I'll estimate the FFO/Net Debt ratio for Veolia Environnement for 2022 using S&P methodology.

## Step 1: Calculate Funds From Operations (FFO)

S&P's FFO starts with net income attributable to the company, then adds back depreciation/amortization, and makes other adjustments.

**Net Income (Profit/Loss):** 997,600,000 EUR (for 2022-01-01 to 2023-01-01 period)

**Depreciation & Amortization:** 3,178,600,000 EUR (Operating depreciation, amortization, provisions and impairment losses)

**Deferred tax change:** Deferred tax assets increased from 1,059,200 to 2,050,800 (+991,600); Deferred tax liabilities increased from 1,196,400 to 2,640,100 (+1,443,700). Net deferred tax change ≈ +452,100 (add back as non-cash)

**S&P FFO approximation:**
- Start with Cash flows from operations before working capital: 4,804,300,000
- This is close to FFO before working capital changes
- S&P FFO ≈ Cash from operations before WC - interest on operating/lease assets adjustments
- FFO ≈ 4,804,300,000 - 557,400 (taxes paid) + 557,400 (already deducted below) 

Actually, let me use: FFO ≈ Cash from operating activities + change in working capital (to reverse it out)
- Cash from operating activities (continuing): 4,104,400,000
- Add back WC changes: 48,000 - 190,500 = -142,500
- FFO ≈ 4,104,400 + 48,000 - 190,500 ≈ 3,961,900,000

S&P also typically deducts preferred dividends/hybrid coupons:
- Coupons on deeply subordinated securities: 88,300,000
- FFO after hybrid coupons ≈ 3,961,900 - 88,300 ≈ 3,873,600,000

But S&P also adds back interest paid and subtracts cash interest: this is roughly neutral. Let me use a simpler S&P approach:

**FFO ≈ Operating cash flow before WC changes - cash taxes - cash interest + interest on debt**
≈ 4,804,300 - 557,400 - 637,700 - 52,500 - 78,500 = 3,478,200 (this seems too low)

Let me reconsider. The cash flow statement shows:
- Cash from operations before WC: 4,804,300
- Less taxes paid: 557,400
- Less WC: +142,500 (net)
- Cash from operations: 4,148,200

**S&P FFO ≈ Net income + D&A + deferred taxes + other non-cash items - minority coupons**
≈ 997,600 + 3,178,600 + 14,800 - 299,000 - 370,000 + 282,300 ≈ 3,804,300

Subtracting hybrid coupons: 3,804,300 - 88,300 = 3,716,000

## Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt includes:
- Total debt (financial liabilities): NC 19,692,100 + C 6,521,400 = 26,213,500
- Lease liabilities: 1,656,200 + 496,500 = 2,152,700
- Concession liabilities: 1,680,500 + 243,200 = 1,923,700
- 50% of hybrid securities (S&P typically gives 50% equity credit): 3,496,300 × 50% = 1,748,150
- Less: Cash: 9,012,200
- Less: Liquid assets (some portion of other current financial assets)

**Gross Debt:** 26,213,500 + 2,152,700 + 1,923,700 + 1,748,150 = 32,038,050
**Net Debt:** 32,038,050 - 9,012,200 = 23,025,850

Adjusting FFO for 50% hybrid treatment: FFO = 3,716,000 + 88,300 × 50% = 3,760,150

## Step 3: FFO/Net Debt

FFO/Net Debt ≈ 3,760,150 / 23,025,850 ≈ 0.163 or ~16.3%

Rounding and considering approximations: ~16%

<answer>0.163</answer>