I need to estimate the FFO / Net debt ratio for 2022 based on S&P methodology.

First, let me understand S&P's FFO (Funds From Operations) methodology:
- FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items
- More specifically for S&P: FFO = Profit/Loss + Depreciation and Amortization + Deferred Tax Expense + Other non-cash adjustments

Let me identify the relevant figures for 2022 (period 2022-01-01 to 2023-01-01):

From the data:
- Profit/Loss for 2022: 13,961,000,000 EUR
- Depreciation And Amortisation Expense for 2022: 7,205,000,000 EUR
- Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss for 2022: 1,140,000,000 EUR (this is a reversal/negative expense, so it added to profit)
- Write Off Of Tangible And Intangible Assets for 2022: 599,000,000 EUR

For S&P FFO, I need to be careful about how to treat items. Let me think about this more carefully.

S&P FFO typically includes:
- Net income
- Add back: Depreciation and amortization
- Add back: Deferred taxes (change in deferred tax assets/liabilities)
- Add back: Other non-cash items

Let me calculate components:

**Net Income**: 13,961,000,000 EUR

**Depreciation and Amortization**: 7,205,000,000 EUR

**Deferred Taxes**:
- Net Deferred Tax Assets 2023-01-01: 4,569,000,000 EUR
- Net Deferred Tax Assets 2022-01-01: 2,713,000,000 EUR
- Change in Net Deferred Tax Assets: 4,569,000,000 - 2,713,000,000 = 1,856,000,000 EUR (increase)
- This means deferred tax benefit was recognized. But wait, let me check the income tax expense.

Actually, looking at the cash flow statement adjustments:
- Adjustments For Income Tax Expense: 8,088,000,000 EUR

And cash taxes paid:
- Income Taxes Paid Refund Classified As Operating Activities: 8,488,000,000 EUR

The difference between tax expense and cash taxes paid relates to deferred taxes. But for S&P FFO, we typically add back deferred tax expense (the non-cash portion).

Let me think about this differently. S&P FFO formula is approximately:
FFO = Net Income + D&A + Deferred Income Tax Expense + Other non-cash items

From the cash flow adjustments, I can reconstruct:
- Adjustments For Depreciation And Amortisation Expense: 7,205,000,000
- Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss: 1,140,000,000
- Write Off Of Tangible Or Intangible Assets: 599,000,000

Wait, I need to be more careful. Let me look at what S&P typically includes:

Standard S&P FFO calculation:
FFO = Profit before tax + Interest expense + Depreciation & amortization - Current tax expense ± Other adjustments

Or more commonly for equity holders:
FFO = Net income + Depreciation & amortization + Deferred tax expense + Other non-cash expenses

Let me use a practical approach. For 2022:

Starting with Operating Cash Flow seems cleaner. From the data:
- Cash Flows From Used In Operating Activities: 17,460,000,000 EUR

But S&P FFO is not the same as operating cash flow. S&P FFO excludes working capital changes and some other items.

Let me calculate FFO more directly using the standard S&P approach:

**Net Income**: 13,961,000,000 EUR

**Add: D&A**: 7,205,000,000 EUR

**Add: Deferred tax change**: 
- Net Deferred Tax Liabilities 2023-01-01: 5,094,000,000 EUR
- Net Deferred Tax Liabilities 2022-01-01: 4,835,000,000 EUR
- Change: 259,000,000 EUR increase

- Net Deferred Tax Assets 2023-01-01: 4,569,000,000 EUR
- Net Deferred Tax Assets 2022-01-01: 2,713,000,000 EUR
- Change: 1,856,000,000 EUR increase

Net deferred tax position: Assets - Liabilities
- 2023: 4,569 - 5,094 = -525,000,000 EUR (net liability)
- 2022: 2,713 - 4,835 = -2,122,000,000 EUR (net liability)

Change in net deferred tax position: -525 - (-2,122) = 1,597,000,000 EUR improvement

This is getting complicated. Let me try a different approach using the cash flow statement and working backwards.

From the indirect method cash flow, I can identify:
- Profit Loss From Operating Activities: 17,510,000,000 EUR (this is EBIT essentially)
- Finance Income: 8,450,000,000 EUR
- Finance Costs: 9,333,000,000 EUR

Wait, Profit Loss From Operating Activities is 17,510,000,000 EUR. This is EBIT.

S&P FFO is typically calculated as:
FFO = EBIT + D&A - Current taxes ± Other adjustments

Or from net income:
FFO = Net income + D&A + Deferred taxes + Other non-cash items - Gain on sales + Other adjustments

Let me try yet another approach. Looking at the cash flow statement adjustments to reconcile profit to operating cash flow:

Profit Loss: 13,961,000,000
+ Adjustments For Depreciation And Amortisation Expense: 7,205,000,000
+ Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss: 1,140,000,000
+ Write Off Of Tangible Or Intangible Assets: 599,000,000
+ Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method: 1,841,000,000
+ Adjustments For Losses Gains On Disposal Of Noncurrent Assets: -524,000,000
+ Adjustments For Dividend Income: -351,000,000
+ Adjustments For Interest Income: -159,000,000
+ Adjustments For Interest Expense: 1,033,000,000
+ Adjustments For Income Tax Expense: 8,088,000,000
+ Other Adjustments To Reconcile Profit Loss: -2,773,000,000
= Subtotal before working capital: 20,060,000,000

Then working capital and other items:
+ Increase Decrease In Working Capital: 1,279,000,000
+ Adjustments For Decrease Increase In Inventories: -2,528,000,000
+ Adjustments For Decrease Increase In Trade Account Receivable: -1,036,000,000
+ Adjustments For Increase Decrease In Trade Account Payable: 2,284,000,000
+ Adjustments For Provisions: 2,028,000,000
+ Adjustments For Increase Decrease In Other Assets And Liabilities: -2,027,000,000
+ Adjustments For Increase Decrease In Employee Benefit Liabilities: 39,000,000
+ Dividends Received Classified As Operating Activities: 1,545,000,000
+ Interest Received Classified As Operating Activities: 116,000,000
- Interest Paid Classified As Operating Activities: -851,000,000
- Income Taxes Paid Refund Classified As Operating Activities: -8,488,000,000
= Cash Flows From Used In Operating Activities: 17,460,000,000

For S&P FFO, the standard formula is:
FFO = Net Income + D&A + Deferred Income Taxes + Other non-cash items

Where "Other non-cash items" typically includes items like impairment, write-offs, provisions, equity-accounted earnings adjustments, etc., but excludes working capital changes and realized gains/losses.

A more precise S&P FFO formula:
FFO = Profit before tax + Interest expense on debt - Current tax expense + D&A + Other non-cash items

Or from operating cash flow:
FFO = Operating Cash Flow - Working capital changes + Interest paid + Taxes paid - Dividends received - Interest received (if classified as operating)

Actually, let me use the most common S&P approach for corporates:
FFO = Net income + Depreciation & amortization + Deferred tax expense + Other non-cash items

Where I need to identify "Other non-cash items" that are part of FFO.

From the adjustments, items typically included in S&P FFO beyond D&A and deferred taxes:
- Impairment losses and reversals
- Write-offs
- Provisions changes (sometimes)
- Equity-accounted investment adjustments
- Gains/losses on disposals (deducted from FFO if gains, added if losses)

Let me try a cleaner approach. S&P Global's standard FFO definition for corporate issuers:

FFO = Funds from operations = Net income before extraordinary items + Depreciation and amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes things like:
- Asset impairment charges
- Provisions for restructuring
- Stock-based compensation
- Gains/losses on asset sales (these are removed, not added)

Actually, I think I need to be more careful. Let me look at what items are typically adjusted:

For S&P, FFO is calculated as:
1. Start with Net Income
2. Add back D&A
3. Add back deferred tax expense (the non-cash portion)
4. Add back other non-cash charges like impairments, write-downs
5. Subtract gains on asset sales (or add losses)
6. Adjust for equity-accounted earnings (remove undistributed profits, add distributions received)

Let me calculate step by step:

**Net Income**: 13,961,000,000

**Add: D&A**: 7,205,000,000

**Add: Impairment and write-offs**: 
- Impairment Loss Reversal (negative expense, so this reduced expenses/increased profit): 1,140,000,000 was a reversal, so it added to profit. For FFO, if it was a reversal that benefited earnings, we need to subtract it? No wait - let me re-read.
- The line "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,140,000,000. This is a reversal, meaning it reduced impairment expense, thus increasing profit. In FFO, we want to add back impairments (charges), but subtract reversals (benefits).
- Write Off Of Tangible And Intangible Assets: 599,000,000. This is a charge, so add back.

Actually, looking at cash flow adjustments:
- Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss: 1,140,000,000 (positive number in adjustments means it was added back to profit). Wait, this was a reversal that benefited profit, so to remove its benefit, we'd subtract it? No, in cash flow statement, positive adjustment means add back to profit. But if it was a reversal (benefit to profit), adding it back would double count.

Let me re-think. The cash flow statement starts with Profit and makes adjustments. If impairment reversal benefited profit, then to get to "cash" basis, we'd need to subtract that benefit (since no cash was received). But the adjustment shown is +1,140,000,000. This suggests the reversal was treated as a non-cash benefit that needs to be reversed.

Wait, I'm confusing myself. Let me look more carefully.

In the income statement:
- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,140,000,000 EUR. This is income (positive).

In cash flow adjustments:
- "Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,140,000,000 EUR. This is added back.

Hmm, if the reversal was already in profit as positive, and we add it back again, that would be wrong. Unless the accounting is different.

Actually, I think the issue is that "Impairment Loss Reversal" in the income statement might be shown as a negative expense (i.e., reduction of expense), and the cash flow adjustment adds back the original impairment. Or perhaps the line item naming is confusing.

Let me look at this differently. The 2020 data shows "Impairment Loss Reversal" = 3,183,000,000 when there was a big loss. This suggests it's a positive number (reducing losses or increasing profits).

For 2022, with profit of 13,961,000,000, the 1,140,000,000 reversal helped profits. In cash flow, if we add this back, it suggests we're reversing out the benefit.

Actually, I think the standard approach is: Reversal of impairment is a non-cash gain, so it's subtracted from profit to get operating cash flow (or in this case, the adjustment is shown as positive because of how the line item is structured in the original financials).

Let me just use the operating cash flow approach and adjust it to get FFO.

S&P FFO = Operating Cash Flow
           - Increase in working capital (or + decrease)
           - Dividends received from equity investments
           - Interest received
           + Interest paid (on debt, not leases)
           + Income taxes paid
           ± Other items

Actually, a more standard S&P approach:
FFO = Operating Cash Flow - Working capital changes + Interest paid + Current taxes paid

Wait, that's not right either.

Let me try the most standard definition:
FFO = EBIT + D&A - Cash taxes paid ± Other non-cash adjustments

Or: FFO = Net income + D&A + Deferred taxes + Interest expense + Other non-cash items

I think for practical purposes, let me use:

FFO ≈ Net income + D&A + Deferred tax change + Interest expense + Impairment/write-offs - Reversals + Other non-cash items

But I need to be careful about what's already in net income.

Let me try: FFO = Operating profit (EBIT) + D&A - Current tax expense

From the data:
- Profit Loss From Operating Activities: 17,510,000,000 (this is operating profit/EBIT)

Wait, is this EBIT? Let me check: Profit Loss From Operating Activities = 17,510,000,000

Then:
- Finance Income: 8,450,000,000
- Finance Costs: 9,333,000,000
- Profit Loss Before Tax: 22,049,000,000

Hmm, 17,510 + 8,450 - 9,333 = 16,627, not 22,049. So there are other items.

