I need to calculate the FFO (Funds From Operations) / Net Debt ratio for 2022 based on S&P methodology.

First, let me understand S&P methodology for FFO:
- FFO = Net Income + Depreciation & Amortization + Deferred Income Taxes + Other non-cash items

For 2022 (period 2022-01-01 to 2023-01-01):
- Profit Loss (Net Income) = 111,771,000 EUR
- Depreciation And Amortisation Expense = 249,276,000 EUR

For deferred taxes, I need to look at the change in deferred tax assets and liabilities:
- Deferred Tax Assets 2022-01-01: 96,673,000 EUR
- Deferred Tax Assets 2023-01-01: 69,803,000 EUR
- Change in Deferred Tax Assets = 69,803,000 - 96,673,000 = -26,870,000 EUR (decrease, which is a use/addback)

- Deferred Tax Liabilities 2022-01-01: 107,569,000 EUR
- Deferred Tax Liabilities 2023-01-01: 115,064,000 EUR
- Change in Deferred Tax Liabilities = 115,064,000 - 107,569,000 = 7,495,000 EUR (increase, which is a benefit/subtraction)

In S&P methodology, deferred income taxes added back = increase in deferred tax liabilities + decrease in deferred tax assets (or - increase in deferred tax assets - decrease in deferred tax liabilities)

Actually, let me reconsider: The income tax expense includes both current and deferred portions. The deferred portion is non-cash.

From the income statement:
- Income Tax Expense Continuing Operations = 54,263,000 EUR

We can estimate the deferred tax portion from the balance sheet changes:
- Net deferred tax position 2022: 96,673,000 - 107,569,000 = -10,896,000 (net liability)
- Net deferred tax position 2023: 69,803,000 - 115,064,000 = -45,261,000 (net liability)
- Change in net deferred tax liability = -45,261,000 - (-10,896,000) = -34,365,000

Wait, let me recalculate: increase in net deferred tax liability (more negative) means deferred tax expense. The change is 34,365,000 more liability, which is a deferred tax expense.

Actually, simpler approach: S&P typically adds back the entire income tax expense and then subtracts cash taxes paid, or adds back deferred portion.

From cash flow: Income Taxes Paid = 77,970,000 EUR
Income Tax Expense = 54,263,000 EUR

Since cash taxes paid > tax expense, this suggests deferred tax benefit. The deferred tax addback would be negative (or we subtract).

Actually, let me use the standard S&P approach:
FFO = Net Income + D&A + Deferred Income Taxes + Other non-cash items

Deferred income taxes = (Deferred Tax Liabilities end - Deferred Tax Liabilities beg) - (Deferred Tax Assets end - Deferred Tax Assets beg)
= (115,064,000 - 107,569,000) - (69,803,000 - 96,673,000)
= 7,495,000 - (-26,870,000)
= 7,495,000 + 26,870,000
= 34,365,000

Wait, this is the change. But for FFO, we add back deferred tax expense. If deferred tax liabilities increased and deferred tax assets decreased, that's a deferred tax expense. So we add back 34,365,000? No wait - we need to think about what was in net income.

Actually, standard S&P FFO formula:
FFO = Net Income + Depreciation & Amortization - Gain on asset sales + Deferred Income Taxes + Other non-cash items

Where Deferred Income Taxes = increase in deferred tax liability - increase in deferred tax asset (or + decrease in deferred tax asset)

Change in DTA: 69,803,000 - 96,673,000 = -26,870,000 (decrease)
Change in DTL: 115,064,000 - 107,569,000 = 7,495,000 (increase)

Deferred tax expense included in income tax = -26,870,000 + 7,495,000 = -19,375,000? 

Hmm, let me think again. If DTA decreases, that's a deferred tax expense (reducing benefit). If DTL increases, that's a deferred tax expense.

Total change affecting tax expense: decrease in DTA is expense, increase in DTL is expense. So total deferred tax expense = 26,870,000 + 7,495,000 = 34,365,000? No wait, the signs are tricky.

Let me use a cleaner approach. The income tax expense includes:
- Current portion (cash paid or payable)
- Deferred portion (non-cash)

Cash taxes paid = 77,970,000
Total tax expense = 54,263,000

Since cash paid > expense, there must be a deferred tax benefit of 77,970,000 - 54,263,000 = 23,707,000? No, that's not right either because there are timing differences.

Actually, looking at this more carefully: cash taxes paid can differ from current tax expense due to payments of prior year taxes, etc.

Let me just use the balance sheet approach for deferred taxes:
Deferred tax addback = (Ending DTL - Beginning DTL) - (Ending DTA - Beginning DTA) with signs adjusted for the non-cash nature.

Standard formula: Add back = Increase in DTL + Decrease in DTA - Decrease in DTL - Increase in DTA

= 7,495,000 + 26,870,000 - 0 - 0 = 34,365,000? But wait, this would be the deferred tax expense. 

Actually, I think I need to verify: if DTA goes down, we used up deferred tax assets, which increases tax expense (non-cash). If DTL goes up, we recognized more deferred tax liabilities, which increases tax expense (non-cash). Both are expenses, so add back 34,365,000.

But let me check: Net Income includes tax expense of 54,263,000. If deferred portion is 34,365,000, then current portion is 54,263,000 - 34,365,000 = 19,898,000. But cash paid is 77,970,000. That doesn't reconcile well.

Let me try: maybe the deferred tax addback is just the change in net deferred tax position.

Net deferred tax 2022: 96,673,000 - 107,569,000 = -10,896,000
Net deferred tax 2023: 69,803,000 - 115,064,000 = -45,261,000
Change: -34,365,000 (more negative, meaning more net deferred tax liability)

This change of -34,365,000 represents a deferred tax expense. So we add back 34,365,000 to net income? No wait, if it's already expensed in net income, we add it back.

Actually, I realize the issue. Let me look at this from the S&P Global methodology more carefully.

S&P FFO typically includes:
- Net income before extraordinary items
+ Depreciation and amortization
+ Deferred income taxes
+ Other non-cash items

For deferred taxes, S&P typically uses: increase in deferred tax liability - increase in deferred tax asset.

Change in DTA = 69,803,000 - 96,673,000 = -26,870,000 (decrease, so negative increase)
Change in DTL = 115,064,000 - 107,569,000 = 7,495,000 (increase)

Deferred tax addback = 7,495,000 - (-26,870,000) = 34,365,000? No, that would be increase in DTL minus increase in DTA = 7,495,000 - (-26,870,000) = 34,365,000.

But actually, standard formula is: add back = increase in DTL + decrease in DTA (both represent deferred tax expense). So 7,495,000 + 26,870,000 = 34,365,000.

Hmm, but I need to be more careful. Let me think about what creates FFO.

Actually, looking at typical S&P methodology, they define FFO as:
Net income from continuing operations
+ Depreciation & amortization
+ Deferred income taxes
+ Other non-cash items

And "deferred income taxes" is typically the deferred portion of the tax provision.

Given the complexity, let me use a simplified but standard approach:
FFO = Net Income + D&A + max(0, change in deferred taxes) or just the actual deferred tax component.

Actually, for practical purposes, many analysts use:
FFO = Operating Profit + D&A - Cash Taxes
or
FFO = Net Income + D&A + Deferred Taxes + Interest Expense (for pre-interest measures)

Wait, I need to check if S&P FFO is before or after interest. S&P's "FFO" is typically after interest but before debt changes.

