To estimate the S&P-adjusted FFO-to-debt ratio for ENI S.P.A. for the fiscal year ended December 31, 2022, we follow the workflow steps below.

### Step 1: Identify the Relevant Industry

ENI S.P.A. is a major integrated energy company involved in oil and gas exploration, production, refining, and marketing. Based on the provided industry methodologies, ENI falls under the **"Oil And Gas Exploration And Production"** sector (specifically as an integrated company). The methodology for this sector emphasizes FOCF (Funds From Operations after Capital Expenditures) and DCF, but the prompt specifically requests the "FFO / Adjusted_Debt" ratio using the baseline formulas provided, modified by industry guidelines where applicable. The general corporate baseline formulas for FFO and Adjusted Debt are applicable, with specific attention to lease liabilities and cash adjustments as per S&P standard practices for this sector.

### Step 2: Estimate Adjusted_EBITDA

First, we reconstruct EBITDA from the reported financial data for the period 2022-01-01 to 2023-01-01.

**Reported Data:**
*   Profit Loss Before Tax: 22,049,000,000 EUR
*   Finance Costs: 9,333,000,000 EUR
*   Finance Income: 8,450,000,000 EUR
*   Depreciation And Amortisation Expense: 7,205,000,000 EUR
*   Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss: 1,140,000,000 EUR (This is a gain/reversal, so it reduces EBITDA if we start from Net Income, or adds back if it was an expense. Here it is a reversal, meaning it increased profit. To get to operational EBITDA, we typically add back impairments (expenses) and subtract reversals (gains). However, standard EBITDA reconstruction from Operating Profit is easier.)

Let's use **Profit Loss From Operating Activities** (Operating Profit/EBIT) as the base, as it excludes finance and taxes.
*   Profit Loss From Operating Activities: 17,510,000,000 EUR

**Reconstructing EBITDA:**
EBITDA = Operating Profit + Depreciation & Amortization + Impairment Losses (net)
*   Operating Profit: 17,510,000,000 EUR
*   Add: Depreciation And Amortisation Expense: 7,205,000,000 EUR
*   Add/Less: Net Impairment. The line item "Impairment Loss Reversal..." is 1,140,000,000 EUR. A reversal increases operating profit. To get to cash-flow proxy EBITDA, we usually add back non-cash charges. A reversal is a non-cash gain. So we subtract it.
    *   *Correction*: Standard S&P adjustment for EBITDA often adds back impairment *losses*. If there is a net reversal, it reduces the add-back. Let's look at the components.
    *   Operating Profit already includes the 1,140M reversal.
    *   EBITDA (unadjusted) = 17,510 + 7,205 - 1,140 = 23,575,000,000 EUR.
    *   *Alternative Check*: Revenue (133,687) - Costs (102,529 + 3,015 + 1,736 negative other op? No, Other Operating Income Expense is -1,736 which is an expense) - D&A (7,205) - Impairment Reversal (-1,140 is a gain).
    *   Let's stick to the standard reconstruction: EBITDA = Operating Profit + D&A - Net Impairment Reversals + Net Impairment Losses.
    *   Here, we have a net reversal of 1,140M. So EBITDA = 17,510 + 7,205 - 1,140 = 23,575,000,000 EUR.

