I need to calculate the FFO / Net debt ratio for 2022 using S&P methodology.

First, let me understand S&P's FFO (Funds From Operations) methodology:
- FFO = Profit/Loss + Depreciation & Amortization + Deferred taxes + Other non-cash items - Working capital changes (or more specifically, it's typically Operating Cash Flow before working capital changes)

Actually, S&P defines FFO more precisely as:
- FFO = Net income + Depreciation & Amortization + Deferred income taxes + Other non-cash items

Or alternatively, using the cash flow statement approach:
- FFO = Cash flows from operating activities before changes in working capital + Interest paid (financing) - Interest received (investing)

Let me look at the data more carefully. S&P typically calculates FFO as:
FFO = Profit before tax + Interest expense - Interest income + Depreciation & Amortization + Other non-cash items

Or more commonly in practice:
FFO = Operating profit + Depreciation & Amortization - Taxes paid + Interest expense

Actually, let me use the more standard S&P approach:
FFO = Net income + Depreciation & Amortization + Deferred taxes + Other non-cash charges + Interest expense (net of interest income) - Dividends from investments

Wait, let me reconsider. S&P's standard FFO definition is:
FFO = Funds from operations = Net income from continuing operations + Depreciation & Amortization + Deferred income taxes + Other non-cash items

But for credit analysis, S&P also uses:
FFO = Cash flow from operating activities before working capital changes

Looking at the data, I have "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 EUR for 2022.

However, S&P typically adjusts this. Let me think more carefully.

Standard S&P FFO calculation:
FFO = Net income + D&A + Deferred tax + Other non-cash items + Interest expense (gross) - Interest income (from operations) - Dividends received

Or: FFO = EBIT + D&A - Cash taxes

Let me try another approach. S&P FFO is often calculated as:
FFO = Operating cash flow before working capital changes + Interest paid (financing) - Interest received (investing if classified there)

From the cash flow data:
- Cash Flows From Used In Operations Before Changes In Working Capital: 1,062,464,000 EUR
- This already includes interest paid and received depending on classification

Actually, looking more carefully at S&P methodology:
FFO = Net income + Depreciation & Amortization + Deferred income taxes + Other non-cash charges

From the data:
- Profit Loss (Net income): 311,160,000 EUR
- Adjustments For Depreciation And Amortisation Expense: 594,636,000 EUR
- We need deferred taxes

For deferred taxes, I need to look at the balance sheet change:
- Deferred Tax Assets 2022: 202,606,000 EUR
- Deferred Tax Assets 2023: 179,823,000 EUR
- Change: -22,783,000 EUR (decrease in DTA means cash tax was lower than book tax, so add back)

Actually, the income tax expense was 186,777,000 EUR, and income taxes paid were 178,506,000 EUR. The difference is 8,271,000 EUR.

But for S&P FFO, the standard formula is:
FFO = Net income + D&A + Deferred income tax + Other non-cash items

Let me check if there's a better way. Looking at "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 EUR.

This item in the cash flow statement typically includes:
- Net income
- D&A
- Other non-cash items
- But NOT working capital changes

This is essentially what S&P calls "FFO before interest" or similar.

Actually, S&P defines FFO as:
FFO = Funds from operations = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items

Let me calculate:
- Net income: 311,160,000
- D&A: 594,636,000
- Deferred tax change: I need to infer this

From balance sheet:
Deferred Tax Assets: 202,606,000 (2022) → 179,823,000 (2023)
This is a decrease of 22,783,000. But this is the balance, not the change affecting cash.

Actually, looking at the P&L: Income Tax Expense = 186,777,000
Cash taxes paid: 178,506,000
Difference = 8,271,000 (this would be the deferred tax component)

But wait - the tax expense includes current and deferred. The cash paid is current. So deferred tax expense = 186,777,000 - 178,506,000 = 8,271,000? Not necessarily, because there could be timing differences in payments.

Actually, let me use a cleaner approach. S&P FFO can also be calculated as:

FFO = EBIT + D&A - Cash taxes

Or: FFO = Operating profit + D&A - Taxes paid

From data:
- Profit Loss From Operating Activities (EBIT/Operating profit): 565,851,000 EUR
- D&A: 594,636,000 EUR
- Cash taxes paid: 178,506,000 EUR

But this doesn't include interest. S&P FFO typically adds back interest because we want pre-financing cash flows.

Let me try: FFO = EBIT + D&A - Taxes paid + Interest expense

Wait, I need to be more careful. Let me look at what S&P actually uses.

S&P Global Ratings methodology for FFO:
FFO = Funds from operations = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes things like impairment losses, provisions, etc.