Looking more carefully, the income statement structure seems to be:
- Profit Loss From Operating Activities: 17,510,000,000
- Then: Finance Income/Cost, Investment Income/Expense
- Profit Loss Before Tax: 22,049,000,000

So 17,510,000,000 is not EBIT in traditional sense. Let me check:
17,510,000,000 (operating) + 8,450,000,000 (finance income) - 9,333,000,000 (finance costs) + ... = 22,049,000,000

Actually 17,510 + 8,450 - 9,333 = 16,627. But PBT is 22,049. The difference is 5,422. 

Looking at other items:
- Gains Losses On Financial Assets At Fair Value Through Profit Or Loss: -55,000,000
- Gains Losses On Change In Fair Value Of Derivatives: 13,000,000
- Finance Income Cost: -925,000,000 (this is net, but we have gross above)
- Share Of Profit Loss Of Equity Accounted Investments: 1,841,000,000
- Other Income Expense From Investments: 3,623,000,000
- Investment Income Expense: 5,464,000,000

Hmm, 17,510 + (-925) + 5,464 = 22,049. Yes! So:
- Profit Loss From Operating Activities: 17,510,000,000
- Finance Income Cost (net): -925,000,000
- Investment Income Expense: 5,464,000,000
- = Profit Loss Before Tax: 22,049,000,000

So "Profit Loss From Operating Activities" is essentially EBIT excluding financing and investment items. It's close to operating profit.

For S&P FFO, a common formula is:
FFO = Net income + D&A + Deferred taxes + Interest expense + Other non-cash items

Or starting from operating profit:
FFO = Operating profit + D&A - Cash taxes + Interest expense (gross, not net)

Let me try yet another approach. I'll use the cash flow statement and work backwards to FFO.

From operating cash flow of 17,460,000,000:
- Remove working capital changes: -1,279,000,000 (this was a source of cash, so FFO is lower)
Wait, working capital was +1,279,000,000 (positive). Let me check if this is source or use.

"Increase Decrease In Working Capital" = 1,279,000,000. In cash flow, positive means source of cash (reduction in working capital or increase in liabilities). So to get FFO, I need to remove this benefit: FFO = 17,460 - 1,279 = 16,181? No wait, let me think more carefully.

Actually, in the cash flow statement, the working capital adjustment is shown as positive 1,279,000,000. Looking at components:
- Inventories: -2,528 (use, increase in inventory)
- Receivables: -1,036 (use, increase in receivables)
- Payables: +2,284 (source, increase in payables)
- Provisions: +2,028 (source, increase in provisions)
- Other assets/liabilities: -2,027 (use)
- Employee benefits: +39

Net: -2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 = -1,240? Hmm, doesn't match 1,279. Let me recheck.

Actually, "Increase Decrease In Working Capital" is given as 1,279,000,000, and then detailed components are shown. There might be other items in working capital not detailed, or my interpretation is wrong.

For S&P FFO, the standard approach is to exclude working capital changes. So:
FFO ≈ Operating Cash Flow - Working capital changes

But I need to also consider other items. Let me think about what S&P includes in FFO.

Standard S&P FFO for industrials:
FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes:
- Impairment charges
- Write-offs
- Provisions for restructuring
- Stock-based compensation
- Gains/losses on asset sales (removed if gain, added if loss)
- Equity in earnings of affiliates (removed)

From net income 13,961, let me add back:

+ D&A: 7,205
+ Deferred tax change: Need to calculate. The income tax expense was 8,088. Cash taxes paid were 8,488. So deferred tax benefit was 8,088 - 8,488 = -400? No wait, tax expense was 8,088, cash paid was 8,488, so there was a deferred tax benefit of 400 (i.e., deferred tax asset increase or liability decrease).

Actually, the change in deferred tax balances:
- Net Deferred Tax Assets increased by 1,856 (4,569 - 2,713)
- Net Deferred Tax Liabilities increased by 259 (5,094 - 4,835)
- Net position: Assets minus Liabilities went from -2,122 to -525, improvement of 1,597

This is messy. Let me use a simpler approach: Deferred tax expense = Income tax expense - Cash taxes paid = 8,088 - 8,488 = -400. But this doesn't match the balance sheet change due to acquisitions, FX, etc.

For S&P purposes, the add-back is typically the deferred tax expense (non-cash portion). If tax expense was 8,088 and cash paid was 8,488, then actually more cash was paid than expense, suggesting deferred tax benefit. But this seems odd for a profitable year.

Wait, I need to check: "Income Taxes Paid Refund Classified As Operating Activities" = 8,488,000,000. Is this paid or refund? The name suggests it could be either. Given it's positive and large, it's likely taxes paid.

Actually, looking at 2021: tax expense 4,845, cash paid 3,726. That makes more sense (expense > cash = deferred tax expense). 

For 2022: expense 8,088, cash paid 8,488. This is unusual. Maybe there was a refund of prior year taxes, or payment of prior year liabilities.

For S&P FFO, we add back deferred tax expense (non-cash). If cash paid > expense, then deferred tax was a benefit, which we'd subtract? This is getting too complicated.

Let me use a different approach. I'll calculate FFO as S&P typically does for European companies:

FFO = EBITDA - Cash interest paid - Cash taxes paid - Dividends from equity investments

Or:
FFO = Operating Cash Flow + Interest paid + Taxes paid - Working capital changes

Wait, that doesn't make sense.

Let me try: FFO = EBIT + D&A - Current tax expense

Where EBIT = Profit before tax + Interest expense = 22,049 + 1,033 (interest expense from cash flow, or 9,333 from P&L?)

Actually, looking at cash flow: "Adjustments For Interest Expense" = 1,033,000,000. This is the interest expense. But in P&L, "Finance Costs" = 9,333,000,000 and "Finance Income" = 8,450,000,000.

The net finance cost in P&L is -925,000,000 (per "Finance Income Cost"). But gross interest expense is likely around 1,033,000,000 (from cash flow adjustment).

For S&P FFO, we typically use:
FFO = Net income + D&A + Deferred taxes + Interest expense + Other non-cash items

Let me calculate with this formula:

Net income: 13,961,000,000
+ D&A: 7,205,000,000
+ Interest expense (gross): 1,033,000,000 (from cash flow adjustment)
+ Deferred tax expense: Need to estimate

For deferred taxes, let me use balance sheet approach or just use the cash flow difference:
Tax expense: 8,088,000,000
Cash taxes paid: 8,488,000,000
Deferred tax benefit: -400,000,000 (approximate)

But this seems wrong. Let me check if "Income Taxes Paid Refund" includes refunds. If there was a refund, then cash paid might be lower.

Actually, looking at the name "Income Taxes Paid Refund Classified As Operating Activities" - this suggests it could be positive for paid or negative for refund. The value is 8,488,000,000 which is positive, so taxes paid.

Hmm, but then expense < paid, which is unusual. Unless there was a big prior year underpayment.

For S&P FFO, let me just use a practical approximation. I'll calculate FFO as:

FFO = Operating Cash Flow - Working capital changes + Interest paid - Dividends received + Taxes paid

No wait, that's wrong too.

Let me look up the standard S&P formula more carefully in my mind:

For corporate issuers, S&P defines FFO as:
FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes items like:
- Asset impairment charges
- Provisions for restructuring
- Stock-based compensation
- Gains/losses on asset sales (these are deducted if gains, added if losses)

And "Deferred income taxes" is the deferred tax expense (non-cash portion).

For 2022, let me estimate:

Net income: 13,961,000,000
+ D&A: 7,205,000,000
+ Write-offs: 599,000,000
+ Impairment reversal adjustment: Hmm, this was a reversal (benefit), so we should subtract it from FFO? Or was it already in net income and we need to remove the benefit?

Actually, the impairment reversal of 1,140,000,000 was a positive in the income statement (benefit to profit). In S&P FFO, we want to exclude non-operating and non-cash gains. So we should subtract this reversal from FFO.

Wait, but is impairment reversal non-cash? Yes, it's a reversal of prior write-down, no cash involved. So for FFO, we subtract the benefit: -1,140,000,000.

But then what about the cash flow adjustment? The adjustment adds back 1,140,000,000 to profit. This suggests the reversal was included in profit and needs to be removed to get to cash basis. So yes, for FFO we should subtract it.

+ Equity-accounted earnings adjustment: The "Share Of Profit Loss Of Equity Accounted Investments" = 1,841,000,000 (profit). This is non-cash (undistributed). S&P typically subtracts equity earnings from FFO. So -1,841,000,000.

But wait, dividends received from equity investments are typically included in FFO. Dividends received classified as operating activities = 1,545,000,000.

Let me think about this more carefully. S&P FFO includes dividends received from equity investments, but not the equity earnings themselves. So:
- Subtract equity earnings: -1,841,000,000
- Add dividends received: +1,545,000,000

+ Gains on disposals: "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -524,000,000. This suggests gains of 524,000,000 were in profit. S&P subtracts gains on asset sales from FFO. So -524,000,000.

+ Other adjustments: Let me see what else.

Actually, let me try a completely different approach. I'll use the standard S&P formula as applied in practice:

FFO = EBITDA - Cash interest paid - Cash taxes paid

Where EBITDA = EBIT + D&A

Or: FFO = EBIT + D&A - Interest expense - Current tax expense + Deferred tax expense + Other non-cash items

Hmm, I think I'm overcomplicating this. Let me use the most common practical S&P definition:

**FFO = Net income + D&A + Deferred tax expense + Other non-cash expenses - Gains on asset sales + Losses on asset sales + Interest expense**

Wait, no - interest expense is typically not added back in FFO. FFO is before interest but after taxes? No, FFO is typically after interest and after taxes.

Actually, I need to clarify: S&P's FFO is "Funds From Operations" which is a measure of cash flow available to debt holders and equity. It's typically calculated as:

FFO = Net income + D&A + Deferred taxes + Other non-cash items

This is AFTER interest expense and AFTER taxes. It's not EBITDA.

For net debt calculation, S&P uses:
Net debt = Short-term debt + Current portion of long-term debt + Long-term debt - Cash and cash equivalents - Liquid investments

Let me now try to calculate both FFO and Net debt.

**NET DEBT CALCULATION:**

Debt items at 2022-12-31 (i.e., 2023-01-01):
- Shortterm Borrowings: 4,446,000,000
- Current Portion Of Longterm Borrowings: 3,097,000,000
- Longterm Borrowings: 19,374,000,000
- Current Lease Liabilities: 884,000,000
- Noncurrent Lease Liabilities: 4,067,000,000

For S&P net debt, typically includes:
- Short-term borrowings
- Current portion of long-term debt
- Long-term debt
- Sometimes lease debt (capitalized leases/finance leases)

Excludes:
- Operating leases (under IFRS 16, these are on balance sheet but S&P may or may not include)

Actually, S&P typically includes all debt-like obligations including finance leases. Under IFRS 16, all leases are capitalized. S&P's approach varies, but typically:
Net debt = Short-term borrowings + Current portion of long-term borrowings + Long-term borrowings + Lease liabilities - Cash and equivalents - Marketable securities

Let me calculate with and without leases:

Debt:
- Shortterm Borrowings: 4,446,000,000
- Current Portion Of Longterm Borrowings: 3,097,000,000
- Longterm Borrowings: 19,374,000,000
Total financial debt: 26,917,000,000

+ Lease liabilities:
- Current Lease Liabilities: 884,000,000
- Noncurrent Lease Liabilities: 4,067,000,000
Total leases: 4,951,000,000

Total debt-like obligations: 31,868,000,000

Cash and equivalents:
- Cash And Cash Equivalents: 10,155,000,000
- Current Financial Assets At Fair Value Through Profit Or Loss: 8,251,000,000 (liquid investments)
- Other Current Financial Assets: 1,504,000,000 (need to check liquidity)

For S&P, "Cash and cash equivalents" includes liquid investments that can be readily converted to cash. The "Current Financial Assets At Fair Value Through Profit Or Loss" of 8,251,000,000 are likely marketable securities/liquid investments.

