Let’s reason through the S&P Global methodology for Funds From Operations (FFO) and Net Debt, then compute the FFO / Net Debt ratio for ENI for the 2022 fiscal year.

---

**Step 1 – Calculate FFO (Funds From Operations)**

S&P typically defines FFO as:

**FFO = Profit or Loss from Operating Activities + Depreciation & Amortization + Impairment + Write-offs – Current Tax Expense + Dividends Received from Associates + Other non-cash adjustments (if applicable)**  
or starting from **Net income**, adding back D&A, impairments, write-offs, deferred tax changes, and removing gains/losses on asset sales.

Here, we can start from **Profit Loss From Operating Activities** (since it’s given directly):

- **Profit Loss From Operating Activities (2022):** €17,510 million
- **Plus Depreciation and Amortisation:** €7,205 million
- **Plus Impairment Loss:** €1,140 million (note: it’s a loss, so it’s added back)
- **Plus Write Off Of Tangible And Intangible Assets:** €599 million  
- **Less Current Tax Paid (approximation):** We take **Income Tax Expense Continuing Operations** – change in **Net Deferred Tax Assets** (or Liabilities) to get the cash tax portion. But for FFO, S&P typically deducts only **current tax** (cash taxes paid). The cash flow statement shows **Income Taxes Paid** = €8,488 million. We’ll use that.

---

**Step 2 – Preliminary FFO calculation**

\[
FFO = 17,510 + 7,205 + 1,140 + 599 - 8,488
\]
\[
FFO = 17,510 + 7,205 = 24,715
\]
\[
24,715 + 1,140 = 25,855
\]
\[
25,855 + 599 = 26,454
\]
\[
26,454 - 8,488 = 17,966
\]

So **FFO ≈ €17,966 million**.

---

**Step 3 – Calculate Net Debt**

S&P net debt is usually:

**Net Debt = Short-term debt + Current portion of long-term debt + Long-term debt + Lease liabilities – Cash and Cash Equivalents – Current Financial Assets at Fair Value Through Profit or Loss – Other current financial assets (if liquid).**

From balance sheet at 2023-01-01 (end of 2022):

- **Short-term borrowings:** €4,446 million
- **Current portion of long-term borrowings:** €3,097 million
- **Current lease liabilities:** €884 million
- **Long-term borrowings:** €19,374 million
- **Noncurrent lease liabilities:** €4,067 million
- **Less Cash and Cash Equivalents:** €10,155 million
- **Less Current Financial Assets at FV through P&L:** €8,251 million
- **Less Other Current Financial Assets:** €1,504 million

---

**Step 4 – Compute net debt**

Total debt:

\[
4,446 + 3,097 + 884 + 19,374 + 4,067 = 31,868
\]

Less liquid assets:

\[
10,155 + 8,251 + 1,504 = 19,910
\]

Net debt:

\[
31,868 - 19,910 = 11,958 \text{ million EUR}
\]

---

**Step 5 – FFO / Net Debt Ratio**

\[
\frac{17,966}{11,958} \approx 1.502
\]

---

**Final answer**:

<answer>1.502</answer>