**Adjustments for Adjusted_EBITDA:**
1.  **Leases**: S&P typically adds back the interest portion of lease liabilities to EBITDA or treats the entire lease payment structure in Debt. In the "Adjusted_EBITDA" formula provided: `Adjusted_EBITDA = EBITDA ... + adjustment_leases`. Under IFRS 16, depreciation and interest are separated. The "Depreciation And Amortisation Expense" likely includes depreciation on Right-of-Use (ROU) assets. The interest on leases is in "Finance Costs". EBITDA (Operating Profit + D&A) already includes the ROU depreciation add-back. It does *not* include the interest. S&P often defines EBITDA as pre-interest. So the lease interest is excluded from EBITDA. The "adjustment_leases" usually refers to adding back the operating lease rent in pre-IFRS 16 contexts or normalizing. Under IFRS 16, S&P generally uses reported EBITDA (which includes ROU dep) and then handles the debt side. We will assume no specific extra add-back for leases in EBITDA beyond the standard D&A, as the interest is below the line.
2.  **Nonrecurring Items**: The "Impairment Loss Reversal" of 1,140M is significant. S&P may adjust for non-recurring items. However, in Oil & Gas, impairments and reversals are often considered part of the cycle. Without specific designation as "non-recurring" in the text, we often leave them in or treat them as normal. Given the magnitude, if we treat it as non-recurring gain, we subtract it. We already subtracted it to get to "cash" EBITDA? No, EBITDA is an accounting measure. If we want *Adjusted* EBITDA, we remove non-recurring gains. So subtracting the 1,140M reversal is correct for a "normalized" view if deemed non-recurring. If deemed recurring, we add it back (i.e., don't subtract). Let's look at "Write Off Of Tangible And Intangible Assets": 599,000,000 EUR. This is an expense included in Operating Profit. We should add this back as a non-cash/non-recurring loss.
    *   Revised EBITDA Calculation:
        *   Operating Profit: 17,510
        *   Add D&A: 7,205
        *   Add Write-offs: 599
        *   Less Impairment Reversal: (1,140)
        *   Unadjusted EBITDA = 24,174,000,000 EUR.
3.  **Joint Ventures**: The "Share Of Profit Loss Of Equity Accounted Investments" is 1,841,000,000 EUR. This is included in Profit Before Tax but *not* in Operating Profit (usually below operating or separate line). In the provided data, "Profit Loss From Operating Activities" is 17,510. "Share Of Profit..." is listed after Finance Income/Cost? No, it's listed after Finance Income Cost. Wait, the order is: Operating Profit -> Finance Income/Cost -> Share of Equity Investments -> Profit Before Tax.
    *   Actually, usually Equity Income is non-operating or separate. S&P often prefers to include proportional EBITDA from JVs. However, without detailed JV EBITDA data, we often use the dividend received or the share of profit as a proxy for cash flow, but for EBITDA, we might exclude it if it's not consolidated. The baseline formula says `± joint_venture_proportional_EBITDA`. We don't have JV EBITDA. We have "Dividends Received Classified As Operating Activities": 1,545,000,000 EUR.
    *   Standard S&P practice for FFO: Start with Net Income or Operating Cash Flow.
    *   Let's stick to the provided baseline formula for FFO directly from EBITDA.
    *   Let's assume the "Adjusted_EBITDA" is the operating EBITDA of the consolidated entity.
    *   Adjusted EBITDA ≈ 24,174,000,000 EUR.

Let's refine the EBITDA calculation using the Cash Flow from Operations (CFO) approach which is often more robust for FFO.
**CFO (Cash Flows From Used In Operating Activities)**: 17,460,000,000 EUR.
S&P FFO is often close to CFO + Interest Paid + Taxes Paid (if those are operating outflows) - Changes in Working Capital (sometimes).
Actually, the baseline formula is: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.

Let's calculate **Cash Interest** and **Cash Taxes**.
*   **Cash Interest**: "Interest Paid Classified As Operating Activities" is 851,000,000 EUR. Note: There is also "Payments Of Lease Liabilities Classified As Financing Activities" (994M). The principal portion is financing, interest portion is operating? Under IFRS, interest paid can be operating or financing. ENI classifies "Interest Paid" as Operating (851M). This likely includes interest on leases if classified as such, or just bond interest. The lease liability payment is 994M total. The interest portion of leases is in Finance Costs (9,333M total finance costs). The cash paid for interest is 851M. This seems low compared to finance costs of 9,333M. Why?
    *   Finance Costs: 9,333M.
    *   Interest Paid (Operating): 851M.
    *   There might be capitalized interest or non-cash interest (accretion of provisions, lease interest).
    *   S&P uses **cash interest**. So we use 851,000,000 EUR.
*   **Cash Taxes**: "Income Taxes Paid Refund Classified As Operating Activities" is 8,488,000,000 EUR. This is an outflow. So Cash Taxes = 8,488,000,000 EUR.

Now, back to **Adjusted_EBITDA**.
If `FFO = Adjusted_EBITDA - Cash Interest - Cash Taxes`, and we know `FFO` is roughly `CFO + Cash Interest + Cash Taxes` (if CFO is after interest and taxes)?
Let's check the relationship:
CFO = 17,460M.
CFO is typically: Net Income + D&A + Working Cap Changes - Cash Interest - Cash Taxes (if classified as operating).
If Interest and Taxes are operating outflows in CFO:
CFO = (Operating Cash Generation) - Cash Interest - Cash Taxes.
So, Operating Cash Generation (pre-interest/tax) = CFO + Cash Interest + Cash Taxes.
Operating Cash Generation ≈ 17,460 + 851 + 8,488 = 26,799,000,000 EUR.

