To estimate the FFO / Net Debt ratio for Electricité de France (EDF) 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 for industrial companies like EDF is:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Impairment Losses (net)} + \text{Change in Provisions (if significant/non-cash)}$$

However, a more standard definition often used in credit analysis for utilities is:
$$FFO = \text{Operating Profit Before Depreciation and Amortisation (EBITDA)} - \text{Cash Taxes Paid} - \text{Cash Interest Paid} + \text{Dividends Received from Associates}$$
Or simply:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Impairment/Reversals} + \text{Other Non-Cash Adjustments}$$

Let's look at the provided data for the period 2022-01-01 to 2023-01-01 (Fiscal Year 2022):

*   **Profit Loss (Net Income):** -18,225,000,000 EUR
*   **Depreciation And Amortisation Expense:** 11,079,000,000 EUR
*   **Impairment Loss Reversal...:** 1,762,000,000 EUR (This is a gain/reversal, so it reduced expenses/increased income. Since it's a non-cash item included in Net Income, we should subtract it if we are adding back D&A to get to cash flow, or treat it carefully. Actually, FFO adds back non-cash charges. A reversal is a non-cash gain, so it should be subtracted from Net Income to get to operating cash flow proxy, or added if we start from EBITDA. Let's stick to the Net Income + D&A + Non-cash charges approach).
    *   Net Income includes the +1,762M reversal. To get to a cash-like figure, we subtract this non-cash gain.
*   **Share of Profit of Associates:** 759,000,000 EUR (Equity income is non-cash until dividends are received. We subtract equity income and add dividends received).
*   **Dividends Received Classified As Operating Activities:** 590,000,000 EUR.

Let's try a standard FFO calculation:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} - \text{Impairment Reversals} + \text{Impairment Losses} - \text{Equity Income} + \text{Dividends from Associates} + \text{Deferred Tax}$$

*   Net Income: -18,225 M
*   Add: Depreciation & Amortization: +11,079 M
*   Less: Impairment Reversal (non-cash gain): -1,762 M
*   Less: Share of Profit of Associates (non-cash income): -759 M
*   Add: Dividends Received from Associates: +590 M
*   Add: Deferred Tax Expense (Non-cash tax component).
    *   Total Income Tax Expense: -3,926 M (This is a benefit/negative expense, meaning a gain).
    *   Current Tax Paid/Refund info is in Cash Flow.
    *   Let's look at "Income Tax Expense Continuing Operations": -3,926 M.
    *   Deferred Tax Assets change: 8,696 - 1,667 = +7,029 M (Increase in asset is a benefit/non-cash gain).
    *   Deferred Tax Liabilities change: 1,533 - 2,401 = -868 M (Decrease in liability is an expense/non-cash charge? No, decrease in liability means we paid it or reversed it. The P&L impact is complex).
    *   Usually, we add back Deferred Tax Expense. If Total Tax is -3,926 and Current Tax is roughly derived from Cash Flow (1,282 M refund?), this is tricky.
    *   Let's use a simpler proxy often used: **FFO = EBITDA - Cash Interest - Cash Taxes**.

Let's try the **EBITDA - Cash Interest - Cash Taxes** approach, which is robust for utilities.

