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 = Profit from continuing operations + Depreciation/Amortization + Deferred income taxes + Other non-cash items

For S&P Global Ratings methodology, FFO typically includes:
- Net income from continuing operations (attributable to all shareholders)
- Plus depreciation and amortization
- Plus deferred income taxes
- Plus/minus other non-cash items

Let me identify the relevant figures from the data for the period 2022-01-01 to 2023-01-01 (which represents 2022 results):

**Components for FFO:**

1. **Profit from continuing operations**: 1,849,000,000 EUR
   ("Profit Loss From Continuing Operations" 2022-01-01 - 2023-01-01)

2. **Depreciation and amortization**: 1,532,000,000 EUR
   ("Amortizacion YPerdidas Por Deterioro De Activos" 2022-01-01 - 2023-01-01)
   - This is "Depreciation and impairment losses on assets"

3. **Deferred income taxes**: I need to calculate the change in deferred taxes
   - Deferred Tax Assets 2022-01-01: 2,267,000,000 EUR
   - Deferred Tax Assets 2023-01-01: 2,210,000,000 EUR
   - Change: 2,210,000,000 - 2,267,000,000 = -57,000,000 EUR (decrease, so positive for FFO)
   
   - Deferred Tax Liabilities 2022-01-01: 1,787,000,000 EUR
   - Deferred Tax Liabilities 2023-01-01: 1,951,000,000 EUR
   - Change: 1,951,000,000 - 1,787,000,000 = 164,000,000 EUR (increase, so negative for FFO)
   
   Net deferred tax change: -57,000,000 - 164,000,000 = -221,000,000 EUR (negative, so subtract from FFO)
   
   Wait - let me reconsider. S&P typically adds back the deferred tax expense. Looking at the income statement, the income tax expense is 697,000,000 EUR. The actual cash taxes paid were 762,000,000 EUR.
   
   Actually, for S&P methodology, FFO adds back deferred taxes. The change in net deferred tax position:
   - Net deferred tax assets 2022: 2,267,000,000 - 1,787,000,000 = 480,000,000
   - Net deferred tax assets 2023: 2,210,000,000 - 1,951,000,000 = 259,000,000
   - Decrease in net deferred tax assets: 221,000,000 (this is a use of cash/expense)
   
   Alternatively, I can use the "Adjustments For Reconcile Profit Loss" which already captures many items.

Let me look at the cash flow statement approach more carefully:

From "Cash Flows From Used In Operating Activities": 4,242,000,000 EUR

But S&P FFO is different from operating cash flow. Let me use the standard S&P formula:

**FFO = Net income (continuing) + Depreciation & Amortization + Deferred income taxes + Other non-cash items - Gain on sale of PP&E + Other adjustments**

From the "Adjustments For Reconcile Profit Loss": 3,057,000,000 EUR
This includes:
- Depreciation and amortization: 1,532,000,000 EUR
- Other adjustments: 1,525,000,000 EUR

Let me try a more direct S&P approach:

FFO = Profit from continuing operations + D&A + Deferred taxes paid (change in deferred tax) + Other non-cash

Actually, let me use a cleaner approach. S&P FFO typically equals:

FFO = Net income before extraordinary items + Depreciation/Amortization + Deferred income taxes + Other non-cash items

From the data:
- Profit Loss From Continuing Operations: 1,849,000,000
- Add: Amortizacion YPerdidas Por Deterioro De Activos (D&A and impairment): 1,532,000,000

For deferred taxes, I need the deferred tax expense. The income tax expense was 697,000,000. Cash taxes paid were 762,000,000. The difference (65,000,000) relates to deferred taxes and other timing differences. But this is messy.

Let me use another approach: Start from operating cash flow and adjust.

Operating cash flow: 4,242,000,000
Less: Increase in working capital: -272,000,000 (so working capital decreased, adding to CFO)
Less: Other inflows/outflows: -1,089,000,000
Less: Interest paid: -520,000,000
Less: Interest received: 87,000,000
Less: Dividends received: 106,000,000
Less: Income taxes paid: -762,000,000

Actually, S&P FFO = CFO + Interest paid - Interest received + Dividends received from investments - Working capital changes

Wait, let me be more careful. S&P defines FFO as:
FFO = Funds from operations = Operating cash flow before working capital changes + Dividends from investments - Interest paid + Interest received

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

Let me calculate using the reconciliation approach:
- Profit Loss From Continuing Operations: 1,849,000,000
- Add: Adjustments For Reconcile Profit Loss: 3,057,000,000
- This gives 4,906,000,000 before working capital changes

But this includes working capital? No, "Increase Decrease In Working Capital" is separate at -272,000,000.

Actually, looking at the structure:
Cash Flows From Used In Operating Activities = 
Profit Loss From Operating Activities (3,083,000,000) 
+ Adjustments For Reconcile Profit Loss (3,057,000,000)
+ Increase Decrease In Working Capital (-272,000,000)
+ Other Inflows Outflows Of Cash Classified As Operating Activities (-1,089,000,000)
+ Interest Paid (520,000,000)
+ Interest Received (87,000,000)
+ Dividends Received (106,000,000)
+ Income Taxes Paid (-762,000,000)

Wait, that doesn't sum to 4,242,000,000. Let me check: 3,083 + 3,057 - 272 - 1,089 + 520 + 87 + 106 - 762 = 4,730... 

Hmm, let me re-read. The signs might be different. "Interest Paid Classified As Operating Activities" is 520,000,000 - this is likely a negative outflow.

Actually, looking more carefully at typical IFRS cash flow presentation, these are usually shown as absolute values with the sign indicated by "inflow/outflow" or the nature.

Let me try: FFO = Profit from continuing operations + D&A + Increase in deferred tax liabilities - Increase in deferred tax assets + Other non-cash items

Or simpler: FFO = EBITDA - Interest paid - Cash taxes paid + Interest received

EBITDA = Beneficio Bruto De Explotacion Ebitda = 4,954,000,000

From EBITDA to FFO:
- Less: Interest paid: 520,000,000
- Less: Cash taxes paid: 762,000,000
- Plus: Interest received: 87,000,000
- Plus: Dividends received: 106,000,000

FFO = 4,954,000,000 - 520,000,000 - 762,000,000 + 87,000,000 + 106,000,000 = 3,865,000,000

Wait, this isn't right either. S&P FFO is typically before interest and taxes.

Let me use the most standard S&P definition:
**FFO = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items**

From the cash flow reconciliation, "Adjustments For Reconcile Profit Loss" = 3,057,000,000 includes:
- D&A and impairment: 1,532,000,000
- Other adjustments: 1,525,000,000

The "Other adjustments" of 1,525,000,000 likely includes deferred taxes, gains/losses on disposals, and other non-cash items.

So FFO = Profit from continuing operations + Total adjustments = 1,849,000,000 + 3,057,000,000 = 4,906,000,000

But wait - this is before working capital changes. S&P FFO should exclude working capital changes.

Actually, let me verify: "Profit Loss From Operating Activities" is 3,083,000,000, and "Profit Loss From Continuing Operations" is 1,849,000,000. The difference is finance costs and other items below operating profit.

For S&P FFO, a common approach is:
FFO = Operating profit (EBIT) + D&A - Cash taxes paid

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

Let me use: FFO = Profit from continuing operations (1,849,000,000) + D&A (1,532,000,000) + the "Other adjustments" portion that represents non-cash items.

The total adjustments are 3,057,000,000, which includes 1,532,000,000 of D&A and 1,525,000,000 of other items.

Looking at what these other items might be:
- Increase Decrease In Allowance Account For Credit Losses: -228,000,000 (negative, so gain/recovery)
- Other Gains Losses: -111,000,000
- Gains On Disposals Of PP&E: 8,000,000 (should be subtracted from FFO)

Actually, let me look at this differently. The cash flow statement shows:
- Cash Flows From Used In Operating Activities: 4,242,000,000

To get to FFO from CFO:
- Add back: Increase Decrease In Working Capital (-272,000,000) → actually if working capital decreased, it added to CFO, so we subtract it to get FFO
- Add back: Interest paid (520,000,000) - S&P includes interest paid in uses of FFO, not in FFO itself
- Subtract: Interest received (87,000,000)
- Subtract: Dividends received (106,000,000)
- Add back: Income taxes paid (762,000,000) - and replace with tax expense

Actually, standard S&P FFO formula from CFO:
FFO = CFO + Working capital changes - Interest received - Dividends received from associates + Interest paid - Cash taxes + Tax expense

This is getting complex. Let me use a simpler validated approach.

**S&P FFO = EBITDA - Cash interest paid - Cash taxes paid**

Or from the income statement and cash flows:
- EBITDA: 4,954,000,000
- Less: Cash interest paid: 520,000,000
- Less: Cash taxes paid: 762,000,000

FFO = 4,954,000,000 - 520,000,000 - 762,000,000 = 3,672,000,000

But this excludes dividends received and other items. S&P typically includes dividends from investments in FFO.

Let me try: FFO = EBITDA - Cash interest paid - Cash taxes paid + Dividends received
= 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000 = 3,778,000,000

Hmm, but I need to check S&P's exact methodology. Actually, S&P's FFO is typically:
FFO = Net income before extraordinary items + Depreciation & amortization + Deferred income taxes + Other non-cash items

Let me calculate this more carefully:
- Net income from continuing operations: 1,849,000,000
- Add D&A: 1,532,000,000
- Add deferred tax expense (non-cash portion of tax): ?

The income tax expense was 697,000,000, but cash taxes paid were 762,000,000. This means deferred taxes actually reduced tax expense by 65,000,000 (i.e., there was a deferred tax benefit).

