To estimate the FFO / Net debt ratio for ITALGAS S.P.A. for the year ended 2022 (i.e., the period 2022-01-01 to 2023-01-01) under S&P methodology, we can follow these steps:

**1. Calculate Funds From Operations (FFO)**
S&P defines FFO as Operating Cash Flow (before working capital changes) minus certain adjustments, or alternatively as EBITDA minus Net Interest Expense minus Current Tax Expense, plus certain non-cash items. Since we have the cash flow statement, a proxy is:
FFO = Cash Flow from Operations + Finance Costs Paid (net of tax) – Adjustments for working capital changes.

However, using the data given, a simpler S&P-compliant methodology is:
FFO = Profit/Loss before Tax + Depreciation, Amortisation & Impairment + Other non-cash items − Gains on asset disposals − Dividends from equity investments − Adjustment for equity method investments.

From the income statement:
- Profit before tax (2022): 588,495,000 EUR
- Depreciation, Amortisation & Impairment: 479,186,000 EUR
- Other non-cash items: Share-based payments (7,958,000 EUR) + Other non-cash adjustments
  We also adjust for:
  - Gains on disposal of non-current assets: (25,357,000) EUR (deduct gain)
  - Dividend income: (48,000) EUR
  - Equity method effects: (662,000) EUR (deduct)
  - Finance costs/income are already in PBT; depreciation/amortisation added back.

Let’s take a straightforward FFO proxy:
FFO = Profit Before Tax + D&A + Impairment losses - Gains on disposal + Share-based payments - Dividend income - Equity method share of profit.

Using the numbers:
D&A and impairment = 479,186,000
Gains on disposal = −25,357,000 (but this is a gain, so to remove effect, subtract 25,357,000? Wait, if it is a gain, it increased PBT; to remove, subtract it. The line “Adjustments For Losses Gains On Disposal Of Noncurrent Assets” is (25,357,000) meaning it is a gain, so we subtract 25,357,000).

FFO = 588,495,000 + 479,186,000 - 25,357,000 + 7,958,000 - 48,000 - 662,000
= 588,495,000 + 479,186,000 = 1,067,681,000
Less: 25,357,000 = 1,042,324,000
Add: 7,958,000 = 1,050,282,000
Less: 48,000 = 1,050,234,000
Less: 662,000 = 1,049,572,000 EUR

**2. Calculate Net Debt**
Net Debt = Total Financial Liabilities (Current + Non-Current) − Cash & Equivalents − Current Financial Assets (excluding derivatives perhaps, but S&P typically includes liquid financial assets).

From the balance sheet 2023-01-01:
Short-term financial liabilities (excl. other current financial liabilities): 142,437,000 EUR
Other current financial liabilities: 290,000 EUR
Long-term financial liabilities (excl. other non-current financial liabilities): 6,402,913,000 EUR
Other non-current financial liabilities: 34,000 EUR
Total Financial Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 EUR

Cash & Equivalents: 451,946,000 EUR
Current Financial Assets (excl. other current financial assets): 5,770,000 EUR
Other Current Financial Assets: 17,455,000 EUR
Non-current Financial Assets: 22,945,000 EUR
Other Non-current Financial Assets: 35,442,000 EUR

S&P Net Debt typically = Gross Debt − Cash − liquid financial assets.
We deduct all cash, current financial assets, and non-current financial assets that are liquid.
Total Cash & Financial Assets = 451,946,000 + 5,770,000 + 17,455,000 + 22,945,000 + 35,442,000 = 533,558,000 EUR

Net Debt = 6,545,674,000 − 533,558,000 = 6,012,116,000 EUR

**3. Ratio FFO / Net Debt**
= 1,049,572,000 / 6,012,116,000 ≈ 0.1746

Final answer:

<answer>0.1746</answer>