From the cash flow statement, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 EUR

This is essentially: Net income + D&A + Other non-cash items (impairments, provisions, etc.) + Interest expense - Interest income + other adjustments

Let me verify by building it up:
- Net income: 311,160,000
- D&A: 594,636,000
- Impairment loss: 113,370,000 (from P&L, but in CF it's 67,680,000 as "Adjustments For Impairment Loss")
- Other items...

Actually, let me just use the "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 as the base, and adjust for interest.

Wait - S&P FFO typically EXCLUDES working capital changes but INCLUDES interest. Actually no - S&P FFO is typically AFTER interest but BEFORE working capital changes.

Let me reconsider. In S&P methodology:
- FFO = Net income + D&A + Deferred taxes + Other non-cash items
- This is essentially operating cash flow before working capital changes

But there's a key issue: interest. In some S&P methodologies, FFO is calculated before interest (i.e., add back interest expense). In others, it's after interest.

For the FFO/Net debt ratio, S&P typically uses:
- FFO = Net income + D&A + Deferred tax + Other non-cash items (this includes interest expense as a deduction, i.e., it's after interest)

But wait - let me check if "Cash Flows From Used In Operations Before Changes In Working Capital" is before or after interest.

Looking at the cash flow data:
- "Adjustments For Finance Costs": 85,708,000 (this is added back, meaning finance costs were deducted to get to net income)
- This suggests the starting point (net income) is after finance costs/interest

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is AFTER interest expense.

For S&P FFO, we typically want this AFTER interest (as is) for the standard FFO/Net debt ratio.

Actually, let me double-check. S&P's FFO/Net debt ratio typically uses FFO before interest and taxes, or after? 

Standard S&P FFO definition: "Funds from operations (FFO) are a measure of cash generated by a company's operations. FFO equals net income plus depreciation and amortization, deferred income taxes, and other non-cash items."

This is AFTER interest. So FFO = 1,062,464,000 EUR seems appropriate, but let me verify this is correct by checking if it matches the components.

Actually, I need to be more careful. Let me look at what S&P specifically does for FFO/Net debt.

S&P calculates FFO as:
FFO = Net income + D&A + Deferred income taxes + Other non-cash items - Gain on asset sales + Other adjustments

Or from cash flow statement:
FFO = CFO + Increase in working capital - Decrease in working capital (i.e., remove working capital effects)

Actually, the cleanest way: FFO = Cash flow from operations before changes in working capital.

From the data: 1,062,464,000 EUR for 2022.

But I need to check if this includes dividends received and interest received. Looking at the cash flow statement structure:

"Cash Flows From Used In Operations Before Changes In Working Capital" includes:
- This is before working capital but includes operating items

Then working capital changes are:
- Receivables: -247,714,000
- Payables: +137,721,000
- Inventories: -15,497,000
- Other: various

And then "Other Inflows Outflows Of Cash Classified As Operating Activities": -210,271,000

Then "Cash Flows From Used In Operating Activities": 726,703,000

So 1,062,464,000 is indeed before working capital changes.

However, for S&P FFO, there's a specific treatment. Let me check if interest received/paid are classified as operating or investing/financing.

From the data:
- "Interest Received Classified As Investing Activities": 29,243,000 (this is INVESTING, not operating)
- "Interest Paid Classified As Financing Activities": 114,121,000 (this is FINANCING, not operating)

This is important! In this company's cash flow statement:
- Interest received is in INVESTING activities
- Interest paid is in FINANCING activities

This means the operating cash flow (and thus "Cash Flows From Used In Operations Before Changes In Working Capital") does NOT include interest received or interest paid.

Wait, let me re-check. The "Cash Flows From Used In Operations Before Changes In Working Capital" starts from profit before tax or net income?

Looking at typical cash flow statement construction:
- Start with profit before tax
- Adjust for non-cash items, interest, dividends, etc.

Actually, let me trace through. "Profit Loss Before Tax" = 497,937,000
Then adjustments are made to get to operating cash flow before working capital.

But "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000

This is much higher than profit before tax, so many add-backs are included.

Let me verify: 497,937,000 (PBT) + 113,370,000 (impairment) + 625,799,000 (D&A from P&L, or 594,636,000 from CF) + other items...

Actually, the CF uses "Adjustments For Depreciation And Amortisation Expense" = 594,636,000
And "Adjustments For Impairment Loss" = 67,680,000 (not 113,370,000 from P&L - difference is likely recoveries or specific items)

Plus "Adjustments For Finance Costs" = 85,708,000 (this adds back finance costs, meaning they were deducted)

So starting from Profit before tax? Or from Net income?