So deferred tax expense = 697,000,000 - 762,000,000 = -65,000,000 (benefit)

Wait, that's not right. Tax expense = Current tax + Deferred tax. Cash taxes = Current tax + timing differences.

If tax expense is 697,000,000 and cash taxes paid are 762,000,000, then there was a net deferred tax benefit of 65,000,000 (or the company overpaid taxes).

Actually, for FFO, we add back the deferred tax expense (which is a non-cash charge). If tax expense < cash taxes, then deferred tax was a benefit, so we'd subtract it.

But this gets complicated. Let me use the balance sheet approach for deferred taxes:
- Change in net deferred tax assets: (2,210,000,000 - 1,951,000,000) - (2,267,000,000 - 1,787,000,000) = 259,000,000 - 480,000,000 = -221,000,000

This decrease in net deferred tax assets of 221,000,000 represents a deferred tax expense (use of deferred tax assets or increase in liabilities).

So FFO = 1,849,000,000 + 1,532,000,000 + 221,000,000 + other non-cash items

For other non-cash items, we have:
- Increase Decrease In Allowance Account For Credit Losses: -228,000,000 (this is a negative expense, i.e., a gain/recovery - non-cash)
- Other Gains Losses: -111,000,000
- Gains On Disposals Of PP&E: 8,000,000 (gain, non-cash or realized?)

Actually, the "Other Adjustments To Reconcile Profit Loss" is 1,525,000,000. This includes all non-D&A adjustments.

So total FFO = 1,849,000,000 + 3,057,000,000 = 4,906,000,000

But we need to exclude working capital changes and include only sustainable items. S&P FFO typically excludes working capital changes, gains on asset sales, and other one-time items.

Let me adjust:
- Start with 4,906,000,000
- Subtract working capital benefit: 272,000,000 (since working capital decrease helped CFO)
- Subtract gains on disposals: 8,000,000
- Add back any losses or subtract gains from "Other Gains Losses"

Actually, I think the cleanest S&P approach is:

**FFO = Operating cash flow before working capital changes + Dividends received - Interest paid + Interest received - Cash taxes + Tax expense**

Or simply use the EBITDA-based approach with standard adjustments.

Let me try yet another approach - the one most commonly used by practitioners:

**FFO = Net income + Depreciation & amortization + Deferred tax expense + Other non-cash expenses - Gain on sale of assets**

= 1,849,000,000 + 1,532,000,000 + 221,000,000 + other items - 8,000,000

For "other items", looking at the adjustments:
Total adjustments = 3,057,000,000
Less D&A = 1,532,000,000
Other adjustments = 1,525,000,000

These other adjustments include:
- Deferred tax changes: 221,000,000 (estimated)
- Credit loss allowance changes: -228,000,000 (this is a reversal, so negative expense = gain)
- Other gains/losses: -111,000,000
- Gain on disposals: 8,000,000 (but this might be in operating profit already)

Actually, looking at "Profit Loss From Operating Activities" = 3,083,000,000 vs "Beneficio Bruto De Explotacion Ebitda" = 4,954,000,000

The difference: 4,954,000,000 - 3,083,000,000 = 1,871,000,000
This equals: Amortizacion YPerdidas Por Deterioro De Activos (1,532,000,000) + Increase Decrease In Allowance Account (-228,000,000) + Other Gains Losses (-111,000,000) + Gains On Disposals (8,000,000) + Revenue From Government Grants (50,000,000) - other items = ?

1,532 - 228 - 111 + 8 + 50 = 1,251... not 1,871. Missing 620,000,000.

Hmm, let me check: Employee Benefits Expense is 547,000,000 and Miscellaneous Other Operating Expense is 1,511,000,000. These are already in EBITDA? No, EBITDA is before these.

Actually, looking more carefully:
EBITDA = 4,954,000,000
Less: Amortizacion YPerdidas Por Deterioro De Activos = 1,532,000,000
Less: Other Gains Losses = -111,000,000 (so this is a gain, added?)
Less: Increase Decrease In Allowance = -228,000,000 (gain)
Less: Gains On Disposals = 8,000,000

Operating profit = EBITDA - D&A + some other items = 4,954 - 1,532 - 111 - 228 + 8? = 3,091... close to 3,083.

Actually the signs are confusing. Let me just use: Other Gains Losses of -111,000,000 means a loss of 111,000,000 (negative number = loss). And -228,000,000 for credit losses means a decrease in allowance (positive for earnings).

So: 4,954 - 1,532 + 111 + 228 - 8 + ? = 3,083... 
4,954 - 1,532 = 3,422; 3,422 + 111 = 3,533; 3,533 + 228 = 3,761; 3,761 - 8 = 3,753; still not 3,083.

Missing 670,000,000. Maybe employee benefits and other expenses are not in EBITDA? No, EBITDA should include all operating expenses except D&A.

Wait - I think "Beneficio Bruto De Explotacion Ebitda" might already exclude some items. Let me check the calculation:
Revenue: 33,965,000,000
Less: Raw Materials: 27,194,000,000
Less: Employee Benefits: 547,000,000
Less: Misc Other Operating: 1,511,000,000
Plus: Other Income: 183,000,000
Plus: Government Grants: 50,000,000
= 33,965 - 27,194 - 547 - 1,511 + 183 + 50 = 4,946,000,000

Close to 4,954,000,000 (difference of 8,000,000, maybe rounding or the gain on disposals).

So EBITDA is roughly: 4,954,000,000

Now for **Net Debt**:

Net Debt = Total debt - Cash and cash equivalents

Debt components:
- Noncurrent Financial Liabilities: 13,999,000,000
  - Longterm Borrowings: 12,689,000,000
  - Noncurrent Lease Liabilities: 1,309,000,000
  - Other Noncurrent Financial Liabilities: 1,000,000
- Current Financial Liabilities: 2,302,000,000
  - Current Borrowings And Current Portion Of Noncurrent Borrowings: 2,110,000,000
  - Current Lease Liabilities: 177,000,000
  - Other Current Financial Liabilities: 15,000,000

Total debt = 13,999,000,000 + 2,302,000,000 = 16,301,000,000

Or more precisely, using borrowings:
- Longterm Borrowings: 12,689,000,000
- Current Borrowings: 2,110,000,000
- Lease liabilities (noncurrent): 1,309,000,000
- Lease liabilities (current): 177,000,000
- Other financial liabilities: 1,000,000 + 15,000,000 = 16,000,000

Total = 12,689 + 2,110 + 1,309 + 177 + 16 = 16,301,000,000

Cash and Cash Equivalents: 3,985,000,000

**Net Debt = 16,301,000,000 - 3,985,000,000 = 12,316,000,000**

Now back to FFO. Let me use a more standard approach:

**S&P FFO = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items**

From cash flow statement, the reconciliation shows:
- Profit Loss From Operating Activities: 3,083,000,000
- Adjustments For Reconcile Profit Loss: 3,057,000,000
  - Of which D&A: 1,532,000,000
  - Of which Other: 1,525,000,000

But "Profit Loss From Operating Activities" is not the starting point for FFO. We need "Profit from continuing operations" or net income.

Let me use: FFO = Cash flow from operations before working capital changes - Interest paid + Interest received - Dividends received + Cash taxes - Tax expense... this is getting too convoluted.

Actually, the simplest and most accurate S&P FFO from the available data:

**FFO = EBITDA + Other income - Cash interest paid - Cash taxes paid + Dividends received**

Or: **FFO = Operating profit (EBIT) + D&A - Cash interest paid - Cash taxes paid + Interest received + Dividends received**

EBIT = Profit Loss From Operating Activities = 3,083,000,000? No wait, that's already after some adjustments.

Let me check: "Profit Loss From Operating Activities" = 3,083,000,000
This is EBIT (Earnings Before Interest and Taxes).

Then: Finance Income: 164,000,000; Finance Costs: 837,000,000
So Profit before tax = 3,083 - 837 + 164 + other finance items = 2,546,000,000? 

3,083 - 837 + 164 + 13 - 5 + 128 = 2,546. Yes, matches.

So EBIT = 3,083,000,000

FFO = EBIT + D&A - Cash interest paid - Cash taxes paid + Interest received + Dividends received
= 3,083,000,000 + 1,532,000,000 - 520,000,000 - 762,000,000 + 87,000,000 + 106,000,000
= 3,526,000,000

But wait, D&A is already included in getting from EBITDA to EBIT. So:
FFO = EBITDA - Cash interest paid - Cash taxes paid + Interest received + Dividends received
= 4,954,000,000 - 520,000,000 - 762,000,000 + 87,000,000 + 106,000,000
= 3,865,000,000

Hmm, but this double counts if I use EBIT + D&A. Let me be careful:
- EBITDA = 4,954,000,000
- EBIT = 3,083,000,000 (approximately, might include some non-cash items)

Actually EBIT should be: EBITDA - D&A = 4,954 - 1,532 = 3,422, but we have 3,083. Difference is 339,000,000 due to other items (impairments, gains/losses).

For S&P FFO, the standard is:
**FFO = Net income from continuing operations + D&A + Deferred taxes + Other non-cash items**

= 1,849,000,000 + 1,532,000,000 + 221,000,000 + other non-cash items

What are the other non-cash items? From the adjustments:
Total adjustments = 3,057,000,000
Less D&A = 1,532,000,000
Remaining = 1,525,000,000

This 1,525,000,000 includes deferred taxes (221,000,000), changes in provisions, gains/losses, etc.

So FFO = 1,849,000,000 + 1,532,000,000 + 1,525,000,000 = 4,906,000,000

But this includes working capital-type adjustments and other items that S&P might exclude.

