To estimate the FFO / Net Debt ratio for REN in 2022, we need to calculate two components: Funds From Operations (FFO) and Net Debt.

**1. Calculate Funds From Operations (FFO)**

FFO is typically defined as Net Income plus Depreciation and Amortization, plus/minus other non-cash items. A common simplified formula for utilities is:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Adjustments}$$

However, a more robust proxy often used in credit analysis when detailed cash flow adjustments aren't fully broken out is:
$$FFO \approx \text{Operating Cash Flow} - \text{Changes in Working Capital}$$
Or simply:
$$FFO = \text{Net Profit} + \text{Depreciation and Amortization}$$

Let's look at the data provided for the period 2022-01-01 to 2023-01-01 (which represents the fiscal year 2022):
*   **Profit Loss (Net Income):** 111,771,000 EUR
*   **Depreciation And Amortisation Expense:** 249,276,000 EUR

Using the basic definition:
$$FFO_{basic} = 111,771,000 + 249,276,000 = 361,047,000 \text{ EUR}$$

Let's check if we can derive a more accurate FFO from the Cash Flow Statement.
*   **Cash Flows From Operating Activities:** 613,466,000 EUR
*   This figure includes changes in working capital. FFO usually excludes changes in working capital to represent the recurring cash generation capability.
*   Let's estimate the change in working capital or stick to the EBITDA-based approach if working capital data is complex.
*   Another common definition: $FFO = \text{EBITDA} - \text{Cash Taxes} - \text{Cash Interest}$.
    *   **Profit From Operating Activities (EBIT):** 239,721,000 EUR
    *   **Depreciation & Amortization:** 249,276,000 EUR
    *   **EBITDA:** $239,721,000 + 249,276,000 = 488,997,000$ EUR
    *   **Cash Taxes Paid:** 77,970,000 EUR (from Cash Flow statement)
    *   **Cash Interest Paid:** 40,545,000 EUR (from Cash Flow statement, classified as Financing, but often adjusted back for FFO/Debt service coverage). Note: Finance Costs in P&L were 67,394,000. The difference is likely due to accruals/capitalization. FFO usually subtracts *cash* interest paid.
    *   $FFO_{EBITDA\_based} = 488,997,000 - 77,970,000 - 40,545,000 = 370,482,000$ EUR.

Let's try one more standard adjustment:
$FFO = \text{Net Income} + \text{D\&A} + \text{Deferred Tax} + \text{Share of JV profits (non-cash)} - \text{Dividends from JVs (cash)}$?
Actually, the most standard rating agency definition (S&P/Moody's) is:
$FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization} + \text{Deferred Taxes} + \text{Other non-cash items}$.

