To estimate the FFO / Net Debt ratio for 2022, we need to calculate Funds From Operations (FFO) and Net Debt using the provided financial data for the period ending 2023-01-01 (which represents the full year 2022).

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

A common definition for FFO in the context of utility/infrastructure companies is:
$$FFO = \text{Net Income} + \text{Depreciation, Amortization, and Impairment} - \text{Gains on Asset Sales} + \text{Changes in Working Capital (optional, but often excluded for simple FFO)}$$

However, a more standard corporate finance approximation for FFO (often used for credit ratios) is:
$$FFO = \text{Net Income} + \text{Depreciation & Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Items}$$

Let's look at the available data:
*   **Profit Loss Attributable To Owners Of Parent (Net Income):** 4,339,000,000 EUR
*   **Depreciation Amortisation And Impairment Loss...:** 4,774,000,000 EUR
*   **Profit Loss From Continuing Operations:** 5,131,000,000 EUR
*   **Profit Loss (Total including non-controlling):** 5,060,000,000 EUR

Standard FFO calculation often starts with Net Income (Attributable to Parent) or Total Net Income. Let's use Total Net Income to be consistent with total debt, or adjust for Non-Controlling Interests (NCI) if we use Net Debt attributable to parent. Usually, credit ratios use Consolidated figures.

Let's use the Consolidated Net Income:
$$\text{Net Income} = 5,060,000,000 \text{ EUR}$$

Add back Depreciation & Amortization:
$$\text{D\&A} = 4,774,000,000 \text{ EUR}$$

Are there other significant non-cash items?
*   **Share Of Other Comprehensive Income Of Associates:** 146,000,000 EUR (This is OCI, not P&L, so likely already excluded from Net Income or needs careful handling. Usually, FFO adds back D&A to Net Income. Let's stick to the core components).
*   **Deferred Tax:** The change in Deferred Tax Assets/Liabilities affects cash tax vs expense, but FFO is often an operating cash flow proxy.
*   **Interest:** FFO is typically pre-interest? No, FFO is usually Net Income + D&A. Interest is a financing cost. However, some definitions use EBITDA - Interest - Taxes + D&A.
    *   Let's check EBITDA: 13,228,000,000 EUR.
    *   Interest Expense (Finance Costs): 3,042,000,000 EUR.
    *   Tax Expense (Income Tax): 1,161,000,000 EUR.
    *   $EBITDA - Interest - Tax = 13,228 - 3,042 - 1,161 = 9,025$ million.
    *   This is close to Net Income (5,060) + D&A (4,774) = 9,834 million. The difference is due to non-controlling interests, discontinued ops, and other comprehensive income items or differences in tax definitions (Total tax expense vs income tax expense).
    *   Let's use the standard formula: $FFO = \text{Net Income} + \text{D\&A}$.
    *   $FFO = 5,060,000,000 + 4,774,000,000 = 9,834,000,000 \text{ EUR}$.

    *Alternative FFO Definition (S&P Style for Utilities):*
    $FFO = \text{Net Income} + \text{Depreciation} + \text{Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Charges}$.
    Deferred Tax Expense is part of the Income Tax Expense. The cash tax paid is 1,055,000,000. The Income Tax Expense is 1,161,000,000. The difference is small.
    Let's stick with $FFO \approx 9,834,000,000$ EUR.

**2. Calculate Net Debt**

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

We need to identify Total Financial Debt (Current + Non-Current).

*   **Noncurrent Financial Liabilities:** 44,216,000,000 EUR
    *   Breakdown:
        *   Deudas Con Entidades De Credito... (Loans/Bonds): 36,129,000,000
        *   Instrumentos De Capital... (Equity-like liabilities): 576,000,000
        *   Noncurrent Derivative Financial Liabilities: 3,690,000,000
        *   Noncurrent Lease Liabilities: 2,287,000,000
        *   Other Noncurrent Financial Liabilities: 1,534,000,000
    *   Note: Derivatives and Lease Liabilities are often treated differently in "Net Debt" depending on the analyst. Standard "Net Debt" for leverage ratios usually includes Interest-bearing debt. Leases are interest-bearing. Derivatives are often excluded from "Debt" for leverage ratios unless they are hedging debt, but included in "Net Debt" for liquidity. However, a strict "Financial Liabilities" definition includes them. Let's look at "Deudas Con Entidades De Credito" as the core debt.
    *   Often, Rating Agencies define Debt as: Bonds + Loans + Commercial Paper + Lease Liabilities. Derivatives are usually excluded from the debt numerator in leverage ratios (Net Debt/EBITDA) but might be included in a broader "Net Financial Position".
    *   Let's calculate two versions.
        *   **Version A (Broad Financial Liabilities):**
            *   Noncurrent Financial Liabilities: 44,216,000,000
            *   Current Financial Liabilities: 25,079,000,000
            *   Total Financial Liabilities = $44,216 + 25,079 = 69,295,000,000$ EUR.
        *   **Version B (Interest Bearing Debt only - excluding derivatives):**
            *   Noncurrent: $36,129 (\text{Loans}) + 576 (\text{Hybrid}) + 2,287 (\text{Leases}) + 1,534 (\text{Other}) = 40,526$ million.
            *   Current: $10,458 (\text{Loans}) + 87 (\text{Hybrid}) + 151 (\text{Leases}) + 5,058 (\text{Other}) = 15,754$ million.
            *   Total Debt B = $40,526 + 15,754 = 56,280$ million.