Actually, looking at S&P's published methodology more carefully, they define FFO as:
"Funds from operations (FFO): Net income before extraordinary items, adjusted for depreciation and amortization, deferred taxes, and other non-cash items."

And they typically use: FFO = Net income + D&A + Deferred income taxes + Other non-cash items

The "Other Adjustments To Reconcile Profit Loss" of 1,525,000,000 likely includes most of these items.

But we need to be careful about what to include. Gains on asset sales are typically excluded from FFO.

Let me try a different approach. From the cash flow statement, we can derive:

FFO ≈ Cash Flow from Operations + Interest paid - Interest received + Dividends received - Working capital changes

= 4,242,000,000 + 520,000,000 - 87,000,000 - 106,000,000 - (-272,000,000)

Wait, working capital change was -272,000,000, meaning working capital decreased (positive for CFO). To remove working capital impact: subtract the benefit.

= 4,242,000,000 + 520,000,000 - 87,000,000 - 106,000,000 - 272,000,000? 

Actually standard formula: FFO = CFO - Working capital changes + Interest paid - Interest received

= 4,242,000,000 - (-272,000,000) + 520,000,000 - 87,000,000
= 4,242,000,000 + 272,000,000 + 520,000,000 - 87,000,000
= 4,947,000,000

Hmm, this seems high. And dividends received are typically included in FFO by S&P, not excluded.

Let me reconsider: S&P FFO = Cash flow from operating activities before changes in working capital and provisions + Dividends received from investments - Interest paid + Interest received

Actually, I found a better reference. S&P Global Ratings defines FFO for corporate issuers as:

FFO = Funds from operations = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes gains/losses on asset sales, stock-based compensation, etc.

From our data, using the reconciliation:
- Net income from continuing operations: 1,849,000,000
- Total adjustments in cash flow statement: 3,057,000,000

But these adjustments reconcile "Profit Loss From Operating Activities" (3,083,000,000) to operating cash flow, not net income to FFO.

Let me recalculate from scratch using the most direct approach:

**Step 1: Calculate EBITDA**
Revenue: 33,965,000,000
Less: Raw Materials: 27,194,000,000
Less: Employee Benefits: 547,000,000
Less: Misc Other Operating: 1,511,000,000
Plus: Other Income: 183,000,000
Plus: Government Grants: 50,000,000
= 4,956,000,000 (close to reported 4,954,000,000, rounding difference)

**Step 2: Calculate EBIT**
EBITDA: 4,954,000,000
Less: Amortizacion YPerdidas Por Deterioro De Activos: 1,532,000,000
Plus/less: Other items (credit loss recovery, other gains/losses, gain on disposal)
= 3,083,000,000 (as reported)

**Step 3: Calculate FFO using S&P methodology**

S&P FFO = Net income from continuing operations + D&A + Deferred taxes + Other non-cash

Net income from continuing operations: 1,849,000,000
Add: D&A: 1,532,000,000
Add: Deferred tax expense (non-cash): 221,000,000 (from balance sheet change)
Add: Other non-cash items (credit loss recovery, etc.): need to calculate

From operating profit to net income:
EBIT: 3,083,000,000
Less: Finance costs (net): 837 - 164 - 13 + 5 - 128 = 757? Let me check: 3,083 - 837 + 164 + 13 - 5 + 128 = 2,546. Yes, PBT = 2,546.
Less: Tax: 697
Less: Share of associates: 128
Less: Discontinued operations: -23
= 1,849 + (-23) = 1,826? Wait, 2,546 - 697 - 128 = 1,721, plus 128 from associates = 1,849. Yes.

For FFO, we add back to net income:
- D&A: 1,532,000,000
- Deferred taxes: 221,000,000 (estimated from balance sheet)
- Other non-cash: need to identify

From the cash flow reconciliation, "Other Adjustments To Reconcile Profit Loss" = 1,525,000,000. This includes everything except D&A.

What is in this 1,525,000,000?
- Deferred tax change: 221,000,000
- Credit loss allowance decrease: -228,000,000 (this reduced expenses, so it's a "negative" adjustment to add back)
- Other gains/losses: -111,000,000 (loss, so positive adjustment?)
- Gain on disposal: 8,000,000 (should be subtracted, so negative adjustment)

Actually, the signs in cash flow adjustments are tricky. Let me think of it as:
To go from accrual profit to cash-based FFO, we add back non-cash expenses and subtract non-cash gains.

If credit loss allowance decreased by 228,000,000, that means we had a recovery (negative expense), which increased profit. To adjust, we need to subtract this gain.

If other gains/losses is -111,000,000, this is a loss that reduced profit. We add it back.

If gain on disposal is 8,000,000, this increased profit. We subtract it.

So other adjustments = 221 (deferred tax expense) - 228 (credit loss recovery, subtract) + 111 (other losses, add back) - 8 (gain on disposal, subtract) + other items = ?

221 - 228 + 111 - 8 = 96, but we need 1,525. So there are large other items.

These other items likely include:
- Changes in provisions (noncurrent provisions increased by 510,000,000; current provisions increased by 111,000,000)
- Other non-cash items

Actually, I realize the "Other Adjustments" of 1,525,000,000 is simply the residual to make the cash flow work. Let me verify:

Total adjustments needed = CFO before working capital - Operating profit
= (4,242,000,000 + 1,089,000,000 - 520,000,000 - 87,000,000 - 106,000,000 + 762,000,000) - 3,083,000,000
= 5,380,000,000 - 3,083,000,000 = 2,297,000,000

Hmm, that doesn't match 3,057,000,000. 

Let me try: Operating profit + Total adjustments + Working capital + Other = CFO
3,083,000,000 + 3,057,000,000 + (-272,000,000) + (-1,089,000,000) + 520,000,000 + 87,000,000 + 106,000,000 - 762,000,000 = ?
= 3,083 + 3,057 - 272 - 1,089 + 520 + 87 + 106 - 762 = 4,730,000,000

But CFO is 4,242,000,000. Difference is 488,000,000. 

I think the issue is the sign convention. Let me assume "Interest Paid" of 520,000,000 is actually shown as positive but represents outflow, so in the equation it's -520,000,000.

Actually, in standard IFRS, the cash flow statement items are shown with their natural sign (outflows negative). But in this data format, they might be showing absolute values.

Let me just use the reported CFO of 4,242,000,000 and work from there.

**S&P FFO from CFO:**
FFO = CFO + Increase in working capital (if working capital increased, it reduced CFO, so add back) - Decrease in working capital + Interest paid - Interest received - Dividends received + Cash taxes - Tax expense... 

Actually, simpler: FFO = CFO - Working capital changes

If working capital decreased by 272,000,000 (benefit to CFO), then:
FFO = 4,242,000,000 - 272,000,000 = 3,970,000,000? No, that's wrong too.

Standard: FFO = Cash generated from operations before working capital changes

From the cash flow: 
Profit from operations: 3,083,000,000
+ Adjustments: 3,057,000,000
= Cash generated before working capital: 6,140,000,000

Then working capital change: -272,000,000
Other: -1,089,000,000
Interest: 520,000,000 outflow
Interest received: 87,000,000 inflow
Dividends received: 106,000,000 inflow
Taxes: 762,000,000 outflow

CFO = 6,140 - 272 - 1,089 - 520 + 87 + 106 - 762 = 4,690,000,000... still not 4,242.

I think the data format is confusing with signs. Let me just accept the reported CFO of 4,242,000,000 and use a standard approximation.

**Most common S&P FFO calculation:**
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Using:
- Net income from continuing operations: 1,849,000,000
- Add: D&A: 1,532,000,000
- Add: Estimated deferred tax and other non-cash: from the "Other Adjustments" of 1,525,000,000

But we need to be careful. The total adjustments of 3,057,000,000 include both D&A (1,532,000,000) and other items (1,525,000,000).

If we use Net income + Total adjustments = 1,849,000,000 + 3,057,000,000 = 4,906,000,000

This equals "Cash generated from operations before working capital changes" if we started from net income. But we started from operating profit.

Actually, let me check: Operating profit 3,083,000,000 + Adjustments 3,057,000,000 = 6,140,000,000. This is not 4,906.

So the adjustments reconcile operating profit to some subtotal, not net income.

For FFO, if we start from net income from continuing operations (1,849,000,000):
- Add D&A: 1,532,000,000
- Add deferred tax expense: 221,000,000
- Add other non-cash (provisions, etc.): ?

From balance sheet, provisions increased:
- Noncurrent provisions: 1,656,000,000 - 1,146,000,000 = 510,000,000
- Current provisions: 700,000,000 - 589,000,000 = 111,000,000
Total provision increase: 621,000,000 (non-cash expense)

Also, deferred income increased: 926,000,000 - 889,000,000 = 37,000,000

And other items. This is getting too detailed.

Let me use a practical approach. The S&P FFO is typically approximated as:

**FFO = CFO + Interest paid - Interest received + Dividends received - Working capital changes**

Or from EBITDA:
**FFO = EBITDA - Cash interest paid - Cash taxes paid**

Using EBITDA approach:
FFO = 4,954,000,000 - 520,000,000 - 762,000,000 = 3,672,000,000

But this excludes dividends received which S&P includes. Adding dividends:
FFO = 3,672,000,000 + 106,000,000 = 3,778,000,000

Or using the more common:
FFO = EBITDA - Cash interest paid - Cash taxes paid + Interest received
= 4,954,000,000 - 520,000,000 - 762,000,000 + 87,000,000 = 3,759,000,000

Hmm, but different sources treat interest received differently. Some include in FFO, some don't.

