I need to estimate the FFO (Funds From Operations) / Net Debt ratio for 2022.

First, let me understand what these terms mean:
- FFO is typically calculated as: Net Income + Depreciation/Amortization + Impairments + Deferred Taxes + Other non-cash items (or more simply: Operating Cash Flow - Working Capital Changes)
- Net Debt = Total Financial Debt - Cash and Cash Equivalents

Let me find the relevant figures from the data.

**For FFO, I'll use Cash Flows From Used In Operations Before Changes In Working Capital:**
- 2022 (period 2022-01-01 to 2023-01-01): 4,804,300,000 EUR

This is essentially EBITDA minus taxes paid, or more precisely operating cash flow before working capital changes. This is a common proxy for FFO in credit analysis.

Actually, let me reconsider. FFO is more commonly defined as:
- Net Income + Depreciation + Amortization + Impairments + Deferred Taxes

Or alternatively, from the cash flow statement: Cash Flow from Operations Before Working Capital Changes.

Looking at the data: "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000 EUR for 2022.

**For Net Debt:**

I need to find total financial debt and subtract cash.

Financial liabilities:
- Noncurrent Financial Liabilities Excluding Concession Liabilities (2023-01-01): 19,692,100,000 EUR
- Current Financial Liabilities Excluding Concession Liabilities (2023-01-01): 6,521,400,000 EUR
- Noncurrent Lease Liabilities (2023-01-01): 1,656,200,000 EUR
- Current Lease Liabilities (2023-01-01): 496,500,000 EUR
- Noncurrent Concession Liabilities (2023-01-01): 1,680,500,000 EUR
- Current Concession Liabilities (2023-01-01): 243,200,000 EUR

Also need to check for bank overdrafts:
- Bank Overdrafts And Other Cash Position Items (2023-01-01): 213,600,000 EUR

Cash and Cash Equivalents (2023-01-01): 9,012,200,000 EUR

For Net Debt, I need to determine what constitutes "debt." Typically:
- Financial liabilities (current and non-current)
- Sometimes lease liabilities
- Sometimes concession liabilities
- Bank overdrafts

Let me calculate Gross Debt first with different definitions:

**Definition 1: Strict financial debt only**
- Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692,100,000
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Bank Overdrafts: 213,600,000
= 26,427,100,000 EUR

**Definition 2: Including lease liabilities (IFRS 16)**
+ Noncurrent Lease Liabilities: 1,656,200,000
+ Current Lease Liabilities: 496,500,000
= 28,579,800,000 EUR

**Definition 3: Including concession liabilities**
+ Noncurrent Concession Liabilities: 1,680,500,000
+ Current Concession Liabilities: 243,200,000
= 30,503,500,000 EUR

For credit analysis, FFO/Net Debt typically uses a comprehensive debt definition including leases and sometimes concessions. However, the most standard approach for corporate credit metrics often includes financial debt and lease liabilities.

Let me use the most common approach: Financial debt + lease liabilities - cash.

Gross Debt (financial + leases + bank overdrafts):
= 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 213,600,000
= 28,579,800,000 EUR

Net Debt = Gross Debt - Cash and Cash Equivalents
= 28,579,800,000 - 9,012,200,000
= 19,567,600,000 EUR

Wait - I need to check if bank overdrafts are already included in current financial liabilities or separate. The data shows "Bank Overdrafts And Other Cash Position Items" separately from "Current Financial Liabilities Excluding Concession Liabilities", so they should be added.

Let me also check: "Cash And Cash Equivalents If Different From Statement Of Financial Position" for 2022-01-01 is 10,276,800,000 EUR, but the balance sheet shows 9,012,200,000 EUR for 2023-01-01. I should use the balance sheet figure for consistency.

Actually, for 2022 year-end (which is 2023-01-01 in this data since it's the end of 2022):
- Cash And Cash Equivalents: 9,012,200,000 EUR

Now, let me also consider if we should include concession liabilities. In some utilities/infrastructure contexts, concession liabilities are operationally similar to debt. Let me check both.

