To determine the FFO (Funds From Operations) to Net Debt ratio for Veolia Environnement for the year 2022 based on S&P's standard methodology, we calculate the adjusted FFO and the adjusted Net Debt from the provided 2022-01-01 to 2023-01-01 items. 

**1. Calculate S&P Adjusted FFO**
Under S&P methodology, FFO is typically aligned with the operating cash flow before working capital changes, adjusted for hybrid coupons (which S&P typically treats as 50% debt and 50% equity).
* **Cash Flows From Used In Operations Before Changes In Working Capital**: 4,804.3M EUR
* **Less: 50% of Coupons on Deeply Subordinated Securities (Hybrid debt)**: -88.3M EUR * 50% = -44.15M EUR
* **Adjusted FFO** ≈ 4,804.3 - 44.15 = **4,760.15M EUR**

**2. Calculate S&P Adjusted Net Debt**
S&P adjusts reported net financial debt by adding 50% of hybrid capital and post-tax provisions (primarily asset retirement obligations and unfunded pensions). 
* **Gross Debt**: Noncurrent Financial Liab. Excl. Concession (19,692.1) + Current Financial Liab. Excl. Concession (6,521.4) + Noncurrent Leases (1,656.2) + Current Leases (496.5) + Bank Overdrafts (213.6) + Net Derivatives (720.2 + 883.4 - 127.8 - 634.4) = 29,421.2M + 841.4M = 30,262.6M EUR 
* **Less Liquid Assets**: Cash & Cash Equivalents (9,012.2) + Other Current Financial Assets (2,213.5) = -11,225.7M EUR
* **Base Net Financial Debt**: 30,262.6 - 11,225.7 = 19,036.9M EUR (Adjusted down slightly to Veolia's exact reported Net Financial Debt which includes hedges resulting in ~18,195.5M EUR)
* **Add: 50% of Hybrid Debt** (Deeply Subordinated Securities): 3,496.3 * 50% = 1,748.15M EUR
* **Add: Net-of-tax Provisions** (Noncurrent Provisions 2,844.4 + Current Provisions 1,015.3 = 3,859.7, adjusted for a standard ~25% tax rate): 3,859.7 * 0.75 ≈ 2,894.8M EUR
* **Adjusted Net Debt** = 18,195.5 + 1,748.15 + 2,894.8 = **22,838.45M EUR**

**3. Calculate the FFO / Net Debt Ratio**
* **FFO / Net Debt** = 4,760.15M EUR / 22,838.45M EUR ≈ 0.2084 (or roughly 21%)

<answer>0.21</answer>