S&P typically deducts from debt:
- Cash and cash equivalents
- Short-term liquid investments (marketable securities, etc.)

So available cash: 10,155 + 8,251 = 18,406,000,000

Net debt = 31,868 - 18,406 = 13,462,000,000 (with leases)
Or = 26,917 - 18,406 = 8,511,000,000 (without leases)

Hmm, but I need to check if S&P includes all lease liabilities or just finance leases. Under IFRS 16, all leases are similar. S&P typically includes lease debt in total debt.

Actually, let me re-check the data. The "Cash And Cash Equivalents If Different From Statement Of Financial Position" = 10,181,000,000 for 2023-01-01. This might be a more comprehensive measure. But I'll use the standard 10,155,000,000.

Also, "Cash And Cash Equivalents In Consolidated Entities Held For Sale" = 26,000,000.

For S&P net debt, let me use:
Total debt = Short-term borrowings + Current portion of long-term debt + Long-term debt + Lease liabilities
= 4,446 + 3,097 + 19,374 + 884 + 4,067 = 31,868,000,000

Cash and equivalents = 10,155,000,000 (or 10,181,000,000 if using alternative measure)
Liquid investments = 8,251,000,000 (Current Financial Assets At Fair Value Through Profit Or Loss)

Total cash/liquid assets = 18,406,000,000

Net debt = 31,868 - 18,406 = 13,462,000,000

Or if we include Other Current Financial Assets (1,504) as liquid:
= 31,868 - 19,910 = 11,958,000,000

Let me check what "Other Current Financial Assets" includes. These might be receivables or other non-liquid items. I'll exclude them for now.

Actually, looking at standard S&P practice for oil & gas companies, they typically include:
- All borrowings (short-term, current portion, long-term)
- Finance lease obligations
- Exclude operating leases (or include under IFRS 16)
- Deduct: Cash, cash equivalents, and liquid short-term investments

For ENI, with IFRS 16, all leases are capitalized. S&P likely includes lease liabilities in total debt.

Let me use:
Net debt = 4,446 + 3,097 + 19,374 + 884 + 4,067 - 10,155 - 8,251 = 13,462,000,000 EUR

Or approximately 13.5 billion EUR.

**FFO CALCULATION:**

Let me use the standard S&P approach more carefully. I'll start from operating cash flow and adjust:

Operating Cash Flow = 17,460,000,000

Adjustments to get to FFO:
- Remove working capital changes: Working capital was a source of 1,279,000,000 (positive in cash flow). So FFO = 17,460 - 1,279 = 16,181,000,000? 

Wait, no. In cash flow statement, working capital changes are adjustments to profit. If working capital provided cash (positive), it means profit was lower than cash flow from operations due to working capital release. To get FFO (which is closer to "cash earnings"), we want to exclude working capital. So if working capital provided 1,279 of cash, we subtract this to get FFO.

But wait, I need to check if "Increase Decrease In Working Capital" is already included in the 17,460 or if 17,460 is the final result.

Looking at the structure:
- Various adjustments to profit
- Then "Increase Decrease In Working Capital": 1,279,000,000
- Then various other adjustments
- Final: "Cash Flows From Used In Operating Activities": 17,460,000,000

So 17,460 includes working capital. To get FFO, we need to back out working capital and certain other items.

Actually, let me re-read the cash flow items. The detailed components include:
- Increase Decrease In Working Capital: 1,279,000,000
- Adjustments For Decrease Increase In Inventories: -2,528,000,000
- Adjustments For Decrease Increase In Trade Account Receivable: -1,036,000,000
- Adjustments For Increase Decrease In Trade Account Payable: 2,284,000,000
- etc.

These seem to be components that sum to working capital. But "Increase Decrease In Working Capital" is shown as 1,279,000,000, and then detailed items are shown separately. This is confusing.

Looking more carefully, I think "Increase Decrease In Working Capital" might be a subtotal or separate item. Let me assume the detailed items sum to the total working capital change.

Actually, let me just use the direct S&P FFO formula and calculate from net income:

FFO = Net income + D&A + Deferred tax expense + Interest expense + Other non-cash items

Wait, should interest be added? No, FFO is after interest.

Standard S&P FFO = Net income before extraordinary items + Depreciation & amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes:
- Asset impairment charges
- Provisions for restructuring
- Stock-based compensation
- Pension adjustments
- Gains/losses on asset sales (deduct gains, add losses)

For 2022:
Net income: 13,961,000,000
+ D&A: 7,205,000,000
+ Write-offs: 599,000,000
+ Impairment reversal: Hmm, this was a benefit. Do I add or subtract? The reversal was 1,140,000,000 benefit to profit. Since it's non-cash, for FFO we want to remove this benefit. So subtract 1,140,000,000? Or add back the original impairment?

Actually, if there was a reversal of prior impairment, this is a non-cash gain. S&P would subtract this from net income to get FFO (since it's non-cash and non-recurring).

+ Equity-accounted earnings: 1,841,000,000 profit. This is non-cash. Subtract from FFO: -1,841,000,000
But dividends received: 1,545,000,000. These are cash. Add to FFO: +1,545,000,000

+ Gains on disposals: 524,000,000 (from "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -524,000,000, meaning gain). Subtract: -524,000,000

+ Deferred taxes: Need to estimate. Let me use the change in deferred tax balances, adjusted for FX, etc. Or simpler: use cash flow approach.

From cash flow: tax expense 8,088, cash paid 8,488. The difference is -400, meaning deferred tax benefit of 400. But this seems odd.

Actually, looking at 2021: tax expense 4,845, cash paid 3,726, difference +1,119 (deferred tax expense).

For 2022, the large cash payment might include prior year liabilities or withholding taxes. Let me just use the balance sheet change as approximation.

Net deferred tax position (Assets - Liabilities):
2022 start: 2,713 - 4,835 = -2,122
2022 end: 4,569 - 5,094 = -525
Change: +1,597 (improvement, benefit to equity)

But this includes OCI items, FX, acquisitions, etc. Not clean.

Let me try a different approach. I'll use S&P's typical simplified FFO for companies with clean cash flow statements:

FFO = Operating Cash Flow - Working capital changes + Interest paid - Dividends received from investments + Taxes paid

Hmm, no.

Actually, let me look at this from the perspective of what S&P FFO is supposed to measure: it's "funds from operations" available to service debt. It's essentially a normalized cash flow from core operations before working capital changes.

FFO ≈ EBIT + D&A - Cash taxes paid

Or: FFO ≈ EBITDA - Cash taxes paid - Cash interest paid + Interest income received

Let me try: FFO = EBITDA - Cash taxes

EBITDA = EBIT + D&A. But I need EBIT first.

From the data, "Profit Loss From Operating Activities" = 17,510,000,000. This might be close to EBIT, but let me verify.

Actually, looking at the structure:
- Revenue And Other Income: 133,687,000,000
- Total Purchases Services And Other Costs: -102,529,000,000
- Employee Benefits Expense: -3,015,000,000
- Depreciation And Amortisation Expense: -7,205,000,000
- Other items...

Profit Loss From Operating Activities = 17,510,000,000

This is after D&A, so it's EBIT. To get EBITDA:
EBITDA = 17,510 + 7,205 = 24,715,000,000

Then FFO = EBITDA - Cash taxes paid - Cash interest paid + Interest received

Cash taxes paid: 8,488,000,000
Cash interest paid: 851,000,000 (from operating activities)
Interest received: 116,000,000 (from operating activities)

FFO = 24,715 - 8,488 - 851 + 116 = 15,492,000,000

But wait, this includes dividends received of 1,545? Let me check if those are in "Profit Loss From Operating Activities" or below.

Actually, dividends received are typically below operating profit. Looking at the cash flow, "Dividends Received Classified As Operating Activities" = 1,545,000,000. These might be from equity investments and could be included in "Investment Income Expense" or "Finance Income".

Hmm, this is getting too complicated. Let me use a simpler approach that's commonly used in practice:

**FFO = Net income + D&A + Deferred tax expense + Other non-cash charges**

For 2022:
Net income: 13,961,000,000
+ D&A: 7,205,000,000
+ Write-offs: 599,000,000
- Impairment reversal (non-cash gain): -1,140,000,000
- Equity earnings (non-cash): -1,841,000,000
+ Dividends received (cash, already in operating CF but not in net income? Actually dividends received are in net income if from equity investments under equity method): Hmm, under equity method, dividends received reduce the investment balance, not recognized as income. So dividends received are not in net income. We should add them to FFO: +1,545,000,000
- Gains on disposals: -524,000,000

For deferred taxes, let me estimate from the tax reconciliation:
Tax expense: 8,088,000,000
Effective tax rate: 8,088 / 22,049 = 36.7%

Cash taxes paid: 8,488,000,000
This is more than tax expense, suggesting deferred tax benefit or payment of prior year taxes.

If I assume the difference is roughly deferred tax: 8,088 - 8,488 = -400. But this could be wrong due to timing.

Let me use a proxy: In 2021, tax expense 4,845, cash paid 3,726, deferred tax expense ~1,119.
In 2022, if cash paid > expense, there might be deferred tax benefit.

Actually, looking at the balance sheet, net deferred tax assets increased significantly (from 2,713 to 4,569 for assets, and liabilities from 4,835 to 5,094). The net position improved by 1,597. This suggests deferred tax benefit.

But this includes OCI, FX, and other items. Let me just approximate deferred tax benefit as roughly 400-800 based on the cash flow difference.

Actually, for S&P FFO, if I can't determine deferred taxes cleanly, I can use a proxy or exclude it. But typically it's included.

Let me try a different FFO formula that's more robust:

FFO = Operating Cash Flow - Working capital changes

From 2022:
Operating Cash Flow: 17,460,000,000
Working capital changes: Need to identify

From the cash flow components, items that are NOT part of FFO (working capital and other non-FFO items):
- Inventories change: -2,528,000,000
- Receivables change: -1,036,000,000
- Payables change: +2,284,000,000
- Provisions change: +2,028,000,000
- Other assets/liabilities: -2,027,000,000
- Employee benefits: +39,000,000

Sum of these working capital/provision items: -2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 = -1,240,000,000

But "Increase Decrease In Working Capital" is shown as 1,279,000,000. These don't match. There might be other items or different classification.

Actually, I think "Increase Decrease In Working Capital" might include only certain items, and the detailed breakdown shows all components. Or vice versa.

Let me just use the direct items that are clearly working capital:
- Inventories: -2,528
- Trade receivables: -1,036
- Trade payables: +2,284
- Other assets/liabilities: -2,027 (might include non-working capital)
- Provisions: +2,028 (typically not working capital, but long-term liability)

For S&P FFO, provisions changes are typically included in FFO (not excluded as working capital). So let me identify pure working capital:
- Inventories: -2,528
- Trade receivables: -1,036
- Trade payables: +2,284
Sum: -1,280,000,000

This is close to "Increase Decrease In Working Capital" of 1,279,000,000. So working capital change ≈ -1,280,000,000 (use of cash).

Wait, the sign convention is confusing. In cash flow statement, negative for inventory means increase in inventory (use of cash). The "Adjustments For Decrease Increase In Inventories" = -2,528,000,000. This means inventory increased, reducing cash flow.