Is this Operating Cash Generation equal to Adjusted EBITDA?
EBITDA is accrual-based. CFO is cash-based.
Difference = Changes in Working Capital + Other non-cash items.
From the Cash Flow statement adjustments:
*   Increase Decrease In Working Capital: 1,279,000,000 EUR (Positive means source of cash, i.e., decrease in WC or increase in payables > increase in receivables/inventory).
*   Other Adjustments to Reconcile Profit Loss: -2,773,000,000 EUR.
*   Adjustments for Provisions: 2,028,000,000 EUR.
*   Adjustments for Undistributed Profits of Equity Investments: 1,841,000,000 EUR (This is a non-cash income included in PBT, subtracted in CFO).

Let's derive FFO directly using the S&P definition for Oil & Gas if possible, or the baseline.
Baseline: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.

Let's calculate Adjusted EBITDA more precisely.
EBITDA (from Operating Profit) = 17,510 (Op Profit) + 7,205 (D&A) - 1,140 (Impairment Reversal) + 599 (Write-offs) = 24,174M.
Are there other items?
"Other Operating Income Expense": -1,736M. This is an expense. It's in Op Profit.
"Share Of Profit...": 1,841M. This is NOT in Op Profit. It is in PBT.
S&P often adds back equity income to EBITDA if not consolidated, or includes proportional EBITDA. Without proportional data, we might exclude the equity income from the "EBITDA" proxy and treat the dividends as cash flow.
However, the baseline formula for FFO starts with Adjusted EBITDA.
If we use the CFO-derived "Cash EBITDA" proxy:
Cash EBITDA = CFO + Cash Interest + Cash Taxes + Changes in WC (if we want to reverse WC)? No.
FFO is essentially CFO before changes in working capital? No, FFO is usually Net Income + D&A.
S&P FFO for corporates: Net Income + D&A + Deferred Taxes + Non-cash losses - Non-cash gains.
Let's try calculating FFO from Net Income.
Net Income (Profit Loss Attributable To Owners): 13,887,000,000 EUR.
Add: D&A: 7,205,000,000 EUR.
Add: Deferred Taxes? "Net Deferred Tax Assets/Liabilities" change.
Income Tax Expense: 8,088M. Cash Tax: 8,488M. Diff = 400M (Deferred tax benefit/charge).
Add: Interest Expense (Cash)? No, FFO is pre-interest?
Standard S&P FFO = Net Income + D&A + Deferred Taxes + Non-recurring losses - Non-recurring gains.
Then FFO / Debt.
But the prompt gives a specific formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.

Let's stick to that formula. We need a robust Adjusted EBITDA.
In the Oil & Gas sector, S&P often uses **EBITDAX** (EBITDA + Exploration Expenses) or similar. But here we just have "Adjusted EBITDA".
Let's use the reconstructed EBITDA from Operating Profit, adjusting for significant non-cash/non-recurring items.
Operating Profit: 17,510M.
+ D&A: 7,205M.
+ Write-offs: 599M.
- Impairment Reversal: (1,140M).
= 24,174M.

Is there anything else?
The "Share of profit of equity accounted investments" (1,841M) is not in Operating Profit. It is in Pre-Tax Profit.
Does Adjusted EBITDA include this? Usually, EBITDA is from consolidated operations. Equity income is investment income. S&P may add the *dividends* received from JVs to FFO, or include proportional EBITDA.
If we exclude Equity Income from EBITDA, our EBITDA is 24,174M.
Then `FFO = 24,174 - 851 (Cash Int) - 8,488 (Cash Tax) = 14,835M`.

