To estimate the FFO (Funds From Operations) to Net Debt ratio for ERG S.p.A. at the end of 2022 (as of 2023-01-01), we apply the standard S&P Global Ratings methodology:

**1. Calculate FFO (Funds From Operations):**
FFO is generally calculated as EBITDA minus net interest expense and minus current taxes paid.
*   **EBITDA:** The report provides "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" as 499,430,000 EUR.
*   **Interest Expense (Net):** The "Finance Income Cost" (net) is given as -36,573,000 EUR. In S&P methodology, we typically use the net interest expense (absolute value of net finance cost, if it is a net expense). Here, the value is -36,573,000, indicating net interest income rather than expense. However, we also have "Finance Costs" (112,195,000) and "Finance Income" (75,622,000). Using the cash flow statement, "Interest Paid" is 29,146,000 EUR.
*   **Current Taxes Paid:** The report specifies "Income Taxes Paid Classified As Operating Activities" as 91,854,000 EUR.
*   **FFO Calculation:** 499,430,000 (EBITDA) - 29,146,000 (Interest Paid) - 91,854,000 (Taxes Paid) = 378,430,000 EUR.

**2. Calculate Net Debt:**
Net Debt is typically defined as Total Financial Debt minus Cash and Cash Equivalents (and sometimes other liquid financial assets).
*   **Financial Liabilities (Non-current + Current):**
    *   Non-current: "Other Noncurrent Financial Liabilities" (1,751,255,000) + "Noncurrent Lease Liabilities" (150,955,000) = 1,902,210,000 EUR.
    *   Current: "Current Financial Liabilities At Fair Value Through Profit Or Loss" (76,644,000) + "Other Current Financial Liabilities" (389,716,000) + "Current Lease Liabilities" (6,362,000) = 472,722,000 EUR.
    *   Total Financial Liabilities: 2,374,932,000 EUR.
*   **Cash and Liquid Assets:**
    *   "Cash And Cash Equivalents": 392,811,000 EUR.
    *   "Current Financial Assets At Fair Value Through Profit Or Loss": 141,568,000 EUR.
    *   "Other Current Financial Assets": 211,136,000 EUR.
    *   Total Liquid Assets: 745,515,000 EUR.
*   **Net Debt:** 2,374,932,000 - 745,515,000 = 1,629,417,000 EUR.

**3. Ratio Calculation:**
*   FFO / Net Debt = 378,430,000 / 1,629,417,000 ≈ 0.232248...

<answer>0.2322</answer>