But "Increase Decrease In Working Capital" = 1,279,000,000 is positive. If inventory increase is -2,528, and receivables increase is -1,036, and payables increase is +2,284, sum is -1,280. But working capital is shown as +1,279. 

Unless the signs are opposite: "Adjustments For Decrease Increase In Inventories" might mean the adjustment for (decrease) or increase. If inventory increased, the adjustment to profit is negative.

I think there might be a sign convention issue or the "Increase Decrease In Working Capital" is a different measure.

Let me just use a practical approach. For S&P FFO, I'll calculate as:

FFO = Net income + D&A + Interest expense + Deferred tax expense + Other non-cash items

Where:
- Net income: 13,961
- D&A: 7,205
- Interest expense: 1,033 (from cash flow adjustment, or 9,333 gross from P&L?)
- Deferred tax: estimate ~500-1,000 benefit (subtract)
- Other non-cash: write-offs 599, minus impairment reversal 1,140, minus equity earnings 1,841, plus dividends received 1,545, minus gains on disposal 524

Let me try with gross interest from P&L:
Finance Costs: 9,333,000,000
Finance Income: 8,450,000,000
Net: -925,000,000

For FFO, do we add back net interest or gross? S&P FFO is after interest, so we don't add back interest.

Actually, I realize I need to be clearer. S&P FFO is typically defined as:
- For equity holders: Net income + D&A + Deferred taxes + Other non-cash
- This is AFTER interest expense

So interest is NOT added back.

Let me recalculate:
FFO = 13,961 + 7,205 + 599 - 1,140 - 1,841 + 1,545 - 524 + deferred taxes

= 13,961 + 7,205 + 599 - 1,140 - 1,841 + 1,545 - 524 = 19,805

Plus deferred taxes. If deferred tax benefit was roughly 400-800, subtract that: ~19,000-19,400.

Hmm, this seems high. Let me check: 19,805 before deferred taxes.

Actually, I think I'm double counting or missing something. Let me verify with operating cash flow.

Operating cash flow was 17,460. My FFO estimate is 19,805 before working capital. The difference is working capital and other items.

Working capital in my calculation above (inventories, receivables, payables, other): roughly -1,280 + other items = ?

If FFO = 19,805 and working capital use was ~2,000-3,000, then operating CF = 17,460. That could work.

Actually, let me recalculate working capital from cash flow:
- Inventories: -2,528
- Receivables: -1,036
- Payables: +2,284
- Provisions: +2,028
- Other assets/liabilities: -2,027
- Employee benefits: +39
- Dividends received: +1,545
- Interest received: +116
- Interest paid: -851
- Taxes paid: -8,488

Sum after FFO items: -2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488 = -8,918

FFO + other items = Operating CF
19,805 - 8,918 = 10,887? Not 17,460.

Hmm, this doesn't work. Let me recheck.

Actually, I think the issue is that dividends received, interest received/paid, and taxes paid are part of operating cash flow but not part of FFO (or are treated differently).

Let me try: FFO - working capital changes - taxes paid - interest paid + interest received + dividends received = Operating CF

19,805 - (-1,280) - 8,488 - 851 + 116 + 1,545 = 19,805 + 1,280 - 8,488 - 851 + 116 + 1,545 = 13,407

Still not 17,460. 

I think my FFO estimate is wrong. Let me try a different FFO calculation.

Actually, let me look at what S&P Global actually uses for FFO in their rating methodology. For corporate issuers:

"FFO is net income before extraordinary items, adjusted for depreciation and amortization, deferred taxes, and other non-cash items."

The key "other non-cash items" typically includes:
- Gains/losses on asset sales
- Asset impairment charges
- Provisions
- Equity in earnings of affiliates
- Minority interest

For ENI, let me try:

Net income: 13,961
+ D&A: 7,205
+ Deferred tax: ?
+ Minority interest: 74 (profit to NCI)
+ Equity in earnings of affiliates: -1,841 (subtract, as non-cash)
+ Asset impairments/write-offs: 599
- Impairment reversals: -1,140 (subtract, as non-cash gain)
+ Other non-cash: ?

= 13,961 + 7,205 + 74 - 1,841 + 599 - 1,140 = 18,858

Plus deferred tax. If deferred tax benefit was ~400-800:
= 18,058 to 18,458

Still seems high compared to operating CF of 17,460.

Wait, I need to check if minority interest is already in net income. "Profit Loss" = 13,961, which is total. "Profit Loss Attributable To Owners Of Parent" = 13,887. So NCI = 74 is already deducted to get to owners' profit, but total net income is 13,961.

For S&P FFO, do we use total net income or attributable? Typically total net income (before NCI allocation).

Hmm, but 13,961 is total profit. So NCI is not added back.

Let me try yet another approach. Let me use EBITDA - Cash taxes as proxy for FFO:

EBITDA = EBIT + D&A. But I need EBIT.

From P&L:
Profit Loss From Operating Activities: 17,510
This is operating profit, before finance and investment items.

Is this EBIT? Let's see: 
Profit Loss From Operating Activities 17,510
+ Finance Income 8,450
- Finance Costs 9,333
+ Gains Losses On Financial Assets -55
+ Gains Losses On Derivatives 13
= Finance Income Cost -925 (per line item)
+ Investment Income Expense 5,464
= Profit Loss Before Tax 22,049

Wait, 17,510 + (-925) + 5,464 = 22,049. Yes.

So "Profit Loss From Operating Activities" = 17,510 is operating profit before financing and investment activities. This is essentially EBIT excluding investment income.

For EBITDA, if we add D&A to this: 17,510 + 7,205 = 24,715.

But this might not be right if D&A is already included in "Total Purchases Services And Other Costs" or other line items.

Actually, looking at the cash flow, D&A is added back to profit, so it's definitely an expense in the income statement.

EBITDA = 24,715,000,000

Then FFO = EBITDA - Cash taxes - Cash interest + Interest income (approximate)
= 24,715 - 8,488 - 851 + 116 = 15,492,000,000

Or if we use accrual taxes: 24,715 - 8,088 - 925 = 15,702,000,000

Hmm, but this includes investment income. Let me check if investment income is in EBITDA. Looking at the structure, "Investment Income Expense" = 5,464 is separate from operating activities. So EBITDA of 24,715 might exclude investment income.

Actually, looking more carefully, "Profit Loss From Operating Activities" likely includes operating items only. Investment income is separate. So EBITDA from core operations = 24,715.

Then FFO from core operations = 24,715 - taxes - interest = ?

But taxes and interest are paid at corporate level, not allocated to segments.

Let me try a completely different approach. I'll use the S&P formula as typically applied in credit analysis for oil & gas:

FFO = Net income + D&A + Exploration expenses (if successful efforts) + Deferred taxes + Other non-cash items - Gain on asset sales

For ENI (which uses successful efforts method for oil & gas accounting):
Net income: 13,961
+ D&A: 7,205
+ Deferred taxes: estimate 0 (conservatively, or small benefit)
+ Write-offs: 599
- Impairment reversal: -1,140
- Gains on disposal: -524
- Equity earnings: -1,841
+ Dividends received: +1,545

= 13,961 + 7,205 + 599 - 1,140 - 524 - 1,841 + 1,545 = 19,805

This is before deferred taxes. If I assume deferred tax benefit of ~1,000 (roughly), then FFO ≈ 18,800.

But let me cross-check with 2021:
Net income: 5,840
+ D&A: 7,063
+ Write-offs: 387
- Impairment reversal: -167? Actually 2021 impairment was 167 (small positive, likely expense)
- Equity earnings: +1,091 (loss, so add back?)
+ Dividends received: +857

= 5,840 + 7,063 + 387 + 1,091 + 857 = 15,238

Operating CF 2021: 12,861. Difference is 2,377, which could be working capital and other items.

For 2022, FFO 19,805 vs Operating CF 17,460. Difference 2,345. Similar magnitude.

I think FFO for 2022 is approximately 19,000-20,000.

Let me refine using a more careful analysis of deferred taxes. Looking at cash flow:
Tax expense: 8,088
Cash taxes paid: 8,488
Difference: -400 (cash paid > expense)

This suggests either:
1. Deferred tax benefit of 400 (reducing expense below cash paid)
2. Payment of prior year taxes

If deferred tax benefit, then FFO = Net income + D&A + deferred tax expense + other items. But deferred tax expense is negative (benefit), so we subtract it? No wait, if tax expense is lower than cash paid due to deferred tax benefit, then to get FFO we add back the deferred tax benefit? No, FFO should be higher than net income if we add back deferred tax expense (which reduces net income). But if there was deferred tax benefit (increasing net income), we should subtract it for FFO.

Actually, I'm confusing myself. Let me think clearly:
- Tax expense in P&L = 8,088. This reduces net income.
- Cash taxes paid = 8,488. This is more than tax expense.
- The difference is because either: (a) tax expense includes deferred tax benefit that reduced expense, or (b) cash paid includes prior year taxes.

If (a): Deferred tax benefit = 8,488 - 8,088 = 400. This benefit increased net income (reduced tax expense). For FFO, we want to exclude this non-cash benefit. So FFO = Net income - 400 + ... = lower than net income before other adjustments.

But this seems wrong because FFO should typically be higher than net income due to D&A add-back.

Let me check: if deferred tax benefit of 400 is in net income, then "clean" net income before deferred tax benefit would be 13,961 - 400 = 13,561. Then FFO = 13,561 + 7,205 + ... = higher.

Actually, no. Net income already includes the tax expense of 8,088. If tax expense was lower by 400 due to deferred tax benefit, then pre-tax income was taxed at effective rate, and the 400 benefit increased net income. To get FFO, we want to add back deferred tax expense (which reduces net income), but subtract deferred tax benefit (which increases net income).

So if deferred tax benefit was 400: FFO adjustment = -400.

Total FFO = 13,961 + 7,205 - 400 + other items = 20,766 + other items.

Hmm, but earlier I had other items as 599 - 1,140 - 524 - 1,841 + 1,545 = -1,361.

So FFO = 13,961 + 7,205 - 400 - 1,361 = 19,405.

Or if I don't adjust for equity earnings and dividends (since they're part of normal operations):
FFO = 13,961 + 7,205 - 400 + 599 - 1,140 - 524 = 19,701.

Let me try a cleaner approach using S&P's exact definition for oil & gas companies:

FFO = Net income + Depreciation, depletion & amortization + Exploration expenses (dry holes, if successful efforts) + Deferred income taxes + Other non-cash items

For ENI, I need to check if they use successful efforts. ENI does use successful efforts method for upstream oil & gas. But I don't have exploration expense data separately.

From the data, I don't see separate exploration expenses. They might be in "Total Purchases Services And Other Costs" or "Write Off Of Tangible And Intangible Assets".

Actually, "Write Off Of Tangible And Intangible Assets" = 599,000,000 might include dry hole costs or other write-offs.

Let me proceed with my best estimate:

FFO ≈ 19,000,000,000 to 20,000,000,000 EUR

Let me use 19,500,000,000 as midpoint.

**NET DEBT:**

Let me recalculate more carefully.

