To estimate the FFO / Net debt ratio for 2022 under S&P methodology, we can follow this reasoning:

1.  **Calculate Funds From Operations (FFO):**
    *   Under S&P’s definition, FFO typically equals EBITDA less net interest paid, less income tax paid, and less lease payments (if treated as debt). In some simplified versions, it’s Cash Flow from Operations minus working capital movements plus interest paid. A common starting point is Profit from Operating Activities adjusted for Depreciation and Amortization.
    *   Using the given data, the closest direct metric to the operating cash flow before interest and tax is often derived from EBITDA.
    *   From the Cash Flow statement:
        *   Cash Flows from Operating Activities = 4,242,000,000 EUR
        *   Interest Paid = -520,000,000 EUR
        *   Income Taxes Paid = -762,000,000 EUR
    *   If we adjust CFO by adding back interest paid and tax paid, we get a proxy for FFO before interest and tax. However, S&P's standard definition of FFO is typically Operating Cash Flow before changes in working capital.
    *   Let's calculate FFO using the P&L approach:
        *   Profit from Operating Activities = 3,083,000,000 EUR
        *   Add: Depreciation and Amortization = 1,532,000,000 EUR
        *   Add: Impairment/Provisions (if non-cash) - We have an impairment loss of -228,000,000.
        *   This gives a rough EBITDA proxy, but the report provides "Beneficio Bruto De Explotacion Ebitda" = 4,954,000,000 EUR.
    *   A more precise S&P FFO calculation:
        *   Start with EBITDA = 4,954,000,000 EUR
        *   Subtract: Interest Paid = -520,000,000 EUR
        *   Subtract: Income Tax Paid = -762,000,000 EUR
        *   Subtract: Lease payments (implicitly covered if we take Interest Paid), but let's use the figures provided.
        *   FFO ≈ EBITDA - Net Interest Paid - Current Tax Paid. (Net interest paid is roughly Finance Costs = 837M, but cash interest paid is 520M. S&P often uses cash interest). Let's use cash interest: 4,954 - 520 - 762 = 3,672,000,000 EUR.
        *   Alternatively, FFO = CFO + Interest Paid + Tax Paid - WC changes. CFO = 4,242. WC changes = -272. So FFO before WC = 4,242 - 272 = 3,970. Then add back cash interest (520M) and tax (762M)? No, S&P often uses: FFO = EBITDA - Cash Interest - Cash Tax - Lease Payments. We can estimate this as 4,954 - 520 - 762 = 3,672.

2.  **Calculate Net Debt:**
    *   Net Debt = Short-term Debt + Long-term Debt - Cash and Cash Equivalents.
    *   Short-term borrowings and current portion of non-current borrowings = 2,110,000,000 EUR
    *   Long-term borrowings = 12,689,000,000 EUR
    *   Total Debt = 2,110 + 12,689 = 14,799,000,000 EUR
    *   Add: Lease Liabilities (Non-current 1,309 + Current 177) = 1,486,000,000 EUR. Total Debt including leases = 14,799 + 1,486 = 16,285,000,000 EUR.
    *   Subtract: Cash and Cash Equivalents = 3,985,000,000 EUR.
    *   Net Debt = 16,285 - 3,985 = 12,300,000,000 EUR.
    *   If we use only borrowings (S&P sometimes excludes leases depending on the treatment, but usually includes them for retail/utilities): Net Debt (without leases) = 14,799 - 3,985 = 10,814,000,000 EUR.
    *   S&P typically includes lease liabilities in the debt calculation for this ratio.

3.  **Calculate Ratio:**
    *   FFO / Net Debt = 3,672 / 12,300 = 0.2985...
    *   Using a slightly different FFO calculation from CFO: CFO adjusted = CFO + Interest Paid + Tax Paid = 4,242 + 520 + 762 = 5,524. Subtract working capital movement (+272) to get FFO before WC changes? No, FFO = CFO before WC changes = 4,242 + 272 = 4,514? No, WC change is negative 272. So CFO before WC changes = CFO - WC change = 4,242 - (-272) = 4,514. But this includes tax and interest paid. So FFO = 4,514. Then Ratio = 4,514 / 12,300 = 0.366.
    *   The most standard S&P calculation is FFO = EBITDA - Net Interest Paid - Paid Income Tax - Cash Lease Payments. We don't have cash lease payments explicitly, but we can use EBITDA - Finance Costs - Income Tax Paid + Depreciation? No.
    *   Let's use the standard FFO definition: EBITDA - Cash Interest - Cash Tax.
    *   EBITDA = 4,954
    *   Cash Interest = 520
    *   Cash Tax = 762
    *   FFO = 4,954 - 520 - 762 = 3,672
    *   Net Debt = Short-term debt + Long-term debt + Lease liabilities - Cash = 2,110 + 12,689 + 1,309 + 177 - 3,985 = 16,285 - 3,985 = 12,300
    *   Ratio = 3,672 / 12,300 = 0.2985

Let's check another common way: FFO from Operations = Profit from Operating Activities + Depreciation and Amortization - Interest Paid - Tax Paid = 3,083 + 1,532 - 520 - 762 = 3,333.
Ratio = 3,333 / 12,300 = 0.271.

Given the typical S&P calculation uses EBITDA minus cash interest and cash taxes, I will go with FFO = 3,672 and Net Debt = 12,300. The ratio is 3,672,000,000 / 12,300,000,000 = 0.2985.

<answer>0.2985</answer>