To estimate the FFO / Net debt ratio for 2022 based on S&P methodology, I will follow these steps:

1.  **Calculate Funds From Operations (FFO)** per S&P’s definition.
    *   Start with "Profit Loss From Continuing Operations" for 2022: 1,076,200,000 EUR
    *   Add: "Operating Depreciation Amortization Provisions And Impairment Losses" for 2022: 3,178,600,000 EUR
    *   Add: "Financial Amortization And Impairment Losses" for 2022: 14,800,000 EUR
    *   Subtract: "Gains Losses On Disposal Of Operating Assets" for 2022 (since it's a negative number, subtracting a negative is adding back the loss): -299,000,000 EUR. Wait, the item is gains/losses. The value is -299,000,000 (a loss). To get FFO, we subtract gains. So, - (-299,000,000) = +299,000,000 EUR.
    *   Add back (or subtract): "Plus Ou Moins Values De Cessions Dactifs Financiers" for 2022: -370,000,000 EUR (a loss). Since it’s a loss on disposal of financial assets, we add it back (or subtract the negative) depending on S&P treatment; typically, losses on asset disposals are added back. So, +370,000,000 EUR.
    *   Subtract: "Share Of Net Income Loss Of Joint Ventures" for 2022: 56,500,000 EUR
    *   Subtract: "Adjustments For Undistributed Profits Of Associates" for 2022: 70,500,000 EUR
    *   Add back: "Dividends Received Classified As Investing Activities" for 2022: 128,600,000 EUR (this is the dividend received from equity-accounted entities, which is a cash inflow in FFO calculation).
    *   Subtract: "Fair Value Adjustments On Financial Instruments..." (if any for 2022): 0 EUR.
    *   FFO = 1,076,200,000 + 3,178,600,000 + 14,800,000 + 299,000,000 + 370,000,000 - 56,500,000 - 70,500,000 + 128,600,000
    *   FFO = **4,940,200,000 EUR**

2.  **Calculate Net Debt** per S&P’s definition.
    *   Net Debt = Total Debt - Cash and Cash Equivalents
    *   Total Debt = Noncurrent Financial Liabilities (excluding concession/lease) + Current Financial Liabilities (excluding concession/lease) + Noncurrent Lease Liabilities + Current Lease Liabilities + Noncurrent Concession Liabilities + Current Concession Liabilities + Bank Overdrafts
    *   Wait, S&P's standard adjustments typically include leases, but sometimes concession liabilities might be treated as debt-like depending on the nature. Veolia's concession liabilities are often financial obligations. Let's include all financial liabilities.
    *   Noncurrent Financial Liabilities Excluding Concession Liabilities 2023-01-01: 19,692,100,000 EUR
    *   Noncurrent Lease Liabilities 2023-01-01: 1,656,200,000 EUR
    *   Noncurrent Concession Liabilities 2023-01-01: 1,680,500,000 EUR
    *   Current Financial Liabilities Excluding Concession Liabilities 2023-01-01: 6,521,400,000 EUR
    *   Current Lease Liabilities 2023-01-01: 496,500,000 EUR
    *   Current Concession Liabilities 2023-01-01: 243,200,000 EUR
    *   Bank Overdrafts And Other Cash Position Items 2023-01-01: 213,600,000 EUR
    *   Total Debt = 19,692.1 + 1,656.2 + 1,680.5 + 6,521.4 + 496.5 + 243.2 + 213.6 = 30,503,500,000 EUR
    *   Cash and Cash Equivalents 2023-01-01: 9,012,200,000 EUR
    *   Net Debt = 30,503,500,000 - 9,012,200,000 = **21,491,300,000 EUR**

3.  **Calculate the Ratio**:
    *   FFO / Net Debt = 4,940,200,000 / 21,491,300,000
    *   Ratio = **0.22986**

4.  Rounding to appropriate decimals (e.g., two decimals): 0.23

Final calculation double check:
FFO components: 1,076.2 + 3,178.6 + 14.8 = 4,269.6. Add back losses on disposal: 299.0 + 370.0 = 669.0. 4,269.6 + 669.0 = 4,938.6. Minus share of profit from JV and Associates: 56.5 + 70.5 = 127.0. 4,938.6 - 127.0 = 4,811.6. Add dividends received: 128.6. 4,811.6 + 128.6 = 4,940.2. Correct.

Net Debt components: All debt-like items.
19,692.1
1,656.2
1,680.5
6,521.4
496.5
243.2
213.6
Sum = 30,503.5
Minus Cash 9,012.2 = 21,491.3

FFO / Net Debt = 4,940.2 / 21,491.3 = 0.2299

<answer>0.23</answer>