Debt at 2022 year-end (2023-01-01):
- Shortterm Borrowings: 4,446,000,000
- Current Portion Of Longterm Borrowings: 3,097,000,000
- Longterm Borrowings: 19,374,000,000
- Current Lease Liabilities: 884,000,000
- Noncurrent Lease Liabilities: 4,067,000,000

Total debt = 31,868,000,000

Cash and liquid assets:
- Cash And Cash Equivalents: 10,155,000,000
- Current Financial Assets At Fair Value Through Profit Or Loss: 8,251,000,000

Total liquid = 18,406,000,000

Net debt = 31,868 - 18,406 = 13,462,000,000

Or if we use the alternative cash measure "Cash And Cash Equivalents If Different From Statement Of Financial Position" = 10,181,000,000:
Cash + liquid investments = 10,181 + 8,251 = 18,432
Net debt = 31,868 - 18,432 = 13,436,000,000

Or if we include "Other Current Financial Assets" as liquid (1,504):
Total liquid = 19,685
Net debt = 31,868 - 19,685 = 12,183,000,000

For S&P, "Other Current Financial Assets" might or might not be liquid. Looking at the data, there's a "Related Parties Member" of 16,000,000, suggesting these are not all liquid marketable securities. I'll exclude them.

Also, there's "Cash And Cash Equivalents In Consolidated Entities Held For Sale" = 26,000,000. Small, can include or exclude.

So Net debt ≈ 13,400,000,000 to 13,500,000,000 EUR.

Let me check if S&P includes lease liabilities in total debt for ENI. Typically yes for IFRS 16 companies.

But wait - S&P sometimes makes adjustments to lease liabilities. They might use 8x lease expense or other multiples instead of balance sheet lease liabilities. But without specific lease expense data, I'll use balance sheet amounts.

**FFO/Net Debt Ratio:**

FFO = 19,500,000,000 (approximate)
Net debt = 13,450,000,000 (approximate)

Ratio = 19,500 / 13,450 = 1.45x

Or if FFO is lower at 18,000: 18,000 / 13,450 = 1.34x

Or if FFO is higher at 20,000: 20,000 / 13,450 = 1.49x

Let me try to refine FFO using a more systematic approach.

From the cash flow statement, I can derive FFO as:
FFO = Operating Cash Flow + Working capital uses - Working capital sources - Dividends received + Interest received - Interest paid + Taxes paid

Wait, that's messy. Let me use:

FFO = Operating Cash Flow - (Increase in receivables + Increase in inventory - Increase in payables + Other working capital uses) + Interest paid - Interest received - Dividends received + Taxes paid

Actually, the standard derivation is:
Operating CF = FFO + Working capital changes + Other non-FFO items

Where "Other non-FFO items" includes:
- Taxes paid (vs tax expense)
- Interest paid/received (if classified as operating)
- Dividends received (if classified as operating)

For ENI 2022:
Operating CF = 17,460
Taxes paid = 8,488
Interest paid = 851
Interest received = 116
Dividends received = 1,545

If these are all in operating CF, then:
FFO + Working capital changes + (-8,488) + (-851) + 116 + 1,545 = 17,460? 

No wait, taxes paid, interest paid, etc. are uses of cash. So:
FFO - Working capital uses + Working capital sources - Taxes paid - Interest paid + Interest received + Dividends received = Operating CF

Or: FFO + WC changes - 8,488 - 851 + 116 + 1,545 = 17,460

Where WC changes = sum of working capital items.

From earlier, working capital items (inventories, receivables, payables, other assets/liabilities, provisions, employee benefits):
-2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 = -1,240

So: FFO - 1,240 - 8,488 - 851 + 116 + 1,545 = 17,460
FFO - 8,918 = 17,460
FFO = 26,378? That can't be right.

Hmm, I think the issue is that "Taxes paid" and "Interest paid" are already included in the adjustments to profit, not separate from working capital.

Let me look at the cash flow structure more carefully. The items listed are all adjustments to profit. The sum of all adjustments = Operating CF - Profit = 17,460 - 13,961 = 3,499.

Let me sum all adjustments:
D&A: 7,205
Impairment reversal: 1,140
Write-offs: 599
Equity earnings: 1,841
Gains on disposal: -524
Dividend income: -351
Interest income: -159
Interest expense: 1,033
Tax expense: 8,088
Other adjustments: -2,773
Working capital: 1,279
Inventories: -2,528
Receivables: -1,036
Payables: 2,284
Provisions: 2,028
Other assets/liabilities: -2,027
Employee benefits: 39
Dividends received: 1,545
Interest received: 116
Interest paid: -851
Taxes paid: -8,488

Sum: Let's group
Profit: 13,961
+ 7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773 + 1,279 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488

= 13,961 + (7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773) + (1,279 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39) + (1,545 + 116 - 851 - 8,488)

First group (non-cash and other): 7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773 = 17,199
Second group (working capital): 1,279 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 = 39
Third group (cash items): 1,545 + 116 - 851 - 8,488 = -7,678

Total: 13,961 + 17,199 + 39 - 7,678 = 23,521? Not 17,460.

Hmm, there's double counting. The "Increase Decrease In Working Capital" = 1,279 might be a subtotal that includes some of the detailed items, or it's a separate measure.

Actually, looking more carefully, I think "Increase Decrease In Working Capital" is shown as a separate line, and then detailed components are also shown. This would double count if I include both.

Let me try without "Increase Decrease In Working Capital":
13,961 + 17,199 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 - 7,678
= 13,961 + 17,199 - 1,240 - 7,678 = 22,242? Still not 17,460.

Hmm, still wrong. Let me try without the first group items that might be included in profit already.

Actually, I think the issue is that "Adjustments For..." items are already the adjustments, not items to add to profit. The cash flow statement starts with profit and lists adjustments. Let me just sum the adjustments and see if they equal 17,460 - 13,961 = 3,499.

Adjustments sum (excluding profit):
7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773 + 1,279 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488

Let me recalculate:
7,205 + 1,140 = 8,345
+ 599 = 8,944
+ 1,841 = 10,785
- 524 = 10,261
- 351 = 9,910
- 159 = 9,751
+ 1,033 = 10,784
+ 8,088 = 18,872
- 2,773 = 16,099
+ 1,279 = 17,378
- 2,528 = 14,850
- 1,036 = 13,814
+ 2,284 = 16,098
+ 2,028 = 18,126
- 2,027 = 16,099
+ 39 = 16,138
+ 1,545 = 17,683
+ 116 = 17,799
- 851 = 16,948
- 8,488 = 8,460

Not 3,499. So there's definitely double counting or I'm misunderstanding the structure.

I think "Increase Decrease In Working Capital" = 1,279 is likely a subtotal or parenthetical that shouldn't be added separately. Let me try without it:

16,099 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488
= 16,099 - 1,240 - 7,678 = 7,181

Still not 3,499.

Hmm, let me try removing items that might not be adjustments but rather classifications:

Actually, I wonder if the issue is that some items like "Adjustments For Impairment Loss Reversal" = 1,140 means something different. If impairment reversal was a positive in profit, then the "adjustment" might be to subtract it (negative adjustment), but it's shown as positive 1,140.

Wait, looking at the data format: "Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" 2022-01-01 - 2023-01-01: 1140000000 EUR

The value is positive 1,140,000,000. In cash flow statements, positive adjustments typically mean add back to profit. But if impairment reversal was already a positive in profit, adding it back would double count.

Unless... the "Impairment Loss Reversal" in the income statement was actually a negative number (expense), and the name is confusing. Let me check 2020: "Impairment Loss Reversal" = 3,183,000,000 when there was a huge loss. If this was a positive (income), it would reduce the loss. But 3,183 is large. In 2020, profit was -8,628. If reversal was 3,183 positive, that means without it, loss would be -11,811.

Actually, looking at 2020 cash flow adjustment: "Adjustments For Impairment Loss Reversal" = 3,183,000,000. If this is added back to profit of -8,628, we get -5,445 before other adjustments. But operating CF was 4,822. So other adjustments must be large positive.

Hmm, I think the cash flow adjustments might be to a different starting point, or the signs are opposite to what I expect.

Given the complexity and time I've spent, let me use a more practical approach. I'll estimate FFO based on typical S&P calculations for similar companies, and cross-check with available data.

For a major integrated oil & gas company like ENI in 2022 (high oil prices, strong earnings):

Typical FFO calculation from S&P:
- Start with net income: 13,961
- Add D&A: 7,205
- Adjust for working capital and other items to get "cash earnings"

From the balance sheet, working capital changes:
- Receivables increased: 20,840 - 18,850 = 1,990 (use)
- Inventories increased: 7,709 - 6,072 = 1,637 (use)
- Payables increased: 25,709 - 21,720 = 3,989 (source)
- Other current assets decreased: 12,821 - 13,634 = -813 (source)
- Other current liabilities decreased: 12,473 - 15,756 = -3,283 (use)

Net working capital change (excluding cash and short-term debt): 
1,990 + 1,637 - 3,989 + 813 + 3,283 = 3,734? Let me recheck.

Actually, for working capital I should include:
Current assets excluding cash and financial assets: 
- Trade And Other Current Receivables: 20,840 - 18,850 = +1,990 (use)
- Inventories: 7,709 - 6,072 = +1,637 (use)
- Current Tax Assets: 317 - 195 = +122 (use)
- Other Current Assets: 12,821 - 13,634 = -813 (source)

Current liabilities excluding short-term debt and current portion of long-term debt:
- Trade And Other Current Payables: 25,709 - 21,720 = +3,989 (source)
- Current Tax Liabilities: 2,108 - 648 = +1,460 (source)
- Other Current Liabilities: 12,473 - 15,756 = -3,283 (use)

Net: 1,990 + 1,637 + 122 - 813 - 3,989 - 1,460 + 3,283 = 1,370? Hmm, let me recalculate.

Uses of cash (increases in assets, decreases in liabilities):
+1,990 (receivables up)
+1,637 (inventory up)
+122 (tax assets up)
+3,283 (other liabilities down) = 7,032

Sources of cash (decreases in assets, increases in liabilities):
-813 (other assets down)
-3,989 (payables up)
-1,460 (tax liabilities up) = -6,262

Net: 7,032 - 6,262 = 770? Or 6,262 - 7,032 = -770 working capital use.

Hmm, this doesn't match my earlier calculations. Let me be more careful.

Working capital change = Change in current operating assets - Change in current operating liabilities

Current operating assets (excluding cash, financial assets):
2022: 20,840 + 7,709 + 317 + 12,821 = 41,687
2021: 18,850 + 6,072 + 195 + 13,634 = 38,751
Change: +2,936 (use of cash)

Current operating liabilities (excluding debt items):
2022: 25,709 + 2,108 + 12,473 = 40,290
2021: 21,720 + 648 + 15,756 = 38,124
Change: +2,166 (source of cash)

Net working capital change: 2,936 - 2,166 = 770 use of cash.

But earlier I had working capital as source of 1,279 from cash flow. There's inconsistency.

The difference might be due to:
- Classification differences (what's included in "working capital")
- FX effects
- Acquisitions/disposals
- Other items

Given the complexity, let me just use a simplified but reasonable FFO estimate.

For S&P FFO, a common practical formula is:
FFO = Operating Cash Flow + Interest Paid - Interest Received + Taxes Paid - Working Capital Changes - Dividends Received

Or more standardly:
FFO = Net Income + D&A + Deferred Taxes + Other Non-Cash Items

Where I'll estimate "Other Non-Cash Items" from the cash flow adjustments.

From net income 13,961:
+ D&A 7,205 = 21,166
+ Deferred taxes: Using balance sheet change as proxy. Net deferred tax assets increased by 1,856, liabilities increased by 259. Net change in deferred tax position (assets - liabilities) = +1,597. But this includes OCI, FX, etc. Rough estimate of deferred tax expense (benefit) = say -400 to +800. Let me use 0 as conservative middle, or small positive.

Actually, let me check the 2021-2022 change in equity for clues. The "Other Comprehensive Income" and equity changes might help.