From the P&L and Balance Sheet changes:
*   Net Income: 111,771,000
*   D&A: 249,276,000
*   Deferred Tax Expense (P&L): The P&L shows "Income Tax Expense" of 54,263,000. The Cash Tax paid was 77,970,000. This implies a release of deferred tax liabilities or assets.
    *   Change in Deferred Tax Assets: $69,803,000 - 96,673,000 = -26,870,000$ (Decrease in asset is a source of cash/add back to income? No, decrease in DTA means tax expense > cash tax? Wait.
    *   Change in Deferred Tax Liabilities: $115,064,000 - 107,569,000 = +7,495,000$ (Increase in liability is a non-cash expense add-back).
    *   Net Deferred Tax impact on FFO: Usually, we add back the deferred tax expense included in the tax provision.
    *   Total Tax Expense: 54,263,000.
    *   Cash Tax: 77,970,000.
    *   Deferred Tax Benefit/Expense = Total - Cash = $54,263,000 - 77,970,000 = -23,707,000$. This is a deferred tax *benefit* (reduction in expense), meaning it reduced Net Income but didn't use cash. So we should *subtract* it from Net Income to get to cash flow? Or rather, since it's a non-cash gain, we subtract it.
    *   Let's stick to the simpler $Net Income + D\&A$ as a baseline, then adjust for significant non-cash items.
    *   Share of profit of associates (equity method): 11,812,000. This is included in Net Income but is non-cash (unless dividends received). Dividends received from JVs are often in Investing Cash Flow. The cash flow statement shows "Dividends Received Classified As Investing Activities" of 21,551,000. The equity income was 11,812,000. Since dividends > equity income, this is a net cash inflow relative to the accrual.
    *   Let's use the Operating Cash Flow (OCF) as a strong proxy for FFO, but OCF includes working capital changes.
    *   OCF: 613,466,000.
    *   FFO is generally lower than OCF if working capital decreased (source of cash) or higher if WC increased.
    *   Let's look at Working Capital changes roughly:
        *   Receivables Current: $327,764 - 448,171 = -120,407$ (Decrease, source of cash)
        *   Inventories: $5,134 - 8,545 = -3,411$ (Decrease, source of cash)
        *   Payables Current: $885,416 - 644,701 = +240,715$ (Increase, source of cash)
        *   Net WC Change source: $\approx 120k + 3k + 240k = 363k$ (positive cash flow impact).
        *   Since WC changes provided ~363M in cash, the "core" operating cash flow (FFO) would be lower than reported OCF.
        *   $FFO \approx OCF - \text{WC Source} = 613,466,000 - 363,000,000 = 250,466,000$? This seems too low compared to Net Income + D&A (361M).
        *   Let's re-evaluate WC.
        *   Trade Receivables Current decreased by 120M.
        *   Trade Payables Current increased by 240M.
        *   This is a massive cash inflow from operations due to timing.
        *   Standard FFO definition adds back D&A to Net Income.
        *   $FFO = 111,771,000 + 249,276,000 = 361,047,000$ EUR.
        *   Let's add Deferred Tax Liability increase: +7,495,000.
        *   Let's subtract Deferred Tax Asset decrease (which is a non-cash tax benefit? No, decrease in DTA is a tax expense that didn't use cash? Wait. If DTA decreases, it means we utilized the asset, so tax payable < tax expense? No.
        *   Let's stick to the most common simple approximation for this type of problem unless specified otherwise: **FFO = Net Income + Depreciation & Amortization**.
        *   $FFO = 361,047,000$ EUR.

    *   Alternative Calculation using EBITDA - Cash Interest - Cash Taxes:
        *   EBITDA = 488,997,000
        *   Cash Interest = 40,545,000
        *   Cash Taxes = 77,970,000
        *   $FFO = 488,997,000 - 40,545,000 - 77,970,000 = 370,482,000$ EUR.
    
    The two methods yield ~361M and ~370M. Let's use the average or the EBITDA-based one as it accounts for cash taxes/interest which are real outflows. However, "Funds From Operations" in many contexts (like REITs or specific utility metrics) might just be Net Income + D&A. Let's look at the "Cash Flows From Operating Activities" again. It is 613M. The difference between 370M and 613M is 243M. This aligns with the Working Capital improvements (Receivables down 120M, Payables up 240M). FFO typically *excludes* these one-off or cyclical WC movements. Therefore, the ~360-370M range is the correct "Funds From Operations" metric. Let's use **365,764,500 EUR** (average) or pick one. The EBITDA-based is often preferred for credit ratios. Let's use **370,482,000 EUR**.

**2. Calculate Net Debt**

Net Debt = Total Debt - Cash and Cash Equivalents.