**FFO calculation:**

The standard FFO formula from cash flows:
FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Interest Paid - Interest Received (if any) +/− certain adjustments

Or more commonly in credit ratings: FFO = Net Income + Depreciation + Amortization + Impairments + Deferred Taxes - Gains on asset sales

From the data, I have:
- "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000 EUR

This figure typically already includes interest paid and received, and is pre-working capital. For FFO, we usually want to add back interest paid (since FFO is before financing costs) or use a different starting point.

Actually, looking at standard credit metrics (like S&P methodology):
FFO = Funds from operations = Net cash provided by operating activities (after working capital changes) OR more commonly: Operating cash flow before working capital changes

Wait - let me re-read. "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000. This is positive, meaning cash generated.

But this includes interest paid. For FFO/Net Debt, we typically want FFO before interest, or we can use the figure as is and understand that the ratio compares to net debt (which includes the debt on which interest is paid).

Actually, standard FFO definition from S&P/Moody's:
FFO = Net income + Depreciation + Amortization + Impairments + Deferred taxes + Other non-cash items

Or: FFO = Cash flow from operations before changes in working capital (which equals EBITDA - cash taxes)

Let me verify with the data components:
- Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
- Financial Amortization And Impairment Losses: 14,800,000
- Total D&A = 3,193,400,000

- Profit Loss = 997,600,000
- Income Tax Expense Continuing Operations = 419,800,000
- Profit Loss From Discontinued Operations = -78,600,000

Net Income + D&A + Taxes + other adjustments:
= 997,600,000 + 3,193,400,000 + 419,800,000 (approximate, need to be careful)
= approximately 4,610,800,000

This is close to the "Cash Flows From Used In Operations Before Changes In Working Capital" of 4,804,300,000. The difference might be due to working capital adjustments, other items, or the tax figure being different from cash taxes.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" is the standard proxy for FFO in many credit analyses. Let me use this directly as FFO = 4,804,300,000 EUR.

But wait - I need to check if this is for 2022. The period "2022-01-01 - 2023-01-01" represents the year 2022.

Now for Net Debt at year-end 2022 (which is 2023-01-01):

Let me be more careful about what to include. For European utility/infrastructure companies, the standard net debt calculation typically includes:

1. Current and non-current financial liabilities
2. Lease liabilities (IFRS 16)
3. Bank overdrafts
4. Sometimes concession liabilities (if they are financial in nature)
5. Less: Cash and cash equivalents

From the balance sheet data at 2023-01-01:
- Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692,100,000
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Noncurrent Lease Liabilities: 1,656,200,000
- Current Lease Liabilities: 496,500,000
- Noncurrent Concession Liabilities: 1,680,500,000
- Current Concession Liabilities: 243,200,000
- Bank Overdrafts And Other Cash Position Items: 213,600,000

Cash: 9,012,200,000

For "Net Debt" as commonly used in FFO/Net Debt:
- Financial debt (excluding leases and concessions): 19,692,100,000 + 6,521,400,000 + 213,600,000 = 26,427,100,000
- Plus leases: 1,656,200,000 + 496,500,000 = 2,152,700,000
- Plus concessions: 1,680,500,000 + 243,200,000 = 1,923,700,000

Standard net debt (financial + leases - cash):
= 26,427,100,000 + 2,152,700,000 - 9,012,200,000 = 19,567,600,000

Comprehensive net debt (including concessions):
= 26,427,100,000 + 2,152,700,000 + 1,923,700,000 - 9,012,200,000 = 21,491,300,000

Let me check what Veolia typically reports. Given this is a utility/waste management company with significant concession assets, concession liabilities are often included in net debt.

However, I need to be more careful. Let me look at whether "Current Financial Liabilities Excluding Concession Liabilities" already excludes concessions - yes, the name says so. And "Noncurrent Financial Liabilities Excluding Concession Liabilities" also excludes them.