Let's cross-check with CFO.
CFO = 17,460M.
CFO includes the cash effects of working capital changes.
FFO is typically "CFO before changes in working capital" in some definitions, or "Net Income + D&A".
If FFO = Net Income + D&A:
Net Income (Total): 13,961M.
+ D&A: 7,205M.
+ Deferred Tax (Expense - Cash): 8,088 - 8,488 = -400M. (So add -400? No, Deferred Tax Expense is non-cash. If Cash > Expense, we paid more than we expensed, so cash flow is lower. To get to accrual FFO, we add back the non-cash portion. Deferred Tax Liability decrease / Asset increase?).
Let's use the standard: FFO = Net Income + D&A + Deferred Taxes.
Deferred Taxes = Tax Expense (8,088) - Cash Tax (8,488) = -400.
FFO = 13,961 + 7,205 - 400 = 20,766M.
This FFO (20,766) is significantly higher than the 14,835 derived from the EBITDA formula above. Why?
Because the EBITDA formula subtracted Cash Interest and Cash Taxes.
Net Income is after Interest and Taxes.
Net Income = (EBITDA - D&A - Interest - Tax).
So EBITDA - Interest - Tax = Net Income + D&A + (Tax Expense - Tax Cash)? No.
Let's trace:
EBITDA (Accrual) = 24,174.
Cash Interest = 851.
Cash Tax = 8,488.
FFO (Formula) = 24,174 - 851 - 8,488 = 14,835.

Why the discrepancy with Net Income + D&A?
Net Income (13,961) includes Equity Income (1,841) and Finance Costs (Net -925) and Tax (8,088).
Op Profit (17,510) excludes Equity Income and Net Finance.
Op Profit = EBITDA - D&A - Impairments/Writeoffs.
17,510 = 24,174 - 7,205 - 599 + 1,140?
24,174 - 7,205 = 16,969.
16,969 - 599 (Writeoff exp) + 1,140 (Rev gain) = 17,510. Correct.

So, Operating EBITDA is 24,174.
The formula `FFO = Adjusted_EBITDA - cash_interest - cash_taxes` implies we are deriving a cash-flow-like metric from Operating EBITDA.
However, this FFO (14,835) excludes the cash flow from Equity Investments (Dividends received: 1,545M) and other non-operating items.
S&P FFO for Oil & Gas often includes dividends from JVs.
If we add Dividends Received (1,545) to FFO: 14,835 + 1,545 = 16,380M.
Also, "Interest Received" (116M) and "Other Income"?
Let's look at the "Cash Flows From Used In Operating Activities" again: 17,460M.
CFO is often a good proxy for FFO, but FFO usually adds back changes in working capital if they are temporary? No, S&P FFO is generally Net Income + D&A.
For Oil & Gas, S&P prefers **FFOCF** (Funds From Operations after Capital Expenditures) or **DCF**.
But the prompt asks for **FFO / Adjusted_Debt**.
In the absence of a specific "Oil & Gas FFO" definition that deviates wildly, and given the baseline formula, we should stick to the baseline but ensure "Adjusted EBITDA" is comprehensive.

Let's reconsider the "Adjusted EBITDA" for an integrated oil major.
Often, S&P calculates EBITDA as:
Net Income + Interest + Taxes + D&A.
Net Income (Consolidated): 13,961M.
Interest Expense (Cash): 851M. (Using cash as per formula).
Tax Expense (Cash): 8,488M. (Using cash as per formula).
D&A: 7,205M.
Sum = 13,961 + 851 + 8,488 + 7,205 = 30,505M.
This is effectively `Net Income + Cash Interest + Cash Taxes + D&A`.
Is this equal to `Adjusted EBITDA`?
If `FFO = Adjusted EBITDA - Cash Interest - Cash Taxes`, then `Adjusted EBITDA = FFO + Cash Interest + Cash Taxes`.
If we define FFO as `Net Income + D&A`, then `Adjusted EBITDA = Net Income + D&A + Cash Interest + Cash Taxes`.
This results in 30,505M.
Let's check if this matches our Operating EBITDA derivation.
Operating EBITDA was 24,174M.
Difference = 30,505 - 24,174 = 6,331M.
What is in Net Income but not in Operating Profit?
1. Equity Income: 1,841M.
2. Net Finance Costs: Finance Cost (9,333) - Finance Income (8,450) = 883M expense.
   Wait, Finance Income/Cost net is -925M (from data "Finance Income Cost" -925).
   So Pre-tax Profit = Op Profit (17,510) + Equity Income (1,841) + Net Finance (-925) + Other Inv Income (3,623? No, "Other Income Expense From Investments" 3,623 is likely included in PBT).
   Let's check PBT: 22,049M.
   Op Profit (17,510) + Net Finance (-925) + Equity Income (1,841) + Other Inv Income (3,623) = 22,049.
   17,510 - 925 + 1,841 + 3,623 = 22,049. Correct.
   
