To estimate the FFO / Net Debt ratio for Acea S.p.A. for the year 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 approximation in financial analysis, especially when specific "Funds From Operations" line items are not explicitly provided in the standard format, is to use **EBITDA** or **Operating Cash Flow** as a proxy, or to construct it from the Income Statement and Cash Flow Statement.

Let's look at the available data:
*   **Profit Loss (Net Income)** 2022: 311,160,000 EUR
*   **Income Tax Expense** 2022: 186,777,000 EUR
*   **Finance Costs** 2022: 111,670,000 EUR
*   **Finance Income** 2022: 25,962,000 EUR
*   **Adjustments for Depreciation and Amortisation Expense** 2022: 594,636,000 EUR
*   **Adjustments for Impairment Loss** 2022: 67,680,000 EUR (This is a non-cash add-back)
*   **Share of Profit of Associates** 2022: 17,793,000 EUR (Usually subtracted if included in Net Income but not cash from ops, or added back to get to operating profit before equity income. However, FFO often starts from Net Income. Let's look at Cash Flow from Operations).

A robust definition of FFO for utilities/infrastructure companies often aligns closely with **Cash Flow from Operating Activities** adjusted for changes in working capital if one wants "operating cash generation", but standard FFO is Net Income + D&A. Let's calculate standard FFO first:

*   **Net Income**: 311,160,000 EUR
*   **Add: Depreciation & Amortization**: 594,636,000 EUR
*   **Add: Impairment Losses**: 67,680,000 EUR
*   **Add: Income Tax**: 186,777,000 EUR (If calculating Pre-tax FFO or EBITDA-like metric. However, FFO is usually post-tax. Let's stick to the REIT/Standard definition: Net Income + D&A).
    *   Standard FFO = Net Income + D&A + Impairments + Share of Associates (if equity method losses/gains are non-cash/distorting).
    *   Let's check the **Cash Flows From Used In Operating Activities**: 726,703,000 EUR. This figure includes changes in working capital.
    *   Let's check **Cash Flows From Used In Operations Before Changes In Working Capital**: 1,062,464,000 EUR. This is a very strong proxy for the cash-generating ability of the core operations before working capital fluctuations. This is often used as a proxy for FFO or OCF in utility valuation.

Let's try calculating EBITDA as another common proxy for cash flow in debt ratios:
*   **Profit Loss From Operating Activities (EBIT)**: 565,851,000 EUR
*   **Add: Depreciation and Amortization**: 594,636,000 EUR
*   **EBITDA**: 565,851,000 + 594,636,000 = 1,160,487,000 EUR.

Let's look at the "Cash Flows From Used In Operations Before Changes In Working Capital": 1,062,464,000 EUR.
This figure is derived from Operating Profit + D&A + Impairments + Other non-cash adjustments.
Operating Profit: 565,851,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
+ Other adjustments (Finance costs added back? No, usually operating).
Let's trace the Cash Flow from Operations before WC:
It is stated as 1,062,464,000 EUR.

For debt ratios, **Net Debt / EBITDA** is common. **FFO / Net Debt** is also common.
If we define FFO as **Cash Flow from Operations before Working Capital changes** (a conservative and clean measure of operating cash generation), FFO = 1,062,464,000 EUR.
Alternatively, if we define FFO as **Net Income + D&A**:
FFO = 311,160,000 + 594,636,000 = 905,796,000 EUR.
Adding back Impairment (non-cash): 905,796,000 + 67,680,000 = 973,476,000 EUR.
Adding back Tax (to get pre-tax FFO, often used in coverage, but here we want a ratio against debt):
Usually, FFO is post-tax.

Let's look at the specific line item "Cash Flows From Used In Operating Activities": 726,703,000 EUR. This is lower due to working capital outflows.