Let me try yet another common S&P formula:
**FFO = EBIT + D&A - Cash interest paid - Cash taxes paid**

= 3,083,000,000 + 1,532,000,000 - 520,000,000 - 762,000,000
= 3,333,000,000

This seems low.

Actually, I think the most standard S&P Global Ratings FFO for utilities/industrials is:

**FFO = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items**

Where "Other non-cash items" includes provision changes, stock-based comp, gains/losses on asset sales, etc.

From our data, using cash flow reconciliation approach:
- Start with Profit from continuing operations: 1,849,000,000
- Add back total non-cash adjustments

The cash flow statement shows adjustments totaling 3,057,000,000 to get from operating profit to a cash basis. But we need from net income.

Net income to operating profit: add back net finance costs and other items below operating profit.

Actually, let me use the most direct available data. S&P sometimes publishes FFO as:

**FFO = Cash flow from operating activities + Cash interest paid + Cash taxes paid - Working capital changes - Dividends received**

= 4,242,000,000 + 520,000,000 + 762,000,000 - (-272,000,000) - 106,000,000
= 4,242 + 520 + 762 + 272 - 106 = 5,690,000,000

That seems too high.

I think I need to step back and use a cleaner, widely accepted definition.

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

From the available data, I'll estimate:
- Net income from continuing operations: 1,849,000,000
- Add: D&A: 1,532,000,000
- Add: Deferred tax expense (from balance sheet change in net deferred tax): 221,000,000
- Add: Other non-cash items (provision increases, etc.): approximately 621,000,000 (provision increase) + other items

Total other non-cash from cash flow "Other Adjustments": 1,525,000,000

But this 1,525,000,000 likely includes deferred taxes, provision changes, and other items.

If we use: FFO = 1,849,000,000 + 1,532,000,000 + 1,525,000,000 = 4,906,000,000

This is essentially Net income + All adjustments (excluding working capital and cash items)

Then adjust for working capital and cash items to get CFO. So FFO ≈ 4,906,000,000 before working capital changes.

But wait - this started from operating profit, not net income. Let me verify:

Operating profit: 3,083,000,000
+ Adjustments: 3,057,000,000
= 6,140,000,000 before working capital

This 6,140,000,000 is NOT FFO. It's cash before working capital changes but includes interest, taxes, etc.

Actually, for S&P FFO, we want:
- Before interest and taxes? No, FFO is after interest and taxes but before working capital changes.

Let me look up a standard S&P FFO formula for a European utility:

FFO = Net income + D&A + Deferred taxes + Other non-cash - Gain on asset sales + Minority interest + Associate dividends

Using: 1,849 + 1,532 + 221 + other - 8 + ? = ?

For minority interest: Profit attributable to NCI was 177,000,000. S&P adds this back to get total FFO (before distributions).

So: 1,849 + 177 = 2,026 (total net income)
+ 1,532 (D&A)
+ 221 (deferred taxes)
+ 621 (provision increases)
+ other items
- 8 (gain on disposal)
= approximately 4,392,000,000 + other items

The "Other Adjustments" of 1,525,000,000 from cash flow might be the best proxy for "Other non-cash items + Deferred taxes".

So: FFO = 1,849,000,000 + 1,532,000,000 + 1,525,000,000 = 4,906,000,000

But this seems to include items we don't want. Let me check if this equals CFO before working capital:

CFO before working capital = CFO + Working capital changes - Other inflows/outflows + Interest - Interest received - Dividends + Taxes
= 4,242 + 272 + 1,089 - 520 + 87 + 106 - 762 = 4,514,000,000

Not matching 4,906 or 6,140.

I think the fundamental issue is that I don't have a clear enough view of the cash flow statement structure with proper signs.

Let me try a completely different approach. Use the **EBITDA-based FFO** which is commonly used:

**FFO = EBITDA - Cash interest paid - Cash taxes paid**

= 4,954,000,000 - 520,000,000 - 762,000,000
= 3,672,000,000

Some versions add back dividends received:
= 3,672,000,000 + 106,000,000 = 3,778,000,000

Or add back interest received:
= 3,672,000,000 + 87,000,000 = 3,759,000,000

Or both:
= 3,672,000,000 + 106,000,000 + 87,000,000 = 3,865,000,000

For S&P methodology specifically, they typically include dividends from investments and interest received in FFO. So:

**FFO = 3,865,000,000**

But let me verify with another approach. S&P also defines FFO as:
FFO = Operating cash flow before working capital changes - Interest paid + Interest received + Dividends received

From CFO = 4,242,000,000
Add back: Working capital benefit = 272,000,000 (since working capital decrease helped CFO)
Add back: Other outflows = 1,089,000,000
Less: Interest paid (already in CFO as outflow) = need to add back 520,000,000
Less: Interest received (already in CFO) = subtract 87,000,000
Less: Dividends received (already in CFO) = subtract 106,000,000
Less: Taxes paid (already in CFO) = add back 762,000,000, then subtract tax expense 697,000,000

This is: 4,242 + 272 + 1,089 + 520 - 87 - 106 + 762 - 697 = 5,995,000,000

Hmm, this is close to 6,140,000,000 (operating profit + adjustments). Difference of 145,000,000 might be tax timing or other items.

Actually, I think 6,140,000,000 is the right "Cash flow before working capital and other cash items" but this is NOT FFO. FFO is after interest and taxes.

Let me define more carefully:
- 6,140,000,000 = Operating profit + Non-cash adjustments
- Less: Working capital changes (272,000,000 benefit)
- Less: Other operating outflows (1,089,000,000)
- Less: Interest paid (520,000,000)
- Plus: Interest received (87,000,000)
- Plus: Dividends received (106,000,000)
- Less: Taxes paid (762,000,000)
= 4,242,000,000 = CFO

For FFO (S&P): We want after interest and taxes, but before working capital changes, and excluding one-time items.

FFO = Operating profit + Non-cash adjustments - Gain on asset sales - Other one-time items - Interest paid + Interest received - Taxes + Tax expense... 

This is getting circular. Let me just use the standard approximation:

**FFO ≈ Net income + D&A + Deferred taxes + Other non-cash - Gain on asset sales**

= 1,849,000,000 + 1,532,000,000 + 221,000,000 + 1,525,000,000 - 8,000,000 - adjustments for items already counted

Wait, I can't just add 1,525,000,000 as "other non-cash" if it includes deferred taxes and other items I'm already counting.

Let me use the cash flow reconciliation more carefully. The total adjustments of 3,057,000,000 include:
1. D&A: 1,532,000,000
2. Other adjustments: 1,525,000,000

The "Other adjustments" of 1,525,000,000 is a black box. But we can estimate its components:
- Deferred tax expense: ~221,000,000 (from balance sheet)
- Provision increases: ~621,000,000 (from balance sheet)
- Credit loss allowance decrease: -228,000,000 (negative = benefit, so this reduces the adjustment)
- Other gains/losses: -111,000,000 (negative = loss, so this increases the adjustment)
- Gain on disposal: 8,000,000 (positive = gain, so this reduces the adjustment)

Sum of these: 221 + 621 - 228 - 111 + 8 = 511,000,000? Not 1,525,000,000.

Missing 1,014,000,000. This could be:
- Stock-based compensation
- Fair value changes
- Other non-cash items
- Changes in other balance sheet items

Given the complexity, let me use a simpler approach that is commonly used in practice:

**FFO = EBITDA - Cash interest paid - Cash taxes paid + Dividends received from investments**

= 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000
= 3,778,000,000

Or with interest received:
= 3,778,000,000 + 87,000,000 = 3,865,000,000

For S&P specifically, they typically use:
**FFO = Net income from continuing operations + D&A + Deferred taxes + Other non-cash**

And they report this in their research. Without exact breakdown, let me estimate FFO as approximately **4,200,000,000 to 4,500,000,000**.

Actually, let me try to derive FFO more precisely from the cash flow statement using S&P's exact definition.

S&P Global Ratings defines FFO in their corporate methodology as:
"Funds from operations (FFO). We define FFO as net income before extraordinary items, adjusted for depreciation and amortization, deferred taxes, and other non-cash items. FFO excludes gains or losses on disposals of fixed assets, but includes dividends from unconsolidated subsidiaries and affiliates."

From this definition:
1. Start with net income before extraordinary items = Profit from continuing operations + Discontinued operations (excluding extraordinary)
   = 1,849,000,000 + (-23,000,000) = 1,826,000,000
   Or just use total net income: 1,826,000,000

2. Add depreciation and amortization: 1,532,000,000

3. Add deferred taxes: 221,000,000 (estimated)

4. Add other non-cash items: This includes provision changes, stock-based comp, fair value changes, etc.
   - Provision increases: 621,000,000
   - Credit loss allowance decrease: -228,000,000 (this is a gain, so we subtract it from FFO, not add)
   - Other losses: -111,000,000 (this is a loss, so we add it back)
   - Gain on disposal: 8,000,000 (subtract from FFO)
   
   Net of these specific items: 621 - 228 + 111 - 8 = 496,000,000
   
   But "Other adjustments" is 1,525,000,000. The difference (1,525 - 496 = 1,029,000,000) is other non-cash items.

5. Add dividends from investments: 106,000,000 (these are included in FFO per S&P definition, but already in net income if equity method)

Wait, dividends from unconsolidated subsidiaries are already in net income if using equity method? No, under equity method, the share of profit is included, not dividends received. Dividends received reduce the investment carrying amount.

Actually, looking at the income statement: "Share Of Other Comprehensive Income Of Associates And Joint Ventures" = 128,000,000. This is in OCI, not P&L. The share of profit from associates is included in "Profit Loss From Operating Activities" or below.

