To estimate the FFO (Funds From Operations) to Net Debt ratio for ENGIE based on S&P methodology, we first determine the components:

1.  **FFO Calculation:** According to S&P methodology, FFO is generally calculated as "Cash Flow from Operating Activities" adjusted for non-recurring items or working capital impacts. A simplified approach often used in credit analysis is:
    FFO ≈ Cash Flows From Operating Activities (Continuing) + Dividends received from associates.
    *   Cash Flows From Used In Operating Activities Continuing Operations (2022): 8,488,000,000 EUR
    *   Dividends Received Classified As Investing Activities (2022): 18,000,000 EUR
    *   Note: S&P often adjusts for provisions or interest/tax impacts. Using the provided operating cash flow of 8,488,000,000 EUR as the core proxy for FFO: 8,488,000,000 EUR.

2.  **Net Debt Calculation:** S&P Net Debt is calculated as:
    Total Debt (Current + Long-term borrowings) - Cash and Cash Equivalents - Liquid/Short-term financial assets.
    *   Longterm Borrowings (2023-01-01): 28,083,000,000 EUR
    *   Current Borrowings And Current Portion Of Noncurrent Borrowings (2023-01-01): 12,508,000,000 EUR
    *   Total Gross Debt = 28,083,000,000 + 12,508,000,000 = 40,591,000,000 EUR
    *   Cash And Cash Equivalents (2023-01-01): 15,570,000,000 EUR
    *   Other Current Financial Assets (2023-01-01): 2,394,000,000 EUR
    *   Net Debt = 40,591,000,000 - 15,570,000,000 - 2,394,000,000 = 22,627,000,000 EUR

3.  **Ratio Calculation:**
    FFO / Net Debt = 8,488,000,000 / 22,627,000,000 ≈ 0.3751

Rounding the result to the standard representation:

<answer>0.3751</answer>