*   **Total Debt:**
    *   Long-term Borrowings (2023-01-01, which is year-end 2022): 1,695,362,000 EUR
    *   Current Borrowings and Current Portion of Noncurrent Borrowings (2023-01-01): 638,944,000 EUR
    *   Total Gross Debt = $1,695,362,000 + 638,944,000 = 2,334,306,000$ EUR

*   **Cash and Cash Equivalents:**
    *   Cash And Cash Equivalents (2023-01-01): 365,292,000 EUR

*   **Net Debt:**
    *   $Net Debt = 2,334,306,000 - 365,292,000 = 1,969,014,000$ EUR

**3. Calculate FFO / Net Debt Ratio**

Using FFO ≈ 370,482,000 EUR (EBITDA - Cash Interest - Cash Taxes):
$$Ratio = \frac{370,482,000}{1,969,014,000} \approx 0.1881$$

Using FFO ≈ 361,047,000 EUR (Net Income + D&A):
$$Ratio = \frac{361,047,000}{1,969,014,000} \approx 0.1833$$

Let's check if there are other debt-like items.
"Liability Related To The Transitional Gas Price Stabilization Regime" is 1,000,000,000 EUR. Is this debt? It's a regulatory liability. Usually, Net Debt for credit analysis focuses on interest-bearing financial debt. The prompt asks for "Net debt", which strictly implies Financial Debt - Cash. The regulatory liability is non-interest bearing (likely) and operational/regulatory in nature. We will exclude it from Net Debt.

Let's refine the FFO.
Often, FFO for utilities is defined as:
$FFO = \text{Operating Cash Flow} - \text{Maintenance CapEx}$.
We don't have Maintenance CapEx broken out.
However, a very common standard definition in European utility analysis is:
$FFO = \text{EBITDA} - \text{Cash Taxes} - \text{Cash Interest}$.
Let's stick with **370,482,000**.

Net Debt = **1,969,014,000**.

Ratio = $370,482,000 / 1,969,014,000 = 0.18815...$

Let's double check the dates. The data provided is for "2023-01-01" which is the closing balance sheet for the year ended 2022-12-31. The income/cash flow statements are for "2022-01-01 - 2023-01-01". So these are the correct figures for FY 2022.

Let's consider if "Net Debt" should include the current portion of lease liabilities?
"Payments Of Lease Liabilities Classified As Financing Activities" is 2,157,000. This is small. Lease liabilities are often part of debt.
Are lease liabilities included in "Borrowings"?
Usually, IFRS 16 lease liabilities are separated or included in borrowings.
Looking at the balance sheet:
"Longterm Borrowings"
"Current Borrowings..."
There is no separate line item for "Lease Liabilities" in the provided list of liabilities.
However, "Payments Of Lease Liabilities" exists in Cash Flow.
If lease liabilities are not in "Borrowings", they might be in "Trade And Other Non Current Payables" or "Other Longterm Provisions".
Given the magnitude (2M payment), the total lease liability is likely small (maybe 10-20M). Including or excluding it won't change the ratio significantly (impact < 1%). We will stick to the explicit Borrowings lines.

Let's re-verify the FFO calculation.
Some definitions add back "Share of Profit of Associates" if it's non-cash, but subtract dividends received if they are investing cash flows?
Actually, the standard S&P FFO definition:
FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other Non-Cash Items.
Net Income: 111,771,000
Depreciation: 249,276,000
Deferred Taxes:
DTL Change: +7,495,000 (Add back)
DTA Change: -26,870,000 (Decrease in asset). A decrease in DTA means the tax expense was lower than cash tax? Or that we used up the asset.
Tax Expense (P&L) = 54,263,000.
Cash Tax = 77,970,000.
The difference is 23,707,000.
Since Cash Tax > Tax Expense, we paid more cash than we expensed. This reduces cash flow relative to income.
In the FFO calculation (starting from Net Income), we add back non-cash charges.
Deferred Tax Expense in P&L = Total Tax - Current Tax.
We don't have Current Tax Expense explicitly, but we can infer.
Change in Current Tax Liabilities: $0 - 26,644,000 = -26,644,000$.
Current Tax Expense = Cash Tax Paid + Change in Current Tax Liability = $77,970,000 + (-26,644,000) = 51,326,000$.
Deferred Tax Expense = Total Tax Expense - Current Tax Expense = $54,263,000 - 51,326,000 = 2,937,000$.
So, Deferred Tax Expense is positive 2,937,000. We add this back to Net Income.
Let's check the Balance Sheet changes again.
DTA Change: -26,870,000.
DTL Change: +7,495,000.
Net Deferred Tax Asset/Liability Change = $-26,870,000 (asset decrease) + 7,495,000 (liability increase) = -19,375,000$ net decrease in net DTA?
Wait.
Asset Decrease = Credit to DTA, Debit to Tax Expense (reduces expense? No, increases expense).
Liability Increase = Credit to DTL, Debit to Tax Expense (increases expense).
So both contribute to Tax Expense.
Total Deferred Tax Expense = $26,870,000 + 7,495,000 = 34,365,000$?
This contradicts the P&L derived Deferred Tax Expense of 2,937,000.
Why?
There might be OCI taxes.
"Income Tax Relating To Remeasurements...": 8,175,000
"Income Tax Relating To Cash Flow Hedges...": 21,016,000
"Income Tax Relating To Financial Assets...": -4,368,000
Total OCI Tax = $8,175 + 21,016 - 4,368 = 24,823,000$.
Total Tax Impact on Equity/OCI = 24,823,000.
The Balance Sheet changes in Deferred Taxes reflect both P&L and OCI.
P&L Deferred Tax Expense = Total D Tax Change - OCI D Tax Change?
This is getting complex.