Let me use: FFO = Profit Loss + Depreciation And Amortisation Expense + Deferred Tax addback

For deferred tax, I'll use the change approach: since we need to add back non-cash charges, and a decrease in DTA or increase in DTL represents a non-cash tax charge:

Deferred tax addback = (107,569,000 - 115,064,000) + (69,803,000 - 96,673,000)? No wait.

Let me be very concrete. The tax expense in P&L = 54,263,000. This includes current and deferred. Cash taxes = 77,970,000. The difference could be due to deferred taxes or payments of prior year taxes.

Actually, for S&P methodology, a common approach is:
FFO = Net Income + D&A + Deferred Income Taxes

Where Deferred Income Taxes = the deferred tax expense (non-cash portion).

From balance sheet changes:
- If DTA decreases by 26,870,000, that's a deferred tax expense (we used up assets)
- If DTL increases by 7,495,000, that's a deferred tax expense (we recognized more liability)

Total deferred tax expense = 26,870,000 + 7,495,000 = 34,365,000? 

But wait - this would mean total tax expense = current 19,898,000 + deferred 34,365,000 = 54,263,000. That works mathematically. But cash taxes paid are 77,970,000, which is higher. This could be due to prepayments or prior year payments.

So FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000? 

Actually, I want to double-check. Some S&P methodologies treat the change in deferred taxes differently. Let me verify with another approach.

S&P sometimes defines FFO as:
Funds from operations = cash flow from operations before working capital changes - cash interest paid - cash taxes paid + interest income

Or: Net income + D&A + deferred taxes + other non-cash - gain on asset sales

Let me also consider if we need to add back the Energy Sector Extraordinary Contribution (ESEC). This is a special Portuguese tax. Is it non-cash? It's an expense in the P&L. Let me check if it's cash or non-cash. Typically, ESEC is a cash tax. So we don't add it back.

Actually, looking more carefully at S&P's specific methodology for utilities and infrastructure:

S&P FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items - Gain on sale of assets

For "other non-cash items," we might consider:
- Share of profit of associates (equity method): 11,812,000 EUR (this is non-cash income, so subtract)
- Impairment reversal: -1,437,000 (negative, so it's a gain/reversal, subtract)
- Changes in provisions: 2,230,000 (negative in P&L means release/benefit, so this is a gain, subtract)

Wait, let me re-read: "Changes In Other Provisions" 2022-01-01 - 2023-01-01: -2230000 EUR. This is negative, meaning a release of provisions (income). So it's already reducing expenses/increasing income.

Actually, for S&P FFO, we typically start with operating profit or net income and add back non-cash items. Let me try a different approach more aligned with S&P's Cash Flow from Operations before working capital changes.

From the cash flow statement:
Cash Flows From Used In Operating Activities = 613,466,000 EUR

But this includes working capital changes. We need to adjust for those.

Changes in working capital from balance sheet:
- Inventories: 5,134,000 - 8,545,000 = -3,411,000 (decrease, source of cash)
- Trade And Other Receivables Current: 327,764,000 - 448,171,000 = -120,407,000 (decrease, source of cash)
- Current Tax Assets: 10,671,000 - 0 = 10,671,000 (increase, use of cash)
- Trade And Other Payables Current: 885,416,000 - 644,701,000 = 240,715,000 (increase, source of cash)
- Current Tax Liabilities: 0 - 26,644,000 = -26,644,000 (decrease, use of cash)

Net working capital change (excluding the special gas regime item):
= -3,411,000 - 120,407,000 - 10,671,000 + 240,715,000 + 26,644,000... wait, I need to be careful with signs.

Actually, let me think about this more carefully. The cash flow from operations includes:
- Operating cash flows before working capital
- Changes in working capital
- Other items

From the P&L to CFO reconciliation, working capital changes are:
Decrease in receivables: source of cash (+)
Decrease in inventory: source of cash (+)
Increase in payables: source of cash (+)
etc.

Let me calculate working capital changes from balance sheets:

Current assets excluding cash and derivatives and special item:
- Inventories: 5,134,000 - 8,545,000 = -3,411,000 (decrease, positive for cash)
- Trade receivables: 327,764,000 - 448,171,000 = -120,407,000 (decrease, positive for cash)
- Tax assets: 10,671,000 - 0 = +10,671,000 (increase, negative for cash)
- Other: the special gas regime asset is 1,000,000,000 new

Current liabilities excluding borrowings and derivatives and special item:
- Trade payables: 885,416,000 - 644,701,000 = +240,715,000 (increase, positive for cash)
- Tax liabilities: 0 - 26,644,000 = -26,644,000 (decrease, negative for cash)
- Special gas regime liability: 1,000,000,000 new

The special gas regime asset and liability of 1,000,000,000 each net to zero in working capital.

So working capital change = -3,411,000 - 120,407,000 - 10,671,000 + 240,715,000 - 26,644,000? 

Wait, I need to be more careful. Let me look at what's in current assets and liabilities.

Current Assets 2023: 1,709,097,000
- Cash: 365,292,000
- Derivatives: 236,000
- Special gas asset: 1,000,000,000
- Tax assets: 10,671,000
- Receivables: 327,764,000
- Inventory: 5,134,000
Total check: 365,292,000 + 236,000 + 1,000,000,000 + 10,671,000 + 327,764,000 + 5,134,000 = 1,709,097,000 ✓

Current Assets 2022: 855,949,000
- Cash: 398,759,000
- Derivatives: 474,000
- Special gas asset: 0
- Tax assets: 0
- Receivables: 448,171,000
- Inventory: 8,545,000
Total check: 398,759,000 + 474,000 + 0 + 0 + 448,171,000 + 8,545,000 = 855,949,000 ✓

Current Liabilities 2023: 2,524,360,000
- Borrowings: 638,944,000
- Trade payables: 885,416,000
- Tax liabilities: 0
- Special gas liability: 1,000,000,000

Current Liabilities 2022: 1,046,566,000
- Borrowings: 375,221,000
- Trade payables: 644,701,000
- Tax liabilities: 26,644,000
- Special gas liability: 0

Working capital (excluding cash, borrowings, and special items):
2023: 327,764,000 + 5,134,000 + 10,671,000 + 236,000 - 885,416,000 - 0 = -541,611,000
2022: 448,171,000 + 8,545,000 + 0 + 474,000 - 644,701,000 - 26,644,000 = -214,155,000

Change in working capital = -541,611,000 - (-214,155,000) = -327,456,000 (use of cash)

So CFO before working capital = 613,466,000 - (-327,456,000)? No wait, CFO = 613,466,000 includes working capital. If working capital was a use of cash (negative contribution), then:

CFO = Operating profit before WC + WC change
613,466,000 = Operating profit before WC + (-327,456,000)? That would mean operating profit before WC = 940,922,000, which seems high.

Let me recheck. Actually, if working capital increased (more assets, less liabilities), that's a use of cash. Working capital 2023 is more negative than 2022, meaning it's worse. So the change is negative for cash flow.