    Let's look at the components of "Other Current Financial Liabilities" (5,058M) and "Other Noncurrent" (1,534M). These likely contain short-term borrowings or other interest-bearing instruments.
    
    Standard "Net Debt" usually subtracts Cash from Total Debt.
    Cash And Cash Equivalents (2023-01-01): 4,608,000,000 EUR.

    Let's use the broader **Total Financial Liabilities** as "Gross Debt" because the prompt asks for "Net Debt" based on the report facts, and "Financial Liabilities" is the standard IFRS category for debt.
    
    Gross Debt = Noncurrent Financial Liabilities + Current Financial Liabilities
    Gross Debt = $44,216,000,000 + 25,079,000,000 = 69,295,000,000$ EUR.

    Net Debt = Gross Debt - Cash & Cash Equivalents
    Net Debt = $69,295,000,000 - 4,608,000,000 = 64,687,000,000$ EUR.

    *Refinement on Derivatives:*
    If we exclude Derivatives (Noncurrent: 3,690, Current: 3,398) from Debt:
    Total Derivatives = $3,690 + 3,398 = 7,088$ million.
    Adjusted Gross Debt = $69,295 - 7,088 = 62,207$ million.
    Adjusted Net Debt = $62,207 - 4,608 = 57,599$ million.

    Which definition is more standard for "FFO / Net Debt"?
    In utility credit analysis (like S&P or Moody's), "Debt" typically includes leases but excludes derivatives.
    Let's check the "Deudas Con Entidades De Credito" line item specifically.
    Noncurrent: 36,129
    Current: 10,458
    Total Bank Debt/Bonds = 46,587.
    Plus Leases:
    Noncurrent Leases: 2,287
    Current Leases: 151
    Total Leases = 2,438.
    Plus Hybrids (Instrumentos De Capital...):
    Noncurrent: 576
    Current: 87
    Total Hybrids = 663.
    Plus "Other Financial Liabilities":
    Noncurrent: 1,534
    Current: 5,058
    Total Other = 6,592.
    
    If "Other Financial Liabilities" includes derivatives, we need to be careful. The report lists "Noncurrent Derivative Financial Liabilities" and "Current Derivative Financial Liabilities" separately. So "Other Financial Liabilities" does *not* include derivatives.
    
    So, Interest-Bearing Debt (excluding derivatives) =
    Loans/Bonds (46,587) + Leases (2,438) + Hybrids (663) + Other Financial (6,592) = 56,280 million.
    
    Net Debt (Excl Derivatives) = $56,280 - 4,608 = 51,672$ million.

    Let's re-evaluate FFO.
    If we use the S&P definition for Utilities:
    FFO = Net Income + D&A + Deferred Taxes + Other Non-Cash.
    Net Income (Consolidated) = 5,060.
    D&A = 4,774.
    Deferred Taxes:
    Deferred Tax Assets change: $6,321 - 5,917 = 404$ increase (Use of cash / Source of income?)
    Deferred Tax Liabilities change: $11,682 - 11,364 = 318$ increase (Source of cash / Add back).
    Net Deferred Tax Liability increase = 318 - 404 = -86?
    Actually, Income Tax Expense (1,161) vs Cash Tax Paid (1,055). Difference is 106.
    Let's just stick to $FFO = Net Income + D&A = 9,834$ million. This is a robust baseline.

    Let's calculate the ratio with both Debt definitions.
    
