To calculate the Funds From Operations (FFO) to Net Debt ratio for HERA S.P.A. at the end of 2022, we first determine the Funds From Operations (FFO) and the Net Financial Debt.

**1. Funds From Operations (FFO)**
FFO is typically calculated as the net cash generated from operating activities before changes in working capital. Based on the cash flow statement provided:
* Cash Flows From Operations Before Changes In Working Capital: €1,202,000,000
* Add: Dividends Received (Operating): €13,400,000
* Add: Finance Income Received (Operating): €41,800,000
* Less: Finance Costs Paid (Operating): -€128,000,000
* Less: Income Taxes Paid (Operating): -€165,900,000

FFO = 1,202.0 + 13.4 + 41.8 - 128.0 - 165.9 = **€963,300,000**
*(This can also be verified by taking the total Cash Flows From Operating Activities of €35.7 million and adding back the Working Capital outflow of €927.6 million: 35.7 + 927.6 = €963.3 million).*

**2. Net Debt**
Net Financial Debt is calculated as the sum of all short-term and long-term interest-bearing financial and lease liabilities, minus cash, cash equivalents, and financial assets (excluding operating/commodity derivatives, but including non-current financial hedging derivatives). 

* **Financial & Lease Liabilities:**
  * Noncurrent Financial Liabilities: €5,689,900,000
  * Current Financial Liabilities: €650,100,000
  * Noncurrent Lease Liabilities: €55,100,000
  * Current Lease Liabilities: €21,300,000
  * *Total Debt = €6,416,400,000*

* **Cash & Financial Assets:**
  * Cash And Cash Equivalents: €1,942,400,000
  * Current Financial Assets: €77,700,000
  * Noncurrent Financial Assets: €151,800,000
  * *Total Cash & Assets = €2,171,900,000*

* **Net Noncurrent Derivatives:** 
  * Noncurrent Derivative Financial Liabilities: €6,300,000
  * Noncurrent Derivative Financial Assets: €1,000,000
  * *Net Derivative Liability = €5,300,000*

Net Debt = 6,416,400,000 - 2,171,900,000 + 5,300,000 = **€4,249,800,000** 
*(This exactly matches the officially reported Net Financial Debt by Hera S.P.A. at year-end 2022).*

**3. FFO / Net Debt Ratio**
Ratio = FFO / Net Debt
Ratio = 963,300,000 / 4,249,800,000 = 0.226669... (or roughly 22.67%)

<answer>0.2267</answer>