If starting from Net income (311,160,000):
+ D&A (594,636,000) = 905,796,000
+ Impairment (67,680,000) = 973,476,000
+ Finance costs (85,708,000) = 1,059,184,000
+ Other items = ?

Close to 1,062,464,000. The difference might be other non-cash items or provisions.

Actually, let me check: "Variazione Fondo Rischi" (Change in risk provisions) = 14,167,000
And "Variazione Netta Fondo Per Benefici Ai Dipendenti" = -19,158,000

Plus "Other Income Expense From Subsidiaries" = 27,897,000? Not sure if this is included.

Anyway, the key point is: "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 appears to be the right starting point for FFO.

But S&P FFO needs adjustment for interest, because in this company's classification:
- Interest received is in INVESTING (not operating)
- Interest paid is in FINANCING (not operating)

So the operating cash flow before working capital does NOT include interest paid or received.

For S&P FFO, we typically want to include interest PAID (not received) because FFO is meant to measure cash available to service debt.

Actually, standard S&P FFO is:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

This INCLUDES interest expense as a deduction (i.e., net income is after interest expense).

But wait - in this company's cash flow, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000. Does this start from net income or profit before tax?

Given that "Adjustments For Finance Costs" = 85,708,000 is added back, this suggests the starting point is AFTER finance costs (i.e., net income or something close).

Actually, looking more carefully: if we start from "Profit Loss Before Tax" = 497,937,000, we would add back finance costs to get to a pre-interest figure. But if we start from net income, finance costs are already deducted.

The add-back of finance costs (85,708,000) suggests we might be starting from profit BEFORE tax but AFTER interest? No, that doesn't make sense because finance costs are below PBT.

Wait - "Finance Costs" in the P&L = 111,670,000, but "Adjustments For Finance Costs" = 85,708,000. The difference might be because some finance costs are not cash (like amortization of fees) or because some are classified differently.

Actually, I think the cash flow statement starts from "Profit Loss" (net income) or "Profit Loss Before Tax" and makes adjustments.

Let me try: Profit Loss Before Tax (497,937,000) - Income Tax Expense (186,777,000) = 311,160,000 = Net income.

If starting from Net income (311,160,000):
+ D&A 594,636,000 = 905,796,000
+ Impairment 67,680,000 = 973,476,000
+ Finance costs 85,708,000 = 1,059,184,000
+ Change in provisions 14,167,000 = 1,073,351,000
- Change in employee benefits -19,158,000 = 1,054,193,000
+ Other items to get to 1,062,464,000

Hmm, not exact. Let me try starting from PBT:
PBT 497,937,000
- Taxes paid? No, the cash flow uses tax expense or paid?

Actually, "Income Taxes Paid Refund Classified As Operating Activities" = 178,506,000. This is a cash outflow that happens AFTER the "before working capital" figure.

Looking at the structure:
"Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000
Then working capital changes
Then "Other Inflows Outflows Of Cash Classified As Operating Activities" = -210,271,000
Then taxes paid? No, taxes paid seems to be in "Other Inflows Outflows" or before.

Actually, I see "Income Taxes Paid Refund Classified As Operating Activities" = 178,506,000. Where does this fit?

Looking at the line items:
1. Cash Flows From Used In Operations Before Changes In Working Capital: 1,062,464,000
2. Adjustments For Decrease Increase In Trade And Other Receivables: -247,714,000
3. Adjustments For Increase Decrease In Trade And Other Payables: 137,721,000
4. Adjustments For Decrease Increase In Inventories: -15,497,000
5. Increase Decrease In Working Capital: -125,490,000 (sum of above roughly)
6. Other Inflows Outflows Of Cash Classified As Operating Activities: -210,271,000
7. Cash Flows From Used In Operating Activities: 726,703,000

Wait, let me check: 1,062,464,000 - 125,490,000 - 210,271,000 = 726,703,000. Yes!

But where are taxes paid? Taxes paid of 178,506,000 must be included in one of these categories. Looking at "Other Inflows Outflows Of Cash Classified As Operating Activities" = -210,271,000. This likely includes taxes paid of 178,506,000 plus other items.

Or, taxes paid might be included in the "before working capital" figure? No, typically taxes paid are a separate line.

Actually, re-reading: "Income Taxes Paid Refund Classified As Operating Activities" = 178,506,000. This is listed BEFORE "Cash Flows From Used In Operations Before Changes In Working Capital". Let me check the order again.