Hmm, let me just calculate directly:
Change in receivables: -120,407,000 (source)
Change in inventory: -3,411,000 (source)
Change in tax assets: +10,671,000 (use)
Change in derivatives (current assets): -238,000 (source)
Change in payables: +240,715,000 (source)
Change in tax liabilities: -26,644,000 (use)

Net working capital change (excluding special items): -120,407,000 - 3,411,000 - 10,671,000 - 238,000 + 240,715,000 - 26,644,000 = 79,344,000 (positive, source of cash)

Wait, I had the sign wrong. Let me recalculate:
- Receivables decreased by 120,407,000: this is a source of cash (+120,407,000)
- Inventory decreased by 3,411,000: source (+3,411,000)
- Tax assets increased by 10,671,000: use (-10,671,000)
- Derivatives decreased by 238,000: source (+238,000)
- Payables increased by 240,715,000: source (+240,715,000)
- Tax liabilities decreased by 26,644,000: use (-26,644,000)

Total: 120,407,000 + 3,411,000 - 10,671,000 + 238,000 + 240,715,000 - 26,644,000 = 327,456,000

So working capital provided 327,456,000 of cash.

Then CFO before working capital = 613,466,000 - 327,456,000 = 286,010,000? That seems low.

Actually, I need to also consider the special gas regime. The asset and liability are both 1,000,000,000. These likely net out in working capital but may affect cash flow.

Actually, looking at this more carefully, the special gas regime is a pass-through mechanism. It doesn't affect operating cash flow fundamentally.

Let me try yet another approach. S&P FFO is often calculated as:

FFO = Net Income + D&A + Deferred Taxes + Other non-cash items - Equity earnings + Cash distributions from equity investments

For 2022:
- Net Income: 111,771,000
- D&A: 249,276,000
- Deferred Taxes: I'll estimate from balance sheet changes as 34,365,000 (but need to verify sign)
- Equity earnings (share of profit of associates): 11,812,000 (subtract, as non-cash)
- Dividends received from investments: from cash flow, 21,551,000 (already in investing, not operating)

Actually, for FFO, we want to add back non-cash expenses and subtract non-cash income.

Let me use a cleaner S&P definition:
FFO = Cash flow from operations before changes in working capital - Cash interest paid - Cash taxes paid + Interest income

Or more commonly for credit analysis:
FFO = EBIT + D&A - Cash taxes

Or:
FFO = Net income + D&A + Deferred taxes + Other non-cash - Non-cash income + Interest expense (if starting from EBITDA)

Actually, S&P's precise definition is:
"Funds from operations (FFO): Net income from continuing operations plus depreciation, amortization, deferred income taxes, and other non-cash items."

So FFO = Net Income + D&A + Deferred Income Taxes + Other non-cash items

For "other non-cash items," we typically include:
- Provisions changes (if non-cash operating)
- Equity-accounted earnings (subtract, as non-cash income)
- Impairment losses (add back)

From the P&L:
- Share of profit of associates: 11,812,000 (non-cash income, subtract from FFO)
- Changes in provisions: -2,230,000 (this is a benefit, already in net income, so we need to subtract it as a "negative expense" or gain)
- Impairment reversal: -1,437,000 (gain, subtract)

Wait, let me look at "Changes In Other Provisions" = -2,230,000. Negative means a release (income). This reduces operating expenses, so it increased net income. Since it's non-cash (release of provision), we should subtract it from net income for FFO.

Similarly, impairment reversal of 1,437,000 is a gain, non-cash, subtract.

But actually, these are already reflected in net income. The question is whether to adjust for them in FFO.

Standard S&P FFO:
Start with Net Income: 111,771,000
+ D&A: 249,276,000
+ Deferred income taxes: ?
+ Other non-cash items: ?

For deferred income taxes, using the balance sheet approach:
Change in net deferred tax position = (DTL end - DTL beg) - (DTA end - DTA beg) with appropriate signs for "deferred tax expense"

Actually, let me think about this more simply. The deferred tax expense is the non-cash portion of tax. We can estimate it as:

Total tax expense: 54,263,000
Less: Current tax (cash paid approx): ?

Cash taxes paid: 77,970,000
But this includes payments for prior years, etc.

The balance sheet approach is cleaner for deferred taxes:
Deferred tax expense = Increase in DTL + Decrease in DTA - Decrease in DTL - Increase in DTA
= 7,495,000 + 26,870,000 - 0 - 0 = 34,365,000

But wait, if deferred tax expense is 34,365,000, then current tax expense would be 54,263,000 - 34,365,000 = 19,898,000. And cash taxes paid are 77,970,000. The difference of 58,072,000 would be payments of prior year taxes or prepayments. That's possible.

So FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000

But we also need to consider "other non-cash items." S&P typically includes things like:
- Equity in earnings of affiliates (subtract 11,812,000)
- Gains/losses on asset sales (none apparent)
- Other non-cash items

Actually, I realize I need to check if S&P FFO includes or excludes equity earnings. Typically, S&P FFO includes dividends received from equity investments, not equity earnings. So we subtract equity earnings and add dividends received.

But dividends received are in investing activities, not operating. For FFO, we want the operating capacity to generate cash.

Let me look at this differently. S&P sometimes calculates FFO as:
FFO = Cash flow from operating activities
+ Changes in working capital
- Capitalized development costs (if any)
+ Cash interest paid
+ Cash taxes paid (or just the operating cash flow before interest and taxes)

Actually, a very common S&P approach for infrastructure/utilities:
FFO = CFO + Cash interest paid + Cash taxes paid - Dividends received (if classified as operating)

Wait, that's getting complicated. Let me use the most standard definition:

FFO = Net income + Depreciation & amortization + Deferred income taxes

And for deferred income taxes, I'll use the change in deferred taxes from the balance sheet.

But I want to verify my deferred tax calculation. Let me check if the signs make sense:

DTA 2022: 96,673,000
DTA 2023: 69,803,000
Decrease: 26,870,000

When DTA decreases, we have a deferred tax expense (we used up the asset, so tax expense increases without cash payment).

DTL 2022: 107,569,000
DTL 2023: 115,064,000
Increase: 7,495,000

When DTL increases, we have a deferred tax expense (we recognized more liability, so tax expense increases without cash payment).

Total deferred tax expense: 26,870,000 + 7,495,000 = 34,365,000

This is already included in the income tax expense of 54,263,000. So to get to a "cash-like" measure, we add back 34,365,000.

FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000

Now for Net Debt. S&P defines net debt as:
Total debt (short-term + long-term borrowings) - Cash and cash equivalents

2022 debt:
- Long-term borrowings: 1,695,362,000
- Current borrowings: 638,944,000
Total debt = 2,334,306,000

2022 cash and cash equivalents: 365,292,000

Net debt = 2,334,306,000 - 365,292,000 = 1,969,014,000

Wait, I need to check if there are other debt-like items. S&P sometimes includes:
- Trade payables (not typically, these are operating)
- Derivative liabilities (sometimes, if related to debt hedging)
- Lease liabilities (sometimes included in debt)

Looking at current liabilities, "Current Borrowings And Current Portion Of Noncurrent Borrowings" = 638,944,000. This seems to include both current borrowings and current portion of long-term debt.

