Here’s the reasoning for computing **FFO / Net debt** under S&P’s methodology for TenneT for 2022.

**Step 1 – Determine Funds From Operations (FFO)**  
S&P generally defines FFO as:  
- Profit or loss for the period  
- Plus depreciation and amortization  
- Plus deferred tax expense (or minus deferred tax benefit)  
- Minus gains (or plus losses) on asset disposals  
- Minus equity income (or plus equity losses)  
- Plus dividends from associates/JVs (if classified as operating)  
- Minus non-cash items that are not sustainable (in this case, major non-cash adjustments from the cash flow statement can be used as a proxy)  

From the given data for 2022:  
- Profit/Loss = –879 M EUR  
- Depreciation and Amortization = +1,233 M EUR  
- Deferred tax movement:  
  Deferred tax assets went from 162 M (2022-01-01) to 711 M (2023-01-01) = +549 M (increase in DTA = deferred tax benefit → subtract from FFO).  
  Deferred tax liabilities went from 7 M to 12 M = +5 M (increase in DTL = deferred tax expense → add).  
  Net deferred tax expense (DTL increase – DTA increase) = 5 – 549 = –544 M (i.e., a benefit → subtract from FFO).  
- Loss on disposals = +38 M (add back, as it’s a loss).  
- Share of profit of JVs/Associates = 120 M (subtract).  
- Dividends from JVs/Associates (operating) = +92 M.

So, FFO estimate:  
FFO = (–879) + 1,233 + (–544) + 38 – 120 + 92  
FFO = –879 + 1,233 = 354  
354 – 544 = –190  
–190 + 38 = –152  
–152 – 120 = –272  
–272 + 92 = **–180 M EUR**  

**Step 2 – Determine Net Debt**  
Net debt = (Long-term borrowings + Short-term borrowings + Current bank overdrafts + Current lease liabilities + Non-current lease liabilities) – Cash and cash equivalents.  

At 2023-01-01 (end of 2022):  
- Long-term borrowings = 19,006 M  
- Short-term borrowings = 709 M  
- Current bank overdrafts = 0 M  
- Current lease liabilities = 155 M  
- Non-current lease liabilities = 574 M  
- Cash and cash equivalents = 6,547 M  

Net debt = 19,006 + 709 + 0 + 155 + 574 – 6,547  
= (20,444) – 6,547 = **13,897 M EUR**  

**Step 3 – FFO / Net Debt**  
= –180 / 13,897 ≈ **–0.01295**  

So, final ratio:

<answer>-0.013</answer>