Looking at the original data order:
- Adjustments For Depreciation And Amortisation Expense
- Adjustments For Impairment Loss
- Variazione Fondo Rischi
- Variazione Netta Fondo Per Benefici Ai Dipendenti
- Adjustments For Finance Costs
- Income Taxes Paid Refund Classified As Operating Activities
- Cash Flows From Used In Operations Before Changes In Working Capital

So "Income Taxes Paid Refund" is an adjustment made to arrive at "Cash Flows From Used In Operations Before Changes In Working Capital". This means the starting point includes tax expense (not paid), and we subtract taxes paid to get to a cash figure.

Actually, that doesn't make sense. If we subtract taxes paid, we're going from accrual to cash basis for taxes.

Let me think again. The typical construction:
Start with Net income (includes tax expense)
+ D&A
+ Impairment
+ Finance costs
- Income taxes paid (not expense, but actual cash paid)
= Cash flow before working capital

Or: Start with PBT
+ D&A
+ Impairment
+ Finance costs
- Taxes paid
= Cash flow before working capital

Hmm, but "Adjustments For Finance Costs" is 85,708,000, not 111,670,000. The difference might be because some finance costs are not cash (like fair value changes, amortization of debt issuance costs, etc.).

Actually, I think I need to just accept that "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is the correct S&P FFO figure, with some adjustments.

Now, for S&P FFO, there's a question about whether to include or exclude interest. Let me check standard S&P methodology.

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

This is AFTER interest expense.

But for the FFO/Net debt ratio, S&P sometimes uses "FFO after interest" or adjusts to make it comparable.

Actually, I found that S&P typically calculates FFO as:
FFO = Funds from operations = Operating cash flow before changes in working capital

And for companies where interest is classified as financing (not operating), S&P may add back interest paid to FFO to get a pre-interest measure, or may keep it as is.

Wait - I need to re-read S&P methodology more carefully. 

According to S&P Global Ratings criteria: "FFO is a measure of cash generated by a company's operations. We define FFO as net income plus depreciation and amortization, deferred income taxes, and other non-cash items."

This is clearly AFTER interest.

However, for the FFO/Net debt ratio, the numerator is FFO and denominator is Net debt (total debt minus cash and equivalents).

But there's another measure: "FFO before interest" or "CFO before working capital changes and before interest."

Let me check if S&P's standard FFO/Net debt uses FFO before or after interest.

Actually, I recall that S&P's FFO is typically AFTER interest, but for some ratios they use EBITDA or similar pre-interest measures.

For FFO/Net debt specifically, S&P uses:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

This includes interest expense as a deduction.

But wait - if interest paid is classified as financing (not operating), then "Cash Flows From Used In Operations Before Changes In Working Capital" might already exclude interest paid. Let me check.

In the cash flow statement:
- Interest paid is in FINANCING activities: 114,121,000
- Interest received is in INVESTING activities: 29,243,000

This means the operating cash flow does NOT include interest paid or received.

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is BEFORE interest and taxes? No, it's after tax expense (accrual) but before tax paid (cash).

Actually, let me trace this more carefully. If interest paid is in financing, then the P&L profit before tax includes interest expense, but the operating cash flow excludes it.

Hmm, this is getting complicated. Let me try a different approach.

S&P FFO standard formula:
FFO = Net income + D&A + Deferred income taxes + Other non-cash items

From the data:
- Net income: 311,160,000
- D&A: 594,636,000 (from cash flow adjustments)
- Deferred income taxes: Need to calculate

For deferred taxes, I can look at:
- Income tax expense: 186,777,000
- Income taxes paid: 178,506,000
- Difference: 8,271,000 (this is roughly the deferred tax component)

But also, the change in deferred tax assets:
- 2022: 202,606,000
- 2023: 179,823,000
- Decrease: 22,783,000

A decrease in deferred tax assets means we used up DTAs, which would increase cash taxes relative to tax expense. So deferred tax expense = -22,783,000? 

Actually, the relationship is: Tax expense = Cash taxes paid + Deferred tax expense - Deferred tax benefit

If DTA decreases, it means we recognized a deferred tax benefit (reducing tax expense) or used up a DTA (increasing cash taxes without affecting expense).

Actually, let me think again. DTA decrease of 22,783,000:
- If DTA decreases because it was realized (used), then cash taxes were lower than they would have been, and tax expense includes a benefit.
- Or, if DTA decreases because of revaluation, then it's a non-cash item.

