalents.

**Total Financial Debt:**
We need to sum current and non-current financial liabilities.
From the Balance Sheet (2023-01-01, which is the end of 2022):
*   "Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1" (Non-current bonds/preferred): 3,101,000,000 EUR
*   "Noncurrent Portion Of Noncurrent Loans Received": 2,624,000,000 EUR
*   "Noncurrent Lease Liabilities": 439,000,000 EUR (Lease liabilities are often included in Net Debt for credit analysis, though sometimes excluded. Given Acciona's asset-heavy nature, including them is prudent for a "Net Debt" view, or we can calculate "Net Financial Debt" excluding leases. Standard rating agencies often include leases in debt for leverage ratios like Net Debt/EBITDA. Let's include them to be conservative, or check if "Financial Assets/Liabilities" is a specific category. The prompt asks for "Net debt". Usually, this implies Interest-bearing debt.)
*   "Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes" (Current bonds/preferred): 1,139,000,000 EUR
*   "Current Loans Received And Current Portion Of Noncurrent Loans Received": 553,000,000 EUR
*   "Current Lease Liabilities": 72,000,000 EUR

Total Interest-Bearing Debt (including leases):
Non-Current: $3,101 + 2,624 + 439 = 6,164 \text{ million EUR}$
Current: $1,139 + 553 + 72 = 1,764 \text{ million EUR}$
Total Debt = $6,164 + 1,764 = 7,928 \text{ million EUR}$

If we exclude leases (Net Financial Debt):
Non-Current: $3,101 + 2,624 = 5,725 \text{ million EUR}$
Current: $1,139 + 553 = 1,692 \text{ million EUR}$
Total Financial Debt (excl leases) = $5,725 + 1,692 = 7,417 \text{ million EUR}$

**Cash and Cash Equivalents:**
*   "Cash And Cash Equivalents" 2023-01-01: 2,360,000,000 EUR

**Net Debt (including leases):**
$7,928 - 2,360 = 5,568 \text{ million EUR}$

**Net Debt (excluding leases):**
$7,417 - 2,360 = 5,057 \text{ million EUR}$

**3. Calculate the Ratio**

Let's determine the most appropriate FFO.
In many European contexts, FFO is approximated by **Operating Cash Flow + Interest Paid + Taxes Paid** (essentially unlevered operating cash flow) or **EBITDA - Taxes - Change in WC**.
Let's look at **EBITDA**.
Revenue: 11,195
Operating Profit: 1,334
D&A (from P&L): 762
EBITDA (P&L based) = $1,334 + 762 = 2,096 \text{ million EUR}$.

If we use **Net Income + D&A** (Standard FFO):
$615 + 762 = 1,377 \text{ million EUR}$.
Ratio (Net Debt incl leases / FFO) = $5,568 / 1,377 \approx 4.04x$
Ratio (Net Debt excl leases / FFO) = $5,057 / 1,377 \approx 3.67x$

If we use **Operating Cash Flow** (1,648) as a proxy for FFO (since FFO is a cash flow metric):
Ratio (Net Debt incl leases / OCF) = $5,568 / 1,648 \approx 3.38x$
Ratio (Net Debt excl leases / OCF) = $5,057 / 1,648 \approx 3.07x$

However, "FFO" specifically usually adds back interest and taxes to Net Income + D&A, or starts with EBITDA and subtracts cash taxes and interest? No, FFO is pre-interest.
Definition: $FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization}$.
Sometimes: $FFO = \text{EBITDA} - \text{Cash Taxes} - \text{Cash Interest}$? No, that's Free Cash Flow to Firm/Equity variants.
S&P Global Ratings defines FFO as: Net Income + Depreciation + Amortization + Non-cash items.
Using the Cash Flow "Adjustments" line (927) which includes D&A, Provisions, and Impairments:
$FFO = \text{Net Income} (615) + \text{Adjustments} (927) = 1,542 \text{ million EUR}$.
This represents the cash generated from operations before working capital changes and before interest/tax payments (if those are classified in financing or separated). In the provided CF, Interest and Taxes are listed *below* the "Cash Flows From Used In Operating Activities" line or as separate adjustments?
The line "Cash Flows From Used In Operating Activities" is 1,648.
The items "Interest Paid" (209) and "Income Taxes Paid" (215) are listed *after* the working capital line in the detailed breakdown?
Usually, if Interest and Taxes are paid, they are outflows.
If the 1,648 figure *includes* the payment of interest and taxes, then it is a post-interest, post-tax cash flow.
FFO is typically a pre-interest metric.
So, $FFO \approx \text{Operating Cash Flow} + \text{Interest Paid} + \text{Taxes Paid}$.
$FFO = 1,648 + 209 + 215 = 2,072 \text{ million EUR}$.

Let's check this against EBITDA.
EBITDA = 2,096 (P&L).
Cash Taxes = 215.
Cash Interest = 209.
$EBITDA - \text{Cash Tax} - \text{Cash Interest} = 2,096 - 215 - 209 = 1,672$.
This is close to the Operating Cash Flow of 1,648 (difference due to working capital and other items).
So, if FFO is defined as **Net Income + D&A**, it is ~1,377 - 1,542.
If FFO is defined as **Operating Cash Flow + Interest + Taxes** (Unlevered OCF), it is ~2,072.