For FFO/Net Debt ratio, I'll use the comprehensive definition that includes concession liabilities, as is common in the infrastructure sector.

Net Debt = 19,692,100,000 + 6,521,400,000 + 1,656,200,000 + 496,500,000 + 1,680,500,000 + 243,200,000 + 213,600,000 - 9,012,200,000
= 30,491,500,000 - 9,012,200,000
= 21,479,300,000 EUR

Wait, let me recheck: 19,692,100 + 6,521,400 + 1,656,200 + 496,500 + 1,680,500 + 243,200 + 213,600 = 30,503,500
Minus 9,012,200 = 21,491,300,000

Hmm, I had a slight discrepancy. Let me recalculate:
19,692,100,000 + 6,521,400,000 = 26,213,500,000
+ 1,656,200,000 = 27,869,700,000
+ 496,500,000 = 28,366,200,000
+ 1,680,500,000 = 30,046,700,000
+ 243,200,000 = 30,289,900,000
+ 213,600,000 = 30,503,500,000

Minus 9,012,200,000 = 21,491,300,000

So Net Debt = 21,491,300,000 EUR

FFO = 4,804,300,000 EUR

FFO / Net Debt = 4,804,300,000 / 21,491,300,000 = 0.2235 or 22.35%

But wait - I need to reconsider the FFO definition. In some methodologies, FFO excludes interest paid. Let me check if "Cash Flows From Used In Operations Before Changes In Working Capital" includes interest.

Looking at the cash flow statement structure, this line item is before working capital changes but typically after interest paid in the standard indirect method. However, for FFO/Net Debt, we want a measure of cash generation available to service debt, so we might want to add back interest paid.

Actually, looking more carefully at standard definitions:
- S&P defines FFO as: Net cash provided by operating activities (after working capital changes) plus increase in operating working capital minus capital expenditures... no wait, that's different.

Let me look at Moody's definition: FFO = Net income + Depreciation + Amortization + Deferred taxes + Other non-cash items

From the data, I can construct this:
- Net Income (Profit Loss): 997,600,000
- Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
- Financial Amortization And Impairment Losses: 14,800,000
- Adjustments For Income Tax Expense: 419,800,000 (this is the tax expense, but FFO uses deferred taxes, not total tax expense)

Actually, the cash flow statement shows "Adjustments For Income Tax Expense" of 419,800,000, which is added back to reconcile profit to cash flow. But this is total tax expense, not deferred tax.

For a quick approximation, FFO ≈ Cash Flows From Used In Operations Before Changes In Working Capital = 4,804,300,000 is reasonable, as it represents operating cash generation before working capital investment.

However, I want to check if there's a better proxy. Looking at the adjustments:
- Profit Loss: 997,600,000
+ Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
+ Financial Amortization And Impairment Losses: 14,800,000
+ Adjustments For Income Tax Expense: 419,800,000
+ Net Finance Costs Adjustments: 632,700,000 (this is added back, meaning finance costs were deducted in profit)
+ Other adjustments...

Let me verify: 997,600,000 + 3,178,600,000 + 14,800,000 + 419,800,000 + 632,700,000 + 282,300,000 + 705,000,00 + 56,500,000 + 41,000,000 - 370,000,000 - 299,000,000 + 128,600,000 + ...

Actually, let me just use the pre-calculated "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000 as FFO proxy, which is standard practice.

But I should consider whether to use FFO before or after interest. For FFO/Net Debt, the ratio is meant to show debt servicing capacity. If FFO includes interest paid, then the ratio is somewhat conservative (since debt service includes interest). If we add back interest, we get a higher FFO.

Standard practice in credit metrics: FFO = Cash flow from operations before working capital changes (which typically includes interest paid) OR Net income + D&A + deferred taxes + other non-cash items (which is before interest).

Actually, I think I need to be more careful. Let me look at what "Cash Flows From Used In Operations Before Changes In Working Capital" means in the context of this cash flow statement.

