Let’s reason through the S&P methodology for Funds From Operations (FFO) to Net Debt and build from the data provided.

**Step 1 – Calculate FFO**  
A common S&P starting point is:  
FFO = EBITDA − Interest paid − Current tax expense − Other adjustments  

From the data:  
- EBITDA (Beneficio Bruto De Explotacion Ebitda) = 13,228,000,000 EUR for 2022.  
- Finance costs (Finance Costs) = 3,042,000,000 EUR — this includes both paid and accrued interest; for FFO, we want interest paid in cash. In the cash flow statement:  
  - "Intereses Pagados Excluidos Intereses Capitalizados De Deudas Con Entidades De Credito YObligaciones UOtros Valores Negociables" = −1,495,000,000 EUR  
  - "Intereses Pagados Excluidos Intereses Capitalizados De Pasivos Financieros Por Arrendamiento" = −61,000,000 EUR  
  - "Intereses Pagados De Obligaciones Perpetuas Subordinadas" = −169,000,000 EUR  
  - "Interest Paid Classified As Investing Activities" = −189,000,000 EUR  
  Sum of interest paid = −(1,495 + 61 + 169 + 189) million = −1,914,000,000 EUR.  
- "Income Tax Expense Continuing Operations" = 1,161,000,000 EUR — but for FFO we use cash taxes paid: "Income Taxes Paid Classified As Operating Activities" = −1,055,000,000 EUR.  
- Dividends received from associates (classified as operating) = 67,000,000 EUR are often included.  

So:  
FFO ≈ 13,228 − 1,914 − 1,055 + 67 = 10,326,000,000 EUR.

**Step 2 – Calculate Net Debt**  
Net debt = Total debt − Cash and equivalents.  

Total debt includes:  
- Noncurrent financial liabilities = 44,216,000,000 EUR  
- Current financial liabilities = 25,079,000,000 EUR  
- We exclude lease liabilities to match S&P’s focus on financial debt:
  - Noncurrent lease liabilities = 2,287,000,000 EUR  
  - Current lease liabilities = 151,000,000 EUR  
- Add instruments with characteristics of financial liabilities (already included above, no adjustment needed).  

So financial debt:  
= (44,216 − 2,287) + (25,079 − 151)  
= 41,929 + 24,928  
= 66,857,000,000 EUR.

Cash and equivalents = 4,608,000,000 EUR.

Net debt = 66,857 − 4,608 = 62,249,000,000 EUR.

**Step 3 – Ratio**  
FFO / Net debt = 10,326 / 62,249 ≈ 0.1659.

Final estimate:  
<answer>0.166</answer>