*   **EBITDA (Operating Profit Before Depreciation And Amortisation):** -4,986,000,000 EUR.
    *   Note: The report lists "Operating Profit Before Depreciation And Amortisation" as -4,986 M.
*   **Cash Interest Paid:**
    *   Interest Expense: 1,730 M.
    *   Discount Effect: 174 M.
    *   Other Finance Income Cost: -1,997 M.
    *   Total Finance Income Cost: -3,553 M.
    *   From Cash Flow Statement: "Net Financial Expeneses Disbursed Including Dividends Received" is 1,003 M. This figure *includes* dividends received (590 M).
    *   So, Cash Interest Paid (net of interest income) = Net Financial Expenses Disbursed - Dividends Received?
    *   Actually, "Net Financial Expenses Disbursed" usually means Cash Interest Paid - Cash Interest Received.
    *   The line item is "Net Financial Expeneses Disbursed Including Dividends Received" = 1,003 M.
    *   If we assume this is (Cash Interest Paid - Cash Interest Received) + Dividends Received, then:
        *   Cash Interest Net Outflow = 1,003 M - 590 M (Dividends) = 413 M.
        *   Alternatively, sometimes "Net Financial Expenses Disbursed" is just the net cash outflow for finance. Let's assume Cash Interest Net = ~413 M - 1,003 M? No, the label says "Including Dividends Received". This usually implies the net cash flow from financing activities related to interest and dividends.
        *   Let's look at "Cash Flows From Financing Activities". Interest paid is often operating or financing. In IFRS, it can be either. EDF classifies interest paid in Operating or Financing? The line "Net Financial Expeneses Disbursed..." is in the Operating Cash Flow section (derived from "Net Cash Flow From Operations Before Net Financial Expenses...").
        *   So, Cash Interest Paid (Net) = 1,003 M (outflow) - 590 M (inflow from divs) = 413 M net outflow for interest? Or is the 1,003 M the net of interest paid minus interest received? And dividends are added back?
        *   Let's check the sign. Expenses disbursed are outflows. 1,003 M is positive in the text, but in cash flow contexts, outflows are often negative. However, the text says "Net Financial Expeneses Disbursed... 1003000000". If it's an expense, it's a cost.
        *   Let's assume **Cash Interest Paid (Net)** is approximately **1,003 M - 590 M = 413 M**. Or perhaps the 1,003 M is the net interest paid. Let's look at the Interest Expense of 1,730 M. The net finance cost in P&L is -3,553 M (which is a net income/gain due to derivatives/fair value). This makes P&L interest very different from cash interest.
        *   Let's use the Cash Flow statement directly:
            *   Net Cash Flow From Operations Before Net Financial Expenses Disbursed And Income Taxes Paid Refund: -5,140 M.
            *   Less: Net Financial Expenses Disbursed Including Dividends Received: 1,003 M. (If this is an outflow, it reduces cash).
            *   Less: Income Taxes Paid Refund: 1,282 M. (The label says "Paid Refund". In 2021 it was 2,276 M. In 2022, EDF had a huge loss, so likely a refund or low payment. The sign in the calculation of "Cash Flows From Used In Operating Activities" (-7,425 M) suggests:
                *   -5,140 (Op CF before fin/tax) - 1,003 (Fin) - 1,282 (Tax) = -7,425.
                *   So, 1,003 M is a cash OUTFLOW for net financial expenses (including dividends received? This label is confusing. Usually "Net Financial Expenses Disbursed" is interest paid minus interest received. If it *includes* dividends received, does it mean Dividends Received are treated as a reduction of the expense? i.e., Net Outflow = Interest Paid - Interest Received - Dividends Received?
                *   If Net Outflow = 1,003 M, and Dividends Received = 590 M, then Interest Paid (Net) = 1,003 + 590 = 1,593 M? Or is it 1,003 = Interest Paid - Dividends? Then Interest Paid = 1,593.
                *   Let's assume **Cash Interest Paid** is roughly **1,600 M**.

*   **Cash Taxes Paid:**
    *   The line "Income Taxes Paid Refund" is 1,282 M.
    *   In the equation: -5,140 - 1,003 - 1,282 = -7,425.
    *   Since the result is more negative, the 1,282 M is an OUTFLOW. So EDF paid 1,282 M in taxes (or net tax outflow).