In the indirect method:
Start with Net Income
+ D&A and other non-cash items
+/- Changes in working capital
= Cash from operations

But "Cash Flows From Used In Operations Before Changes In Working Capital" suggests:
Net Income + D&A + other non-cash items - taxes paid + interest received - interest paid?

Actually, looking at the detailed adjustments in the cash flow statement, the reconciliation from profit to "Cash Flows From Used In Operations Before Changes In Working Capital" includes:
- Various add-backs (D&A, impairments, finance costs, tax expense, etc.)
- Minus dividends received, plus share of profits of JVs, etc.

The result 4,804,300,000 is essentially: EBITDA - Cash Taxes +/− other operating items, or roughly Operating Cash Flow before working capital changes.

For conservative credit analysis, I'll use this figure as FFO.

Now, let me also consider an alternative FFO calculation that adds back interest paid (since we want to measure debt servicing capacity):

FFO + Interest Paid = 4,804,300,000 + 637,700,000 = 5,442,000,000

But standard FFO/Net Debt typically uses FFO as defined without adding back interest, because the ratio is meant to show how much cash is available after operations to service debt, and interest is part of operations in some definitions.

Actually, looking at rating agency methodologies more carefully:
- Moody's FFO = Net cash from operating activities + decrease in working capital - increase in working capital - capital expenditures... no that's FCC
- S&P FFO = Funds from operations = Net income + Depreciation + Amortization + Impairments + Deferred taxes

Let me try S&P's approach with available data:
Net Income: 997,600,000
+ Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000
+ Financial Amortization And Impairment Losses: 14,800,000
+ Deferred Tax... hmm, I don't have deferred tax directly. I have "Deferred Tax Assets" and "Deferred Tax Liabilities" on balance sheet, but not the change.

From the income statement: Income Tax Expense Continuing Operations = 419,800,000. This is the total tax expense. Cash taxes paid were 557,400,000 (from "Income Taxes Paid Refund Classified As Operating Activities"). 

The difference between tax expense and cash taxes is roughly the deferred tax component: 419,800,000 - 557,400,000 = -137,600,000 (negative means more cash taxes than expense, so deferred tax liability increased or asset decreased).

Actually for FFO, we add back the non-cash portion. If tax expense is 419,800,000 and cash taxes are 557,400,000, then the "deferred" portion is negative, meaning we actually paid more in cash than expensed.

FFO ≈ 997,600,000 + 3,178,600,000 + 14,800,000 + 419,800,000 = 4,610,800,000

This is close to 4,804,300,000. The difference of ~193,500,000 could be due to other items in the reconciliation.

Given that 4,804,300,000 is the detailed reconciliation result, I'll use this as FFO.

For Net Debt, I need to decide on the definition. Let me check if there's a standard "Net Debt" figure I can derive.

Looking at the balance sheet:
Total Current Liabilities: 29,203,700,000
Total Noncurrent Liabilities: 29,233,500,000
Total Equity: 14,866,900,000
Total Liabilities and Equity: 73,304,100,000

Financial debt components at 2023-01-01:
- Noncurrent Financial Liabilities Excluding Concession Liabilities: 19,692,100,000
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Noncurrent Lease Liabilities: 1,656,200,000
- Current Lease Liabilities: 496,500,000
- Noncurrent Concession Liabilities: 1,680,500,000
- Current Concession Liabilities: 243,200,000
- Bank Overdrafts: 213,600,000

Total = 30,503,500,000

Cash = 9,012,200,000

Net Debt = 30,503,500,000 - 9,012,200,000 = 21,491,300,000

Or if we exclude concessions:
Net Debt = 26,579,800,000 - 9,012,200,000 = 17,567,600,000

For infrastructure/utility companies, the standard is often to include concession liabilities in net debt, as they represent financial obligations related to concession arrangements.

FFO/Net Debt = 4,804,300,000 / 21,491,300,000 = 0.2235 or 22.4%

Or with concessions excluded: 4,804,300,000 / 17,567,600,000 = 27.3%

Let me verify which is more standard. For Veolia specifically, given their business model with many concession contracts (water, waste), concession liabilities are typically included in their reported net debt.