For 2022 (beginning of period, i.e., 2022-01-01):
- Longterm Borrowings: 2,390,852,000
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 375,221,000
Total debt = 2,766,073,000
- Cash And Cash Equivalents: 398,759,000
Net debt 2022 = 2,366,314,000

For 2023 (end of period, i.e., 2022 year-end):
- Longterm Borrowings: 1,695,362,000
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 638,944,000
Total debt = 2,334,306,000
- Cash And Cash Equivalents: 365,292,000
Net debt 2023 = 1,969,014,000

For the ratio, we typically use average net debt or year-end net debt. S&P typically uses average net debt for ratios, or sometimes period-end. Let me use average:

Average net debt = (2,366,314,000 + 1,969,014,000) / 2 = 2,167,664,000

Or if using year-end 2022 (which is 2023-01-01 in the data): 1,969,014,000

Actually, for 2022 performance, we typically use the net debt at the end of 2022 (beginning of 2023) or average. Let me check S&P convention.

S&P typically uses "average" or "period-end" depending on the specific ratio. For FFO/net debt, they often use average net debt to match the flow nature of FFO.

But wait - I need to be more careful about the FFO calculation. Let me reconsider using a more comprehensive approach.

Some S&P methodologies include in FFO:
- Net income
+ D&A
+ Deferred taxes
+ Interest expense (for pre-interest FFO, but typically FFO is post-interest)
+ Other non-cash

Actually, I realize there are two common measures:
1. FFO (Funds From Operations) - post interest, post tax, add back non-cash
2. EBITDA - pre interest, pre tax, add back D&A

For credit analysis, S&P uses FFO to debt, where FFO is:
Net income + D&A + Deferred taxes + Other non-cash items

And "other non-cash items" typically includes:
- Increase/decrease in provisions (if non-cash)
- Equity-accounted earnings (subtract)
- Gains on sales (subtract)

Let me recalculate more carefully:

Net income: 111,771,000
+ D&A: 249,276,000
+ Deferred taxes: 34,365,000
- Share of profit of associates (equity method): 11,812,000 (non-cash, subtract)
+ Changes in provisions: -2,230,000? 

Actually, "Changes In Other Provisions" of -2,230,000 is already in net income. It's a negative expense (i.e., income). For FFO, do we adjust? If it's non-cash, and it's income, we subtract it. So -(-2,230,000) = +2,230,000? No wait.

The provision change is -2,230,000 in the P&L, meaning it reduced expenses by 2,230,000 (increased income). If this is non-cash, we should subtract 2,230,000 from FFO to remove this non-cash benefit.

Similarly, impairment reversal of 1,437,000 increased income. Non-cash. Subtract 1,437,000.

So adjusted FFO:
= 111,771,000 + 249,276,000 + 34,365,000 - 11,812,000 - 2,230,000 - 1,437,000
= 379,933,000

But wait, I need to check if the impairment reversal and provision changes are already included in operating expense and thus in operating profit. Let me trace through.

Operating Expense includes:
- Changes In Other Provisions: -2,230,000 (negative means credit/income)
- Impairment Loss Reversal: -1,437,000 (negative means reversal/income)

These are both "negative expenses" i.e., income items. They reduce operating expense, increasing operating profit.

So in Net Income → Operating Profit → these are already included.

For S&P FFO, the standard is to add back D&A and deferred taxes, and sometimes other non-cash items. But equity earnings and gains are typically handled differently.

Actually, let me look at a more standard S&P FFO calculation for European utilities:

FFO = Profit/Loss for period 
+ Depreciation and amortization 
+ Impairment losses (or - reversals)
+ Changes in provisions (if non-cash)
+ Deferred tax expense
- Equity-accounted earnings
+ Dividends received from equity investments

Wait, dividends received are in investing activities. For FFO, do we include them? Actually, for some S&P methodologies, FFO includes cash dividends received from equity investments.

From cash flow: Dividends Received Classified As Investing Activities = 21,551,000

But these are in investing, not operating. S&P sometimes adjusts FFO to include recurring dividends from investments.

Let me try a different, more comprehensive approach:

FFO = Cash Flow From Operating Activities
+ Changes in working capital (to remove working capital effects)
+ Cash interest paid (to get pre-interest)
- Cash dividends received (if any in operating)
+/- Other adjustments

Actually, the most standard S&P Global definition I've seen is:

FFO = Net income before extraordinary items
+ Depreciation and amortization
+ Deferred income taxes
+ Other non-cash items
- Gain on sale of assets
- Equity in earnings of unconsolidated affiliates
+ Cash received from affiliates

For our case:
Net income: 111,771,000
+ D&A: 249,276,000
+ Deferred taxes: 34,365,000
+ Other non-cash: ?
- Gain on sale: ?
- Equity in earnings: 11,812,000
+ Cash from affiliates: ?

For "other non-cash," we might include the provision changes if they're non-cash. But actually, changes in provisions can be cash or non-cash depending on whether payments were made.

Looking at the cash flow statement, "Other Inflows Outflows Of Cash Classified As Operating Activities" = -51,733,000. This might include provision payments or other items.

Actually, let me try to derive FFO from the cash flow statement more directly:

Cash Flow From Operating Activities = 613,466,000

This includes:
- Operating profit before working capital
- Working capital changes
- Cash taxes paid
- Interest paid (sometimes classified as operating or financing)

From the financing section: Interest Paid Classified As Financing Activities = 40,545,000
From operating section: we don't see separate interest paid

Actually, looking at the cash flow, "Cash Flows From Used In Operating Activities" = 613,466,000. This likely includes interest received and paid, and taxes paid.

Taxes paid: 77,970,000 (from operating activities)

If we want FFO (pre-interest, pre-working capital, but post-tax in accrual terms):
We need to add back cash taxes and subtract "accrual taxes" or add back deferred taxes.

Let me try: FFO = CFO + Cash taxes - Current tax expense + Interest paid (financing) + Working capital changes

Actually, this is getting too convoluted. Let me use the simplest standard approach:

FFO = Net Income + D&A + Deferred Taxes

= 111,771,000 + 249,276,000 + 34,365,000
= 395,412,000

For net debt, I'll use average:
Net debt 2022 (beg): 2,390,852,000 + 375,221,000 - 398,759,000 = 2,367,314,000
Net debt 2022 (end): 1,695,362,000 + 638,944,000 - 365,292,000 = 1,969,014,000
Average: (2,367,314,000 + 1,969,014,000) / 2 = 2,168,164,000

FFO / Net Debt = 395,412,000 / 2,168,164,000 = 0.1824 or 18.24%

Or using year-end net debt: 395,412,000 / 1,969,014,000 = 0.2008 or 20.08%

Hmm, but I want to verify my deferred tax calculation once more. Let me check if there's another way.

Actually, I realize I should look at whether the tax expense includes the ESEC (Energy Sector Extraordinary Contribution). The ESEC is 28,019,000. Is this a cash tax? Typically yes, it's a special contribution paid in cash.

Total tax-related cash outflows might include:
- Income taxes paid: 77,970,000
- ESEC: might be included in operating expenses or taxes

Looking at the P&L: "Income Tax Expense Continuing Operations" = 54,263,000. This is separate from ESEC of 28,019,000. So total "tax-like" expenses = 82,282,000.

Cash taxes paid = 77,970,000. This is close to the income tax expense plus ESEC, but not exactly.

Actually, the cash flow shows "Income Taxes Paid Refund Classified As Operating Activities" = 77,970,000. This likely includes all income tax payments, possibly including ESEC or excluding it.

For FFO, we add back deferred income taxes. The ESEC is likely a current cash tax, not deferred.

Let me reconsider whether my deferred tax addback is correct by checking if 34,365,000 makes sense.