   So, Net Income includes Equity Income and Investment Income.
   Our Operating EBITDA (24,174) excluded these.
   If we use the "Net Income + ..." approach, we include them.
   S&P generally includes equity income in FFO (often as dividends received or share of profit).
   Given the baseline formula `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`, if we set Adjusted EBITDA to be the "Gross Cash Flow from Operations before Interest and Taxes", it should include all operating and non-operating recurring cash generators.
   
   Let's use the **CFO + Cash Interest + Cash Taxes** as a proxy for Adjusted EBITDA?
   CFO = 17,460.
   Cash Interest = 851.
   Cash Taxes = 8,488.
   Sum = 26,799M.
   
   Compare to Net Income + D&A + Cash Int + Cash Tax = 30,505M.
   Difference = 3,706M.
   This difference is largely due to Working Capital changes and non-cash items (like the Equity Income which is accrual, vs Dividends which are cash).
   Equity Income: 1,841M (Accrual). Dividends Received: 1,545M (Cash).
   If we use Cash-based EBITDA (CFO + Int + Tax), we are using 1,545M for equity.
   If we use Accrual-based EBITDA (NI + D&A + Int + Tax), we are using 1,841M for equity.
   
   S&P FFO is typically accrual-based (Net Income + D&A).
   So, FFO = Net Income + D&A = 13,961 + 7,205 = 21,166M.
   (Note: I previously calculated 20,766 using deferred tax adjustment, but standard FFO often ignores deferred tax or treats it differently. Let's stick to NI + D&A).
   
   If FFO = 21,166M.
   Then `Adjusted_EBITDA = FFO + Cash Interest + Cash Taxes` = 21,166 + 851 + 8,488 = 30,505M.
   
   Let's verify if this "Adjusted EBITDA" makes sense.
   It represents the total cash-generating capability before debt service and taxes, including equity pickups.
   
   **Final FFO Estimate**: 21,166,000,000 EUR.
   (Using Net Income Attributable to Owners + D&A. Some definitions use Total Net Income. Total Net Income = 13,961M. Attributable = 13,887M. The difference is NCI. S&P usually looks at consolidated entity debt, so consolidated FFO is appropriate. Consolidated Net Income = 13,961M.
   FFO = 13,961 + 7,205 = 21,166M.

### Step 3: Estimate Adjusted_Debt

Formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

**Reported Debt:**
*   Short-term Borrowings: 4,446,000,000 EUR
*   Current Portion of Long-term Borrowings: 3,097,000,000 EUR
*   Long-term Borrowings: 19,374,000,000 EUR
*   Total Interest-Bearing Debt = 4,446 + 3,097 + 19,374 = 26,917,000,000 EUR.

**Leases:**
*   Current Lease Liabilities: 884,000,000 EUR
*   Noncurrent Lease Liabilities: 4,067,000,000 EUR
*   Total Leases = 4,951,000,000 EUR.
*   S&P includes lease liabilities in Adjusted Debt.

**Pension Deficit:**
*   "Noncurrent Provisions For Employee Benefits": 786,000,000 EUR.
*   Usually, only the underfunded portion of defined benefit plans is added. Without specific actuarial data, we might use the provision as a proxy or ignore if not specified as a deficit. S&P typically adds the net pension deficit. Let's assume the provision reflects the liability. However, often "Provisions" include other items. "Net Deferred Tax Assets" are separate.
*   Looking at "Other Longterm Provisions": 15,267M. This is huge, likely decommissioning/asset retirement obligations (ARO). AROs are generally **not** included in S&P Adjusted Debt unless they are debt-like (e.g., legally mandated and fixed). Decommissioning costs are usually excluded from debt but monitored.
*   Employee Benefits: 786M. We will include this as pension deficit proxy.

**Hybrid Debt:**
*   "Perpetual Subordinated Bonds" are mentioned in equity changes ("Decrease Through Coupon Payment On Perpetual Subordinated Bonds Equity"). This implies they are classified as Equity. S&P typically treats perpetuals as 50% debt or 100% debt depending on terms. If classified as equity but debt-like, we add a portion.
*   The prompt doesn't give the outstanding balance of perpetuals explicitly in the debt section. They are in Equity.
*   Looking at "Proceeds From Issuing Other Equity Instruments" (2021: 1,985M).
*   Without a specific balance, we might estimate or exclude. However, ENI has significant perpetuals. Let's look for a clue.
*   In the absence of a specific line item for "Perpetual Bonds" in liabilities, and them being in Equity, we might apply a 50% haircut to the equity portion if we knew the amount. We don't. We will exclude for now or assume it's part of "Other Reserves".
*   Actually, let's look at "Other Noncurrent Liabilities": 3,234M.
*   Let's stick to the explicit Debt + Leases.