    **Case 1: Broad Financial Liabilities (Including Derivatives)**
    Net Debt = 64,687 million.
    FFO = 9,834 million.
    Ratio = $9,834 / 64,687 \approx 0.152$ or 15.2%.

    **Case 2: Interest-Bearing Debt (Excluding Derivatives)**
    Net Debt = 51,672 million.
    FFO = 9,834 million.
    Ratio = $9,834 / 51,672 \approx 0.190$ or 19.0%.

    **Case 3: "Debt" defined strictly as Loans + Bonds + Leases (Excluding Other Financial Liabilities and Derivatives)**
    Debt = Loans (46,587) + Leases (2,438) + Hybrids (663) = 49,688 million.
    Net Debt = $49,688 - 4,608 = 45,080$ million.
    Ratio = $9,834 / 45,080 \approx 0.218$ or 21.8%.

    Let's look for clues in the report structure. "Noncurrent Financial Liabilities" and "Current Financial Liabilities" are standard IFRS aggregations. In many automated contexts, "Net Debt" is calculated as `(Financial Liabilities - Cash)`.
    
    However, a very common metric for Iberdrola and similar utilities reported by rating agencies is **FFO / Net Debt**.
    Iberdrola's reported leverage ratios are often in the range of 15-20% for FFO/Net Debt?
    Actually, Iberdrola targets an FFO/Net Debt ratio. In recent years, it has been around 13-15%? Or higher?
    Let's check EBITDA/Net Debt.
    EBITDA = 13,228.
    Net Debt (Case 2) = 51,672.
    EBITDA/Net Debt = 25.6%.
    FFO/Net Debt is usually lower than EBITDA/Net Debt? No, FFO is lower than EBITDA (FFO = EBITDA - Interest - Tax + D&A? No. FFO = Net Income + D&A. EBITDA = Net Income + Interest + Tax + D&A. So EBITDA > FFO).
    Wait.
    $EBITDA = 13,228$.
    $FFO = 9,834$.
    If Net Debt is ~52k, EBITDA/Net Debt = 25%. FFO/Net Debt = 19%.
    
    Let's check if "Other Financial Liabilities" should be included.
    "Other Current Financial Liabilities" (5,058) and "Other Noncurrent" (1,534).
    These are significant. Excluding them drops debt by ~6.6 billion.
    Usually, "Other Financial Liabilities" includes things like factoring, short-term notes, etc., which are debt.
    Derivatives are the main exclusion.
    
    So Case 2 (Excluding Derivatives) seems the most analytically sound for "Net Debt" in a credit ratio context.
    Net Debt = 51,672 million EUR.
    FFO = 9,834 million EUR.
    Ratio = 0.1903.

    Let's double check the FFO calculation.
    Sometimes FFO includes "Minority Interest" add-back if Net Income is after minority?
    Consolidated Net Income = 5,060. This includes the share of NCI.
    FFO is a consolidated metric. So 5,060 is correct.
    
    Is there any other adjustment?
    "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method": -146 million.
    This is a non-cash item included in Net Income?
    Equity method income is included in "Profit Loss From Operating Activities" or "Finance Income"?
    The line "Share Of Other Comprehensive Income Of Associates..." is OCI.
    The share of *profit* of associates is in Net Income. It is non-cash (unless dividends received).
    Standard FFO adds back equity in earnings of unconsolidated affiliates and subtracts dividends received from them.
    Dividends Received (Operating) = 67 million.
    We don't have the exact "Share of Profit of Associates" line item explicitly separated from Operating Profit, but we have "Investments In Associates...".
    Change in Investment in Associates:
    End: 857. Start: 1,058.
    This decreased.
    
    Let's assume the standard simple FFO = Net Income + D&A is sufficient for an estimate.
    
    Let's refine the Net Debt calculation again.
    Total Financial Liabilities = 69,295.
    Less Derivatives = 7,088.
    Adjusted Financial Liabilities = 62,207.
    Less Cash = 4,608.
    Net Debt = 57,599.
    
    Wait, in Case 2 above, I calculated:
    Loans (46,587) + Leases (2,438) + Hybrids (663) + Other (6,592) = 56,280.
    Let's re-sum:
    Noncurrent:
    Deudas: 36,129
    Instr Capital: 576
    Derivatives: 3,690 (Exclude)
    Leases: 2,287
    Other: 1,534
    Sum Noncurrent (Excl Deriv) = 36,129 + 576 + 2,287 + 1,534 = 40,526. Correct.
    