If total tax expense is 54,263,000 and deferred is 34,365,000, then current is 19,898,000. But cash paid is 77,970,000. This suggests either:
1. There were large prepayments or payments of prior year taxes
2. My deferred tax calculation is wrong
3. The ESEC is paid separately and not in the 77,970,000

Actually, looking more carefully: the 77,970,000 might include only income taxes, not ESEC. And the ESEC might be paid separately and included in operating expenses.

Let me check: "Income Tax Expense Continuing Operations" = 54,263,000. This is the accounting expense. "Energy Sector Extraordinary Contribution" = 28,019,000. This is separate.

If ESEC is a cash tax not included in "income taxes," then total cash tax-like payments = 77,970,000 + 28,019,000 = 105,989,000. But the accounting expense is 54,263,000 + 28,019,000 = 82,282,000.

The difference 105,989,000 - 82,282,000 = 23,707,000 could be timing (prepayments, prior year payments).

For FFO purposes, we want to add back the non-cash portion. If my deferred tax of 34,365,000 is correct, then:

FFO = Net Income + D&A + Deferred taxes = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000

But wait - I need to think about whether ESEC is included in net income and whether it's cash or non-cash. It's an operating expense, so it's in net income. If it's cash, we don't add it back.

Let me try an alternative FFO calculation using the "CFO before working capital" approach:

From Cash Flow Statement:
CFO = 613,466,000

Working capital contribution (from my earlier calc, excluding special items):
= +327,456,000 (source of cash)

But wait, I need to check this. Let me recalculate from the balance sheet changes more carefully.

Changes in current assets (excluding cash, special gas, derivatives):
- Inventories: 5,134,000 - 8,545,000 = -3,411,000 (decrease, positive for cash flow)
- Receivables: 327,764,000 - 448,171,000 = -120,407,000 (decrease, positive)
- Tax assets: 10,671,000 - 0 = +10,671,000 (increase, negative)

Changes in current liabilities (excluding borrowings, special gas):
- Payables: 885,416,000 - 644,701,000 = +240,715,000 (increase, positive)
- Tax liabilities: 0 - 26,644,000 = -26,644,000 (decrease, negative)

Net working capital change = -3,411,000 - 120,407,000 - 10,671,000 + 240,715,000 - 26,644,000? 

No, the signs: decrease in asset = positive for cash flow. Increase in asset = negative. Increase in liability = positive. Decrease in liability = negative.

So:
Inventory ↓ 3,411,000: +3,411,000
Receivables ↓ 120,407,000: +120,407,000
Tax assets ↑ 10,671,000: -10,671,000
Payables ↑ 240,715,000: +240,715,000
Tax liabilities ↓ 26,644,000: -26,644,000

Total: 3,411,000 + 120,407,000 - 10,671,000 + 240,715,000 - 26,644,000 = 327,218,000

Hmm, slight difference from before. Let me check: 3,411,000 + 120,407,000 = 123,818,000. Minus 10,671,000 = 113,147,000. Plus 240,715,000 = 353,862,000. Minus 26,644,000 = 327,218,000.

So working capital provided 327,218,000 of cash.

CFO before working capital = 613,466,000 - 327,218,000 = 286,248,000

This CFO before working capital includes:
- Operating profit (accrual)
- Non-cash adjustments (D&A, etc.)
- Cash interest paid
- Cash taxes paid

To get to FFO (which is typically after interest but in accrual tax terms):
CFO before WC = 286,248,000
+ Cash taxes paid = 77,970,000
- Current tax expense (approx) = ?
+ Deferred tax expense = 34,365,000
- Cash interest paid = 40,545,000 (from financing)
+ Interest expense (accrual) = ?

From P&L: Finance Costs = 67,394,000
Other Finance Income = 11,911,000
Net finance cost = 55,483,000

But this includes more than just interest. It includes other finance costs.

Cash interest paid = 40,545,000 (from financing activities)

So CFO before WC includes some interest paid. If all interest paid is in financing, then CFO before WC doesn't include interest. But some might be in operating.

Actually, looking at the cash flow structure, "Cash Flows From Used In Operating Activities" of 613,466,000 likely includes:
- Operating receipts and payments
- Tax payments
- Possibly some interest

And "Cash Flows From Used In Financing Activities" includes:
- Borrowing and repayments
- Interest paid: 40,545,000
- Dividends paid: 144,602,000
- Lease payments

So interest paid is in financing, not operating.

CFO before WC = 286,248,000
This includes taxes paid (77,970,000) but not interest paid.

To get FFO:
= CFO before WC
+ Cash taxes paid (to remove cash tax effect)
- Tax expense (to put back accrual tax) 
+ Deferred tax addback (or more simply: - current tax portion + deferred tax addback)

Actually, simpler:
FFO = CFO before WC + Cash taxes paid - Current tax expense + Deferred tax expense... this is messy.

Let me use: FFO = Net Income + D&A + Deferred Taxes + Other non-cash

For "other non-cash," I need to identify items in net income that are non-cash:
- Equity earnings: 11,812,000 (non-cash income, subtract)
- Provision release: 2,230,000 (non-cash income, subtract as it's a negative expense)
- Impairment reversal: 1,437,000 (non-cash income, subtract)

But wait, are these already in the net income of 111,771,000? Yes.

So: 111,771,000 - 11,812,000 - 2,230,000 - 1,437,000 = 96,292,000 (adjusted net income excluding non-cash items)

Then add D&A: 96,292,000 + 249,276,000 = 345,568,000
Add deferred taxes: 345,568,000 + 34,365,000 = 379,933,000

But this seems to subtract too much. Let me reconsider.

Actually, the standard S&P FFO doesn't adjust for equity earnings or gains unless they're material and non-recurring. The basic formula is just:

FFO = Net Income + D&A + Deferred Taxes

Let me stick with this simple version:
FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000

For net debt, I need to decide on average or year-end. S&P typically uses average for flow ratios, but sometimes period-end for leverage.

Actually, looking at S&P methodology documents, for "FFO to debt" they typically use "average debt" or "year-end debt" depending on the specific ratio definition.

For "FFO / Net Debt" specifically, let me use average net debt.

Average net debt = (2,367,314,000 + 1,969,014,000) / 2 = 2,168,164,000

FFO / Net Debt = 395,412,000 / 2,168,164,000 = 0.1824 or 18.2%

But let me also check if I should include other debt-like items:
- Noncurrent Derivative Financial Liabilities: 73,464,000
- Current Derivative Financial Liabilities: not separately stated, likely in other payables
- Lease liabilities: not separately stated, likely in borrowings or other payables

Actually, looking at the financing cash flows, there are "Payments Of Lease Liabilities" = 2,157,000 and "Payments Of Lease Interests" = 26,000. This suggests lease liabilities exist but are likely included in borrowings.

For S&P, total debt typically includes:
- All borrowings (short-term and long-term)
- Finance lease liabilities
- Sometimes derivative liabilities if related to debt hedging

I'll stick with the simple definition: total borrowings minus cash.

Net debt 2022 beg: 2,390,852,000 + 375,221,000 - 398,759,000 = 2,367,314,000
Net debt 2022 end: 1,695,362,000 + 638,944,000 - 365,292,000 = 1,969,014,000

Wait, I want to double-check the 2023-01-01 numbers. The data says:
"Current Borrowings And Current Portion Of Noncurrent Borrowings" 2023-01-01: 638944000 EUR

And "Longterm Borrowings" 2023-01-01: 1695362000 EUR

These are the 2022 year-end figures (since 2023-01-01 is the end of 2022).

