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

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

A common definition for FFO in the context of utility companies (like EDP) is:
$$FFO = \text{Net Income} + \text{Depreciation, Amortization, and Impairment} + \text{Other Non-Cash Adjustments}$$
Alternatively, it can be derived from Operating Cash Flow, but a standard proxy using P&L items is:
$$FFO \approx \text{Profit Loss} + \text{Depreciation Amortisation And Impairment Loss}$$

From the data provided for the period 2022-01-01 to 2023-01-01 (Fiscal Year 2022):
*   "Profit Loss" (Net Income): 1,169,749,000 EUR
*   "Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss": 1,979,007,000 EUR

$$FFO = 1,169,749,000 + 1,979,007,000 = 3,148,756,000 \text{ EUR}$$

*Note: Some definitions might adjust for changes in working capital or use EBITDA. Let's look at EBITDA as a robust proxy for operating cash generation if FFO isn't explicitly defined.
EBITDA = Profit Before Financial Income/Expenses/Tax + Depreciation/Amortization.
"Profit Loss Before Financial Income And Financial Expenses..." = 2,529,993,000 EUR.
EBITDA = 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR.
However, FFO is typically closer to Net Income + D&A. Let's stick with the standard FFO definition: Net Income + D&A.
FFO = 3,148,756,000 EUR.*

Let's also consider if "Cash Flows From Used In Operating Activities" is a better numerator.
"Cash Flows From Used In Operating Activities" = 3,777,785,000 EUR.
Often, FFO is considered equivalent to Operating Cash Flow for simple ratios, or OCF minus changes in working capital.
Given the ambiguity, the most standard "FFO" calculation in credit analysis for utilities is often:
$$FFO = \text{Net Income} + \text{D\&A} + \text{Deferred Taxes} + \text{Other Non-Cash Items}$$
Let's use the sum of Net Income and D&A as the base FFO.
$$FFO = 1,169,749,000 + 1,979,007,000 = 3,148,756,000 \text{ EUR}$$

**2. Calculate Net Debt**

$$Net Debt = \text{Total Financial Debt} - \text{Cash and Cash Equivalents}$$

We need the Total Financial Debt at the end of 2022 (2022-01-01 balance sheet date represents the start of the 2022 fiscal year, but the prompt asks for the ratio *for* 2022. Usually, this implies using the year-end figures (2023-01-01 in the data, which is the end of the 2022 fiscal year) or average debt. Standard practice for a specific year's ratio often uses year-end balances. The data labels "2023-01-01" correspond to the balance sheet at the end of the 2022 fiscal year.

Financial Debt Components at 2023-01-01 (End of 2022):
*   "Longterm Borrowings": 15,782,604,000 EUR
*   "Current Borrowings And Current Portion Of Noncurrent Borrowings": 4,239,869,000 EUR
*   "Other Noncurrent Financial Liabilities": 5,159,496,000 EUR
*   "Other Current Financial Liabilities": 3,600,893,000 EUR

Total Financial Debt = $15,782,604,000 + 4,239,869,000 + 5,159,496,000 + 3,600,893,000$
Total Financial Debt = $28,782,862,000$ EUR

Cash and Cash Equivalents at 2023-01-01:
*   "Cash And Cash Equivalents": 4,900,205,000 EUR

$$Net Debt = 28,782,862,000 - 4,900,205,000 = 23,882,657,000 \text{ EUR}$$

**3. Calculate the Ratio**

$$FFO / Net Debt = 3,148,756,000 / 23,882,657,000$$
$$Ratio \approx 0.1318$$

Let's double-check if "Other Noncurrent/Current Financial Liabilities" should be included in Debt. In utility reports, these often include derivatives or lease liabilities. If we exclude them and only use "Borrowings":
Debt (Borrowings only) = $15,782,604,000 + 4,239,869,000 = 20,022,473,000$ EUR
Net Debt (Borrowings only) = $20,022,473,000 - 4,900,205,000 = 15,122,268,000$ EUR
Ratio = $3,148,756,000 / 15,122,268,000 \approx 0.208$

However, "Net Debt" usually encompasses all interest-bearing financial liabilities. "Other Financial Liabilities" in EDP's context often includes factoring, derivatives, and other financing instruments. A more conservative and standard definition of Net Debt for credit ratios includes all financial liabilities.

Let's look at the "Cash Flows From Used In Financing Activities" to see debt movements, but the balance sheet is the definitive source for the denominator.

Let's refine the FFO. Sometimes FFO includes minority interests if looking at group leverage, but the Net Debt is consolidated. The Net Income used (1,169,749,000) is the total group profit. This is consistent.

