To estimate the FFO (Funds From Operations) to Net Debt ratio for Terna S.p.A. as of the end of 2022, we first identify the relevant components from the provided data:

1.  **Funds From Operations (FFO):** A standard proxy for FFO is the "Cash Flows From Used In Operating Activities" adjusted for changes in working capital. The data provides "Cash Flows From Used In Operations Before Changes In Working Capital" for 2022-01-01 to 2023-01-01, which is 2,072,700,000 EUR. Alternatively, using the operating cash flow figure directly (2,323,700,000 EUR) is sometimes common, but "Before Changes In Working Capital" is a cleaner measure of core operational performance. We will use the 2,072,700,000 EUR figure.

2.  **Net Debt:** Net debt is calculated as total financial debt minus cash and cash equivalents.
    *   **Financial Debt (2023-01-01):**
        *   Longterm Borrowings: 8,416,700,000 EUR
        *   Shortterm Borrowings: 444,100,000 EUR
        *   Current Portion Of Longterm Borrowings: 1,909,300,000 EUR
        *   Noncurrent Financial Liabilities: 247,200,000 EUR
        *   Current Financial Liabilities: 44,900,000 EUR
        *   Total Gross Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 + 247,200,000 + 44,900,000 = 11,062,200,000 EUR.
    *   **Cash and Cash Equivalents (2023-01-01):** 2,155,100,000 EUR.
    *   **Net Debt =** 11,062,200,000 - 2,155,100,000 = 8,907,100,000 EUR.

3.  **Calculation:**
    *   Ratio = FFO / Net Debt
    *   Ratio = 2,072,700,000 / 8,907,100,000 ≈ 0.232702

<answer>0.232702</answer>