I need to estimate the FFO / Net debt ratio for 2022 (the fiscal year ending January 1, 2023).

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

FFO is typically calculated as net income + depreciation/amortization + other non-cash items, or alternatively derived from the cash flow statement.

A common approach for FFO:
FFO = Net income + Depreciation & Amortization + Non-cash items adjustments

From the data for the period 2022-01-01 to 2023-01-01:
- Profit/Loss: 997,600,000 EUR
- Operating Depreciation, Amortization, Provisions and Impairment Losses: 3,178,600,000 EUR
- Financial Amortization and Impairment Losses: 14,800,000 EUR
- Gains/Losses on disposal of operating assets: -299,000,000 (this was a loss, add back)
- Gains/Losses on disposal of financial assets: -370,000,000 (loss, add back)
- Deferred tax changes and other non-cash items

Alternatively, I can use the cash flow from operations before working capital changes minus taxes and interest:

Cash Flows from Operations before WC changes: 4,804,300,000
Less: Income taxes paid: -557,400,000
Less: Interest paid: -637,700,000 (from financing section)
Less: Interest on operating assets: -78,500,000
Less: Interest on lease: -52,500,000

But a simpler FFO approach:
FFO ≈ Cash flows from operating activities - Change in working capital
= 4,148,200,000 - (-48,000,000 + 190,500,000) = 4,148,200,000 - 142,500,000 = 4,005,700,000

Actually, a more standard FFO: Cash from operations before working capital changes minus taxes paid:
= 4,804,300,000 - 557,400,000 = 4,246,900,000

Or simply use operating cash flow: 4,148,200,000 minus maintenance capex... But let me use a more standard utility/infrastructure FFO definition:

FFO = Net income + D&A + deferred taxes + other non-cash
= 997,600,000 + 3,178,600,000 + 14,800,000 = ~4,191,000,000

Let me use the simpler approach: FFO ≈ Cash from operations before WC changes - taxes paid - net interest paid
= 4,804,300,000 - 557,400,000 - 637,700,000 - 78,500,000 - 52,500,000 = 3,478,200,000

**Step 2: Estimate Net Debt**

Net debt = Total financial debt - Cash and cash equivalents

At 2023-01-01 (end of 2022):
- Non-current financial liabilities (excl. concession): 19,692,100,000
- Non-current lease liabilities: 1,656,200,000
- Non-current concession liabilities: 1,680,500,000
- Current financial liabilities (excl. concession): 6,521,400,000
- Current lease liabilities: 496,500,000
- Current concession liabilities: 243,200,000
- Bank overdrafts: 213,600,000

Total gross debt (excluding lease and concession for typical net debt):
= 19,692,100,000 + 6,521,400,000 + 213,600,000 = 26,427,100,000

Less: Cash and cash equivalents: 9,012,200,000

Net debt = 26,427,100,000 - 9,012,200,000 = 17,414,900,000

But often net debt includes lease liabilities. Without leases:
Net debt = 17,414,900,000

FFO / Net debt = 3,478,200,000 / 17,414,900,000 ≈ 0.1997

If we use a broader FFO (operating cash flow before WC = 4,804,300,000 - 557,400,000 = 4,246,900,000):
FFO / Net debt = 4,246,900,000 / 17,414,900,000 ≈ 0.2439

A common simple FFO approximation: Operating cash flow = 4,148,200,000
Net debt = 17,414,900,000
Ratio = 4,148,200,000 / 17,414,900,000 ≈ 0.238

Given different methodologies, the ratio is approximately 0.20 to 0.24.

<answer>0.24</answer>