Given time constraints, let me use:
FFO = 19,000,000,000 EUR (approximate)

This is roughly Net income 13,961 + D&A 7,205 + other adjustments (~-1,200 for various items) + deferred tax (~0).

Net debt = 13,450,000,000 EUR

FFO/Net debt = 19,000 / 13,450 = 1.41x

Let me try to validate with 2021 data:
Net income 2021: 5,840
D&A 2021: 7,063
FFO approximate: 5,840 + 7,063 = 12,903 + other items

Operating CF 2021: 12,861. If FFO was similar to or higher than operating CF, that suggests working capital was roughly neutral or a use.

For 2021, working capital from balance sheet:
Receivables: 18,850 - 17,043 = wait, I don't have 2020 receivables. Let me check: "Trade And Other Current Receivables" 2022-01-01: 18,850,000,000. Yes I do.

2021 vs 2020:
Receivables: 18,850 - 17,043? No, 2020 is 2021-01-01: 18,850? Wait, let me re-read.

"Trade And Other Current Receivables" 2022-01-01: 18850000000 EUR - this is start of 2022, which is end of 2021.
"Trade And Other Current Receivables" 2023-01-01: 20840000000 EUR - this is end of 2022.

So for 2022: receivables went from 18,850 to 20,840.
For 2021: receivables went from... I need 2021-01-01 which is 2020 year-end.

Looking: "Trade And Other Current Receivables" 2022-01-01: 18,850. This is the only start-of-2021 figure I see for receivables. Wait, I also see "Trade And Other Current Receivables" 2021-01-01 - no, let me check.

Actually, looking at the data, I see:
"Trade And Other Current Receivables" 2022-01-01: 18850000000 EUR
"Trade And Other Current Receivables" 2023-01-01: 20840000000 EUR

I don't see 2021-01-01 for receivables. Let me check if there's a 2021-01-01 figure... No, the data starts with 2022-01-01 and 2023-01-01 for balance sheet items, with some 2021-01-01 for equity items.

So I can only calculate 2022 working capital from balance sheet, not 2021.

For 2022 working capital from balance sheet:
- Receivables: 20,840 - 18,850 = +1,990
- Inventory: 7,709 - 6,072 = +1,637
- Other current assets: 12,821 - 13,634 = -813
- Payables: 25,709 - 21,720 = +3,989
- Current tax liabilities: 2,108 - 648 = +1,460
- Other current liabilities: 12,473 - 15,756 = -3,283

Net working capital change: +1,990 +1,637 -813 -3,989 -1,460 +3,283 = +1,648? 

Hmm: 1,990 + 1,637 = 3,627 (uses)
-813 = 2,814 (net uses after other assets)
-3,989 = -1,175 (net sources after payables)
-1,460 = -2,635 (net sources after tax liabilities)
+3,283 = +648 (net sources after other liabilities)

Wait, I need to be consistent with signs. Let me define:
Increase in asset = use of cash (negative for cash flow)
Increase in liability = source of cash (positive for cash flow)

Receivables up 1,990: -1,990
Inventory up 1,637: -1,637
Other current assets down 813: +813
Payables up 3,989: +3,989
Current tax liabilities up 1,460: +1,460
Other current liabilities down 3,283: -3,283

Sum: -1,990 - 1,637 + 813 + 3,989 + 1,460 - 3,283 = -648

So working capital use of 648. But cash flow showed working capital source of 1,279. Big difference.

The difference is likely due to:
- FX translation effects
- Acquisitions and disposals
- Reclassifications
- Different definitions of working capital items

Given this, I'll trust the cash flow statement more for working capital, but for FFO I need to exclude it.

Let me try a final approach: Use EBITDA - Cash taxes as proxy for FFO, then adjust.

EBITDA = EBIT + D&A. But I need clean EBIT.

From "Profit Loss From Operating Activities" = 17,510. This seems to be operating EBIT.
Add D&A: 7,205
EBITDA = 24,715

Less: Cash taxes paid 8,488
Less: Cash interest paid 851
Plus: Interest received 116
Plus: Dividends received 1,545

= 24,715 - 8,488 - 851 + 116 + 1,545 = 17,037

This is close to operating cash flow of 17,460. Difference is 423, which could be working capital and other items.

Actually, this EBITDA-based calculation gives 17,037, which is quite close to operating CF 17,460. The difference of 423 is small.

But wait, is "Profit Loss From Operating Activities" the same as EBIT? It might include some non-operating items or exclude others.

Actually, looking at the name "Profit Loss From Operating Activities", this is likely the operating profit before financing and investment activities. For many companies, this is close to EBIT.

However, for oil & gas companies, there might be special items. Let me check if this includes exploration expenses, etc.

Given that 17,037 is close to 17,460, and both are cash-flow based measures, I think FFO should be higher than both because FFO excludes working capital changes (which were roughly neutral to slightly positive in cash flow).

If working capital was roughly +1,000 to +2,000 source in cash flow (per the "Increase Decrease In Working Capital" line), then FFO = Operating CF - Working capital source = 17,460 - 1,279 = 16,181? Or 17,460 - 648 = 16,812?

Hmm, but if working capital provided cash, then FFO (which excludes working capital) should be lower than operating CF, not higher.

Wait, I think I have the sign wrong. If working capital provided cash (positive in cash flow), it means profit was converted to more cash via working capital. So FFO (profit-based, before working capital) would be less than operating CF.

Example: Profit = 100, working capital release = 20, operating CF = 120. FFO = 100 + D&A etc. If D&A = 30, FFO = 130. Then FFO > operating CF.

Actually, FFO is not just profit. It's profit plus non-cash items. So FFO could be higher or lower than operating CF depending on working capital.

For ENI 2022:
Profit = 13,961
D&A = 7,205
Other non-cash = various
FFO ≈ 13,961 + 7,205 + other = 21,166 + other adjustments

If other adjustments (impairments, equity earnings, etc.) = -1,361 (from earlier), then FFO = 19,805.

Operating CF = 17,460.
Difference = 2,345. This could be working capital source, or other items.

If working capital was source of 2,345, then FFO = 19,805 and operating CF = 17,460 implies working capital use of 2,345. But we calculated working capital as roughly neutral or slight use.

I think there are other items I'm missing. Let me check the "Other Adjustments To Reconcile Profit Loss" = -2,773,000,000. This is a large negative adjustment.

Given all this uncertainty, let me use a range and pick a reasonable midpoint.

Based on my analysis:
- FFO is likely in range of 18,000 - 21,000
- Net debt is likely in range of 13,000 - 14,000
- FFO/Net debt ratio is likely in range of 1.3x - 1.5x

For a more precise estimate, let me use:
FFO = 19,000 (midpoint estimate)
Net debt = 13,450
Ratio = 1.41

But let me try one more calculation using a cleaner FFO definition:

S&P FFO = Net income + D&A + Deferred tax expense + Other non-cash items

Where I'll define "Other non-cash items" as:
+ Write-offs: 599
- Impairment reversal: -1,140 (non-cash gain, subtract)
- Equity earnings: -1,841 (non-cash, subtract)
+ Dividends received: +1,545 (cash, but already not in net income under equity method? Actually, under equity method, dividends reduce investment, don't affect net income. So add to FFO.)
- Gains on disposal: -524 (subtract)

Deferred tax: Let me use balance sheet approach with cleanest possible estimate.
Net deferred tax assets: 4,569 - 5,094 = -525 at end
Net deferred tax assets: 2,713 - 4,835 = -2,122 at start
Change: +1,597 (improvement)

But this includes OCI and other items. The deferred tax related to OCI might be in "Other Comprehensive Income" lines. Looking at OCI before tax:
- Remeasurements of defined benefit plans: 60
- Exchange differences: 1,095
- Cash flow hedges: 794
- Equity accounted investments: -12
- Tax on OCI: 5 + 234 = 239

Deferred tax related to OCI items: hard to separate.

Rough estimate: Deferred tax benefit in P&L = 400-800. Let me use 600.

FFO = 13,961 + 7,205 + 600 + 599 - 1,140 - 1,841 + 1,545 - 524 = 20,405

Hmm, this is on the higher side. Let me check if dividends received should be included. Under S&P methodology, dividends received from equity investments are typically included in FFO (unlike equity earnings which are excluded).

Actually, I realize I need to check if "Dividends Received Classified As Operating Activities" are from equity-accounted investments or other investments. If from equity-accounted investments, they replace the equity earnings in cash flow. For FFO, S&P includes dividends received but excludes equity earnings.

So my adjustment of -1,841 (equity earnings) + 1,545 (dividends) = -296 net is reasonable.

Let me also check "Adjustments For Dividend Income" = -351,000,000. This is dividend income from other investments (not equity-accounted). These are likely in "Finance Income" or "Investment Income". For FFO, dividends from non-equity investments might be included or excluded depending on S&P methodology.

Given the complexity, let me use FFO = 20,000,000,000 as a round number, or more precisely 19,500,000,000.

Actually, let me try to derive FFO from the statement of cash flows more directly, using the standard S&P adjustment:

FFO = Cash Flow from Operating Activities
       - Increase in working capital (or + decrease)
       + Interest paid (if included in operating CF)
       - Interest received (if included in operating CF)
       + Taxes paid (if included in operating CF)
       - Dividends received (if included in operating CF)

Wait, I need to think about this more carefully. In S&P methodology, FFO is derived from operating cash flow by removing working capital changes and certain other items.

Standard formula:
FFO = Operating Cash Flow - Working capital changes

Where "Working capital changes" includes:
- Changes in receivables, inventory, payables
- Changes in other current assets/liabilities related to operations

But NOT:
- Taxes paid
- Interest paid/received
- Dividends received

These financing/investment items are typically excluded from FFO or treated separately.

For ENI 2022:
Operating CF = 17,460
Working capital change = ?

From cash flow components, if I identify working capital as:
- Inventories: -2,528
- Receivables: -1,036
- Payables: +2,284
- Other assets/liabilities: -2,027 (might include non-working capital)

Sum of pure working capital: -2,528 - 1,036 + 2,284 = -1,280 (use)

FFO = 17,460 - (-1,280) = 18,740? No wait, if working capital was a use of cash (negative for cash flow), then removing it would mean: FFO = Operating CF - (working capital use) = 17,460 - (-1,280) = 18,740.

But this assumes other items in operating CF are part of FFO.

Other items in operating CF:
- Provisions: +2,028 (typically included in FFO)
- Employee benefits: +39 (typically included)
- Dividends received: +1,545 (S&P includes in FFO? Sometimes yes)
- Interest received: +116 (S&P excludes or treats separately)
- Interest paid: -851 (S&P excludes or treats separately)
- Taxes paid: -8,488 (S&P includes in FFO? No, FFO is before taxes?)

Hmm, I'm confusing FFO with EBITDA.

Let me clarify: S&P FFO is typically AFTER interest and AFTER taxes. It's a measure of cash flow from operations available to all providers of capital, but calculated from net income (not from EBITDA).

Actually, no. S&P FFO is typically:
- For equity holders: Net income + D&A + Deferred taxes + Other non-cash
- This is after interest, after taxes

But for credit analysis, S&P also calculates "Cash Flow From Operations" or "CFO" which is before interest and after taxes.

Let me check S&P's exact terminology. In S&P Global Ratings methodology:

"Funds from operations (FFO): Net income before extraordinary items, adjusted for depreciation and amortization, deferred income taxes, and other non-cash items."

This is clearly after interest and after taxes. It's essentially a normalized net income, not an unlevered measure.

Given this, my calculation of FFO = 19,000-20,500 seems reasonable.

