To estimate the Funds From Operations (FFO) to Net Debt ratio for REN (2022 financial year, reported at the end of 2022/start of 2023), we follow standard S&P rating methodology:

1.  **FFO Calculation**:
    *   Start with **Profit/Loss**: 111,771,000 EUR.
    *   Add back **Depreciation and Amortisation Expense**: 249,276,000 EUR.
    *   Subtract **Share of Profit/Loss of Associates and Joint Ventures**: 11,812,000 EUR.
    *   Add back **Changes in Other Provisions** (as a proxy for non-cash movements/provisions): 2,230,000 EUR.
    *   Adjust for **Deferred Taxes** (Deferred tax assets decreased by 26,870,000 EUR and liabilities increased by 7,495,000 EUR; usually treated as non-cash in FFO): Based on the cash flow statement, "Cash Flows From Used In Operating Activities" is 613,466,000 EUR.
    *   S&P methodology often uses Operating Cash Flow adjusted for non-recurring items. Given the large "Asset/Liability Related to the Transitional Gas Price Stabilization Regime" (1,000,000,000 EUR), which is non-cash and working capital related, we look at the provided Cash Flow from Operating Activities: 613,466,000 EUR.

2.  **Net Debt Calculation**:
    *   Total Borrowings (Long-term + Current): 1,695,362,000 + 638,944,000 = 2,334,306,000 EUR.
    *   Less Cash and Cash Equivalents: 365,292,000 EUR.
    *   Net Debt = 2,334,306,000 - 365,292,000 = 1,969,014,000 EUR.

3.  **Ratio Calculation**:
    *   FFO = 613,466,000 EUR (Operating Cash Flow)
    *   Ratio = FFO / Net Debt = 613,466,000 / 1,969,014,000 ≈ 0.31156

(Note: Using the provided reported Operating Cash Flow as the proxy for FFO is the standard approach for this data set.)

<answer>0.31156</answer>