For 2022 year-beginning (2022-01-01):
"Longterm Borrowings" 2022-01-01: 2390852000 EUR
"Current Borrowings And Current Portion Of Noncurrent Borrowings" 2022-01-01: 375221000 EUR

So my calculations are correct.

Average net debt = (2,367,314,000 + 1,969,014,000) / 2 = 2,168,164,000

FFO / Net Debt = 395,412,000 / 2,168,164,000 = 0.1824

Or as a percentage: 18.24%

But wait, I should also consider if FFO should include dividends received. S&P sometimes includes recurring cash dividends from equity investments in FFO. From the cash flow, dividends received in investing activities = 21,551,000. If these are recurring and from operations-related investments, some S&P analysts include them.

If I add dividends received to FFO:
FFO = 395,412,000 + 21,551,000 = 416,963,000
FFO / Net Debt = 416,963,000 / 2,168,164,000 = 0.1923 or 19.2%

But this is less standard. Let me stick with the basic definition.

Actually, I want to verify my deferred tax calculation one more time. Let me see if there's an alternative interpretation.

Some analysts calculate deferred tax addback as just the change in deferred tax liabilities minus change in deferred tax assets, without regard to whether it's an expense or benefit. But in S&P methodology, we add back deferred tax expense (non-cash charge) and subtract deferred tax benefit (non-cash gain).

My calculation: DTA decrease of 26,870,000 + DTL increase of 7,495,000 = 34,365,000 deferred tax expense. This seems correct.

But let me verify by checking if this makes the tax reconciliation work:

Accounting profit before tax: 194,053,000
Tax at statutory rate (say 21% in Portugal): 40,751,000
Actual tax expense: 54,263,000
Difference: 13,512,000 (could be due to non-deductible expenses, different rates, etc.)

Deferred tax expense: 34,365,000
Current tax expense: 54,263,000 - 34,365,000 = 19,898,000

Cash taxes paid: 77,970,000

The large difference between current tax expense (19,898,000) and cash taxes paid (77,970,000) suggests either:
1. Large prepayments made
2. Payments of prior year taxes
3. My deferred tax calculation is wrong
4. The ESEC is included in cash taxes but not in income tax expense

Actually, possibility 4 is interesting. If ESEC of 28,019,000 is paid in cash and included in "Income Taxes Paid" or separate, but not in "Income Tax Expense," then:

Total cash tax-like outflows = 77,970,000 (income taxes) + possibly ESEC separately
Or ESEC might be included in the 77,970,000.

If ESEC is included in 77,970,000 but not in income tax expense, then income tax expense + ESEC = 54,263,000 + 28,019,000 = 82,282,000, and cash paid is 77,970,000. The difference is 4,312,000, which could be deferred tax or timing.

Hmm, but my deferred tax calculation of 34,365,000 still doesn't fit well.

Let me try a completely different approach. Maybe S&P FFO doesn't add back deferred taxes based on balance sheet changes, but rather uses a simpler approximation.

Some S&P methodologies simply use:
FFO = Net Income + D&A

This "simplified FFO" is sometimes used when deferred taxes are complex.

If FFO = 111,771,000 + 249,276,000 = 361,047,000
Then FFO / Net Debt = 361,047,000 / 2,168,164,000 = 0.1665 or 16.7%

But this seems too simplified.

Let me try yet another approach. Looking at the cash flow statement, I can derive "CFO before working capital and taxes and interest" which approximates EBITDA.

From CFO = 613,466,000
Add back: Cash taxes paid 77,970,000
Add back: Working capital use (if any) - actually working capital was a source, so subtract
Add back: Interest paid (in financing) 40,545,000

Wait, this gets to a pre-interest, pre-tax, pre-working capital figure.

CFO = 613,466,000
+ Cash taxes 77,970,000 = 691,436,000
+ Interest paid 40,545,000 = 731,981,000
- Working capital source 327,218,000 = 404,763,000

This 404,763,000 is close to my FFO of 395,412,000. The difference is about 9,371,000, which could be due to various items.

Actually, 404,763,000 is more like "Cash flow from operations before working capital, interest, and taxes" or roughly EBITDA minus some items.

Let me check: EBITDA = Operating Profit + D&A = 239,721,000 + 249,276,000 = 488,997,000

My 404,763,000 is less than EBITDA by 84,234,000. This difference could be:
- ESEC: 28,019,000
- Other non-cash items in operating profit
- Cash vs accrual differences

Actually, I think my CFO-based calculation is double-counting or missing something. Let me not pursue this further.

Let me go back to my standard FFO = 395,412,000 and see if this makes sense.

Actually, I want to reconsider one more time whether to use average or year-end net debt. For S&P's FFO/net debt ratio, they typically use "average" for the denominator to match the flow nature of FFO. But some use year-end.

If I use year-end net debt (2022 end = 2023-01-01):
Net debt = 1,969,014,000
FFO / Net Debt = 395,412,000 / 1,969,014,000 = 0.2008 or 20.1%

If I use beginning net debt (2022 beg = 2022-01-01):
Net debt = 2,367,314,000
FFO / Net Debt = 395,412,000 / 2,367,314,000 = 0.1670 or 16.7%

Average gives 18.2%.

I think average is most appropriate. Let me finalize with 0.182 or 18.2%.

But actually, I want to double-check one thing. In some S&P methodologies, they use "Funds From Operations" as a % of "Total Debt" not "Net Debt." The question asks for "FFO / Net debt ratio" so I'm using net debt.

Also, I should verify if there are any other debt items I missed. Looking at current liabilities:
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 638,944,000
- Trade And Other Payables Current: 885,416,000 (operating, not debt)
- Current Tax Liabilities: 0
- Liability Related To The Transitional Gas Price Stabilization Regime: 1,000,000,000 (this is a pass-through, not really debt)

For the special gas regime liability of 1,000,000,000: this is matched by a corresponding asset of 1,000,000,000. It's a regulatory pass-through mechanism. Should it be included in debt? Probably not, as it's not a borrowing and is matched by an asset.

Similarly, should the asset be deducted from cash? No, it's not cash.

So my net debt calculation seems correct: total borrowings minus cash and cash equivalents.

Final calculation:
FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000
Average Net Debt = (2,367,314,000 + 1,969,014,000) / 2 = 2,168,164,000
FFO / Net Debt = 395,412,000 / 2,168,164,000 = 0.1824

Let me round to reasonable precision: 0.18 or 18.24% or 0.182.

Actually, looking at this again, I want to make sure about the deferred tax addback. Let me verify with an alternative: if I don't add back deferred taxes, FFO = 361,047,000, and ratio = 16.6%. If I do add back, it's 18.2%.

Given that S&P explicitly includes deferred taxes in FFO, I'll stick with 18.2%.

But let me also consider: should I add back the full 34,365,000 or just the net change? And should I consider whether some of this is related to the special gas regime or other one-time items?

Actually, looking more carefully at the balance sheet, the special gas regime asset and liability are both 1,000,000,000. These were new in 2022. They likely don't affect deferred taxes directly.

I'll finalize my answer as 0.182 or 18.2%, expressed as a ratio (not percentage).

Wait, I want to do one more verification. Let me see if I can find any S&P-specific guidance for Portuguese utilities or REN specifically.

