I need to estimate the FFO / Net Debt ratio for 2022 (the fiscal year ending 2023-01-01).

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

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Impairment losses - Gains on asset sales + Other non-cash adjustments

From the data:
- Profit Loss (Net Income) = 1,826 million EUR (2022-01-01 to 2023-01-01)
- Depreciation & Amortization and Impairment = 1,532 million EUR
- Allowance for credit losses = 228 million EUR (this is a non-cash charge)
- Gains on disposals of PP&E = -8 million EUR (subtract gains)
- Other Gains/Losses = -111 million EUR (losses, non-cash adjustment to add back)

Alternatively, I can use the cash flow statement approach:
FFO = Cash flows from operating activities + changes in working capital (add back) - other operating items

From cash flow data:
- Cash Flows from Operating Activities = 4,242 million EUR
- Increase/Decrease in Working Capital = -272 million EUR (this was subtracted, so to get FFO we add it back)

FFO = Operating Cash Flow - Working Capital Changes = 4,242 - (-272) = 4,242 + 272 = 4,514 million EUR

Wait, let me reconsider. The cash flow statement shows:
- Profit/Loss = 1,826
- Adjustments for reconcile = 3,057
- Working capital changes = -272
- Other operating inflows/outflows = -1,089 (includes interest paid, taxes paid, etc.)
- Total Operating CF = 4,242 - 720 (net of interest/tax adjustments already included)

Actually, FFO is typically: Operating Cash Flow before working capital changes, minus interest paid, minus taxes paid.

FFO = Profit + Adjustments for reconcile - Interest paid + Interest received - Taxes paid + Dividends received
= 1,826 + 3,057 - 520 + 87 - 762 + 106 = 3,794 million EUR

Or more simply: FFO = Operating CF + Working Capital changes = 4,242 + 272 = 4,514 million EUR

The simpler and more common approach for utilities: FFO = Operating Cash Flow - Working Capital Changes = 4,514 million EUR

**Step 2: Calculate Net Debt**

Net Debt = Total Financial Debt - Cash and Cash Equivalents

Total Financial Debt includes:
- Long-term Borrowings = 12,689 million EUR
- Non-current Lease Liabilities = 1,309 million EUR (sometimes excluded)
- Other Non-current Financial Liabilities = 1 million EUR
- Current Borrowings = 2,110 million EUR
- Current Lease Liabilities = 177 million EUR
- Other Current Financial Liabilities = 15 million EUR

Without leases:
Net Debt = (12,689 + 2,110 + 1 + 15) - 3,985 = 14,815 - 3,985 = 10,830 million EUR

With leases:
Net Debt = (12,689 + 1,309 + 1 + 2,110 + 177 + 15) - 3,985 = 16,301 - 3,985 = 12,316 million EUR

For a standard Net Debt calculation (excluding leases):
Net Debt = 14,815 - 3,985 = 10,830 million EUR

Including leases: 12,316 million EUR

**Step 3: FFO / Net Debt**

Using FFO = 4,514 and Net Debt = 10,830 (excluding leases):
FFO/Net Debt = 4,514 / 10,830 ≈ 0.417 or 41.7%

Using Net Debt including leases = 12,316:
FFO/Net Debt = 4,514 / 12,316 ≈ 0.366 or 36.6%

The most common approach for rating agencies includes leases but let me use the simpler borrowings-only approach:

FFO / Net Debt ≈ 4,514 / 10,830 ≈ 0.417

Rounding: approximately 0.42

<answer>0.42</answer>