Let's check if there is a more precise "FFO" line item. There isn't one explicitly labeled FFO.
Another common variation: $FFO = \text{Operating Cash Flow}$.
Operating Cash Flow = 3,777,785,000 EUR.
Ratio using OCF: $3,777,785,000 / 23,882,657,000 \approx 0.158$.

Rating agencies (S&P/Moody's) often define FFO as:
Net Income + Depreciation/Amortization + Deferred Taxes + Change in Working Capital (sometimes excluded or added back depending on the specific metric, e.g., FFO vs. CFO).
Standard S&P FFO for utilities: Net Income + D&A + Deferred Tax + Other non-cash.
Let's add Deferred Tax change?
Deferred Tax Assets increased from 1,509,092,000 to 1,784,292,000 (Increase of 275,200,000).
Deferred Tax Liabilities increased from 989,078,000 to 1,244,593,000 (Increase of 255,515,000).
Net Deferred Tax Liability increase = ~ -19,685,000 (Asset increase > Liability increase, so tax expense was higher than cash tax? Or vice versa).
Income Tax Expense = 398,490,000.
Cash Tax paid is not explicitly isolated easily without the full cash flow tax note, but "Income Tax And CESE" in cash flow adjustments is -258,849,000.

Let's stick to the most robust and common simple approximation for "FFO" in absence of a specific definition: **Net Income + Depreciation & Amortization**.

FFO = 3,148,756,000 EUR
Net Debt = 23,882,657,000 EUR

Ratio = 0.13184...

If we use EBITDA / Net Debt (a very common leverage ratio):
EBITDA = 4,509,000,000 EUR
Ratio = 4,509,000,000 / 23,882,657,000 = 0.1888

If we use Operating Cash Flow / Net Debt:
OCF = 3,777,785,000 EUR
Ratio = 0.1581

The term "FFO" specifically usually refers to **Funds From Operations**. In the context of European utilities, this is often calculated as:
$FFO = \text{Net Income} + \text{D\&A} + \text{Impairments} + \text{Deferred Taxes} + \text{Share of results of associates (adjusted)}$.
The provided "Profit Loss" already includes the share of associates ("Joint Ventures And Associates" is added back in some cash flow reconciliations, but it's part of Net Income).
The "Adjustments For Joint Ventures And Associates" in the cash flow statement is -208,684,000. This suggests the equity income was higher than dividends received, or vice versa.
Actually, in the Cash Flow from Operations reconciliation:
Start with Profit Before Tax? No, the data shows "Cash Flows From Used In Operations" starting from adjustments.
Usually, FFO is closer to Operating Cash Flow before changes in working capital.
Let's look at "Cash Flows From Used In Operations" = 4,200,324,000 EUR. This is OCF before working capital changes?
The line "Cash Flows From Used In Operating Activities" is 3,777,785,000 EUR. This is the final OCF.

Standard FFO definition (e.g., NAREIT for REITs, but adapted for Utilities):
FFO = Net Income + Depreciation + Amortization.
This matches our first calculation: 3,148,756,000.

Let's verify the Debt components again.
"Longterm Borrowings" + "Current Borrowings..." are clearly debt.
"Other Noncurrent Financial Liabilities" (5.1B) and "Other Current Financial Liabilities" (3.6B).
In EDP's annual report, "Other Financial Liabilities" typically includes derivatives and sometimes lease liabilities (though leases are often separate or in provisions). However, "Right-of-use Assets" are 1.3B. Lease liabilities are likely part of the financial liabilities or provisions.
If we assume "Net Debt" implies interest-bearing debt, we should include all financial liabilities.
Total Financial Liabilities = 28,782,862,000.
Cash = 4,900,205,000.
Net Debt = 23,882,657,000.

FFO / Net Debt = 3,148,756,000 / 23,882,657,000 = 0.1318.

Let's consider if "FFO" might be interpreted as EBITDA in some loose contexts. If the question implies a standard credit metric, "FFO/Net Debt" is a specific rating agency metric. S&P defines FFO for utilities as Net Income + D&A + Deferred Tax + Other non-cash.
Deferred Tax Expense (from P&L) vs Cash.
Change in Deferred Tax Assets: +275M.
Change in Deferred Tax Liabilities: +255M.
Net Change in Net DTL = -20M (Increase in Asset is a use of cash/non-cash charge? No, increase in DTA is a non-cash expense added back? Or subtracted?
In Cash Flow:
Income Tax Expense = 398M.
Tax Paid?
The adjustment "Income Tax And CESE" in the cash flow from operations section is -258,849,000. This likely represents the cash tax paid or the difference.
If we add back Deferred Taxes to Net Income:
Net Income: 1,169M
D&A: 1,979M
Deferred Tax: The P&L tax is 398M. The cash tax adjustment is complex.
Let's stick to the core FFO = NI + D&A.

Result: 0.13

<answer>0.13</answer>