To estimate the FFO / Net Debt ratio for ERG S.P.A. at the end of 2022 using S&P Global Ratings' corporate methodology, we calculate the adjusted Funds From Operations (FFO) and Adjusted Net Debt for continuing operations (as the ongoing entity post the sale of its thermoelectric and hydro businesses).

**1. Funds From Operations (FFO)**
S&P generally calculates FFO using the top-down approach: 
*FFO = Adjusted EBITDA - Net Interest Expense - Current Tax Expense*
- **Reported EBITDA (Continuing Operations):** 499.4 million EUR (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense)
- **Net Interest Expense:** Finance Costs (112.2 million EUR) - Finance Income (75.6 million EUR) = 36.6 million EUR
- **Current Tax Expense:** Income Tax Expense Continuing Operations = 97.6 million EUR
*(Note: Using cash taxes paid of 91.9M yields a fundamentally similar result).*

*FFO = 499.4M - 36.6M - 97.6M = 365.2 million EUR*

**2. Adjusted Net Debt**
S&P adjusts gross debt to include lease liabilities, asset retirement obligations (AROs), and unfunded pension obligations, and strictly deducts highly liquid accessible cash and short-term investments (excluding derivatives).
- **Reported Financial Debt:** Other Noncurrent Financial Liabilities (1,751.3M) + Other Current Financial Liabilities (389.7M) = 2,141.0 million EUR
- **Lease Liabilities:** Noncurrent (151.0M) + Current (6.4M) = 157.4 million EUR
- **Asset Retirement Obligations (ARO):** Long-term Provision for Decommissioning = 92.6 million EUR
- **Pension Obligations:** Noncurrent Provisions for Employee Benefits = 3.7 million EUR
*Gross Adjusted Debt = 2,141.0M + 157.4M + 92.6M + 3.7M = 2,394.7 million EUR*

- **Cash & Cash Equivalents:** 392.8 million EUR
- **Other Current Financial Assets (Short-Term Investments):** 211.1 million EUR
*(Derivatives assets/liabilities are excluded per standard S&P criteria unless strictly designated as debt hedges).*

*Adjusted Net Debt = 2,394.7M - 392.8M - 211.1M = 1,790.8 million EUR*

**3. FFO / Net Debt Ratio**
*FFO / Net Debt = 365.2M / 1,790.8M ≈ 0.2039 (or 20.4%)*

<answer>0.204</answer>