To estimate the FFO / Net Debt ratio for Terna S.p.A. 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 defined as Net Income plus Depreciation, Amortization, and Impairment losses. Sometimes adjustments are made for gains/losses on asset sales, but the core definition is Net Income + D&A.

*   **Net Income (Profit Loss Attributable To Owners Of Parent):**
    From the data: "Profit Loss Attributable To Owners Of Parent" 2022-01-01 - 2023-01-01 = 857,000,000 EUR.
    *(Note: We use the profit attributable to owners as the base for equity-based ratios, or total net profit. Let's look at "Profit Loss" which is 857,700,000 EUR. The difference is minor. Standard FFO often starts with Net Income. Let's use the total "Profit Loss" of 857,700,000 EUR or the attributable one. Given the context of corporate credit analysis, EBITDA or Operating Cash Flow proxies are common. Let's stick to the standard FFO definition: Net Income + D&A.)*
    
    Let's use **Profit Loss From Continuing Operations** or **Profit Loss**.
    "Profit Loss" 2022: 857,700,000 EUR.
    
*   **Depreciation, Amortization, and Impairment:**
    From the data: "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" 2022-01-01 - 2023-01-01 = 725,700,000 EUR.
    *(Note: There is also "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" in the cash flow section which is 736,100,000 EUR. This figure is often closer to the actual cash-add-back because it might include non-cash impairments not in the P&L line item above or vice versa. However, the P&L line item is explicitly labeled. Let's look at the Cash Flow from Operations.
    "Cash Flows From Used In Operating Activities" is 2,323,700,000 EUR.
    FFO is often approximated by Operating Cash Flow before changes in working capital, or Net Income + D&A.
    Let's calculate FFO = Net Income + D&A.
    Net Income = 857,700,000 EUR.
    D&A = 725,700,000 EUR.
    FFO = 857,700,000 + 725,700,000 = 1,583,400,000 EUR.
    
    Alternatively, using the Cash Flow statement adjustment:
    "Cash Flows From Used In Operations Before Changes In Working Capital" = 2,072,700,000 EUR.
    This figure includes interest and taxes paid. FFO is usually pre-interest/pre-tax or post-interest/post-tax depending on the definition (e.g., S&P Global defines FFO as Net Income + D&A + Deferred Taxes + Other Non-Cash Items).
    
    Let's use the standard S&P/Agency definition:
    FFO = Net Income + Depreciation & Amortization + Deferred Taxes + Other Non-Cash Adjustments.
    
    From the Cash Flow Statement (Indirect Method):
    Net Profit (Profit Loss) = 857,700,000
    Adjustments:
    + Depreciation/Amortization/Impairment = 736,100,000 (Using the cash flow adjustment line which is more comprehensive for cash generation)
    + Finance Income/Cost Adjustment = 101,500,000 (This adds back interest expense)
    + Income Tax Expense Adjustment = 356,700,000 (This adds back tax expense)
    - Gain on disposals = -6,900,000
    + Accruals to provisions = 51,700,000
    + Other non-cash = -24,100,000
    
    If we sum these up:
    857.7 + 736.1 + 101.5 + 356.7 - 6.9 + 51.7 - 24.1 = 2,072.7 million.
    This matches "Cash Flows From Used In Operations Before Changes In Working Capital".
    
    However, standard FFO for utility companies often excludes the add-back of interest and taxes if we are looking at a leverage ratio relative to debt service, but typically FFO is **Net Income + D&A**.
    Let's check the specific "FFO" definition often used in European utility reporting. Many report "Operating Cash Flow" or "EBITDA".
    If we use **EBITDA**:
    EBITDA = Profit from Operating Activities + D&A
    Profit from Operating Activities = 1,333,500,000 EUR
    D&A = 725,700,000 EUR
    EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000 EUR.
    
    If we use **FFO = Net Income + D&A**:
    Net Income = 857,700,000 EUR
    D&A = 725,700,000 EUR
    FFO = 1,583,400,000 EUR.
    
    Let's look at the "Cash Flows From Used In Operating Activities" = 2,323,700,000 EUR. This is after working capital changes, interest, and taxes.
    
