I'll estimate the FFO/Net Debt ratio for REN based on S&P methodology.

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

S&P's FFO starts with net income and adds back non-cash charges, then makes adjustments.

**Net Income (2022, i.e., period 2022-01-01 to 2023-01-01):** 111,771,000 EUR

**Add back Depreciation & Amortization:** 249,276,000 EUR

**Add back Impairment losses:** 1,437,000 EUR

**Add back Changes in provisions:** -2,230,000 EUR (this is a net change; negative means provision increase, which is a non-cash charge to add back... let me check - "Changes In Other Provisions" of -2,230,000 means provisions increased by 2,230,000, so add back 2,230,000)

Wait, looking more carefully: the sign convention matters. If "Changes In Other Provisions" is listed as an operating expense at -2,230,000, that likely means a reversal (reducing expense). Let me reconsider - in the expense section, a negative value would reduce total operating expenses. So provisions decreased (reversal), meaning this is actually a cash-like item or we should not add it back.

For S&P FFO, the typical approach:
- FFO = Net Income + D&A + Deferred taxes + other non-cash items

**Deferred tax change:** Deferred Tax Assets went from 96,673 to 69,803 (decrease of 26,870). Deferred Tax Liabilities went from 107,569 to 115,064 (increase of 7,495). Net deferred tax expense ≈ 26,870 + 7,495 = 34,365,000 (non-cash tax expense to add back... but this seems high).

Let me use a simpler S&P approach:
- FFO ≈ Cash from Operations - Working Capital changes

From the cash flow statement:
**Cash Flows from Operating Activities:** 613,466,000 EUR

S&P's FFO typically equals CFO adjusted for working capital changes. However, since we don't have explicit working capital changes broken out, let me approximate.

Working capital changes can be estimated from balance sheet movements:
- Inventories: 8,545 - 5,134 = 3,411 (source of cash)
- Trade receivables current: 448,171 - 327,764 = 120,407 (source of cash)
- Current tax assets: 0 - 10,671 = -10,671 (use of cash)
- Trade payables current: 885,416 - 644,701 = 240,715 (source of cash)
- Current tax liabilities: 0 - 26,644 = -26,644 (use of cash)
- Gas stabilization regime (net): 1,000,000 - 1,000,000 = 0 (nets out)

Approximate WC change ≈ 3,411 + 120,407 - 10,671 + 240,715 - 26,644 = 327,218,000 (net source of cash)

**FFO ≈ CFO - WC changes = 613,466 - 327,218 = 286,248,000 EUR**

## Step 2: Calculate Net Debt

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

**Cash and Cash Equivalents:** 365,292,000

S&P may also consider lease liabilities, but these seem small here.

**Net Debt = 2,334,306 - 365,292 = 1,969,014,000 EUR**

## Step 3: FFO/Net Debt Ratio

FFO/Net Debt = 286,248 / 1,969,014 = **~14.5%**

Let me cross-check with a simpler FFO estimate:
FFO = Net Income + D&A = 111,771 + 249,276 = 361,047
Subtract interest already in net income but add back non-cash portions...

A more reasonable S&P FFO might be around 286,000-361,000. Given the working capital adjustment approach:

FFO/Net Debt ≈ 286,248 / 1,969,014 ≈ 0.1454 or about 14.5%

<answer>0.145</answer>