Let me finalize with:
FFO = 19,500,000,000 EUR
Net debt = 13,450,000,000 EUR
Ratio = 1.45x

Or using slightly different assumptions:
FFO = 20,000, Net debt = 13,500, Ratio = 1.48x
FFO = 19,000, Net debt = 13,400, Ratio = 1.42x

I think the answer is approximately 1.4x to 1.5x. Let me use 1.45 as a reasonable estimate.

Actually, let me do one more check. I found that "Cash Flows From Used In Operating Activities" "Related Parties Member" = 223,000,000. This is small relative to total.

Also, I want to verify my net debt calculation. S&P typically includes:
- All short-term borrowings
- Current portion of long-term debt
- Long-term debt
- Finance lease obligations
- Sometimes pension deficits, derivative liabilities, etc.

For ENI:
Short-term borrowings: 4,446
Current portion long-term: 3,097
Long-term borrowings: 19,374
Lease liabilities (current + noncurrent): 884 + 4,067 = 4,951

Total debt: 31,868

Cash and equivalents: 10,155
Current financial assets at FVPL: 8,251

Net debt: 31,868 - 10,155 - 8,251 = 13,462

This seems correct. Some analysts might not include all lease liabilities, but under IFRS 16 and S&P methodology, they're typically included.

For FFO, let me do a final calculation using the most standard items:

Net income: 13,961
+ D&A: 7,205
+ Write-offs of tangible and intangible assets: 599
- Impairment reversal: -1,140 (this was a benefit, subtract)
- Equity in earnings of affiliates: -1,841 (non-cash, subtract)
+ Dividends received from affiliates: +1,545 (cash, add)
- Gains on asset sales: -524 (subtract)
+ Deferred tax expense: estimate 0 (conservative, or small)
+ Other non-cash: -2,773 (other adjustments, hard to classify, but likely includes various items)

Hmm, the "Other Adjustments To Reconcile Profit Loss" = -2,773 is large and negative. This suggests other non-cash gains or cash items not in profit.

If I include this: FFO = 13,961 + 7,205 + 599 - 1,140 - 1,841 + 1,545 - 524 - 2,773 = 17,032

This is close to operating CF of 17,460. Difference is 428, which could be working capital and other items.

Actually, this makes sense! If FFO ≈ 17,032 and operating CF = 17,460, then working capital and other cash items provided 428 of cash. This is reasonable.

But wait, I subtracted the "Other Adjustments" of -2,773. Should this be in FFO? Let me think.

"Other Adjustments To Reconcile Profit Loss" is a catch-all. It could include:
- Non-cash gains/losses
- Changes in fair value
- FX gains/losses
- Other items

For S&P FFO, we want to exclude non-cash gains and include non-cash losses. Without knowing the details, it's hard to classify.

If "Other Adjustments" = -2,773 is mostly non-cash gains, then subtracting it from FFO is correct.

But this gives FFO = 17,032, which seems low given that D&A is 7,205.

Let me check: 13,961 + 7,205 = 21,166. Then other adjustments sum to -4,134 (599 - 1,140 - 1,841 + 1,545 - 524 - 2,773 = -4,134). This gives 17,032.

Hmm, the -2,773 is a big negative. Let me see if I should include it.

Actually, looking at 2021: "Other Adjustments To Reconcile Profit Loss" = -194,000,000. Small.
2020: +92,000,000. Small.

For 2022, -2,773 is very large. What could this be?

Looking at the income statement, there's "Other Operating Income Expense" = -1,736,000,000. This is a net expense. And "Other Income And Revenues" = 1,175,000,000.

Maybe the -2,773 relates to changes in fair value, FX, or other non-cash items that are part of operating activities but not in "Profit Loss From Operating Activities".

Actually, I think "Profit Loss From Operating Activities" = 17,510 might already exclude some items. Let me check: 17,510 + various items = 22,049 PBT.

The "Other Adjustments" of -2,773 in cash flow might be to adjust from "Profit" (13,961) to some other starting point, or it might include items that are not part of core operations.

Given the uncertainty, let me use a range for FFO:
- Low estimate (including other adjustments): 17,000
- High estimate (excluding other adjustments): 19,800

For S&P methodology, I think the conservative approach is to include "Other Adjustments" if they're non-cash gains. So FFO ≈ 17,000-18,000.

But wait, if FFO is this low, then FFO/Net debt = 17,000/13,500 = 1.26x.

Let me check with 2021 data:
Net income 2021: 5,840
D&A 2021: 7,063
Other items 2021: Write-offs 387, impairment 167 (expense, so add), equity earnings -1,091 (loss, so add back? No wait, -1,091 is a loss, so it reduced profit. To normalize, we subtract the loss? Or add back?)

In 2021, "Share Of Profit Loss Of Equity Accounted Investments" = -1,091,000,000. This is a loss. It reduced profit. For FFO, we want to exclude equity earnings/losses. So we add back the loss: +1,091.

Dividends received 2021: 857
Gains on disposal 2021: -102,000,000 (gain, so subtract)
Other adjustments 2021: -194

FFO 2021 = 5,840 + 7,063 + 387 + 167 + 1,091 - 102 - 194 = 14,252

Operating CF 2021: 12,861. FFO > operating CF by 1,391. This could be working capital use.

For 2022, if FFO = 17,032 and operating CF = 17,460, they're very close. This suggests working capital was roughly neutral.

I think FFO for 2022 is approximately 17,000-18,000.

Let me use FFO = 17,500 (midpoint) or more precisely, let me recalculate with careful sign analysis.

Net income: 13,961
+ D&A: 7,205
+ Write-offs: 599 (non-cash expense, add back)
- Impairment reversal: -1,140 (non-cash gain, subtract from profit to normalize)
- Equity earnings: -1,841 (non-cash gain, subtract)
+ Dividends received: +1,545 (cash, but was it in net income? Under equity method, no. So add.)
- Gains on disposal: -524 (non-cash or non-operating gain, subtract)
+ Other adjustments: ? 

For "Other Adjustments To Reconcile Profit Loss" = -2,773. This is negative in cash flow adjustments. In cash flow, negative adjustment means subtract from profit. So this item reduced profit in the income statement and we subtract it again in cash flow? Or it's a gain that needs to be removed?

Actually, in indirect method cash flow:
- Start with profit
- Add back non-cash expenses
- Subtract non-cash gains
- Adjust for working capital

If "Other Adjustments" = -2,773, this means subtract 2,773 from profit. This could be because:
- It's a non-cash gain that needs to be removed, OR
- It's a cash item that was not in profit (unlikely), OR
- It's an adjustment for something else

Given the large negative, it's likely non-cash gains or changes in fair value that need to be removed.

For FFO, if these are non-cash gains, we should subtract them. So FFO = 17,032.

But this seems too low. Let me check if "Other Adjustments" might include working capital or other items that should be in FFO.

Actually, looking at the cash flow structure, "Other Adjustments" comes before working capital items. So it's likely a non-cash adjustment to profit.

Hmm, but -2,773 is very large. Let me see if there are clues in the income statement.

"Other Operating Income Expense" = -1,736,000,000. This is net expense.
"Gains Losses On Financial Assets At Fair Value Through Profit Or Loss" = -55,000,000 (loss)
"Gains Losses On Change In Fair Value Of Derivatives" = 13,000,000 (gain)
"Finance Income Cost" = -925,000,000 (net cost)

Maybe "Other Adjustments" includes changes in fair value of derivatives, FX adjustments, etc.

For S&P FFO, changes in fair value of hedging derivatives might be excluded if they're non-cash.

Given all this, I think my FFO estimate of 17,000-18,000 is reasonable. Let me use 17,500.

FFO/Net debt = 17,500 / 13,462 = 1.30

Or if FFO = 18,000: 18,000 / 13,462 = 1.34

Or if FFO = 19,000 (excluding other adjustments): 19,000 / 13,462 = 1.41

I think the most defensible answer is around 1.3x to 1.4x. Let me check what S&P actually rated ENI in 2022-2023 to see if my estimate is reasonable.

ENI's S&P rating in 2022-2023 was BBB+/A-2 with stable outlook. For a BBB+ rated oil major, FFO/net debt typically ranges from 30-60% (or 0.3x to 0.6x) in weak periods to 60-100%+ (0.6x to 1.0x+) in strong periods.

Wait, I think I need to check my units. FFO/net debt of 1.3x means FFO is 130% of net debt. This is quite strong.

For oil majors in 2022 (high oil prices), strong cash generation was common. Shell, BP, TotalEnergies all had very strong cash flows.

Actually, let me verify my net debt calculation. Is ENI's net debt really only 13.5 billion?

Total debt: 31.9 billion
Cash and liquid assets: 18.4 billion
Net debt: 13.5 billion

This seems reasonable for ENI. In 2022, ENI had strong cash generation and likely reduced net debt.

Looking at ENI's historical net debt: It was probably higher in prior years. The increase in cash from 8,254 to 10,155 (2021 to 2022) and increase in financial assets suggests strong cash generation.

For FFO, if I use 17,500 and net debt 13,500, ratio = 1.30.

But let me also consider: S&P sometimes uses "FFO" as a percentage of net debt, or "net debt/FFO". The ratio I calculated is FFO/net debt.

Actually, looking at S&P methodology again, they often use "FFO to debt" or "FFO to net debt" ratios. For oil & gas companies, S&P's key metrics include:
- FFO/debt
- Debt/EBITDA
- EBITDA interest coverage

For investment grade oil majors, FFO/net debt of 1.0x+ is quite strong.

Given my analysis, I think the answer is approximately 1.3x to 1.4x. Let me finalize with 1.35x as a reasonable midpoint.

Wait, I want to do one more verification. Let me check if "Current Financial Assets At Fair Value Through Profit Or Loss" should be included as cash-like.

These are "Current Financial Assets At Fair Value Through Profit Or Loss" = 8,251. The name suggests they're current (liquid) and at fair value through P&L, which typically means trading securities or similar liquid investments.

For S&P net debt, these should definitely be deducted as they're liquid and readily convertible to cash.

Similarly, "Other Current Financial Assets" = 1,504. These might include trade receivables from financing activities or other items. The "Related Parties Member" = 16 suggests most are not related party. These could include derivatives, deposits, or other financial receivables. Some might be liquid, some not. I'll exclude them to be conservative.

Final numbers:
- Net debt = 31,868 - 10,155 - 8,251 = 13,462
- Or if using alternative cash: 31,868 - 10,181 - 8,251 = 13,436

For FFO, let me use a weighted estimate:
- Base: Net income + D&A = 21,166
- Adjust for known non-cash items: -1,140 (impairment reversal) - 1,841 (equity earnings) + 1,545 (dividends) - 524 (gains) + 599 (write-offs) = -1,361
- Adjust for other items: -2,773 (other adjustments, if non-cash gains) or 0 (if operational)

If I fully exclude other adjustments (assume they're operational or one-time): FFO = 21,166 - 1,361 = 19,805
If I include other adjustments: FFO = 19,805 - 2,773 = 17,032

Given S&P's conservative approach, they might include some portion of "other adjustments". Let me use FFO = 18,500 as a compromise.

FFO/Net debt = 18,500 / 13,450 = 1.38

Or using 19,000 / 13,450 = 1.41

I think 1.4x is a good round number. But let me see if I can be more precise.

Actually, rethinking: S&P FFO typically excludes "gains on sales of assets" and "impairment reversals" but includes "impairment losses" and "write-offs". The "Other Adjustments" of -2,773 might include various items, some of which should be in FFO and some not.

For a cleaner estimate, let me use the approach that FFO ≈ Operating Cash Flow + Interest Paid - Interest Received + Taxes Paid - Working Capital Changes - Dividends Received

Wait, this is getting circular. Let me just use a practical estimate based on comparable companies.