From P&L structure: Profit before tax includes "Share Of Other Comprehensive Income..." wait no, that's in OCI.

Actually, "Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method" of 128,000,000 is in the statement of comprehensive income, not P&L.

So dividends received of 106,000,000 are actual cash dividends, not equity method earnings. S&P includes these in FFO.

But are dividends received already in net income? If the company receives dividends from investments accounted for as financial assets (FVTPL or FVTOCI or amortized cost), they are in P&L. If from equity method investments, dividends reduce the carrying amount and are not in P&L.

Given the complexity, let me use a practical estimate. For European utilities, S&P FFO is often approximated as:

**FFO = CFO + Interest paid - Working capital changes**

= 4,242,000,000 + 520,000,000 - (-272,000,000)
= 4,242,000,000 + 520,000,000 + 272,000,000
= 5,034,000,000

But this includes dividends received and interest received, and excludes taxes vs tax expense difference.

Actually, a cleaner version:
**FFO = CFO - Working capital changes + Interest paid**

= 4,242,000,000 + 272,000,000 + 520,000,000
= 5,034,000,000

This seems reasonable. But let me check if working capital change was indeed a benefit:
- Inventories increased: 1,828 - 878 = 950,000,000 (use of cash)
- Trade receivables increased: 5,152 - 4,780 = 372,000,000 (use)
- Other receivables increased: 349 - 339 = 10,000,000 (use)
- Trade payables increased: 4,471 - 3,407 = 1,064,000,000 (source)
- Other payables decreased: 414 - 559 = -145,000,000 (use)

Net working capital change: -950 - 372 - 10 + 1,064 - 145 + other items = -413,000,000 + other items

But reported "Increase Decrease In Working Capital" is -272,000,000. So there are other working capital items.

For FFO, S&P excludes working capital changes. So if working capital change was -272,000,000 (benefit to CFO), we subtract this benefit to get FFO:
FFO = 5,034,000,000 - 272,000,000? No wait, I already added it.

Let me be clearer: 
CFO = 4,242,000,000 includes working capital benefit of 272,000,000.
So CFO before working capital = 4,242,000,000 - 272,000,000 = 3,970,000,000? No, if working capital decrease benefited CFO, then CFO ex-working-capital = 4,242 - 272 = 3,970.

Then add interest paid (financing outflow in CFO for IFRS, but operating for US GAAP):
For European companies under IFRS, interest paid can be in operating or financing. Here it's in operating at 520,000,000.

S&P FFO = CFO ex-working-capital + Interest paid (if in operating) - Interest received (if in operating) - Dividends received (if in operating) + Cash taxes - Tax expense... 

This is getting too adjusted. Let me use:

**FFO = 4,242,000,000 - (-272,000,000) + 520,000,000 - 87,000,000 - 106,000,000 + 762,000,000 - 697,000,000**
= 4,242 + 272 + 520 - 87 - 106 + 762 - 697
= 4,906,000,000

Interesting! This equals 1,849 + 3,057 = 4,906. So FFO = Net income from continuing operations + Total adjustments = 4,906,000,000.

But wait, I used total net income adjustments, not operating profit adjustments. Let me verify if the 3,057,000,000 adjustments can be applied to net income.

Actually, no. The 3,057,000,000 adjustments reconcile operating profit to cash before working capital. They include items below operating profit like interest and taxes.

Let me verify: Operating profit 3,083 + Adjustments 3,057 = 6,140. Then working capital -272, other -1,089, interest paid -520, interest received +87, dividends +106, taxes -762 = 4,242.

So: 6,140 - 272 - 1,089 - 520 + 87 + 106 - 762 = 4,690. Not 4,242. 

Difference of 448,000,000. Hmm.

Let me try with signs reversed for some items:
6,140 - 272 - 1,089 + 520 - 87 - 106 - 762 = 4,344. Closer but not exact.

Or: 6,140 - 272 - 1,089 - 520 - 87 - 106 + 762 = 4,828. No.

I think the issue is that "Interest Paid" and similar items might already have correct signs in the data (i.e., negative for outflow).

Let me assume:
- "Interest Paid Classified As Operating Activities" = 520,000,000 means outflow of 520, so value is -520
- "Interest Received" = 87,000,000 means inflow, so +87
- "Dividends Received" = 106,000,000 means inflow, so +106
- "Income Taxes Paid" = 762,000,000 means outflow, so -762

Then: 6,140 + (-272) + (-1,089) + (-520) + 87 + 106 + (-762) = 3,690. Still not 4,242.

Hmm. What if "Other Inflows Outflows" is positive 1,089 (inflow)?
6,140 - 272 + 1,089 - 520 + 87 + 106 - 762 = 5,868. No.

What if working capital is +272 (increase, use of cash)?
6,140 + 272 - 1,089 - 520 + 87 + 106 - 762 = 4,234. Close to 4,242! Difference of 8.

Or with other inflows as +1,089:
6,140 + 272 + 1,089 - 520 + 87 + 106 - 762 = 6,412. No.

So: Working capital INCREASE of 272,000,000 (use of cash), other outflows of 1,089, interest paid 520, interest received 87, dividends received 106, taxes paid 762.

6,140 - 272 - 1,089 - 520 + 87 + 106 - 762 = 3,690. 

Not matching. Unless "Other Inflows Outflows" is actually positive (inflow):
6,140 - 272 + 1,089 - 520 + 87 + 106 - 762 = 4,868.

Or unless working capital is decrease (positive for cash):
6,140 + 272 - 1,089 - 520 + 87 + 106 - 762 = 4,234 ≈ 4,242!

The difference of 8,000,000 might be rounding or the gain on disposal.

So CFO = 4,234,000,000 ≈ 4,242,000,000. Close enough.

This means: Working capital DECREASED by 272,000,000 (benefit to cash).

Now for FFO: S&P wants before working capital changes and after interest/taxes.

From the 6,140,000,000 (operating profit + adjustments), we need to remove:
- Interest paid: 520,000,000 (financing, not in FFO)
- Interest received: 87,000,000 (investing, not in FFO? or yes?)
- Dividends received: 106,000,000 (investing, but S&P includes in FFO)
- Taxes paid: 762,000,000 (not in FFO, use tax expense instead)

Actually, S&P FFO is typically:
- After interest expense (accrual), not interest paid
- After tax expense, not taxes paid
- Before working capital changes
- Includes dividends received from investments

So from 6,140,000,000:
- Subtract interest paid: 520,000,000
- Add interest received: 87,000,000? No, this is not in operating profit
- Subtract taxes paid: 762,000,000
- Add tax expense: 697,000,000
- Add dividends received: 106,000,000 (S&P includes)
- Working capital change: remove (already not in 6,140)

Wait, 6,140 is operating profit + adjustments. Operating profit already includes interest expense (accrual)? No, operating profit is before interest.

Let me trace through:
Operating profit (EBIT): 3,083,000,000
+ Adjustments: 3,057,000,000
= 6,140,000,000

This 6,140 is "Cash before working capital, interest, and taxes" or similar.

Then:
- Working capital: -272 (benefit, so already included as +272 in my equation)
- Other: -1,089
- Interest paid: -520
- Interest received: +87
- Dividends received: +106
- Taxes paid: -762
= CFO = 4,242

For FFO, we want:
- After interest expense (not paid): Interest expense was 837 - 164 + ... = net 665,000,000 finance cost
- After tax expense: 697,000,000
- Before working capital
- Include dividends received

From Operating profit 3,083:
- Less: Net finance costs (accrual): 665,000,000
- Less: Tax expense: 697,000,000
- Less: Share of associates (equity method): 128,000,000? No, this is already in operating profit or below.

Actually, looking at P&L:
Operating profit: 3,083,000,000
Finance income: 164,000,000
Finance costs: 837,000,000
Ganancia Perdida Por Cambios En Valor: 13,000,000
Exchange differences: -5,000,000
Share of associates OCI: 128,000,000 (this is in OCI, not P&L)

PBT = 3,083 - 837 + 164 + 13 - 5 = 2,418? But reported is 2,546. 

Difference of 128,000,000. This is "Share Of Other Comprehensive Income Of Associates" - wait, no, there's also "Share of profit of associates" in P&L.

Looking again: "Share Of Other Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method" = 128,000,000. This is in OCI.

But there might be "Share of profit of associates" in P&L that I don't see explicitly. The 128,000,000 might be the equity method profit in P&L.

Actually: 3,083 - 837 + 164 + 13 - 5 + 128 = 2,546. Yes! The 128 is share of profit of associates.

So PBT = 2,546,000,000
Tax: 697,000,000
Profit from continuing operations: 1,849,000,000

Now for FFO:
Start with 1,849,000,000
Add: D&A: 1,532,000,000
Add: Deferred tax expense: 221,000,000 (from balance sheet)
Add: Other non-cash: ?

From cash flow adjustments (3,057,000,000 total):
- D&A: 1,532,000,000
- Other: 1,525,000,000

What is in Other (1,525,000,000)?
Looking at balance sheet changes and P&L items:
- Provision increases: 621,000,000 (non-cash expense, added back)
- Deferred income increase: 37,000,000 (non-cash, subtract?)
- Credit loss recovery: -228,000,000 (gain, so subtract from FFO)
- Other losses: -111,000,000 (loss, so add back)
- Gain on disposal: 8,000,000 (gain, subtract)
- Equity method profit: 128,000,000 (non-cash, add back? or is it cash?)

For equity method: The 128,000,000 share of profit is non-cash (accrual). Dividends received of 106,000,000 are cash. So we add back 128,000,000 and include 106,000,000.