Actually, I realize I should also check if "Other Longterm Provisions" or "Noncurrent Provisions For Employee Benefits" should be considered as debt-like. S&P sometimes includes pension liabilities in total debt.

Noncurrent Provisions For Employee Benefits 2023-01-01: 64,939,000
Noncurrent Provisions For Employee Benefits 2022-01-01: 94,109,000

These are employee benefit obligations, similar to pension debt. S&P sometimes includes these in "total adjusted debt."

Other Longterm Provisions 2023-01-01: 10,576,000
Other Longterm Provisions 2022-01-01: 8,872,000

If I include employee benefits in debt:
Total debt 2022 end = 2,334,306,000 + 64,939,000 = 2,399,245,000
Net debt 2022 end = 2,399,245,000 - 365,292,000 = 2,033,953,000

Total debt 2022 beg = 2,766,073,000 + 94,109,000 = 2,860,182,000
Net debt 2022 beg = 2,860,182,000 - 398,759,000 = 2,461,423,000

Average net debt = (2,461,423,000 + 2,033,953,000) / 2 = 2,247,688,000

FFO / Net Debt = 395,412,000 / 2,247,688,000 = 0.1759 or 17.6%

This is slightly lower. But standard S&P "net debt" typically just includes borrowings minus cash, unless specifically "total adjusted debt" or "total debt including pensions."

For "FFO to net debt," I'll stick with the simpler definition: borrowings minus cash.

Actually, I want to check one more thing. Does S&P use "total debt" or "net debt" in the denominator? The question asks for "FFO / Net debt ratio" so it's clear: net debt.

Also, I should verify my FFO calculation once more. Let me see if there's any other non-cash item I should consider.

From the P&L:
- Revenue Recognised On Exchanging Construction Services For Intangible Asset: 197,420,000

This is interesting! REN recognizes revenue from exchanging construction services for intangible assets. This is a barter transaction - they build infrastructure and receive an intangible asset in return. Is this cash or non-cash?

This is a non-cash revenue item! They recognized 197,420,000 of revenue but received no cash - they received an intangible asset. For FFO, should we subtract this non-cash revenue?

Yes! This is a significant non-cash item. In S&P FFO, we typically subtract non-cash revenue and add non-cash expenses.

So adjusted FFO:
= 111,771,000 + 249,276,000 + 34,365,000 - 197,420,000
= 197,992,000

Wait, that seems very low. Let me reconsider.

Actually, the "Revenue Recognised On Exchanging Construction Services For Intangible Asset" is revenue. But there's also a corresponding expense: "Costs With Construction Of Concession Assets" = 175,095,000.

Let me think about this more carefully. REN builds concession assets (infrastructure) and receives an intangible asset (concession right) in return. 

The accounting is:
- They incur costs of 175,095,000 (cash or accrued)
- They recognize revenue of 197,420,000 (non-cash, barter)
- The difference is profit of 22,325,000

But wait, the costs might also be non-cash if they're capitalized into the intangible asset. Let me think...

Actually, looking at the cash flow: "Purchase Of Intangible Assets Classified As Investing Activities" = 201,572,000. This suggests they paid cash for intangible assets.

And "Costs With Construction Of Concession Assets" in the P&L = 175,095,000. These are expensed in the P&L.

Hmm, let me reconsider. The "Revenue Recognised On Exchanging Construction Services For Intangible Asset" suggests REN provides construction services to someone else and receives an intangible asset as payment. This is non-cash revenue.

But the "Costs With Construction Of Concession Assets" of 175,095,000 - are these the costs to provide those services? If so, the net profit is 22,325,000 (197,420,000 - 175,095,000).

For FFO, if we want to exclude non-cash items:
- Subtract non-cash revenue: 197,420,000
- But the costs of 175,095,000 might be cash costs (paid to employees, suppliers)

Actually, looking at the cash flow, there's no separate line for construction costs. The "Payments To Suppliers For Goods And Services" = 2,394,772,000 likely includes these costs.

So the 175,095,000 costs are cash costs, but the 197,420,000 revenue is non-cash. The profit of 22,325,000 is non-cash profit.

For S&P FFO, we want to add back non-cash expenses and subtract non-cash income. Here, the revenue is non-cash, so we should subtract it. But we don't add back the costs because they are cash costs.

Wait, that doesn't seem right either. Let me think about this differently.

If REN provides construction services and receives an intangible asset:
- They recognize revenue: 197,420,000 (credit revenue, debit intangible asset)
- They recognize costs: 175,095,000 (debit expense, credit cash/payables)

The net effect on profit is +22,325,000.
The cash effect is -175,095,000 (costs paid) and no cash received.

For FFO, we start with net income. The net income includes the +22,325,000 profit from this barter transaction. But the cash flow is different.

Actually, for FFO, S&P typically adjusts for non-cash items in the revenue/expense recognition, not just the net profit. If the revenue is non-cash, we subtract the full revenue amount and add back the cost amount (since it's cash-based)? No, that's not right.

Let me think about this more simply. FFO is meant to approximate "cash flow from operations before working capital changes, on an accrual basis for taxes and interest."

If we have a barter transaction:
- Accrual profit includes 22,325,000
- Cash flow is -175,095,000 for costs, no cash for revenue

But FFO is not cash flow. It's "funds from operations" - a measure of operational cash generation capacity.

I think the standard treatment for barter revenue in FFO is to subtract it, because it's non-cash revenue. The costs are real cash costs, so they remain.

So adjusted net income for FFO:
111,771,000 - 197,420,000 = -85,649,000? That can't be right.

Wait, no. We don't subtract from net income directly. We think about what FFO represents.

Actually, let me reconsider. The "Revenue Recognised On Exchanging Construction Services For Intangible Asset" is part of total revenue. Total "Revenue And Operating Income" = 824,683,000.

If we remove this non-cash revenue: 824,683,000 - 197,420,000 = 627,263,000 cash-based revenue.

But the costs are still there. The operating profit would be lower.

Hmm, I think I'm overcomplicating this. Let me look at how REN's cash flow statement handles this.

From the cash flow, "Receipts From Sales Of Goods And Rendering Of Services" = 3,214,161,000. This is much higher than revenue of 824,683,000. Why?

Because REN is a utility with significant pass-through flows. The revenue in the P&L might be net, while cash receipts are gross.

Actually, looking more carefully: "Revenue From Rendering Of Services" = 588,130,000. "Revenue From Sale Of Goods" = 96,000. "Revenue Recognised On Exchanging Construction Services For Intangible Asset" = 197,420,000. "Share Of Profit Loss Of Associates" = 11,812,000. "Miscellaneous Other Operating Income" = 27,225,000.

Total = 588,130,000 + 96,000 + 197,420,000 + 11,812,000 + 27,225,000 = 824,683,000. ✓

But "Receipts From Sales Of Goods And Rendering Of Services" = 3,214,161,000. This is much higher because it likely includes VAT, pass-through amounts, or gross cash collections.

The cash flow is not directly reconcilable with the P&L revenue because of the nature of REN's business (electricity and gas transmission with regulatory pass-throughs).

Given this complexity, I think the standard S&P FFO approach of just adding D&A and deferred taxes to net income is appropriate, without trying to adjust for the barter revenue. The barter revenue is already captured in the balance sheet (intangible assets increased), and the FFO measure is meant to be a simple approximation.

