To estimate the FFO (Funds From Operations) to Net Debt ratio for Hera S.p.A. at the end of 2022 (based on 2022 performance and status as of 2023-01-01), we follow the standard S&P methodology components:

**1. Calculate FFO:**
According to S&P methodology, FFO is typically defined as:
*   **Net Income** (Profit/Loss): 305,300,000 EUR
*   **Add back Depreciation, Amortization, and Provisions**: 667,100,000 EUR
*   **Subtract Share of Profit/Loss of Associates**: -10,000,000 EUR
*   **Add/Subtract Deferred Tax**: 103,500,000 (Income Tax Expense) is not fully FFO, but S&P typically adjusts for non-cash items. Based on the provided data, we use the "Cash Flows From Used In Operations Before Changes In Working Capital" as a primary proxy for FFO (adjusted for specific operating cash items). 
*   Provided value: 1,202,000,000 EUR.
*   Subtract "Finance Costs Paid": 128,000,000 EUR
*   Subtract "Income Taxes Paid": 165,900,000 EUR
*   FFO $\approx$ 1,202,000,000 - 128,000,000 = 1,074,000,000 EUR.

**2. Calculate Net Debt (as of 2023-01-01):**
*   **Non-current Financial Liabilities**: 5,689,900,000 EUR
*   **Current Financial Liabilities**: 650,100,000 EUR
*   **Non-current Lease Liabilities**: 55,100,000 EUR
*   **Current Lease Liabilities**: 21,300,000 EUR
*   *Total Gross Debt*: 6,416,400,000 EUR
*   **Subtract Cash and Cash Equivalents**: 1,942,400,000 EUR
*   **Subtract Current Financial Assets**: 77,700,000 EUR
*   *Net Debt*: 6,416,400,000 - 1,942,400,000 - 77,700,000 = 4,396,300,000 EUR.

**3. Ratio Calculation:**
*   FFO / Net Debt = 1,074,000,000 / 4,396,300,000
*   Ratio $\approx$ 0.2443

Using the standard operating cash flow approach adjusted for financial interest payments (a common approximation for FFO): 1,074,000,000 / 4,396,300,000 = 0.2443.

<answer>0.2443</answer>