Sum of identified items: 621 + 37 - 228 - 111 - 8 + 128 = 439,000,000

But Other adjustments is 1,525,000,000. Missing 1,086,000,000.

This missing amount could be:
- Fair value changes on derivatives and hedges
- Stock-based compensation
- Other non-cash items
- Changes in other provisions and accruals

Given that I cannot perfectly reconcile, let me use the cash flow approach with S&P's standard definition.

**Final FFO estimate using S&P methodology:**

I'll use: **FFO = Net income from continuing operations + Depreciation & amortization + Deferred taxes + Other non-cash items - Gain on asset sales + Dividends from investments**

Where "Other non-cash items" is proxied by the cash flow adjustments minus D&A, adjusted for known items.

Or more practically, I'll use the EBITDA-based approach which is widely accepted:

**FFO = EBITDA - Cash interest paid - Cash taxes paid + Dividends received + Interest received**

= 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000 + 87,000,000
= 3,865,000,000

But wait - S&P FFO typically excludes interest received (treats as non-operating). Let me check.

Actually, different S&P methodologies vary. For utilities, they often include interest received if it's from operating activities.

Let me use a more conservative estimate without interest received:
**FFO = 3,778,000,000**

Or with a different common formula:
**FFO = Operating cash flow + Interest paid - Working capital changes**

= 4,242,000,000 + 520,000,000 - (-272,000,000)
= 5,034,000,000

This seems too high. Let me think...

Actually, if working capital decreased by 272,000,000, this means:
- CFO includes a benefit of 272 from working capital
- To get FFO (before working capital), we need to REMOVE this benefit
- So FFO = CFO - 272 + Interest paid (since interest is financing, not operating)
- FFO = 4,242 - 272 + 520 = 4,490,000,000

But this still includes taxes paid vs tax expense, and other items.

Let me try: FFO = 4,242 - 272 + 520 - 87 - 106 + 762 - 697 = 4,362,000,000

Hmm, this adjusts for interest received, dividends received, and tax differences.

I think a reasonable estimate is around **4,200,000,000 to 4,500,000,000**.

Let me use **FFO = 4,200,000,000** as a conservative estimate, or calculate more precisely.

Actually, looking at this from the perspective of what S&P actually reports for similar companies, FFO is typically:

For 2022, with high energy prices and strong performance:
- EBITDA: 4,954,000,000
- Less: Cash interest: 520,000,000
- Less: Cash taxes: 762,000,000
- Plus: Dividends received: 106,000,000
= 3,778,000,000

This is a clean, standard calculation. I'll use this as my base FFO estimate, but note that some versions include interest received.

However, I want to check if there's a more precise way. Let me look at the "Adjustments For Reconcile Profit Loss" = 3,057,000,000.

This includes:
- D&A: 1,532,000,000
- Other: 1,525,000,000

If FFO = Net income + All adjustments (excluding working capital, interest, tax timing) = ?

Actually, I realize that "Other Adjustments To Reconcile Profit Loss" of 1,525,000,000 is likely the key. This represents all non-D&A, non-working-capital adjustments to get from operating profit to cash.

For S&P FFO from net income:
FFO = Net income from continuing operations + D&A + Other non-cash adjustments (similar to the 1,525,000,000 but adjusted for items below operating profit)

The 1,525,000,000 reconciles operating profit to cash before working capital. To apply to net income, we need to adjust for interest, taxes, and associates.

Net income = Operating profit - Net finance costs - Tax - Associates + ...

Actually: Net income from continuing operations = 1,849,000,000
Operating profit = 3,083,000,000

Difference: 3,083 - 1,849 = 1,234,000,000
This equals: Finance costs (net) 665 + Tax 697 - Associates 128 = 1,234. Yes.

For FFO, we add back non-cash portions of these items:
- Finance costs (accrual): already in net income, no adjustment needed for FFO (FFO is after interest)
- Tax: add back deferred tax portion
- Associates: add back equity method earnings, include dividends received

So FFO = 1,849 + 1,532 (D&A) + 221 (deferred tax) + 128 (equity method profit) - 106 (dividends, already in cash flow) + other items + 106 (include dividends in FFO)

= 1,849 + 1,532 + 221 + 128 + other
= 3,730,000,000 + other items

The "other items" include provision changes, fair value changes, etc. From the 1,525,000,000 other adjustments, we need to subtract items already counted and items not applicable.

1,525,000,000 includes:
- Deferred taxes: 221 (counted above, so exclude)
- Provision changes: 621
- Credit loss recovery: -228
- Other losses: -111
- Gain on disposal: 8
- Other: ~1,014

Net of identified: 621 - 228 - 111 - 8 = 274, plus other 1,014 = 1,288

So FFO = 3,730 + 1,288 - 221 (avoid double count) = 4,797,000,000? 

This is getting too speculative. Let me settle on a practical estimate.

**My best estimate for FFO:**

Using the standard S&P utility formula:
**FFO = EBITDA - Cash interest paid - Cash taxes paid + Dividends from investments**

= 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000
= **3,778,000,000**

Some practitioners also add interest received:
= 3,778,000,000 + 87,000,000 = 3,865,000,000

I'll use **FFO = 3,865,000,000** as a more inclusive estimate, or **3,778,000,000** as conservative.

Actually, let me check S&P's exact published methodology once more. In S&P Global Ratings' "Corporate Methodology" (2019), FFO is defined as:

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

And in practice, for European companies, they often calculate it as:
FFO = Net income + D&A + Deferred taxes + Other non-cash - Gain on asset sales + Minority interest in earnings

Using: 1,849 + 1,532 + 221 + 1,525 - 8 + 177 = 5,296,000,000

But this uses the full "Other adjustments" of 1,525, which might include working capital-related items.

I think the most defensible approach given data limitations is:

**FFO = CFO + Interest paid - Working capital changes**

= 4,242,000,000 + 520,000,000 - (-272,000,000)
= 4,242,000,000 + 520,000,000 + 272,000,000
= 5,034,000,000

But this is too high and includes tax timing benefits.

Let me use: **FFO = 4,200,000,000** as a middle-ground estimate.

Actually, I want to try one more approach. The "Comprehensive Income" and equity changes might help validate.

Looking at the cash flow statement structure again, and comparing to typical S&P calculations for similar European utilities (like Enel, E.ON, Iberdrola), FFO is typically 70-85% of EBITDA.

For Naturgy in 2022:
- EBITDA: 4,954,000,000
- Typical FFO/EBITDA ratio: 75-80%
- Estimated FFO: 3,700,000,000 to 4,000,000,000

This aligns with my EBITDA-based estimate of 3,778,000,000.

Let me finalize with **FFO = 3,865,000,000** (including interest received) or **3,778,000,000** (excluding).

For S&P specifically, they DO include interest received in FFO for companies where it's material and recurring. So I'll use:

**FFO = 3,865,000,000**

Now for **Net Debt**:

Total debt:
- Long-term borrowings: 12,689,000,000
- Current borrowings: 2,110,000,000
- Lease liabilities (non-current): 1,309,000,000
- Lease liabilities (current): 177,000,000
- Other financial liabilities: 1,000,000 + 15,000,000 = 16,000,000

Total debt = 12,689 + 2,110 + 1,309 + 177 + 16 = 16,301,000,000

Cash and cash equivalents: 3,985,000,000

**Net debt = 16,301,000,000 - 3,985,000,000 = 12,316,000,000**

Some calculations also subtract other liquid assets:
- Other current financial assets: 408,000,000

If included: Net debt = 12,316,000,000 - 408,000,000 = 11,908,000,000

But standard S&P net debt typically only subtracts cash and cash equivalents.

**FFO / Net Debt ratio:**

Using FFO = 3,865,000,000 and Net debt = 12,316,000,000:
Ratio = 3,865 / 12,316 = 0.314 = 31.4%

Using FFO = 3,778,000,000:
Ratio = 3,778 / 12,316 = 0.307 = 30.7%

Using more conservative FFO = 3,500,000,000:
Ratio = 28.4%

Given typical S&P calculations and the data available, I estimate:

**FFO / Net Debt = 3,865 / 12,316 ≈ 0.314 or 31.4%**

Or if we use a slightly different FFO estimate based on more comprehensive adjustments:

Let me try FFO = Net income + D&A + 0.5 × Other adjustments (conservative for non-cash)
= 1,849 + 1,532 + 0.5 × 1,525
= 1,849 + 1,532 + 762
= 4,143,000,000

Ratio = 4,143 / 12,316 = 0.336 = 33.6%

Or FFO = EBITDA - Cash interest - Cash taxes + Dividends + Interest received
= 4,954 - 520 - 762 + 106 + 87
= 3,865,000,000

I think 3,865,000,000 is the most defensible with explicit formula.

But wait - I want to double-check the EBITDA figure. "Beneficio Bruto De Explotacion Ebitda" = 4,954,000,000. Is this truly EBITDA?

In Spanish, "Beneficio Bruto De Explotación" or "Ebitda" suggests this is indeed EBITDA.

Let me verify with revenue and expenses:
Revenue: 33,965,000,000
Raw materials: 27,194,000,000
Employee benefits: 547,000,000
Misc other operating: 1,511,000,000
Other income: 183,000,000
Government grants: 50,000,000

EBITDA = 33,965 - 27,194 - 547 - 1,511 + 183 + 50 = 4,946,000,000

Close to 4,954,000,000. The 8,000,000 difference might be the gain on disposal or rounding. So yes, 4,954 is EBITDA.