Actually, looking at the data more carefully, I see "Noncurrent Financial Liabilities Excluding Concession Liabilities" and "Current Financial Liabilities Excluding Concession Liabilities" - this suggests that concession liabilities are reported separately and would typically be included in a comprehensive net debt figure.

However, I want to check if there's another approach. Some analysts calculate Net Debt as:
Total Liabilities - Equity - Operating liabilities (payables, provisions, etc.) - Cash

Or more directly: All interest-bearing liabilities minus cash.

Let me try: 
Interest-bearing liabilities = Financial liabilities + Lease liabilities + Concession liabilities + Bank overdrafts
= 30,503,500,000

Net Debt = 30,503,500,000 - 9,012,200,000 = 21,491,300,000

FFO/Net Debt = 4,804,300,000 / 21,491,300,000 = 0.2235

Let me also consider if FFO should be adjusted. The standard FFO/Net Debt metric for credit ratings sometimes uses "FFO before net interest" or similar. But the most common definition uses FFO as cash from operations before working capital changes, which includes interest paid.

Actually, I realize I should double-check my FFO figure. Let me see if there's a better proxy.

Looking at EBITDA-like figures:
Revenue: 42,885,300,000
Cost Of Sales: 35,739,800,000
Gross Profit = 7,145,500,000

Selling Expense: 954,200,000
General And Administrative Expense: 3,215,800,000
Other Operating Income Expense: -769,200,000
Operating Income Before Share Of Net Income Loss Of Equity Accounted Entities: 2,206,300,000

Add back D&A:
Operating Depreciation Amortization Provisions And Impairment Losses: 3,178,600,000

EBITDA = Operating Income + D&A = 2,206,300,000 + 3,178,600,000 = 5,384,900,000

FFO is typically EBITDA - Cash Taxes +/− other items
= 5,384,900,000 - 557,400,000 (cash taxes) + ... 
= 4,827,500,000 approximately

This is close to 4,804,300,000. The difference is about 23,200,000, which could be due to other items.

So FFO ≈ 4,804,300,000 seems correct.

Let me also check if I should use average net debt or year-end net debt. For ratios, year-end is common unless specified otherwise.

Final calculation:
FFO / Net Debt = 4,804,300,000 / 21,491,300,000 = 0.2235

As a percentage: 22.35%

Or as a ratio: 0.22

Actually, FFO/Net Debt is typically expressed as a percentage or as a multiple (like 0.22x or 22.4%).

Wait - I need to re-read the question. It asks for "FFO / Net debt ratio for 2022". This is typically expressed as a percentage or a decimal.

Let me also verify my net debt calculation once more. I want to make sure about bank overdrafts.

"Bank Overdrafts And Other Cash Position Items" 2023-01-01: 213,600,000 EUR

And "Cash And Cash Equivalents" 2023-01-01: 9,012,200,000 EUR

In some presentations, bank overdrafts are netted against cash. But in the balance sheet, they're shown separately in current liabilities. For net debt, we should include them as debt.

Also, I should check if there are any other financial liabilities I missed. Looking at current liabilities:
- Operating Payables: 19,475,200,000 (not debt)
- Current Concession Liabilities: 243,200,000
- Current Provisions: 1,015,300,000 (not typically debt)
- Current Financial Liabilities Excluding Concession Liabilities: 6,521,400,000
- Current Lease Liabilities: 496,500,000
- Current Derivative Financial Liabilities: 883,400,000 (this is a fair value item, not principal debt)
- Bank Overdrafts: 213,600,000
- Liabilities Included In Disposal Groups: 355,100,000

Hmm, I missed "Current Derivative Financial Liabilities" in my calculation. Should these be included?

Derivative liabilities are typically fair value adjustments on hedging instruments, not the underlying debt principal. For net debt calculations, derivatives are usually excluded unless they're net-settled and in a liability position. However, some comprehensive definitions include them.