    Current:
    Deudas: 10,458
    Instr Capital: 87
    Derivatives: 3,398 (Exclude)
    Leases: 151
    Other: 5,058
    Sum Current (Excl Deriv) = 10,458 + 87 + 151 + 5,058 = 15,754. Correct.
    
    Total Debt (Excl Deriv) = 40,526 + 15,754 = 56,280.
    Net Debt = 56,280 - 4,608 = 51,672.
    
    Ratio = 9,834 / 51,672 = 0.1903.

    Let's consider if "Other Financial Liabilities" should be excluded.
    If we only take "Deudas Con Entidades De Credito" and "Leases" and "Hybrids":
    Debt = 46,587 + 2,438 + 663 = 49,688.
    Net Debt = 45,080.
    Ratio = 9,834 / 45,080 = 0.218.

    However, "Other Financial Liabilities" in utility balance sheets often includes commercial paper, short term bank loans, or liabilities related to securitization. These are debt.
    
    Let's check the "Net Debt" definition often used by Iberdrola in their presentations.
    Iberdrola defines Net Financial Debt as:
    Non-current financial liabilities + Current financial liabilities - Cash and cash equivalents - Current financial assets (sometimes).
    
    If we include Current Financial Assets?
    Current Financial Assets = 4,813.
    Noncurrent Financial Assets = 10,508.
    
    Some definitions of Net Debt subtract *all* cash and liquid assets.
    Liquid Assets = Cash (4,608) + Current Financial Assets (4,813)?
    If we subtract Current Financial Assets as well:
    Net Debt = 51,672 - 4,813 = 46,859.
    Ratio = 9,834 / 46,859 = 0.209.

    However, the most standard "Net Debt" is Gross Debt - Cash.
    
    Let's look at the result 0.19 vs 0.15.
    If we use the broadest definition (including derivatives), it's 0.15.
    If we use the interest-bearing definition (excluding derivatives), it's 0.19.
    
    Derivatives are financial liabilities, but they are not "debt" in the sense of borrowed capital. They are hedging instruments. Including them distorts the leverage ratio. Therefore, excluding them is the correct financial analysis practice.
    
    So, Net Debt ≈ 51,672 million EUR.
    FFO ≈ 9,834 million EUR.
    
    Ratio = 0.1903.

    Let's check if FFO should be adjusted for Taxes Paid vs Expense?
    FFO is often defined as Cash Flow from Operations before changes in working capital?
    Cash Flow from Operating Activities = 10,443 million.
    This is a very good proxy for FFO + Working Capital Changes.
    Changes in Working Capital:
    Adjustments for Decrease Increase In Trade And Other Receivables: -1,701.
    Adjustments for Decrease Increase In Inventories: 521.
    Adjustments for Increase Decrease In Trade And Other Payables: 44.
    Net WC Change = -1,701 + 521 + 44 = -1,136.
    CFO = 10,443.
    FFO (unlevered, pre-WC) ≈ 10,443 - (-1,136) = 11,579?
    Or is FFO just Net Income + D&A?
    
    S&P FFO Definition:
    Net Income + D&A + Deferred Tax + Other Non-Cash.
    We established this as ~9,834.
    
    Why is CFO (10,443) higher?
    CFO includes interest paid? No, Interest Paid is usually Financing or Operating.
    In this report:
    Interest Paid Classified As Investing Activities: 189.
    Interest Paid Excluded... Financing: 1,495 + 61 + 169 = 1,725.
    Total Interest Paid = ~1,914.
    Finance Costs (P&L) = 3,042.
    Difference is capitalized interest or accruals.
    
    If we use CFO as a proxy for FFO?
    CFO = 10,443.
    Ratio = 10,443 / 51,672 = 0.202.
    
    However, FFO is specifically defined to add back D&A to Net Income.
    Let's stick to the explicit FFO calculation: 9,834.
    
    One more check: "Profit Loss From Continuing Operations" is 5,131.
    If we use this instead of Total Profit (5,060):
    FFO = 5,131 + 4,774 = 9,905.
    Ratio = 9,905 / 51,672 = 0.1917.
    
    The difference is negligible.
    
    Final check on Net Debt components.
    Did we miss any "Debt-like" items?
    "Noncurrent Government Grants" (1,247) and "Instalaciones Cedidas..." (5,673). These are liabilities but not financial debt.
    "Provisions" are not debt.
    
    So the denominator is ~51.7 Billion.
    The numerator is ~9.8 Billion.
    
    Result: 0.19.

<answer>0.19</answer>