Final calculation:
FFO = 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000 + 87,000,000 = 3,865,000,000

Net debt = 16,301,000,000 - 3,985,000,000 = 12,316,000,000

FFO / Net debt = 3,865 / 12,316 = 0.3138...

As a percentage: 31.4%

Or as a ratio: 0.314

S&P typically reports this as a percentage or as x.x%.

Let me also consider if they use "Funds from operations" as a ratio to "Adjusted debt" or just debt.

Standard is FFO / Net Debt.

Final answer: **31.4%** or **0.31** as a decimal ratio.

Actually, looking at typical S&P presentation, they often show this as "FFO/Net debt" in percentage terms or as a multiple (e.g., "0.31x" or "31%").

I'll provide as a decimal: 0.31

But let me reconsider if I should include more items in FFO. S&P's detailed methodology includes:
- Net income from continuing operations
- Add: D&A
- Add: Deferred income taxes
- Add: Other non-cash items
- Less: Gain on sale of fixed assets
- Add: Dividends from unconsolidated subsidiaries and affiliates

Using this with my estimates:
= 1,849 + 1,532 + 221 + 1,525 - 8 + 106
= 5,225,000,000

But this "Other adjustments" of 1,525 likely includes many items, some of which might not be "non-cash" in the traditional sense (like provision increases which are non-cash, or fair value changes).

If I use this higher FFO:
Ratio = 5,225 / 12,316 = 0.424 = 42.4%

This seems too high for a utility. Typical utility FFO/net debt is 20-40%.

Let me check with a middle ground. The "Other adjustments" of 1,525,000,000 includes:
- Provision increases (621): non-cash, valid for FFO
- Deferred income increase (37): non-cash, valid? Or is this a liability?
- Credit loss recovery (-228): cash or non-cash? It's an accounting reversal, non-cash
- Other losses (-111): non-cash or realized?
- Gain on disposal (8): non-cash or realized? Realized, so exclude from FFO
- Other items: ~1,086

For S&P, "Other non-cash items" would include provision changes, stock-based comp, fair value changes, equity method earnings, etc.

Equity method earnings: 128,000,000 (non-cash, add back)
Less: Dividends received: 106,000,000 (cash, already in FFO if we add back equity earnings)

Net effect: +22,000,000

So FFO = 1,849 + 1,532 + 221 + 621 + 37 - 228 + 111 - 8 + 128 - 106 + other 1,086
= 1,849 + 1,532 + 221 + 621 + 37 - 228 + 111 - 8 + 22 + 1,086
= 5,243,000,000

Hmm, still high. The "other 1,086" is the big unknown.

Let me try a completely different validation. Looking at the equity statement:

"Comprehensive Income" for 2022-2023 = 3,121,000,000
This includes net income 1,826 + OCI 1,295.

OCI includes cash flow hedges, translation differences, etc. These are non-cash items in OCI, not in FFO.

For FFO, we focus on P&L non-cash items.

Let me go back to my most defensible calculation:

**FFO = EBITDA - Cash interest paid - Cash taxes paid + Dividends received + Interest received**

= 4,954,000,000 - 520,000,000 - 762,000,000 + 106,000,000 + 87,000,000
= 3,865,000,000

This is clean, formulaic, and widely accepted. The main question is whether to include interest received.

For S&P Global Ratings, in their 2019 Corporate Methodology update, they state:
"FFO includes dividends received from investments in unconsolidated subsidiaries and affiliates, but excludes interest received (which we view as a financing activity)."

Wait, is interest received financing or operating? Under IFRS, it can be either. S&P typically treats interest received as financing in their FFO calculation.

So: **FFO = 3,865,000,000 - 87,000,000 = 3,778,000,000**

Or if dividends received are also excluded (but S&P explicitly includes them):
= 3,778,000,000

Actually, re-reading S&P: "FFO excludes gains or losses on disposals of fixed assets, but includes dividends from unconsolidated subsidiaries and affiliates."

They don't explicitly mention interest received. In practice, for utilities with material operating cash balances, interest received might be included or excluded depending on materiality.

Given 87,000,000 is relatively small (2.3% of FFO), I'll include it for conservatism or exclude per strict S&P.

Let me use **FFO = 3,778,000,000** (excluding interest received per strict interpretation).

Final ratio: 3,778 / 12,316 = 0.3068 = 30.7%

Or with interest received: 3,865 / 12,316 = 0.3138 = 31.4%

I'll provide **0.31** as a rounded decimal, or more precisely **0.314** or **31.4%**.

Given the instruction asks for a value with no units, I'll provide as a decimal ratio.

Actually, looking at typical S&P credit ratios, FFO/Net debt is often expressed as a percentage (e.g., "31.4%") or as a multiple (e.g., "0.31x"). 

Since the instruction says "no units", I'll provide as a decimal: 0.31

But let me be more precise with my calculation. Let me reconsider if I should use Net Debt or Total Debt.

S&P uses "Net debt" = Total debt - Cash and cash equivalents.

Total debt = 16,301,000,000
Cash = 3,985,000,000
Net debt = 12,316,000,000

FFO = 3,865,000,000 (with interest received) or 3,778,000,000 (without)

Ratio with: 3,865 / 12,316 = 0.3138
Ratio without: 3,778 / 12,316 = 0.3068

I'll use the more common inclusive version: **0.314** or **31.4%**

As a single number without % sign: 0.31

But wait - I want to double check my FFO calculation once more. The formula "EBITDA - Cash interest - Cash taxes + Dividends" is not strictly "S&P methodology" but a common approximation.

True S&P FFO from their methodology:
"Net income before extraordinary items, adjusted for depreciation and amortization, deferred taxes, and other non-cash items."

Let me try to calculate this directly:
- Net income before extraordinary items: 1,826,000,000 (total net income, no extraordinary items apparent)
- Add D&A: 1,532,000,000
- Add deferred taxes: 221,000,000 (from balance sheet change)
- Add other non-cash: ?

From cash flow "Other Adjustments": 1,525,000,000
Less: Deferred taxes (already counted): 221,000,000
Less: Gain on disposal (exclude from FFO): 8,000,000
Remaining: 1,296,000,000

But this includes working capital-related items? No, working capital is separate.

So FFO = 1,826 + 1,532 + 221 + 1,296 - 8 = 4,867,000,000

Then add dividends from investments (included in S&P FFO): 106,000,000
But are dividends already in the 1,296? No, dividends received are in CFO, not in net income adjustments.

So FFO = 4,867 + 106 = 4,973,000,000? 

This seems too high. Let me check if the 1,296 includes equity method adjustments.

Actually, the 1,525 "Other adjustments" reconciles operating profit to cash. It includes items above net income (in operating profit). To apply to net income, we need different adjustments.

I think the fundamental issue is that the 3,057,000,000 adjustments are to operating profit, not net income. They include items that are already above net income in the P&L.

For a proper S&P FFO from net income, I'd need:
- D&A: 1,532
- Deferred taxes: 221
- Other non-cash: provision changes, fair value changes, stock-based comp, etc.

From balance sheet and notes:
- Provision increases: 621
- Equity method earnings (non-cash): 128
- Other: ?

Total identified: 1,532 + 221 + 621 + 128 = 2,502

FFO = 1,826 + 2,502 = 4,328,000,000 (before other items and dividends)

Plus dividends: 106
Less: Equity method earnings already added back? Actually we add back equity method earnings (128) and include dividends (106), so net +22 from investments.

FFO = 4,328 + 22 = 4,350,000,000? Or 4,328 - 128 + 106 = 4,306?

I'm confusing myself. Let me be clear:
- Net income includes equity method earnings of 128 (non-cash)
- To get FFO, we add back non-cash equity earnings: +128
- We include cash dividends received: +106
- But dividends received are NOT in net income (they reduce investment carrying amount)
- So FFO = Net income + 128 + 106 = 1,826 + 128 + 106 = 2,060? No, that's wrong.

Under equity method:
- Share of profit: 128 (included in P&L, increases net income)
- Dividends received: 106 (reduces investment carrying amount, NOT in P&L)

So net income already includes 128. FFO should:
- Add back 128 (non-cash)
- Include 106 (cash, not in net income)

FFO = 1,826 + 128 + 106 = 2,060,000,000? That can't be right because we're adding back something that was already in net income.

Wait, no. If net income INCLUDES 128 of equity earnings, and we want FFO to exclude non-cash equity earnings but include cash dividends, then:
- Subtract 128 (remove non-cash equity earnings)
- Add 106 (include cash dividends)

Net effect: -22,000,000

FFO = 1,826 - 22 = 1,804,000,000? That seems too low.

Actually, S&P says "includes dividends from unconsolidated subsidiaries and affiliates". They don't say to remove equity earnings. So:
FFO = Net income + D&A + Deferred taxes + Other non-cash + Dividends received

= 1,826 + 1,532 + 221 + other + 106

The "other non-cash" would include provision changes, fair value changes, etc. but NOT equity method earnings (which S&P leaves in FFO as they represent sustainable earnings, or they adjust separately).

Actually, I think S&P does NOT adjust for equity method earnings in standard FFO. They are part of operating profit and FFO.

So: FFO = 1,826 + 1,532 + 221 + other non-cash + 106

For "other non-cash", using the cash flow adjustments as proxy:
Total adjustments to operating profit: 3,057
Less D&A: 1,532
Remaining: 1,525

This 1,525 includes many items. If we apply a portion to net income...

Actually, I realize the cleanest approach is to use the cash flow statement's "Cash generated from operations before working capital changes" and adjust for interest and taxes.

From earlier: Operating profit + Adjustments = 6,140,000,000

This is "Cash before working capital, interest, and taxes" or "EBITDA adjusted for other non-cash items".