Similarly, "Noncurrent Derivative Financial Liabilities" = 720,200,000.

For a standard net debt figure, I would typically exclude derivative fair values as they represent hedging adjustments rather than principal debt. But let me consider if they should be included.

Actually, looking more carefully: derivative liabilities are obligations to pay, so they could be included. However, they often have corresponding assets or are hedges of underlying exposures.

For conservatism and standard practice, I'll exclude derivatives from net debt.

Let me also check "Other Noncurrent Financial Assets" and "Noncurrent Derivative Financial Assets" - these are assets, not liabilities.

So my net debt calculation:
Financial debt (principal): 19,692,100,000 + 6,521,400,000 = 26,213,500,000
Lease liabilities: 1,656,200,000 + 496,500,000 = 2,152,700,000
Concession liabilities: 1,680,500,000 + 243,200,000 = 1,923,700,000
Bank overdrafts: 213,600,000
Total debt-like liabilities: 30,503,500,000

Less: Cash and cash equivalents: 9,012,200,000
Net Debt: 21,491,300,000

FFO: 4,804,300,000

Ratio: 4,804,300,000 / 21,491,300,000 = 0.2235

Let me express this as a percentage: 22.35%, or as a decimal ratio: 0.22.

Actually, in credit analysis, FFO/Net Debt is often expressed as a percentage. But sometimes it's shown as a multiple (e.g., 0.22x). 

Given the question asks for "ratio", I'll provide it as a decimal.

But wait - I want to double check one thing. Should I use the cash flow figure for 2022, and should I use beginning or end of period net debt?

For 2022 performance, the cash flow is for the year 2022 (period 2022-01-01 to 2023-01-01). For net debt, using year-end 2022 (which is 2023-01-01 in the data) is standard.

However, some analysts prefer average net debt. Let me calculate both:

Beginning net debt (2022-01-01):
Financial debt: 10,462,500,000 + 8,624,300,000 = 19,086,800,000
Lease liabilities: 1,298,100,000 + 410,600,000 = 1,708,700,000
Concession liabilities: 1,588,400,000 + 169,400,000 = 1,757,800,000
Bank overdrafts: 241,900,000
Total: 22,795,200,000
Cash: 10,518,700,000
Net Debt: 12,276,500,000

Average net debt: (12,276,500,000 + 21,491,300,000) / 2 = 16,883,900,000

FFO / Average Net Debt = 4,804,300,000 / 16,883,900,000 = 28.5%

This is quite different! But year-end net debt is more commonly used for this ratio, especially when looking at credit metrics at a point in time.

Actually, I realize I should check if the question implies using 2022 year-end data throughout, or if there's a specific convention. Given the data is from "annual report at the end of 2022", the 2023-01-01 figures represent the end of 2022.

Let me also verify: the period "2022-01-01 - 2023-01-01" is indeed the year 2022.

I'll stick with year-end net debt as it's the most common presentation.

One more check: should I include "Actifs Financiers Operationnels Non Courants" and "Actifs Financiers Operationnels Courants" as part of cash or debt reduction? These are "Operating Financial Assets" - they might be long-term receivables or investments related to operations, not excess cash.

Looking at the names:
"Actifs Financiers Operationnels Non Courants" = Non-current Operating Financial Assets: 1,193,800,000
"Actifs Financiers Operationnels Courants" = Current Operating Financial Assets: 182,800,000

These are operating items, not financial cash equivalents. For net debt, we typically don't include these unless they're clearly excess cash or liquid investments.

Similarly, "Other Current Financial Assets" = 2,213,500,000 and "Other Noncurrent Financial Assets" = 483,200,000 - these might include some liquid items, but without more detail, it's hard to say.

For standard net debt, I'll stick with Cash and Cash Equivalents only.

Final answer: FFO / Net Debt = 4,804,300,000 / 21,491,300,000 = 0.2235 or 22.4%

Let me round to a reasonable precision: 0.22 or 22.4%. Given the data precision, I'll use 0.22 or 22%.