In the context of European utilities, **EBITDA** is frequently used as the numerator for leverage ratios (Net Debt/EBITDA). The inverse is EBITDA/Net Debt.
However, the question asks for **FFO / Net Debt**.
Rating agencies (like S&P/Moody's) define FFO as Net Income + D&A + Other non-cash items.
Let's use the **Cash Flow from Operations before Working Capital** as a high-quality proxy for FFO because it removes the noise of working capital timing while capturing the full operating cash generation including interest and taxes paid (actually, the indirect method starts with Net Income, adds back D&A, etc. The line "Cash Flows From Used In Operations Before Changes In Working Capital" typically represents EBITDA +/- changes in provisions/other non-cash items - taxes paid/interest paid depending on classification. In this report, Interest Paid is Financing, Taxes Paid is Operating.
So, `Cash Flows From Used In Operations Before Changes In Working Capital` (1,062,464,000) likely includes the cash impact of taxes and interest if they were deducted to arrive at Net Income and then added back? No, the indirect method starts with Net Income.
Net Income: 311,160,000
+ Tax: 186,777,000
+ Interest Net: (111,670,000 - 25,962,000) = 85,708,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
+ Share of Associates: (17,793,000) -> Equity income is non-cash, so subtract.
+ Other non-cash/working capital prep items...
Sum: 311.16 + 186.78 + 85.71 + 594.64 + 67.68 - 17.79 = 1,228.18 million.
The reported "Cash Flows From Used In Operations Before Changes In Working Capital" is 1,062.46 million. The difference might be due to other adjustments (like the "Other Income Expense From Subsidiaries" or changes in provisions not classified as WC).

Let's stick to a standard FFO definition: **Net Income + Depreciation & Amortization**.
FFO = 311,160,000 + 594,636,000 = **905,796,000 EUR**.
Some definitions add back impairment: 905,796,000 + 67,680,000 = **973,476,000 EUR**.

Let's calculate **Net Debt**.
Net Debt = Total Financial Liabilities - Cash and Cash Equivalents.

From the Balance Sheet (2022-01-01 to 2023-01-01, ending 2022):
*   **Other Noncurrent Financial Liabilities**: 4,791,979,000 EUR (2022-01-01 value? No, the label says 2022-01-01 - 2023-01-01 for flows, but for Balance Sheet items, it gives snapshots.
    *   "Other Noncurrent Financial Liabilities" 2023-01-01: 4,722,263,000 EUR.
    *   "Other Noncurrent Financial Liabilities" 2022-01-01: 4,791,979,000 EUR.
    *   We need the value at the end of 2022, which is **2023-01-01** in this dataset notation (start of next year). So we use the 2023-01-01 column for the 2022 year-end balance.
    *   Noncurrent Financial Liabilities (2022 YE): 4,722,263,000 EUR.
*   **Other Current Financial Liabilities**: 619,418,000 EUR (2023-01-01 value).
*   **Total Financial Liabilities** = 4,722,263,000 + 619,418,000 = **5,341,681,000 EUR**.

*   **Cash and Cash Equivalents**:
    *   "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Continued Operations" 2023-01-01: **559,908,000 EUR**.
    *   Note: There is also "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations" which is 0.
    *   Total Cash = 559,908,000 EUR.

*   **Net Debt** = Total Financial Liabilities - Cash
    *   Net Debt = 5,341,681,000 - 559,908,000 = **4,781,773,000 EUR**.

Now, calculate the ratio FFO / Net Debt.

**Scenario A: FFO = Net Income + D&A**
FFO = 311,160,000 + 594,636,000 = 905,796,000 EUR.
Ratio = 905,796,000 / 4,781,773,000 ≈ **0.1894** or **18.9%**.

**Scenario B: FFO = Net Income + D&A + Impairment**
FFO = 905,796,000 + 67,680,000 = 973,476,000 EUR.
Ratio = 973,476,000 / 4,781,773,000 ≈ **0.2036** or **20.4%**.

**Scenario C: FFO = Cash Flow from Operations (CFO)**
CFO = 726,703,000 EUR.
Ratio = 726,703,000 / 4,781,773,000 ≈ **0.152** or **15.2%**.

**Scenario D: FFO = EBITDA**
EBITDA = 1,160,487,000 EUR.
Ratio = 1,160,487,000 / 4,781,773,000 ≈ **0.2427** or **24.3%**.

