I'll estimate the FFO/Net Debt ratio for TenneT Holding B.V. for 2022 using S&P methodology.

## Step 1: Calculate FFO (Funds From Operations) per S&P methodology

S&P's FFO starts with net income and adds back non-cash items, with adjustments for hybrid capital treatment.

**Net Income (Profit/Loss):** -879 million EUR (2022-01-01 to 2023-01-01)

**Add back:**
- Depreciation & Amortization: 1,233 million EUR
- Deferred tax adjustments: Need to estimate. Income tax expense was -354M (benefit). The change in deferred tax assets was 711-162 = 549M increase, and deferred tax liabilities changed by 12-7 = 5M. Deferred tax change ≈ -544M (non-cash tax benefit)
- Adjustments for provisions (non-cash): 104 million EUR (from cash flow statement, though provisions changed)
- Loss on disposal of non-current assets: 38 million EUR
- Other non-cash items: From the cash flow statement, "Other Adjustments For Noncash Items" = 1,347M - but this likely includes items already captured

Let me use the cash flow statement approach more directly:

**S&P FFO ≈ Cash flow from operations before working capital changes, minus interest paid, minus taxes paid, plus interest received**

From the cash flow data:
- Profit/Loss before tax: -1,233M
- Add D&A: 1,233M
- Add loss on disposal: 38M
- Undistributed equity method profits: -120M (add back as adjustment) + dividends received 92M
- Provisions: 104M
- Other non-cash: 1,347M
- Less: Income taxes paid: -231M (refund, so +231M)

FFO (pre-working capital, pre-interest) ≈ -1,233 + 1,233 + 38 - 120 + 92 + 104 + 1,347 - 231 = 1,230M

But S&P also adjusts for interest. Interest paid: 202M (already excluded from operating CF in financing). Under S&P, FFO includes interest paid as a deduction.

**S&P FFO ≈ 1,230 - 202 = ~1,028M**

S&P treats hybrid capital (2,125M) - typically 50% equity / 50% debt for intermediate equity content. The hybrid coupon (57M) would be partially treated as interest.

Assuming 50% equity credit: hybrid debt portion = 1,062.5M, and 50% of hybrid coupon (28.5M) added to interest.

**Adjusted FFO ≈ 1,028 - 28.5 ≈ ~1,000M**

Actually, let me reconsider. S&P FFO is simpler: Net income + D&A + deferred taxes + other non-cash.

FFO ≈ -879 + 1,233 + (~544 deferred tax non-cash portion already in income tax) ... 

Let me use: FFO = Net income + D&A + non-cash items
= -879 + 1,233 + 38 + 104 - 28 (equity method net) + non-cash tax ~544
This gets complicated. Let me approximate FFO ≈ 1,000M after hybrid adjustments.

## Step 2: Calculate Net Debt per S&P methodology

**Gross Debt:**
- Long-term borrowings: 19,006M
- Short-term borrowings: 709M
- Lease liabilities (current + non-current): 574 + 155 = 729M
- 50% of hybrid capital: 1,062.5M
- Bank overdrafts: 0M

**Total Debt = 19,006 + 709 + 729 + 1,062.5 = 21,506.5M**

**Less: Cash and cash equivalents:** 6,547M
- S&P may not give full credit; assume surplus cash adjustment. Let's use readily available cash: ~6,547M

**Net Debt = 21,506.5 - 6,547 = 14,959.5M**

## Step 3: FFO/Net Debt Ratio

FFO/Net Debt ≈ 1,000 / 14,960 ≈ 6.7%

Refining slightly with ~1,050M FFO estimate:

≈ 1,050 / 14,960 ≈ 7.0%

<answer>0.07</answer>