Actually, looking at this again, I want to verify my net debt one more time. Let me see if there's any other debt-like item.

"Noncurrent Investments Other Than Investments Accounted For Using Equity Method" dropped from 3,770,300,000 to 112,500,000. This is a huge drop. The 2022 figure includes "Nonconsolidated Suez Shares" of 3,721,000,000. So in 2023, the Suez shares are gone (likely due to the Suez acquisition/consolidation), leaving only 112,500,000 of "Nonconsolidated Other Securities".

This doesn't affect net debt.

Let me also check if there are any other liability items that could be debt-like:
- "Noncurrent Provisions": 2,844,400,000 - these are typically non-financial (environmental, restructuring, etc.)
- "Current Provisions": 1,015,300,000 - same
- "Operating Payables": 19,475,200,000 - trade payables, not debt

So my net debt calculation seems comprehensive.

One final consideration: FFO/Net Debt can also be calculated as FFO / (Net Debt + something), or using different FFO definitions.

Some credit analysts use:
FFO = Cash Flow From Operating Activities (after working capital changes) = 4,148,200,000

This would give: 4,148,200,000 / 21,491,300,000 = 19.3%

But "before changes in working capital" is more standard for FFO.

I'll use 4,804,300,000 / 21,491,300,000 = 0.2235

Rounding: 0.22 or 22.4%. I'll provide 0.22 as the ratio.

Actually, let me see if I can get a more precise figure or if there's a standard Veolia presentation. Without that, I'll use 0.22.

Wait - I want to check one more thing. Is "Cash Flows From Used In Operations Before Changes In Working Capital" the same as "Funds From Operations"?

In many European presentations, FFO is indeed defined as "Operating cash flow before changes in working capital" or "Cash flow from operations before working capital changes". This matches.

However, some definitions add back interest paid to get to a pre-interest measure. Let me check if this is relevant.

If we add back interest paid (637,700,000) and subtract interest received (if any), we get a higher figure. But I don't see interest received separately.

Actually, looking at the cash flow statement, "Net Finance Costs" of -632,700,000 is adjusted by adding back 632,700,000 in the reconciliation. This suggests that finance costs were deducted in arriving at profit, and are added back for cash flow purposes.

But "Cash Flows From Used In Operations Before Changes In Working Capital" of 4,804,300,000 already includes this add-back. Let me verify:

Starting from Profit Loss: 997,600,000
+ Operating Depreciation Amortization: 3,178,600,000
+ Financial Amortization: 14,800,000
+ Gains/Losses on disposal of operating assets: -(-299,000,000)? Wait, the data says "-299000000" for "Gains Losses On Disposal Of Operating Assets" for 2022. In 2021 it was "-392000000". 

Actually, looking at the signs: "Gains Losses On Disposal Of Operating Assets" 2022-01-01 - 2023-01-01: -299000000 EUR. This is a loss, so it's added back.

Let me try to roughly reconcile:
997,600,000 (Profit)
+ 3,178,600,000 (Operating D&A)
+ 14,800,000 (Financial amortization)
+ 419,800,000 (Tax expense)
+ 632,700,000 (Finance costs)
+ 299,000,000 (Loss on disposal)
+ 370,000,000 (Loss on financial assets? "Plus Ou Moins Values De Cessions Dactifs Financiers" = -370,000,000, so loss, add back)
+ 282,300,000 (Other adjustments)
- 56,500,000 (Share of JV profit)
- 70,500,000 (Share of associate profit? "Adjustments For Undistributed Profits Of Associates" = 70,500,000 - this is subtracted)
- 41,000,000 (Dividend income)
- 128,600,000 (Dividends received)

Rough total: 997.6 + 3,178.6 + 14.8 + 419.8 + 632.7 + 299.0 + 370.0 + 282.3 - 56.5 - 70.5 - 41.0 - 128.6 = 5,908.2

Hmm, this doesn't match 4,804.3. I'm missing something or misinterpreting signs.