*   **FFO Calculation (Proxy):**
    *   FFO ≈ Operating Cash Flow Before Working Capital Changes? No, FFO is usually Net Income + D&A.
    *   Let's use the definition: **FFO = Net Income + Depreciation & Amortization + Impairment Losses - Impairment Reversals - Gains on Asset Sales + Deferred Taxes**.
    *   Net Income: -18,225 M
    *   + D&A: 11,079 M
    *   - Impairment Reversal: -1,762 M (Reversal is a gain, subtract it)
    *   + Impairment Loss: 0 (Not explicitly listed separately, net is 1,762 reversal)
    *   + Deferred Tax: The tax expense is -3,926 M. Current tax paid is 1,282 M outflow. The difference is the deferred/non-cash part.
        *   Tax Expense (P&L) = Current Tax Expense + Deferred Tax Expense.
        *   Cash Tax Paid ≈ Current Tax Expense (adjusted for working cap).
        *   If Tax Expense is -3,926 M (a benefit), and we paid 1,282 M, the deferred part must be a large benefit.
        *   Let's just add back the Total Tax Expense to Net Income to get Pre-Tax Income, then subtract Cash Tax?
        *   FFO = (Net Income + Tax Expense) + D&A - Cash Tax?
        *   Pre-Tax Loss: -22,916 M.
        *   Add D&A: 11,079 M.
        *   Subtract Cash Tax: 1,282 M.
        *   Subtract Cash Interest: ~1,600 M?
        *   This is getting complicated. Let's look for a standard "FFO" line or use a simpler "Operating Cash Flow" proxy if FFO isn't explicit.
        *   Many analysts use **FFO = Operating Cash Flow + Cash Interest Paid + Cash Taxes Paid**.
        *   Operating Cash Flow (from Continuing Ops): -7,425 M.
        *   Add Cash Interest Paid (Net): ~1,003 M (if this is just interest) or ~1,600 M. Let's use the disbursed amount 1,003 M as the net finance cash outflow.
        *   Add Cash Taxes Paid: 1,282 M.
        *   FFO ≈ -7,425 + 1,003 + 1,282 = -5,140 M.
        *   This equals "Net Cash Flow From Operations Before Net Financial Expenses Disbursed And Income Taxes Paid Refund".
        *   So, **FFO ≈ -5,140 M EUR**.

    *   *Self-Correction*: FFO is generally positive for utilities. A negative FFO is possible in a crisis year like 2022 for EDF due to the "ARENH" mechanism and high energy costs. The EBITDA was -4,986 M. FFO is usually close to EBITDA minus maintenance capex? No, FFO is pre-capex. FFO is roughly EBITDA - Cash Interest - Cash Taxes.
    *   EBITDA: -4,986 M.
    *   Cash Interest (Net): ~400-1,000 M.
    *   Cash Taxes: ~1,300 M.
    *   FFO ≈ -4,986 - 1,000 - 1,300 = -7,286 M?
    *   Wait, the "Net Cash Flow From Operations Before Net Financial Expenses..." is -5,140 M. This figure is essentially EBITDA adjusted for working capital and other operating items.
    *   Let's use **FFO = -5,140 M EUR**. (This is the cash generated from operations before financing costs and taxes).

**2. Calculate Net Debt**

Net Debt = Total Financial Debt - Cash and Cash Equivalents.

From the Balance Sheet (2023-01-01, which is the end of 2022):
*   **Cash and Cash Equivalents:** 10,948,000,000 EUR.
*   **Financial Liabilities:**
    *   Other Noncurrent Financial Liabilities: 71,058,000,000 EUR.
    *   Other Current Financial Liabilities: 71,844,000,000 EUR.
    *   Are there other financial debts? "Special French Public Electricity Distribution Concession Liabilities" (49,459 M) are often treated as debt-like provisions/liabilities but might be excluded from "Net Financial Debt" depending on the definition. However, standard Net Debt usually includes interest-bearing debt. Concession liabilities are non-interest bearing provisions for asset return. We will exclude them from *Financial* Debt but note they are leverage.
    *   "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" typically contain bonds, loans, etc.
    *   Total Financial Debt = 71,058 + 71,844 = 142,902 M EUR.
    *   Check for other items: "Other Current Liabilities" (33,504 M) and "Other Noncurrent Liabilities" (4,968 M) are likely trade payables and provisions, not financial debt.
    *   So, **Gross Financial Debt** ≈ 142,902 M EUR.