In the context of "FFO / Net Debt", this ratio is a standard credit metric.
For industrial companies, S&P often uses **FFO / Net Debt**.
S&P's FFO definition: Net Income + Depreciation + Amortization + Non-cash items.
It does *not* typically add back interest and taxes. Interest and taxes are cash outflows that reduce the funds available to service debt principal.
So, $FFO = 1,542 \text{ million EUR}$ (using the comprehensive adjustments from CF) or $1,377 \text{ million EUR}$ (using P&L D&A).
Let's use the more comprehensive cash-based adjustment: **1,542 million EUR**.

Net Debt:
Should we include leases?
Acciona is an infrastructure company. Leases are significant. Rating agencies usually include lease liabilities in Net Debt for leverage calculations.
Net Debt (incl leases) = 5,568 million EUR.

Ratio = $5,568 / 1,542 \approx 3.61x$.

Let's try with the stricter "Net Income + D&A" (P&L):
$FFO = 615 + 762 = 1,377$.
Ratio = $5,568 / 1,377 \approx 4.04x$.

Let's try with "Operating Cash Flow" as FFO (common simplification):
$FFO = 1,648$.
Ratio = $5,568 / 1,648 \approx 3.38x$.

Let's look for clues in the data or standard Acciona reporting.
Acciona often reports "Net Debt / EBITDA".
EBITDA = 2,096.
Net Debt = 5,568.
Ratio = 2.65x.

But the question asks for **FFO / Net Debt**. Note the order: FFO *divided by* Net Debt? Or Net Debt / FFO?
"FFO / Net debt ratio" usually implies the coverage ratio (FFO divided by Net Debt), which yields a percentage or a small decimal (e.g., 20%). However, leverage ratios are often expressed as Net Debt / FFO (e.g., 4.0x).
The phrasing "FFO / Net debt ratio" mathematically means $\frac{FFO}{Net Debt}$.
If it meant leverage, it would usually say "Net Debt to FFO ratio".
Let's calculate $\frac{FFO}{Net Debt}$.

Using FFO = 1,542 and Net Debt = 5,568:
$1,542 / 5,568 = 0.277$ or 27.7%.

Using FFO = 1,377 and Net Debt = 5,568:
$1,377 / 5,568 = 0.247$ or 24.7%.

Using FFO = 2,072 (Unlevered OCF) and Net Debt = 5,568:
$2,072 / 5,568 = 0.372$ or 37.2%.

Which FFO definition is standard for this specific ratio name?
In real estate (REITs), FFO/Net Debt is not the primary leverage metric; Net Debt/EBITDA or Net Debt/FFO is.
However, if the question asks for "FFO / Net debt", it is a coverage/yield metric.
Let's assume the standard S&P FFO definition: Net Income + D&A + Non-cash.
FFO = 1,542 million EUR.
Net Debt = 5,568 million EUR (including leases).
Result = 0.277.

Let's double check the Net Debt calculation.
Financial Liabilities:
Non-current:
- Participaciones Preferentes...: 3,101
- Noncurrent Loans: 2,624
- Noncurrent Lease: 439
Total Non-Current Fin Liab: 6,164

Current:
- Participaciones Preferentes...: 1,139
- Current Loans: 553
- Current Lease: 72
Total Current Fin Liab: 1,764

Total Financial Liabilities = 7,928.
Cash = 2,360.
Net Debt = 5,568.

If we exclude leases (pure financial debt):
Total Fin Liab = 7,417.
Net Debt = 5,057.
FFO / Net Debt (excl leases) = $1,542 / 5,057 = 0.305$.

Let's consider if "FFO" implies "Funds From Operations" in the REIT sense (Net Income + D&A - Gains).
Gains/Losses on disposal:
"Proceeds From Disposals..." is cash flow.
"Other Gains Losses" in P&L: 13 million.
"Impairment Loss Reversal": -15 million.
Net Income: 615.
D&A: 762.
Gain on sale: The P&L doesn't explicitly isolate gains on sale of PPE in a single line, but "Other Gains Losses" is 13.
If we subtract gains: $FFO = 615 + 762 - 13 = 1,364$.
Ratio = $1,364 / 5,568 = 0.245$.

Given the ambiguity, the most robust "FFO" for an industrial/infrastructure company like Acciona, used in credit ratios, is often **Operating Cash Flow** or **EBITDA - Capex**? No.
Let's look at the result of **Net Income + D&A**.
$1,377 / 5,568 = 0.247$.

Let's try one more interpretation. Is it possible the question implies **Net Debt / FFO**?
"Estimate the FFO / Net debt ratio".
Standard notation "A / B ratio" means A divided by B.
If the answer is expected to be a leverage multiple (e.g., 3.5), the question would likely be "Net Debt to FFO".
If the answer is a percentage/decimal (e.g., 0.25), it is FFO / Net Debt.
I will provide the decimal value for FFO / Net Debt.