Let me stick with my original FFO = 395,412,000.

But actually, I want to check one more thing. Does the "Costs With Construction Of Concession Assets" of 175,095,000 generate any cash flow benefit? Looking at the cash flow, there's no offsetting cash inflow.

I think for practical purposes, I'll use the standard FFO definition and not try to adjust for barter transactions unless explicitly required by S&P methodology.

Final answer:
FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000
Average Net Debt = 2,168,164,000
FFO / Net Debt = 0.1824

I'll express this as 0.18 or more precisely 0.182.

Actually, let me reconsider whether to use average or year-end. In many credit ratios, if the flow measure (FFO) is for the year, average balance sheet is used to match the flow with the average capital employed.

But for leverage ratios specifically, S&P sometimes uses year-end debt. Let me check: "FFO to debt" or "FFO to net debt" - I think average is more common for flow coverage ratios.

However, I also see that some S&P methodologies use "latest 12-month FFO" divided by "latest reported debt" (point in time).

If I use year-end net debt: 395,412,000 / 1,969,014,000 = 0.2008

This is about 20%. 

Given the ambiguity, let me use average as it's more theoretically correct for a flow ratio.

Actually, I want to do one more sanity check. Let me calculate EBITDA and see if FFO is in a reasonable range.

EBITDA = Operating Profit + D&A = 239,721,000 + 249,276,000 = 488,997,000

FFO should be less than EBITDA because:
- FFO is after interest, EBITDA is before
- FFO is after tax (but add back deferred), EBITDA is before

Interest expense (net) = 67,394,000 - 11,911,000 - 9,815,000 (dividends are not interest) = 55,483,000 net finance cost.

Tax expense = 54,263,000 + 28,019,000 (ESEC) = 82,282,000 total tax-like.

EBITDA - Interest - Taxes + Deferred tax addback = 488,997,000 - 55,483,000 - 82,282,000 + 34,365,000 = 385,597,000

This is close to my FFO of 395,412,000. The difference of about 9,815,000 could be dividends received or other items. This gives me confidence that my FFO is in the right ballpark.

Let me adjust: 385,597,000 + dividends received 21,551,000? No, that would be too high.

Actually, the difference might be due to my interest calculation. "Finance Costs" = 67,394,000. "Other Finance Income" = 11,911,000. "Revenue From Dividends" = 9,815,000.

Net finance cost in P&L = 67,394,000 - 11,911,000 - 9,815,000 = 45,668,000? But the P&L shows "Finance Income Cost" = -45,668,000 (negative means net cost).

Wait, "Finance Income Cost" 2022-01-01 - 2023-01-01: -45668000 EUR. This is the net finance cost.

So: EBITDA 488,997,000 - Net finance cost 45,668,000 = 443,329,000 (approx EBIT, but not exactly because finance income/cost includes other items)

Then - Taxes 82,282,000 = 361,047,000
+ Deferred tax addback 34,365,000 = 395,412,000 ✓

This matches my FFO exactly! So my calculation is internally consistent.

FFO / Average Net Debt = 395,412,000 / 2,168,164,000 = 0.1824

I'll provide 0.182 or 0.18. Let me use more precision: 0.182.

Actually, let me recalculate the average net debt more carefully:

2022 beginning (2022-01-01):
Long-term borrowings: 2,390,852,000
Current borrowings: 375,221,000
Total debt: 2,766,073,000
Cash: 398,759,000
Net debt: 2,367,314,000

2022 ending (2023-01-01):
Long-term borrowings: 1,695,362,000
Current borrowings: 638,944,000
Total debt: 2,334,306,000
Cash: 365,292,000
Net debt: 1,969,014,000

Average: (2,367,314,000 + 1,969,014,000) / 2 = 4,336,328,000 / 2 = 2,168,164,000

FFO / Net Debt = 395,412,000 / 2,168,164,000 = 0.182373...

Rounded to two decimal places: 0.18
Or three: 0.182

I think for this type of ratio, two or three decimal places is appropriate. Let me provide 0.18.

Actually, looking at the data precision, everything is in whole EUR. The ratio should probably be to 2-3 significant figures.

395,412,000 / 2,168,164,000 = 0.1824

I'll provide 0.182 or 18.2% if percentage. Since the question asks for a ratio, 0.182.

Wait, I want to check one more thing. Should I use "Net Debt" or "Total Debt"? The question says "Net debt." Net debt = total debt - cash.

Also, some methodologies use "Net Debt" = total debt - cash - cash equivalents. I have cash and cash equivalents = 365,292,000. This includes "Cash" of 1,000 and "Cash Equivalents" of 365,291,000. So my calculation is correct.

Final answer: 0.182

Actually, let me also consider if I should express this as a percentage (18.2) or decimal (0.182). The question says "FFO / Net debt ratio" which is typically expressed as a decimal or percentage. I'll use decimal 0.182.

Hmm, but looking at typical financial ratios, FFO/Net Debt is often expressed as a percentage in S&P methodology. For example, "FFO to debt of 20%" rather than "0.20".

But the question asks for a ratio, and says "like so: <answer>VALUE</answer>" with no units. So I should provide either 0.182 or 18.2. 

Given that it's a "ratio," decimal form 0.182 is more standard. But let me check if S&P typically reports this as percentage.

In S&P credit reports, they often say "FFO to debt: 20%" or "FFO/debt: 0.20x". Both are used.

I'll provide 0.182 as my best estimate.

Actually, I want to do one final check. Let me see if there's any other interpretation of FFO that I should consider.

Some S&P methodologies define FFO as:
FFO = Net income + Depreciation, amortization, and deferred taxes - Gain on sale of property + Other noncash items - Equity earnings

I've included D&A and deferred taxes. I haven't subtracted equity earnings of 11,812,000. Should I?

If I subtract equity earnings:
FFO = 111,771,000 + 249,276,000 + 34,365,000 - 11,812,000 = 383,600,000

FFO / Net Debt = 383,600,000 / 2,168,164,000 = 0.1769 or 17.7%

This is slightly lower. But standard S&P FFO does typically subtract equity earnings because they're non-cash. However, if we subtract equity earnings, we should add dividends received from equity investments (21,551,000) if they're recurring.

Adjusted FFO = 383,600,000 + 21,551,000 = 405,151,000
FFO / Net Debt = 405,151,000 / 2,168,164,000 = 0.1869 or 18.7%

This is close to my original 18.2%. The difference is small.

Given the various reasonable approaches give results between 0.177 and 0.187, I'll stick with my original 0.182 as a middle estimate.

Actually, let me reconsider one more time. The most standard S&P Global definition is:

"Funds from operations (FFO): Net income from continuing operations plus depreciation, amortization, deferred income taxes, and other non-cash items."

It doesn't explicitly mention subtracting equity earnings. However, "other non-cash items" could include adjustments for equity earnings if they're material.

For simplicity and consistency with the most common definition, I'll use:
FFO = 111,771,000 + 249,276,000 + 34,365,000 = 395,412,000

And the ratio = 395,412,000 / 2,168,164,000 = 0.1824

Final answer: 0.182 (or 0.18 rounded to 2 decimal places)

Let me provide 0.18 as a clean, rounded answer. Or should I be more precise? Given the data precision, 0.182 seems appropriate.

I'll go with 0.182.

<answer>0.182</answer>