To determine the FFO / Net Debt ratio based on S&P methodology, we follow their standard framework for calculating Funds From Operations (FFO) and Adjusted Net Debt.

**1. Calculate S&P EBITDA:**
S&P traditionally calculates EBITDA by adding back Depreciation & Amortization (D&A) and Impairments to Operating Profit (EBIT).
* Profit Loss From Operating Activities (EBIT) = 565,851,000 EUR
* Ammortamenti E Accantonamenti (D&A) = 625,799,000 EUR
* Impairment Loss = 113,370,000 EUR
* **EBITDA** = 565,851,000 + 625,799,000 + 113,370,000 = 1,305,020,000 EUR (This matches the reported "Gross Profit" of 1,305,021,000 EUR).

**2. Calculate FFO (Funds From Operations):**
FFO is typically calculated as EBITDA minus Net Interest Expense minus Current Tax Expense (or Cash Taxes Paid).
* Net Interest Expense = Finance Costs (111,670,000 EUR) - Finance Income (25,962,000 EUR) = 85,708,000 EUR
* Current Tax Expense = Income Tax Expense Continuing Operations (186,777,000 EUR) - Deferred Tax Expense. The Deferred Tax Assets decreased from 202,606,000 to 179,823,000, indicating a deferred tax expense of 22,783,000 EUR. Thus, Current Tax Expense = 186,777,000 - 22,783,000 = 163,994,000 EUR. (Alternatively, using Cash Taxes Paid yields 178,506,000 EUR. We will use the canonical P&L Current Tax estimate).
* **FFO** = 1,305,021,000 (EBITDA) - 85,708,000 (Net Interest) - 163,994,000 (Current Taxes) = 1,055,319,000 EUR.
*(Note: FFO can also be approximated bottom-up via Net Income + D&A + Impairments + Deferred Taxes - Equity Income = 311.16m + 625.80m + 113.37m + 22.78m - 17.79m = 1,055.32m EUR, validating this figure).*

**3. Calculate Adjusted Net Debt:**
S&P Adjusted Net Debt generally takes Total Financial Debt, deducts Cash and Cash Equivalents, and adds back underfunded Pension Obligations (and Leases, which are already included in standard IFRS 16 financial debt).
* Short-Term Financial Liabilities = 619,418,000 EUR
* Long-Term Financial Liabilities = 4,722,263,000 EUR
* Total Reported Debt = 5,341,681,000 EUR
* Less: Cash and Cash Equivalents = 559,908,000 EUR
* Add: Pension Obligations (Noncurrent Provisions For Employee Benefits) = 112,989,000 EUR
* **Adjusted Net Debt** = 5,341,681,000 - 559,908,000 + 112,989,000 = 4,894,762,000 EUR.

*(Note: If "Other Current Financial Assets" of 342m are also netted against debt as per company reported metrics, Net Debt drops to ~4.55B. Taking the standard S&P unadjusted cash basis gives 4.89B).*

**4. Calculate the Ratio:**
FFO / Net Debt = 1,055,319,000 EUR / 4,894,762,000 EUR ≈ 0.2156 or 21.6%.

<answer>0.216</answer>