Let's stick to the Cash Flow based FFO which is more robust against accounting nuances:
$FFO = \text{Operating Cash Flow} - \text{Change in Working Capital}$.
Or simpler:
$FFO = \text{EBITDA} - \text{Cash Interest} - \text{Cash Taxes}$.
EBITDA = 488,997,000.
Cash Interest = 40,545,000.
Cash Taxes = 77,970,000.
FFO = 370,482,000.

Net Debt = 1,969,014,000.

Ratio = 0.188.

Let's try one other common variation: **FFO / Net Debt** where FFO is just **Net Income + D&A**.
FFO = 361,047,000.
Ratio = 361,047,000 / 1,969,014,000 = 0.183.

The difference is small. 0.18 - 0.19.

Let's look at the "Cash Flows From Operating Activities" again: 613,466,000.
If we treat OCF as the numerator (some simpler models do, though it's technically CFO/Net Debt), the ratio would be $613/1969 = 0.31$. This is likely too high for "FFO". FFO is a subset of OCF.

Standard credit rating agency (S&P) definition for Utilities:
FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other Non-Cash Items.
We established Net Income + D&A = 361M.
Add Deferred Tax Expense (P&L portion): ~3M.
Add Share of JV Profit (non-cash): 11.8M.
Subtract Dividends from JVs (cash inflow in Investing, but often considered part of FFO return? No, FFO is operating. Dividends from JVs are often added back to FFO if the equity income was added back?
Standard adjustment: Add back Equity Income (non-cash), Add Cash Dividends Received (cash).
Net Impact: $-11.8M + 21.5M = +9.7M$.
So, $361M + 3M + 9.7M \approx 373.7M$.
This is very close to the EBITDA-based 370M.

Let's use **370,000,000** as a round estimate for FFO.
Net Debt = **1,969,000,000**.

Ratio = $370 / 1969 \approx 0.1879$.

Rounding to two decimal places: 0.19.
Rounding to three decimal places: 0.188.

Let's check if "Net Debt" should include the "Liability Related To The Transitional Gas Price Stabilization Regime".
This liability appeared in 2022. It is 1 Billion EUR.
If this is considered "Debt" (it's a pass-through mechanism, likely non-interest bearing, but a liability), Net Debt would be ~2.97 Billion.
Ratio would be $370 / 2970 = 0.124$.
However, "Net Debt" in financial ratios almost exclusively refers to **Interest-Bearing Financial Debt**. The gas stabilization regime is a regulatory balance sheet item, offset by an asset of the same name. It is grossed up. It is not financial debt. We exclude it.

Final check on values:
FFO: 370,482,000 EUR
Net Debt: 1,969,014,000 EUR
Ratio: 0.18815

<answer>0.19</answer>