    A common definition for FFO in credit ratings (like S&P) for regulated utilities is:
    FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other Non-Cash Items.
    Essentially, this is close to Operating Cash Flow before working capital changes, but usually after interest and taxes? No, S&P FFO is pre-interest?
    Actually, S&P defines FFO as: Net Income + Depreciation + Amortization + Deferred Taxes + Other Non-Cash Charges/Credits.
    This effectively equals **Net Income + D&A + Deferred Tax**.
    
    Let's calculate Deferred Tax.
    Income Tax Expense = 355,400,000 EUR.
    Income Taxes Paid = 380,100,000 EUR.
    The difference is small.
    
    Let's stick to the most robust proxy for cash generation available: **Operating Cash Flow (OCF)** or **EBITDA**.
    However, the request asks for **FFO**.
    In many contexts, FFO is calculated as:
    FFO = Net Income + Depreciation & Amortization.
    FFO = 857,700,000 + 725,700,000 = 1,583,400,000 EUR.
    
    Let's try another common variation: **FFO = EBITDA - Interest - Taxes + D&A?** No, that's Net Income + D&A.
    
    Let's consider the "Cash Flows From Used In Operations Before Changes In Working Capital" = 2,072,700,000 EUR. This is essentially EBITDA - Change in Provisions/Other non-cash?
    EBITDA was 2,059,200,000. The difference is due to provisions and other items.
    
    Let's use the standard **Net Income + D&A** as the baseline for FFO unless "Funds From Operations" is explicitly reported. It is not.
    FFO = 857,700,000 (Net Profit) + 725,700,000 (D&A) = **1,583,400,000 EUR**.
    
    *Self-Correction*: Some definitions of FFO add back interest. If we add back interest (Finance Costs net of income):
    Finance Costs = 121,800,000. Finance Income = (121.8 - 22.7) = 99.1? No, "Finance Income Cost" is 22,700,000 (likely net income).
    Wait, "Finance Income Cost" is 22,700,000. "Finance Costs" is 121,800,000.
    So Finance Income = 121,800,000 - 22,700,000 = 99,100,000? Or is 22.7M the net expense?
    Usually "Finance Income Cost" line item represents the net result. If it's positive, it's income? Or is it an expense?
    Looking at Profit Before Tax (1,233.4) vs Operating Profit (1,333.5).
    1333.5 - 1233.4 = 100.1 million difference.
    The "Finance Income Cost" is 22.7 million.
    Share of profit/loss of associates = -1.0 million.
    1333.5 - 22.7 (if expense) - 1.0 = 1309.8. This doesn't match 1233.4.
    If 22.7 is income: 1333.5 + 22.7 - 1.0 = 1355.2. No.
    
    Let's look at the Cash Flow adjustments:
    "Adjustments For Finance Income Cost" = 101,500,000 EUR.
    This suggests the net finance expense added back is ~101.5M.
    So, Pre-tax Profit + Finance Expense = EBIT?
    Profit Before Tax = 1,233,400,000.
    Add Finance Expense (approx 101.5M) = 1,334,900,000. Close to Operating Profit 1,333,500,000.
    
    So, Net Finance Expense is approx 101.5M.
    
    If we use the definition **FFO = Net Income + D&A**, we get 1.58B.
    If we use **FFO = Operating Cash Flow before Working Capital Changes** (a common proxy for debt service capability), we get 2.07B.
    
    Let's look at Terna's specific reporting. Terna often reports "Operating Margin" and "Net Financial Position".
    For leverage ratios, agencies often use **Debt / EBITDA** or **Debt / FFO**.
    S&P FFO definition: Net Income + D&A + Deferred Tax + Other Non-Cash.
    Deferred Tax:
    Tax Expense = 355.4M.
    Tax Paid = 380.1M.
    Deferred Tax Asset change: 146.6M (2022) -> 121.0M (2023). Decrease of 25.6M.
    Deferred Tax Liability? Not explicitly broken out in current/non-current liabilities clearly as a single DTL line, but "Other Noncurrent Liabilities" and "Current Tax Liabilities" exist.
    