Which definition is standard for "FFO"?
In real estate (REITs), FFO is Net Income + D&A - Gains on Sales.
In corporate credit analysis (S&P), FFO is Net Income + D&A + Other Non-Cash Items (like impairment, deferred taxes, equity income adjustments).
S&P FFO Calculation for Acea:
Net Income: 311,160,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
+ Deferred Tax (Change in Deferred Tax Assets/Liabilities):
   Deferred Tax Assets 2022: 202,606,000 -> 2023: 179,823,000. Decrease of 22,783,000 (Source of cash/add back).
   Deferred Tax Liabilities are not explicitly broken out as a single line, but "Income Tax Expense" vs "Taxes Paid".
   Tax Expense: 186,777,000. Taxes Paid: 178,506,000. Difference is small.
+ Equity Income (Subtract): (17,793,000).
+ Minority Interest (Add back portion? No, Net Income is attributable to owners. FFO usually starts from Consolidated Net Income including non-controlling interests or adjusts. The "Profit Loss" line is 311,160,000. "Profit Loss Attributable To Noncontrolling Interests" is 31,435,000. So Consolidated Net Income = 311,160,000 + 31,435,000 = 342,595,000.
Let's restart FFO with Consolidated Net Income.
Consolidated Net Income: 342,595,000
+ D&A: 594,636,000
+ Impairment: 67,680,000
- Equity Income: (17,793,000)
+/- Other non-cash:
   "Other Income Expense From Subsidiaries...": 27,897,000. This is likely dividend income or similar. If it's cash, keep it. If it's equity pick-up, remove. The line "Share Of Profit Loss Of Associates... Using Equity Method" is 17,793,000. The other line might be dividends from subsidiaries (cash).
   Let's assume the standard S&P FFO approximation: **Consolidated Net Income + D&A + Impairment**.
   FFO ≈ 342,595,000 + 594,636,000 + 67,680,000 = 1,004,911,000 EUR.

Ratio = 1,004,911,000 / 4,781,773,000 ≈ **0.210**.

Let's check if there is a more direct "FFO" reported. No.
Let's check the "Cash Flows From Used In Operations Before Changes In Working Capital" again: 1,062,464,000 EUR.
This metric is very close to the calculated FFO above (1,004M vs 1,062M). The difference is likely due to the treatment of interest/taxes and other provisions.
Given that "Cash Flow from Operations before WC" is a very clean measure of operating cash generation provided in the report, and FFO is a measure of operating cash flow, using **1,062,464,000** is a defensible and robust estimate for the numerator in a credit ratio context for a utility.

However, strict FFO definitions often exclude interest and taxes (or rather, include them as they are in Net Income).
Let's look at the result using **EBITDA** (1.16B) vs **Pre-WC Cash Flow** (1.06B) vs **Net Income + D&A** (0.9B).
Utilities are capital intensive. Net Debt/EBITDA is the most common leverage ratio.
Net Debt / EBITDA = 4,781,773,000 / 1,160,487,000 = 4.12x.
FFO / Net Debt is the inverse of a leverage-like ratio but using FFO.
If we use the S&P style FFO (Consolidated NI + D&A + Impairment):
FFO = 1,004,911,000.
Ratio = 1,004,911,000 / 4,781,773,000 = 0.2101.

If we use the simpler "Net Income (Attributable to Parent) + D&A":
FFO = 905,796,000.
Ratio = 0.189.

Let's consider the source. Acea is an Italian utility. Italian reporting often uses "Margine Operativo Lordo" (EBITDA).
EBITDA 2022:
From Income Statement:
Profit Loss From Operating Activities: 565,851,000
+ Ammortamenti E Accantonamenti (Depreciation and Provisions): 625,799,000.
Note: The Cash Flow statement lists "Adjustments For Depreciation And Amortisation Expense" as 594,636,000. The difference (31M) is likely provisions ("Accantonamenti"). Provisions are non-cash but not D&A. They should be added back to FFO.
So, EBITDA (using Cash Flow D&A) + Provisions?
Let's use the Income Statement "Ammortamenti E Accantonamenti": 625,799,000.
EBITDA = 565,851,000 + 625,799,000 = 1,191,650,000 EUR.
Net Debt = 4,781,773,000.
Ratio (EBITDA/Net Debt) = 1,191,650,000 / 4,781,773,000 = 0.249.

However, FFO is distinct from EBITDA. FFO is closer to Cash Flow.
The line "Cash Flows From Used In Operations Before Changes In Working Capital" (1,062,464,000) is the best proxy for **Funds From Operations** in a cash-flow based ratio, as it represents the cash generated by operations available to service debt before working capital swings.

Let's calculate the ratio using this value:
Numerator: 1,062,464,000
Denominator: 4,781,773,000
Result: 0.22219...