**Eligible Cash:**
*   "Cash And Cash Equivalents": 10,155,000,000 EUR.
*   S&P deducts unrestricted cash.
*   "Cash And Cash Equivalents In Consolidated Entities Held For Sale": 26,000,000 EUR. This might be restricted or associated with held-for-sale assets. We should probably exclude it from the cash deduction or include it in debt? Usually, cash held for sale is netted against assets held for sale. We will deduct the main Cash balance.
*   Eligible Cash = 10,155,000,000 EUR.

**Calculation of Adjusted Debt:**
Debt: 26,917M
Leases: 4,951M
Pension Deficit: 786M
Total Debt-like: 32,654M
Less Cash: 10,155M
Adjusted Debt = 22,499,000,000 EUR.

*Refinement on Cash*: S&P often deducts "Cash and Cash Equivalents" minus "Restricted Cash". We don't have restricted cash details, so we use the total.
*Refinement on Debt*: Did we miss any? "Shortterm Borrowings" + "Current Portion Longterm" + "Longterm Borrowings". This covers interest-bearing debt.

### Step 4: Calculate FFO / Adjusted_Debt

FFO = 21,166,000,000 EUR
Adjusted Debt = 22,499,000,000 EUR

Ratio = 21,166 / 22,499 ≈ 0.94075

Let's double check the FFO calculation.
If we use the "Operating EBITDA" based FFO (14,835 + Dividends 1,545 = 16,380), the ratio would be 16,380 / 22,499 = 0.728.
Which FFO definition is more standard for S&P?
S&P Global Ratings' "Key Credit Ratios" definition for FFO is:
**FFO = Net Income + Depreciation and Amortization + Deferred Taxes + Non-cash losses - Non-cash gains.**
Using Consolidated Net Income: 13,961M.
+ D&A: 7,205M.
+ Deferred Taxes: (Tax Expense 8,088 - Cash Tax 8,488) = -400M.
+ Non-cash items:
   - Impairment Reversal (Gain): -1,140M.
   + Write-offs (Loss): +599M.
   + Share of Equity Income (Non-cash? No, it's accrual. But dividends are cash. S&P often adds back equity income and subtracts dividends? Or just uses equity income? Standard FFO includes equity income as it's part of Net Income. But it's non-cash. S&P often adjusts FFO to replace equity income with dividends received.
   Adjustment: Subtract Equity Income (1,841) + Add Dividends Received (1,545). Net adj: -296M.
   
Revised FFO:
13,961 (NI)
+ 7,205 (D&A)
- 400 (Def Tax)
- 1,140 (Imp Rev)
+ 599 (Write-off)
- 296 (Equity Adj)
= 19,929M.

Let's use **19,929M** as the refined FFO.

Ratio = 19,929 / 22,499 = 0.88577...

Let's check if "Hybrid Debt" should be added.
ENI has ~4-5B in perpetuals. If we add 50% of 5B = 2.5B to Debt.
Adj Debt = 22,499 + 2,500 = 24,999M.
Ratio = 19,929 / 24,999 = 0.797.

However, without explicit data on the perpetual balance in the text provided (only mentions coupon payments), we cannot accurately add it. The text mentions "Decrease Through Coupon Payment... 138M". If coupon is ~3-4%, the principal is ~3-4B.
Let's assume the provided facts are sufficient. The "Equity" section shows "Other Reserves" and "Retained Earnings".
We will stick to the explicit Debt + Leases - Cash.

One more check on Cash:
"Cash And Cash Equivalents" 2023-01-01: 10,155M.
"Cash And Cash Equivalents If Different From Statement Of Financial Position" 2023-01-01: 10,181M.
The difference is small. We use 10,155M.

One more check on Debt:
Short-term: 4,446
Current LT: 3,097
LT: 19,374
Total: 26,917.

Leases:
Current: 884
Non-current: 4,067
Total: 4,951.

Pension: 786.

Total Gross Debt = 32,654.
Net Debt = 32,654 - 10,155 = 22,499.

FFO = 19,929.

Ratio = 19,929 / 22,499 = 0.88577.

Rounding to 4 decimal places: 0.8858.

<answer>0.8858</answer>