    Let's assume the simpler **Net Income + D&A** is the intended "FFO" for this estimation, or potentially **EBITDA**.
    However, FFO is distinct from EBITDA. FFO is closer to cash flow.
    Let's calculate **Net Debt**.

**2. Calculate Net Debt**

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

*   **Total Financial Debt:**
    We need to sum interest-bearing liabilities.
    From the Balance Sheet (2023-01-01, which is the end of 2022):
    - Long-term Borrowings: 8,416,700,000 EUR
    - Current Portion of Long-term Borrowings: 1,909,300,000 EUR
    - Short-term Borrowings: 444,100,000 EUR
    - Current Financial Liabilities: 44,900,000 EUR
    - Noncurrent Financial Liabilities: 247,200,000 EUR
    
    Total Gross Debt = 8,416,700,000 + 1,909,300,000 + 444,100,000 + 44,900,000 + 247,200,000
    Total Gross Debt = 11,062,200,000 EUR.

    *Check:* Are there other financial liabilities?
    "Trade And Other Payables" are operational.
    "Lease liabilities" are often included in borrowings or separate. Terna likely includes leases in borrowings or "Other Financial Liabilities". The items listed above cover "Borrowings" and "Financial Liabilities".
    
*   **Cash and Cash Equivalents:**
    From the Balance Sheet (2023-01-01):
    - Cash And Cash Equivalents: 2,155,100,000 EUR.
    
    *Note:* The Cash Flow statement shows "Cash And Cash Equivalents If Different From The Financial Statement" as 2,167,000,000 EUR. And "Cash And Cash Equivalents Classified As Part Of Disposal Group Held For Sale" is 11,900,000 EUR.
    2,155,100,000 + 11,900,000 = 2,167,000,000.
    Usually, Net Debt calculations subtract all cash available.
    Let's use the total cash position: 2,167,000,000 EUR.

*   **Net Debt Calculation:**
    Net Debt = 11,062,200,000 - 2,167,000,000 = **8,895,200,000 EUR**.

**3. Calculate the Ratio**

Now we divide FFO by Net Debt.

*   **Scenario A: FFO = Net Income + D&A**
    FFO = 857,700,000 + 725,700,000 = 1,583,400,000 EUR.
    Ratio = 1,583,400,000 / 8,895,200,000 = **0.178** (or 17.8%).

*   **Scenario B: FFO = Operating Cash Flow before Working Capital Changes (Proxy for stronger cash flow)**
    FFO = 2,072,700,000 EUR.
    Ratio = 2,072,700,000 / 8,895,200,000 = **0.233** (or 23.3%).

*   **Scenario C: EBITDA / Net Debt (Common leverage ratio)**
    EBITDA = 2,059,200,000 EUR.
    Ratio = 2,059,200,000 / 8,895,200,000 = **0.231**.

*   **Scenario D: S&P Style FFO**
    S&P FFO often adds back deferred taxes and other non-cash items to Net Income.
    Net Income: 857.7M
    + D&A: 725.7M
    + Deferred Tax: The tax expense is 355.4M. Tax paid is 380.1M. The cash outflow was higher than expense, so deferred tax was likely a benefit (reduction in liability or increase in asset).
    Change in Deferred Tax Assets: 146.6 -> 121.0 (Decrease of 25.6M). A decrease in DTA is a source of cash / add-back to net income in indirect CF?
    In the CF statement, we don't see a specific "Deferred Tax" line, but "Income Taxes Paid" is separate.
    Usually, FFO = Net Income + D&A + Deferred Tax.
    If Deferred Tax is approx 25M (from DTA change) + any DTL change.
    Let's assume FFO is roughly **1.6 Billion**.

    However, looking at Terna's investor presentations, they often highlight **Net Debt / EBITDA**.
    For 2022, Terna reported Net Debt around 8.9-9.0 Billion and EBITDA around 2.0-2.1 Billion.
    The ratio of EBITDA/Net Debt is ~23%.
    The ratio of FFO/Net Debt is typically lower than EBITDA/Net Debt because FFO subtracts interest and taxes (cash basis).
    
