I need to estimate the FFO / Net Debt ratio for 2022.

**Step 1: Estimate FFO (Funds From Operations)**

FFO is typically calculated as net income + depreciation & amortization + impairments - gains on sales of assets, adjusted for non-cash items. For a utility company, a common approach is:

FFO ≈ Net Income (from continuing operations) + Depreciation & Amortization + Impairments - Capital Gains + Other non-cash adjustments

Or alternatively, FFO can be approximated from the cash flow statement. Looking at the cash flow data:

Cash Flows from Operating Activities (continuing operations) = 2,104M EUR (2022)

But FFO typically excludes working capital changes:
FFO ≈ Cash Flows from Operations before working capital changes = 2,322M EUR

However, let me also try the income statement approach:

Profit from continuing operations: 1,011M
+ Depreciation & Amortization: 566M
+ Impairments: 905M
- Capital gains: 785M
+ Non-cash items (other adjustments): 153M
- Share of profit of associates (non-cash): add back the loss of 629M

FFO ≈ 1,011 + 566 + 905 - 785 + 153 + 629 = 2,479M

The cash flow based approach gives ~2,322M (before working capital). Let me use the cash flow statement approach as it's more standard:

FFO ≈ Cash flows from operations before working capital = 2,322M EUR

**Step 2: Estimate Net Debt**

Net Debt = Financial Debt - Cash and Cash Equivalents

Financial debt includes:
- Other Noncurrent Financial Liabilities: 3,658M
- Other Current Financial Liabilities: 4,127M

Total financial debt = 3,658 + 4,127 = 7,785M

Cash and liquid funds = 3,919M

Net Debt = 7,785 - 3,919 = 3,866M

Note: I should consider whether margin receivables/liabilities should be netted. Margin receivables (2,607M) and margin liabilities (352M) are related to derivative collateral, typically not included in net debt.

Also, other current/noncurrent financial assets might include some items, but the standard net debt calculation for utilities typically focuses on interest-bearing debt minus cash.

**Step 3: Calculate FFO / Net Debt**

FFO / Net Debt = 2,322 / 3,866 ≈ 0.601

Let me double-check with slightly different FFO estimates. Using the comparable EBITDA approach:
Comparable EBITDA = 2,436M
- Interest paid: 201M
- Taxes paid: 167M
FFO ≈ 2,436 - 201 - 167 = 2,068M

FFO / Net Debt = 2,068 / 3,866 ≈ 0.535

Taking the cash flow before working capital approach (2,322M):
FFO / Net Debt = 2,322 / 3,866 ≈ 0.60

These are end-of-2022 balance sheet figures (as of Jan 1, 2023).

I'll use the cash flow-based FFO of approximately 2,322M and net debt of 3,866M.

FFO / Net Debt ≈ 0.60

<answer>0.60</answer>