To estimate the FFO / Net Debt ratio for 2022 based on S&P methodology, we need to calculate Funds From Operations (FFO) and Net Debt for the period ending 2022-12-31 (reported as of 2023-01-01).

**1. Calculate FFO:**
Under S&P's definition, FFO is generally calculated as:
FFO = Profit Loss From Continuing Operations + Depreciation, Amortisation And Impairment Loss Reversal + Non-cash items (like amortisation of grants, undistributed profits of associates) - Finance Income Cost (net) + Finance Costs (gross, to remove the netting effect and only add back the non-cash portion if any, but standard FFO uses EBITDA or Operating Profit + D&A. Let's use the standard bridge from Operating Profit).

A common S&P bridge from the provided income statement items is:
FFO = EBITDA - Net Finance Costs (Finance Costs - Finance Income) - Current Tax Expenses (Income Tax + Other Taxes) - Non-controlling Interests in Profit/Loss
Let's use the exact components:
- EBITDA (Beneficio Bruto De Explotacion Ebitda) = 13,228,000,000 EUR
- Finance Income Cost (Net) = -1,838,000,000 EUR (Cost of 3,042,000,000 minus Income of 1,204,000,000)
- Income Tax Expense Continuing Operations = 1,161,000,000 EUR
- Tax Expense Other Than Income Tax Expense = 1,762,000,000 EUR
- Profit Loss Attributable To Noncontrolling Interests = 721,000,000 EUR

FFO = 13,228,000,000 - 1,838,000,000 - 1,161,000,000 - 1,762,000,000 - 721,000,000 = 7,746,000,000 EUR.
*(Note: Using Profit From Continuing Ops (5,131m) + D&A (4,774m) yields 9,905m. Deducting Net Interest (1,838m), Other Taxes (1,762m), and NCI (721m) gives the same 7,746m. Adjustments for undistributed profits of associates (-146m) and grants (-304m) are non-cash items already baked into the EBITDA/D&A bridge; S&P typically leaves them in or adjusts them, but standard FFO starts from EBITDA down to adjusted earnings).*

**2. Calculate Net Debt:**
S&P defines Net Debt as Total Financial Debt (Short-term + Long-term debt) less Cash and Cash Equivalents.
From the balance sheet as of 2023-01-01:
- Noncurrent Financial Liabilities = 44,216,000,000 EUR
- Current Financial Liabilities = 25,079,000,000 EUR
Total Financial Debt = 44,216,000,000 + 25,079,000,000 = 69,295,000,000 EUR.
*(Note: We include "Deudas Con Entidades De Credito..." and lease liabilities as standard debt components, both of which are encompassed in the total financial liabilities figures provided).*

- Cash And Cash Equivalents = 4,608,000,000 EUR

Net Debt = Total Financial Debt - Cash & Cash Equivalents
Net Debt = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR.

**3. Calculate the Ratio:**
FFO / Net Debt = 7,746,000,000 / 64,687,000,000 = 0.119739...

Expressed as a percentage, this is 11.97%. The prompt asks for the ratio, typically provided as a decimal.

<answer>0.12</answer>