*   **Net Debt** = Gross Financial Debt - Cash
    *   Net Debt = 142,902 M - 10,948 M = **131,954 M EUR**.

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

*   FFO = -5,140 M EUR.
*   Net Debt = 131,954 M EUR.
*   Ratio = -5,140 / 131,954 ≈ **-0.039** or **-3.9%**.

However, ratios are often expressed as percentages or decimals. A negative ratio indicates negative funds from operations.

Let's double check the FFO definition. Sometimes FFO includes changes in working capital? No, that's Operating Cash Flow. FFO is usually closer to EBITDA.
EBITDA = -4,986 M.
If we use EBITDA as a proxy for FFO (common in quick estimates if detailed FFO isn't available):
Ratio = -4,986 / 131,954 ≈ **-0.038**.

Let's check if "Net Debt" should include the Concession Liabilities.
If we include Concession Liabilities (49,459 M Noncurrent + potentially current parts? No current part listed separately for concessions, likely all noncurrent):
Total Debt-like = 142,902 + 49,459 = 192,361 M.
Net Debt (broad) = 192,361 - 10,948 = 181,413 M.
Ratio = -5,140 / 181,413 ≈ **-0.028**.

Standard credit rating agencies (S&P, Moody's) define Net Debt as Financial Debt minus Cash. They treat concession liabilities as part of "Debt-like items" for leverage ratios (Debt/EBITDA), but for "FFO/Net Debt", the denominator is usually strict Net Financial Debt.

Given the negative FFO, the ratio is negative.

Let's refine the FFO number.
FFO = Net Income + D&A + Impairment - Reversals + Deferred Tax.
Net Income: -18,225
D&A: 11,079
Impairment Reversal: -1,762 (Subtract gain)
Deferred Tax:
Tax Expense: -3,926.
Current Tax Paid: 1,282.
The difference between Tax Expense and Cash Tax is roughly the deferred tax + working capital changes in tax.
If Tax Expense is -3,926 (benefit) and Cash Tax is +1,282 (outflow), the deferred tax benefit was likely around -5,200 M.
Adding back Deferred Tax Benefit (which is a non-cash gain included in Net Income? No, a benefit increases Net Income. To get to cash, we subtract non-cash benefits).
Wait.
Net Income = Pre-Tax - Tax Expense.
Pre-Tax = -22,916.
Tax Expense = -3,926.
Net Income = -22,916 - (-3,926) = -18,990? No, reported is -18,225. Difference is Non-controlling interests/Discontinued ops.
Let's stick to the Cash Flow from Operations approach which is more reliable for "Funds".
CFO = -7,425 M.
FFO is often defined as CFO + Cash Interest + Cash Taxes.
FFO = -7,425 + 1,003 + 1,282 = -5,140 M.

So, FFO = -5,140 M.
Net Debt = 131,954 M.

Ratio = -5,140 / 131,954 = -0.03895...

Rounding to two decimal places: -0.04.
Or as a percentage: -3.9%.

The question asks for the "FFO / Net debt ratio".
Value: -0.039

Let's check if there is a more standard "FFO" reported.
EDF reports "Cash Flow From Operations" and "Free Cash Flow".
Sometimes FFO is approximated by EBITDA.
EBITDA = -4,986 M.
Ratio = -4,986 / 131,954 = -0.0378.

Both are close to -0.04.

Let's consider if "Net Debt" should be average or ending. Usually ending for snapshot ratios.
Ending Net Debt = 131,954 M.

Final calculation:
-5140 / 131954 = -0.03895

<answer>-0.039</answer>