To get to FFO:
- Subtract net finance costs (accrual): 665,000,000
- Subtract tax expense: 697,000,000
- Add dividends received: 106,000,000
- Add interest received: 87,000,000? (if included)

= 6,140 - 665 - 697 + 106 + 87 = 4,971,000,000

Or without interest received: 4,884,000,000

This is close to my earlier estimate of ~4,900,000,000 from net income + all adjustments.

Hmm, 4,971 or 4,884 vs 4,906 or 4,973. These are in the same ballpark.

Let me settle on **FFO ≈ 4,900,000,000** as a reasonable estimate from the "net income + all adjustments" approach.

Then FFO / Net debt = 4,900 / 12,316 = 0.398 = 39.8%

This is higher than my EBITDA-based estimate. Which is more correct?

For a utility in 2022 with high energy prices, FFO/net debt of ~40% is plausible if debt is moderate.

But let me check: is 4,900 reasonable? Net income 1,826 + D&A 1,532 = 3,358. Plus deferred taxes 221 = 3,579. Plus other non-cash ~1,300 = 4,879. Plus dividends 106 = 4,985.

The "other non-cash" of 1,300 seems high but the cash flow shows 1,525 of other adjustments.

I think the issue is whether all of the 1,525 "other adjustments" are truly "non-cash items" suitable for FFO.

Looking at what might be in there:
- Changes in provisions: 621 (non-cash, valid)
- Changes in deferred income: 37 (non-cash, valid? This is a liability, so increase is credit to P&L)
- Fair value changes on derivatives: ?
- Other accruals and prepayments: ?

Some of these might be working-capital-related or one-time items not suitable for FFO.

Given the uncertainty, let me use a more conservative FFO that excludes the large "other adjustments":

FFO = Net income + D&A + Deferred taxes + Provision changes + Dividends
= 1,826 + 1,532 + 221 + 621 + 106
= 4,306,000,000

Ratio = 4,306 / 12,316 = 0.350 = 35.0%

Or with equity method adjustment and other identified items:
= 1,826 + 1,532 + 221 + 621 - 228 + 111 - 8 + 128 + 106
= 4,309,000,000

Hmm, similar.

I think a range of 30-40% is reasonable. Let me pick the middle or use my most defensible explicit calculation.

Going back to **FFO = EBITDA - Cash interest - Cash taxes + Dividends + Interest received = 3,865,000,000**

This gives 31.4%, which is conservative and based on explicit cash flows.

Or **FFO = Net income + D&A + Deferred taxes + Other non-cash (provision changes) + Dividends**
= 1,826 + 1,532 + 221 + 621 + 106 = 4,306,000,000
= 35.0%

The difference is whether we include the "other adjustments" beyond provisions.

Given S&P's emphasis on "other non-cash items", and the large other adjustments in the cash flow, I think FFO is likely closer to the higher end.

But for conservatism and given the explicit formula, I'll use:

**FFO = 3,865,000,000**
**Net debt = 12,316,000,000**
**Ratio = 0.314**

Final answer as decimal: 0.31

Or more precisely: 0.314

Let me round to two decimal places: 0.31

Actually, I'll provide as percentage/100: 0.314 or simply 0.31.

Given typical precision in these ratios, I'll use **0.31**.

Wait, I want to do one final check. Let me see if I can find a more precise S&P FFO using the "Adjustments For Reconcile Profit Loss" breakdown.

The data shows:
"Adjustments For Reconcile Profit Loss" = 3,057,000,000
- "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 1,532,000,000
- "Other Adjustments To Reconcile Profit Loss" = 1,525,000,000

If S&P FFO = Operating profit + Adjustments - Working capital changes - Cash interest + Interest received - Cash taxes + Tax expense + Dividends received... 

Actually, a very direct S&P approach for European companies:

FFO = Cash flow from operating activities
+ Increase in working capital (if working capital increased, it reduced CFO)
- Decrease in working capital (if working capital decreased, it increased CFO)
+ Interest paid (financing outflow, add back to get FFO)
- Interest received (financing inflow, subtract)
- Dividends received (investing inflow, subtract? or keep?)
+ Cash taxes paid
- Tax expense
+ Dividends received from investments (include in FFO)

= 4,242 + 272 + 520 - 87 - 106 + 762 - 697 + 106
= 4,242 + 272 + 520 - 87 + 762 - 697
= 5,012,000,000

Hmm, this is different. The dividends received cancel out (-106 + 106 = 0).

So FFO = 4,242 + 272 + 520 - 87 + 762 - 697 = 5,012,000,000

Or without interest received adjustment:
= 4,242 + 272 + 520 + 762 - 697 = 5,099,000,000

This seems high. Let me reconsider the working capital adjustment.

CFO = 4,242,000,000
Working capital change = -272,000,000 (decrease, benefit to CFO)

To remove working capital impact: subtract the benefit
CFO ex-working-capital = 4,242 - (-272) = 4,242 + 272 = 4,514? No, if working capital decrease benefited CFO by 272, then without it, CFO would be lower: 4,242 - 272 = 3,970.

Wait, that's wrong too. If working capital DECREASED, it means sources of cash (e.g., payables increased, receivables decreased). This BENEFITED CFO by 272. So without this benefit, CFO would be 4,242 - 272 = 3,970.

Then add back interest paid (520): 3,970 + 520 = 4,490
Adjust for taxes paid vs expense: 4,490 + 762 - 697 = 4,555
Add dividends received: 4,555 + 106 = 4,661
Adjust interest received: 4,661 - 87 = 4,574? Or keep it?

FFO = 4,661 or 4,574 depending on interest received treatment.

This is in the 4,500-4,600 range, consistent with my earlier "net income + all adjustments" approach.

So FFO ≈ 4,600,000,000

FFO / Net debt = 4,600 / 12,316 = 0.374 = 37.4%

This is higher than my EBITDA-based estimate. The difference is due to "other non-cash items" of ~1,000,000,000.

For a utility with high commodity prices in 2022, and considering the large "other adjustments", I think FFO of 4,500-4,600 is reasonable.

But I want to check: what are these "other adjustments" of 1,525,000,000?

Looking at the P&L and balance sheet, potential items:
- Fair value gains/losses on derivatives: The derivative assets and liabilities changed significantly
  - Non-current derivative assets: 180 - 126 = +54
  - Current derivative assets: 210 - 454 = -244
  - Non-current derivative liabilities: 1,664 - 730 = +934
  - Current derivative liabilities: 1,624 - 2,704 = -1,080
  
  Net derivative liability increase: large changes, suggesting significant fair value movements

- Provisions: 621 increase
- Deferred income: 37 increase
- Other items: employee benefits, etc.

The derivative fair value changes could be a large portion of the 1,525. These are generally EXCLUDED from FFO by S&P (as they are unrealized and often hedging-related).

If we exclude derivative fair value changes, the "other non-cash" might be much smaller.

Given this, let me use a more conservative FFO that excludes derivative fair value changes:

FFO = Net income + D&A + Deferred taxes + Provision changes + Dividends received
= 1,826 + 1,532 + 221 + 621 + 106
= 4,306,000,000

Or with other identified non-cash items:
= 4,306 - 228 (credit loss recovery) + 111 (other losses) - 8 (gain on disposal) + 128 (equity method, if not already in)
= 4,309,000,000

FFO / Net debt = 4,309 / 12,316 = 0.350 = 35.0%

Or using EBITDA-based with only clear items:
= 3,865 / 12,316 = 0.314 = 31.4%

Given the uncertainty about "other adjustments", I'll use the more conservative **31.4%** or **0.31**.

Actually, let me try one more approach. S&P sometimes reports "Adjusted FFO" or "FFO before working capital changes" which can be derived from their research reports.

For European utilities in 2022, typical FFO/net debt ratios were:
- Enel: ~25-30%
- Iberdrola: ~30-35%
- E.ON: ~25-30%

Naturgy, being a mid-sized utility with gas and electricity exposure, likely in similar range.

My estimate of 31% fits this peer context.

Final decision: I'll use **FFO = 3,865,000,000** (EBITDA-based, conservative, explicit) and **Net debt = 12,316,000,000**.

Ratio = 3,865 / 12,316 = 0.3138...

Rounded to two decimals: **0.31**

Or if I use the higher FFO estimate of ~4,300: 4,300 / 12,316 = 0.35

Given the explicit formula and defensibility, I'll stick with **0.31**.

But actually, re-reading my calculation, I realize I may have double-counted or mis-signed some items. Let me do a final clean calculation.

**Clean S&P FFO Estimate:**

Starting from EBITDA: 4,954,000,000

S&P FFO typically equals:
- EBITDA
- Less: Cash interest paid
- Less: Cash taxes paid  
- Plus: Dividends received from investments
- Plus/less: Other adjustments

= 4,954 - 520 - 762 + 106 = 3,778,000,000

This is the standard "EBITDA less cash interest and taxes plus dividends" formula used by many practitioners and close to S&P's approach.

Some versions also add interest received if viewed as operating:
= 3,778 + 87 = 3,865,000,000

I'll use **3,778,000,000** as the more standard S&P approach (excluding interest received).

FFO / Net debt = 3,778 / 12,316 = 0.3068 = **0.31**

Final answer: 0.31

Actually, I want to express this more precisely. 0.3068 rounds to 0.31, but 31% is 0.31.

Or should I express as percentage (31)? The instruction says "no units" and gives example format <answer>VALUE</answer>.

I'll provide as decimal: 0.31

Or more precisely: 0.307

Let me use **0.31** as clean and appropriately precise.

<answer>0.31</answer>