    Let's refine the FFO calculation using the Cash Flow from Operations (CFO) which is the most accurate "Funds from Operations" in a cash sense.
    CFO = 2,323,700,000 EUR.
    However, CFO includes working capital changes which can be volatile.
    Standard FFO (S&P) for utilities:
    FFO = Net Income + D&A + Deferred Taxes.
    Net Income = 857.7M
    D&A = 725.7M
    Deferred Taxes: Let's estimate.
    Tax Expense = 355.4M.
    Current Tax Liability Change: 28.1M (2022) -> 43.8M (2023). Increase of 15.7M.
    Deferred Tax Asset Change: 146.6M -> 121.0M. Decrease of 25.6M.
    Deferred Tax Liability? Not explicitly listed.
    Total Tax Paid = 380.1M.
    Cash Tax > Tax Expense. This implies a net use of cash for taxes relative to the P&L charge.
    So Deferred Tax adjustment might be negative or small.
    
    Let's stick to the most standard, simple definition of FFO found in general financial analysis when not specified by a rating agency: **Net Income + Depreciation & Amortization**.
    
    FFO = 1,583,400,000 EUR.
    Net Debt = 8,895,200,000 EUR.
    Ratio = 0.178.

    Let's double check the Net Debt components.
    Long-term Borrowings: 8,416.7
    Current Portion LT Borrowings: 1,909.3
    Short-term Borrowings: 444.1
    Noncurrent Financial Liabilities: 247.2
    Current Financial Liabilities: 44.9
    
    Sum = 8416.7 + 1909.3 + 444.1 + 247.2 + 44.9 = 11,062.2 Million.
    
    Cash = 2,155.1 Million (Balance Sheet) + 11.9 Million (Held for sale) = 2,167.0 Million.
    
    Net Debt = 11,062.2 - 2,167.0 = 8,895.2 Million.
    
    FFO (Net Income + D&A) = 857.7 + 725.7 = 1,583.4 Million.
    
    Ratio = 1,583.4 / 8,895.2 = 0.178006...

    If we use **EBITDA** (which is sometimes conflated with FFO in loose terminology, though incorrect):
    EBITDA = 2,059.2 Million.
    Ratio = 2,059.2 / 8,895.2 = 0.2314...

    If we use **Operating Cash Flow** (2,323.7 Million):
    Ratio = 2,323.7 / 8,895.2 = 0.261...

    "FFO" specifically usually refers to the metric used by rating agencies. For Terna (BBB/A range), S&P's FFO is the benchmark.
    S&P FFO = Net Income + D&A + Deferred Tax + Other Non-Cash.
    In 2022, Terna's "Other Comprehensive Income" items are significant (Hedges), but those don't hit Net Income.
    
    Let's look at the "Adjustments For Depreciation..." in Cash Flow: 736.1M.
    Let's use this D&A figure as it's the cash-flow relevant add-back.
    Net Income: 857.7M.
    FFO = 857.7 + 736.1 = 1,593.8M.
    Ratio = 1,593.8 / 8,895.2 = 0.179.

    There is a possibility the question implies **EBITDA / Net Debt** as a proxy for "Funds From Operations" in a broader operational sense, but FFO is a specific term.
    However, 17.8% is a very low coverage ratio if interpreted as "Times Net Debt". Usually, leverage is Net Debt / EBITDA (e.g., 4x).
    Here we are asked for **FFO / Net Debt**. This is a coverage ratio (yield).
    A yield of 17-18% on Net Debt is reasonable for a utility's cash flow return relative to debt stock?
    Actually, Net Debt / EBITDA of ~4.3x implies EBITDA / Net Debt of ~23%.
    FFO is lower than EBITDA (due to interest and taxes).
    Interest ~100M. Tax ~350M.
    EBITDA (2059) - Interest (101) - Tax (355) = ~1603.
    This is very close to our FFO calculation of 1583-1593.
    
    So the FFO / Net Debt ratio is approximately **0.18**.

    Let's provide the answer rounded to two decimal places or three significant figures.
    0.178.

<answer>0.178</answer>