Let's double check the Net Debt calculation.
Financial Liabilities:
Non-current: 4,722,263,000
Current: 619,418,000
Total Fin Liab: 5,341,681,000

Cash:
Cash and equivalents: 559,908,000
Are there any other cash-like items? "Other Current Financial Assets" 342,085,000. These are assets, not cash. "Financial Assets" non-current 30,531,000.
Usually Net Debt = Interest Bearing Debt - Cash.
The "Other Current Financial Liabilities" and "Other Noncurrent Financial Liabilities" are the interest-bearing debt components.
So Net Debt = 4,781,773,000 is correct.

Now, which numerator?
If the question implies a standard credit metric "FFO/Net Debt", rating agencies often define FFO as:
Net Income + D&A + Impairment + Deferred Taxes + Minority Interest - Equity Income.
Let's refine the S&P FFO calculation:
1. Consolidated Net Income: 311,160,000 (Parent) + 31,435,000 (NCI) = 342,595,000.
2. Add D&A: 594,636,000 (from CF statement, which is the cash adjustment).
3. Add Impairment: 67,680,000.
4. Add Deferred Tax: The change in Deferred Tax Assets was a decrease of 22,783,000 (202,606 - 179,823). A decrease in DTA is a source of cash (add back).
   Change in Deferred Tax Liabilities? Not explicitly given as a single line. We can infer from Tax Expense vs Paid.
   Tax Expense: 186,777,000.
   Tax Paid: 178,506,000.
   Difference: 8,271,000. This suggests a small increase in tax liability or decrease in asset.
   Let's assume the DTA change covers the main deferred tax effect. Add 22,783,000.
5. Subtract Equity Income: (17,793,000).
6. Add Minority Interest? Already included in Consolidated NI.

FFO ≈ 342,595,000 + 594,636,000 + 67,680,000 + 22,783,000 - 17,793,000 = 1,009,901,000 EUR.

Ratio = 1,009,901,000 / 4,781,773,000 = **0.211**.

Comparing 0.211 (Calculated FFO) vs 0.222 (Pre-WC Cash Flow).
The "Pre-WC Cash Flow" (1,062M) is higher. Why?
It might include the "Other Income Expense From Subsidiaries" (27,897,000) which is cash (dividends), whereas Equity Income (17,793,000) is non-cash.
It might also include changes in provisions (part of the 625M Ammortamenti e Accantonamenti vs 594M D&A). The 31M difference is provisions. Provisions are non-cash expenses added back in Cash Flow from Ops.
So, 1,009,901,000 (FFO estimate) + 31,000,000 (Provisions) ≈ 1,040,901,000.
Still slightly lower than 1,062M. The remaining difference could be working capital items classified as "other" or timing differences.

Given the ambiguity, **0.21** to **0.22** is the range.
Standard financial databases often use **EBITDA** for utility leverage. If the user meant EBITDA/Net Debt, it's 0.25.
But "FFO" is specific.
In many contexts, **FFO = Net Income + D&A**.
Using Parent Net Income: 311,160,000 + 594,636,000 = 905,796,000.
Ratio: 0.19.

Let's look for a consensus or standard practice for Acea.
Acea's investor presentations often highlight **Net Debt / EBITDA**.
For 2022, Acea reported Net Debt of ~4.8B and EBITDA of ~1.19B.
Leverage = 4.8 / 1.19 = 4.0x.
FFO / Net Debt would be the inverse of a multiple if FFO ~ EBITDA.
But FFO < EBITDA.
If we assume the question asks for a standard ratio found in credit reports, S&P Global Ratings for Acea (BBB stable) likely uses FFO/Net Debt.
S&P defines FFO as reported.
Let's assume the **Calculated S&P-style FFO** of ~1,010M EUR.
Ratio = 1,010 / 4,782 = 0.211.

Let's try one more check: **Operating Cash Flow (CFO)** / Net Debt.
CFO = 726,703,000.
Ratio = 0.152.

Usually, "FFO" implies the add-back of D&A to Net Income.
If I must choose one single number, the **S&P-style FFO** (Consolidated NI + D&A + Impairment + Deferred Tax - Equity Income) is the most technically accurate definition of FFO for credit analysis.
Value: ~1,010,000,000.
Net Debt: ~4,782,000,000.
Ratio: 0.211.

Rounding to two decimal places: 0.21.

<answer>0.21</answer>