I need to estimate the FFO / Net Debt ratio for ENI S.P.A. for 2022 based on S&P methodology.

## Step 1: Calculate FFO (Funds From Operations) - S&P Methodology

S&P's FFO is essentially cash flow from operations before working capital changes, adjusted for certain items. A common approximation:

**FFO ≈ Net Income + Depreciation & Amortization + Impairments + Write-offs + Deferred taxes (change) + Other non-cash items - Gains on asset sales**

Alternatively, S&P FFO can be approximated as:
**FFO = Cash Flow from Operations - Working Capital Changes**

From the cash flow statement for 2022-01-01 to 2023-01-01:
- Cash Flows From Operating Activities = 17,460M EUR
- Increase/Decrease in Working Capital = 1,279M EUR (this represents the net working capital change included in CFO)

Looking at the working capital components:
- Adjustments for Decrease/Increase in Inventories: -2,528M
- Adjustments for Decrease/Increase in Trade Receivables: -1,036M
- Adjustments for Increase/Decrease in Trade Payables: 2,284M
- Adjustments for Provisions: 2,028M
- Adjustments for Increase/Decrease in Other Assets and Liabilities: -2,027M
- Adjustments for Employee Benefit Liabilities: 39M
- Total working capital change = 1,279M - but wait, "Increase Decrease In Working Capital" of 1,279M is subtracted to get to CFO already.

Actually, looking more carefully, the working capital changes are already embedded in CFO. So:

**FFO = CFO - Working Capital Changes = 17,460 - 1,279 = 16,181M EUR**

But S&P also typically adds back lease payments (since they treat leases as debt). Lease payments in financing = 994M EUR.

**FFO (S&P) ≈ 16,181 + 994 = 17,175M EUR** (approximately, though S&P may not add all lease payments back to FFO - they add back the principal portion but interest on leases may already be in FFO).

Let me use a simpler S&P approach: FFO = CFO adjusted for working capital. I'll use 17,460 - 1,279 = 16,181M as the base FFO.

## Step 2: Calculate Net Debt - S&P Methodology

S&P Net Debt includes:
- Short-term borrowings: 4,446M
- Current portion of long-term borrowings: 3,097M
- Long-term borrowings: 19,374M
- Lease liabilities (current + non-current): 884 + 4,067 = 4,951M
- Less: Cash and cash equivalents: 10,155M
- Less: Current financial assets at fair value (liquid investments): 8,251M (S&P may consider readily marketable securities as cash-like)

**Gross Debt = 4,446 + 3,097 + 19,374 + 4,951 = 31,868M EUR**

S&P would also consider surplus cash and liquid investments. Typically they subtract cash and short-term investments:

**Cash and liquid investments = 10,155 + 8,251 = 18,406M EUR**

**Net Debt = 31,868 - 18,406 = 13,462M EUR**

However, S&P may not subtract all financial assets. A more conservative approach might only subtract cash:

**Net Debt = 31,868 - 10,155 = 21,713M EUR**

S&P typically subtracts "readily available cash and liquid investments." The current financial assets at fair value through P&L (8,251M) likely qualify as surplus cash.

## Step 3: Calculate the Ratio

Using the more inclusive cash definition:
**FFO / Net Debt = 16,181 / 13,462 = 1.20**

Using only cash:
**FFO / Net Debt = 16,181 / 21,713 = 0.745**

A more standard S&P approach for an oil major would typically count short-term liquid investments as cash equivalents:

**FFO / Net Debt = 16,181 / 13,462 ≈ 1.20**

But let me reconsider - S&P often uses a moderate approach. Using FFO with lease adjustment:
**17,175 / 13,462 ≈ 1.28**

Given standard S&P methodology (FFO before working capital, net debt including leases minus cash and readily marketable securities):

**FFO / Net Debt ≈ 16,181 / 13,462 ≈ 1.20**

<answer>1.20</answer>