Let's refine the FFO number.
Acciona's investor presentations often define FFO similarly to S&P.
S&P FFO for Acciona (approx):
Net Income: 615
+ D&A: 762
+ Non-cash (Provisions/Impairment): The CF adjustment is 848 vs 762 P&L. The difference is 86.
+ Share of loss of associates: 194 (This is a non-cash charge in Net Income? No, it's an equity accounting loss. It reduces Net Income but doesn't use cash. So it should be added back for FFO).
Let's add back the equity loss.
$FFO = \text{Net Income} + \text{D\&A} + \text{Share of Loss of Associates}$.
$FFO = 615 + 762 + 194 = 1,571 \text{ million EUR}$.
(Note: The share of loss is 194. In the P&L, it's an expense. Adding it back increases FFO).

Let's check the Cash Flow again.
Net Income: 615.
Adjustments: 927.
This 927 likely includes the 194 equity loss, the 762 D&A, and other items.
So $FFO = 615 + 927 = 1,542$.
This 1,542 figure is the "Cash flow from operations before working capital changes" roughly.
Let's use **1,542 million EUR** as the FFO.

Net Debt: **5,568 million EUR** (including leases).

Ratio: $1,542 / 5,568 = 0.2769$.

If we exclude leases from Net Debt:
Net Debt: 5,057.
Ratio: $1,542 / 5,057 = 0.3049$.

In many industrial contexts, "Net Debt" excludes leases unless specified as "Net Debt including leases". However, IFRS 16 has made lease inclusion more common. Acciona reports "Net Financial Position" which typically excludes leases in some internal metrics but includes them for covenant calculations.
Looking at Acciona's 2022 Annual Report summaries online (external knowledge check for calibration): Acciona often reports Net Financial Debt.
Net Financial Debt 2022: ~5,000 - 5,100 million EUR.
This aligns with the 5,057 figure (excluding leases).
FFO (or Operating Cash Flow) is often around 1,600 - 1,700 million.
If FFO is ~1,542 and Net Debt is ~5,057.
Ratio = 0.30.

Let's calculate with the Operating Cash Flow (1,648) as a proxy for FFO, and Net Debt excluding leases (5,057).
$1,648 / 5,057 = 0.325$.

Let's calculate with Net Income + D&A (1,377) and Net Debt excluding leases (5,057).
$1,377 / 5,057 = 0.272$.

The term "FFO" is specific. It is not OCF. It is not EBITDA.
FFO = Net Income + D&A.
Value: 1,377 (using P&L D&A) or 1,542 (using CF adjustments which include provisions/impairments).
Provisions are often part of FFO add-backs.
I will use the **1,542** figure as it is more comprehensive of non-cash charges.
I will use **Net Debt excluding leases** (5,057) as "Net Debt" in traditional industrial analysis often refers to interest-bearing financial debt, and leases are sometimes tracked separately (though this is changing). However, if I must choose one, the inclusion of leases is more conservative and standard for "Net Debt" in modern credit analysis. But "Net Financial Debt" is the specific term for excluding leases. The prompt says "Net debt".
Let's look at the magnitude.
If I use Net Debt including leases (5,568):
$1,542 / 5,568 = 0.277$.

If I use Net Debt excluding leases (5,057):
$1,542 / 5,057 = 0.305$.

Let's check the "Net Debt" definition in the provided text. It doesn't define it.
However, "Noncurrent Lease Liabilities" and "Current Lease Liabilities" are listed separately from "Loans Received" and "Obligaciones".
Usually, "Net Debt" = Financial Debt - Cash.
Financial Debt = Loans + Bonds.
Leases are often excluded from "Net Financial Debt".
I will proceed with **Net Debt excluding leases** (5,057) and **FFO = Net Income + D&A + Non-cash adjustments** (1,542).

Calculation: $1,542 / 5,057 \approx 0.3049$.

Let's try one other common FFO definition: **EBITDA - Capex**? No.
What if FFO is just **Operating Cash Flow**?
$1,648 / 5,057 = 0.325$.

Let's go with the most literal accounting definition of FFO (Net Income + D&A).
Net Income: 615.
D&A: 762.
FFO: 1,377.
Net Debt (excl leases): 5,057.
Ratio: $1,377 / 5,057 = 0.272$.

Net Debt (incl leases): 5,568.
Ratio: $1,377 / 5,568 = 0.247$.

Given the variability, I will provide the value based on **FFO = Net Income + D&A (762)** and **Net Debt = Total Financial Liabilities (excl leases) - Cash**. This is a very standard "clean" definition.
FFO = 1,377.
Net Debt = 5,057.
Ratio = 0.272.

However, if I use the Cash Flow adjustment (848) for D&A/Impairment:
FFO = 615 + 848 = 1,463.
Ratio (excl leases) = $1,463 / 5,057 = 0.289$.
Ratio (incl leases) = $1,463 / 5,568 = 0.263$.

Let's average the likely intent. The ratio is likely around **0.27 - 0.28**.

<answer>0.277</answer>