Let me look more carefully. The adjustments listed are "Adjustments To Reconcile Profit Loss" - some are added, some subtracted.

Actually, I think "Adjustments For Undistributed Profits Of Associates" of 70,500,000 is an add-back (undistributed profits are subtracted in equity accounting but not cash, so add back). And "Share Of Net Income Loss Of Joint Ventures" of 56,500,000 is also added back.

"Dividend Income" of 41,000,000 is subtracted (non-operating or already in investing).

Let me try again more carefully, using the structure of typical cash flow statements:

Profit before tax: 1,496,000,000 (from "Profit Loss Before Tax" for 2022)
+ Income tax expense: 419,800,000
= Profit from continuing operations before tax: but wait, "Profit Loss Before Tax" already includes discontinued operations?

Actually "Profit Loss Before Tax" = 1,496,000,000
"Income Tax Expense Continuing Operations" = 419,800,000
"Profit Loss From Continuing Operations" = 1,076,200,000
"Profit Loss From Discontinued Operations" = -78,600,000
"Profit Loss" = 997,600,000

Check: 1,076,200,000 - 78,600,000 = 997,600,000 ✓
And 1,496,000,000 - 419,800,000 = 1,076,200,000 ✓

Now for the reconciliation to "Cash Flows From Used In Operations Before Changes In Working Capital":

Starting point should be "Profit Loss" = 997,600,000
+ Add back items:
  - "Operating Depreciation Amortization Provisions And Impairment Losses": 3,178,600,000
  - "Financial Amortization And Impairment Losses": 14,800,000
  - "Gains Losses On Disposal Of Operating Assets": 299,000,000 (loss, so add back)
  - "Plus Ou Moins Values De Cessions Dactifs Financiers": 370,000,000 (loss, so add back)
  - "Net Finance Costs Adjustments": 632,700,000
  - "Adjustments For Income Tax Expense": 419,800,000
  - "Other Adjustments To Reconcile Profit Loss": 282,300,000
  - "Adjustments For Undistributed Profits Of Associates": 70,500,000
  - "Share Of Net Income Loss Of Joint Ventures": 56,500,000
- Subtract items:
  - "Adjustments For Dividend Income": 41,000,000
  - "Dividends Received Classified As Investing Activities": 128,600,000

Wait, I need to be more careful about which items are added and which subtracted.

In standard cash flow reconciliation:
- Start with Net Income
+ D&A (non-cash expense, added back)
+ Impairments (non-cash, added back)
+ Finance costs (added back - they're in financing activities)
+ Tax expense (added back - taxes are separate)
- Gain on sale of assets (subtracted - it's in investing activities)
+ Loss on sale of assets (added back)
- Share of profit of associates/JVs (subtracted - equity accounted, not cash)
+ Dividends received from associates/JVs (this is cash, but already in investing?)

Actually, I realize the detailed items listed are specifically the "adjustments", so their signs in the data indicate whether they're positive or negative adjustments.

Given the complexity, I'll trust the pre-calculated "Cash Flows From Used In Operations Before Changes In Working Capital" = 4,804,300,000.

For my final answer, I'll use:
FFO = 4,804,300,000
Net Debt = 21,491,300,000
FFO/Net Debt = 0.2235 ≈ 0.22

Let me also check if using a slightly different net debt would be more standard. For example, excluding bank overdrafts from debt and netting them against cash:

Net Debt = 30,289,900,000 - (9,012,200,000 - 213,600,000)? No, that doesn't make sense.

Actually, bank overdrafts are typically included in cash and cash equivalents on a net basis in some presentations, but here they're shown separately as a liability. For net debt, we add them to debt.

Final calculation: 4,804,300,000 / 21,491,300,000 = 0.223544...

Rounded to two decimal places: 0.22

Or as percentage: 22.35%

I'll provide 0.22 as the ratio.

<answer>0.22</answer>