For ENI in 2022, with very strong oil prices and operational performance:
- EBITDA was likely around 25 billion
- Cash flow from operations was 17.5 billion
- FFO (excluding working capital) would be higher than operating CF if working capital was a use, or lower if working capital was a source

From my balance sheet analysis, working capital was roughly neutral to slight use. From cash flow statement, "Increase Decrease In Working Capital" = 1,279 (source). 

If working capital provided 1,279 of cash, then FFO = Operating CF - 1,279 = 16,181? No, that would mean FFO is lower, which doesn't make sense if working capital provided cash.

Actually, if working capital provided cash (source), it means profit was turned into more cash via working capital. So FFO (which is like "cash profit" before working capital) would be less than operating cash flow.

Example: Profit = 100, D&A = 30, working capital source = 20. Operating CF = 100 + 30 + 20 = 150. FFO = 100 + 30 = 130. FFO < Operating CF.

So if working capital was source of 1,279, then FFO = 17,460 - 1,279 = 16,181? But this ignores other items like taxes paid, interest paid, etc.

Actually, operating CF already includes taxes paid, interest paid, etc. So:
Operating CF = Profit + D&A + other non-cash - working capital uses + working capital sources - taxes paid + ... 

Hmm, the standard indirect method is:
Operating CF = Profit + Non-cash expenses - Non-cash gains + Working capital sources - Working capital uses

So if working capital was source of 1,279, then:
Operating CF = Profit + Non-cash items + 1,279
17,460 = 13,961 + Non-cash items + 1,279
Non-cash items = 17,460 - 13,961 - 1,279 = 2,220

But we know D&A alone is 7,205. So this doesn't work. There must be other uses of cash in the calculation.

Actually, the standard formula includes:
Operating CF = Profit + D&A - Gains + Losses + WC sources - WC uses - Taxes paid (if not in profit) + ...

I think the issue is that "Profit" in the cash flow statement might not be the same as "Profit Loss" in the income statement. Or there are different starting points.

Given all this complexity, let me just use my best judgment:

FFO ≈ 18,000 - 20,000
Net debt ≈ 13,400 - 13,500
FFO/Net debt ≈ 1.3 - 1.5

I'll go with 1.4 as a reasonable estimate.

Actually, let me try one more approach. I'll look at what FFO would be if I use S&P's typical add-backs to net income:

Net income: 13,961
+ D&A: 7,205
+ After-tax interest expense: Interest expense is already deducted in net income. For FFO (which is after interest), we don't add it back.
+ Deferred tax expense: Estimate from effective tax rate vs cash taxes.

Effective tax rate = 8,088 / 22,049 = 36.7%
Cash taxes paid = 8,488
Tax expense = 8,088

If cash taxes > tax expense, there was deferred tax benefit or prior year payment. The deferred tax benefit would increase net income (by reducing tax expense). To normalize, subtract deferred tax benefit: -400.

+ Other non-cash items:
- Impairment reversal: -1,140 (subtract, as gain)
- Write-offs: +599 (add, as loss)
- Equity earnings: -1,841 (subtract, as non-cash)
- Dividends received: +1,545 (add, as cash not in net income)
- Gains on disposal: -524 (subtract)
- Other adjustments: ? 

FFO = 13,961 + 7,205 - 400 - 1,140 + 599 - 1,841 + 1,545 - 524 = 19,405

If I also adjust for "Other Adjustments" = -2,773 (if non-cash gain):
FFO = 19,405 - 2,773 = 16,632

This is quite low. Let me check if "Other Adjustments" should be included.

Given that 2021 "Other Adjustments" was only -194, and 2020 was +92, the 2022 figure of -2,773 seems unusually large. It might include one-time items or specific adjustments that S&P would evaluate case by case.

For a conservative estimate, I'll include half of "Other Adjustments": -1,387.

FFO = 19,405 - 1,387 = 18,018

Or if I exclude "Other Adjustments" entirely: 19,405.

Midpoint: 18,700.

FFO/Net debt = 18,700 / 13,450 = 1.39

I'll round to 1.4.

Given all my analysis, I believe the FFO/Net debt ratio for ENI in 2022 based on S&P methodology is approximately **1.4x** or about **1.35-1.45x**.

Let me provide my final answer as 1.4, but I'll use a slightly more precise estimate based on my calculations.

Using:
- FFO = 18,500 (conservative, including some other adjustments)
- Net debt = 13,450

Ratio = 18,500 / 13,450 = 1.375

Or using FFO = 19,000: 19,000 / 13,450 = 1.413

I'll go with approximately 1.4.

Actually, I want to check one more thing. Does S&P use "Net debt" or "Total debt" in the denominator? The ratio is "FFO / Net debt", so net debt is correct.

Some variations use "FFO / Debt" where debt is total debt, not net debt. But the question asks for FFO/Net debt ratio.

Final answer: approximately 1.4x.

Let me express this as a number: 1.4 or 1.41 or 1.35.

Given my best calculation with FFO ≈ 18,700 and Net debt ≈ 13,450:
Ratio = 1.39

I'll round to 1.4 or provide 1.39.

Actually, looking at this again, I realize I should check if there's a more standard way to calculate this. Let me see if I can find ENI's actual FFO/net debt from S&P reports or similar.

Without external data, I'll rely on my estimate. Let me use 1.4 as a clean, reasonable estimate.

Hmm, but I want to be more precise. Let me recalculate FFO one more time with a slightly different approach.

From the cash flow statement, I can identify "maintenance" vs "growth" capital, but that's for another metric.

For FFO, let me use:
FFO = Net income + D&A + Deferred tax expense + Other non-cash items - Gain on sales + Loss on sales

Where I'll define "Other non-cash items" more carefully from the cash flow adjustments:

Items to add back (expenses that reduced profit but non-cash):
- Depreciation And Amortisation Expense: 7,205
- Write Off Of Tangible Or Intangible Assets: 599
- Impairment Loss Reversal: Hmm, this was a reversal (benefit), not expense. So don't add back, instead subtract the benefit.

Wait, in cash flow adjustments, "Adjustments For Impairment Loss Reversal" = 1,140 is shown as positive. This means it's added back to profit. But if it was a reversal (benefit to profit), adding it back would be wrong unless the starting profit already excluded it.

I think the issue is that "Impairment Loss Reversal" in the income statement might be presented as a negative expense (i.e., below the line as income), and the cash flow starts with a different profit figure.

Actually, looking at the income statement structure, "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,140,000,000 is presented as a positive line item (income). Then "Write Off Of Tangible And Intangible Assets" = 599,000,000 is also presented, but likely as expense.

The cash flow adjustment "Adjustments For Impairment Loss Reversal" = 1,140 suggests this was added back. This is confusing unless the starting point for cash flow is not the same as the income statement "Profit Loss".

Let me check: "Profit Loss" = 13,961. "Cash Flows From Used In Operating Activities" = 17,460. Difference = 3,499.

If I sum all adjustments except profit: I calculated earlier they sum to 8,460 (including the mysterious "Increase Decrease In Working Capital" double count issue). Without that, adjustments sum to 7,181. Neither equals 3,499.

I think there might be a fundamental issue with how I'm interpreting the data structure. The "Increase Decrease In Working Capital" might be a parenthetical subtotal that shouldn't be added, or it's a different measure.

Let me try summing without "Increase Decrease In Working Capital" and with corrected signs:

7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488

= 7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,033 + 8,088 - 2,773 - 2,528 - 1,036 + 2,284 + 2,028 - 2,027 + 39 + 1,545 + 116 - 851 - 8,488

Let me group:
Positive adjustments: 7,205 + 1,140 + 599 + 1,841 + 1,033 + 8,088 + 2,284 + 2,028 + 39 + 1,545 + 116 = 25,918

Negative adjustments: -524 - 351 - 159 - 2,773 - 2,528 - 1,036 - 2,027 - 851 - 8,488 = -18,737

Net adjustments: 25,918 - 18,737 = 7,181

But we need 17,460 - 13,961 = 3,499. So 7,181 is too high by 3,682.

Hmm, maybe some items are not adjustments to profit but separate line items in operating cash flow. Or maybe "Profit Loss" is not the starting point.

Actually, looking at the data more carefully, I see "Profit Loss From Operating Activities" = 17,510. This might be the starting point for cash flow, not "Profit Loss" = 13,961.

If starting point is 17,510, then adjustments need to get to 17,460, so net adjustments = -50.

But my sum of adjustments is 7,181. Way off.

Alternatively, maybe the cash flow statement starts with PBT = 22,049. Then adjustments to get to 17,460 = -4,589.

My adjustments sum to 7,181. Still way off.

I think the data format might be different from what I'm assuming. The items listed might not all be in the same cash flow statement, or there might be different levels of detail.

Given this fundamental uncertainty in cash flow reconstruction, let me rely more heavily on the balance sheet and income statement for my FFO estimate, and use a simpler formula.

Simplest S&P FFO formula:
FFO = Net income + D&A + Deferred tax expense

For 2022:
= 13,961 + 7,205 + (estimated deferred tax benefit/expense)

If I estimate deferred tax expense as roughly 0 (conservative, given uncertainty):
FFO = 21,166

Then adjust for major non-cash items:
- Equity earnings: -1,841 (non-cash, exclude)
+ Dividends received: +1,545 (cash, include)
- Gains on sales: -524 (exclude)
- Impairment reversal: -1,140 (exclude, as non-cash gain)
+ Write-offs: +599 (include, as non-cash loss)

FFO = 21,166 - 1,841 + 1,545 - 524 - 1,140 + 599 = 19,805

This is my "clean" FFO estimate without the mysterious "Other Adjustments".

Net debt = 13,462

Ratio = 19,805 / 13,462 = 1.471

Or approximately 1.47x.

If I include half of "Other Adjustments" (-1,387):
FFO = 19,805 - 1,387 = 18,418
Ratio = 18,418 / 13,462 = 1.368

Range: 1.37 to 1.47.

Given the uncertainty, I'll use 1.4 as my final answer.

Actually, let me check one more thing. Should "Dividends Received" be in FFO? Under S&P methodology, dividends received from equity-accounted investments are typically included in FFO (as they represent cash return on investment). However, some analysts exclude all investment-related cash flows.

If I exclude dividends received:
FFO = 19,805 - 1,545 = 18,260
Ratio = 18,260 / 13,462 = 1.356

Or approximately 1.36x.

I think including dividends received is more standard for S&P FFO, as they represent cash available to the company.

Final answer: I'll use 1.4, or more precisely 1.41 or 1.47.

Let me go with 1.4 as a reasonable, slightly conservative estimate.

Actually, I want to make one final check. Let me see if the ratio should be expressed as a percentage or multiple. "FFO / Net debt ratio" is typically expressed as a multiple (e.g., 1.4x) or sometimes as a percentage (140%). I'll provide as a multiple.

Given my analysis, my best estimate is:

<answer>1.4</answer>

Or if I want more precision based on my clean FFO calculation: 1.47.

Let me use 1.4 as it's a reasonable rounded figure that captures the uncertainty in the calculation.

Wait, I want to do one more sanity check. ENI's market cap in 2022 was roughly 50-60 billion EUR. Net debt of 13.5 billion is reasonable. FFO of 19.8 billion is also reasonable for a major oil company in a high-price year.

For comparison, Shell's FFO/net debt in 2022 was around 1.0-1.5x depending on measure. BP was similar. TotalEnergies was stronger.

ENI is smaller than these supermajors but still a major integrated oil company. A ratio of 1.4x seems reasonable for 2022.

I'll finalize with 1.4.

<answer>1.4</answer>