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

Standard S&P FFO using cash flow statement:
FFO = Cash flows from operating activities before changes in working capital

For this company: 1,062,464,000 EUR

But I need to check if this is the right number. In S&P methodology, they sometimes adjust for:
- Interest received (if classified as operating, exclude it or reclassify)
- Dividends received (if classified as operating, exclude them)
- Interest paid (if classified as operating, keep it; if financing, add back for pre-interest FFO)

In this case:
- Interest received: INVESTING (29,243,000) - not in operating
- Interest paid: FINANCING (114,121,000) - not in operating
- Dividends received: INVESTING (3,381,000) - not in operating

So the operating cash flow before working capital (1,062,464,000) does NOT include any interest or dividends.

This means it's essentially: EBIT + D&A - Cash taxes + other items? Or Net income + D&A + non-cash items?

Given that interest expense is NOT in operating cash flow, the 1,062,464,000 figure is likely:
- Starting from PBT or Net income
- Adding back D&A, impairments, etc.
- But NOT adding back interest (because it's not included in the starting point, or because it was never subtracted)

Wait - if we start from Net income (311,160,000), we need to add back:
- D&A: 594,636,000
- Other non-cash: various

But net income is AFTER interest expense of 111,670,000 and AFTER tax expense of 186,777,000.

If the cash flow statement starts from net income and adds back D&A and other non-cash items, we get to around 1,062,464,000.

Let me verify: 311,160,000 + 594,636,000 + 67,680,000 (impairment) + 85,708,000 (finance costs, but these are not all cash) + 14,167,000 (provisions) - 19,158,000 (employee benefits) + other = ?

311,160,000 + 594,636,000 = 905,796,000
+ 67,680,000 = 973,476,000
+ 85,708,000 = 1,059,184,000
+ 14,167,000 = 1,073,351,000
- 19,158,000 = 1,054,193,000
+ other items to reach 1,062,464,000

The difference is about 8,271,000, which interestingly is the difference between tax expense and taxes paid.

Actually, I think "Cash Flows From Used In Operations Before Changes In Working Capital" includes the adjustment for taxes paid vs. tax expense.

Let me try: Start from PBT (497,937,000)
- Taxes paid (178,506,000) = 319,431,000
+ D&A (594,636,000) = 914,067,000
+ Impairment (67,680,000) = 981,747,000
+ Finance costs adjustment (85,708,000) = 1,067,455,000
+ Other items = ?

Close but not exact. The difference might be due to other comprehensive income items or different starting points.

Anyway, for practical purposes, I'll use 1,062,464,000 as the base FFO figure.

But wait - S&P FFO typically excludes gains/losses on disposals and other non-operating items. Let me check if there are any.

"Adjustments For Gain Loss On Disposals Property Plant And Equipment" = 0 for 2022. Good.

Now, for Net Debt, I need:
Net debt = Total debt - Cash and cash equivalents

From the balance sheet and cash flow data:
- Cash and cash equivalents: "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Continued Operations" = 559,908,000 (2023-01-01, i.e., end of 2022)
- Also "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations" = 0

So total cash = 559,908,000

For debt, I need to look at financial liabilities:
- "Other Noncurrent Financial Liabilities" = 4,722,263,000 (2023-01-01)
- "Other Current Financial Liabilities" = 619,418,000 (2023-01-01)

Total debt = 4,722,263,000 + 619,418,000 = 5,341,681,000

Wait, I need to check if there are other debt items. Let me look for:
- "Noncurrent Contract Liabilities" = 5,452,905,000 - this is likely deferred revenue, not debt
- "Trade And Other Current Payables" = 1,849,980,000 - this is trade payables, not financial debt

So financial liabilities:
- Noncurrent financial liabilities: 4,722,263,000
- Current financial liabilities: 619,418,000

Total debt = 5,341,681,000

Net debt = 5,341,681,000 - 559,908,000 = 4,781,773,000

But wait, I need to check if there are other cash items or debt items I missed.

Looking at current assets:
- "Financial Assets" = 30,531,000 (current? No, this is under noncurrent in the original data)
Actually, "Financial Assets" 2023-01-01: 30,531,000 - this seems to be a noncurrent financial asset

Let me re-read: "Financial Assets" appears in the noncurrent section with 2023-01-01: 30,531,000 and 2022-01-01: 22,549,000. Wait, no - looking again:

"Financial Assets" 2023-01-01: 30531000 EUR - this is listed after Deferred Tax Assets and before Other Noncurrent Assets in the noncurrent section? No, actually let me re-check the order.

Looking at the data structure:
- Deferred Tax Assets
- Financial Assets
- AttivitàFinanziarie Non Correnti Di Cui Verso Parti Correlate
- Other Noncurrent Assets

Hmm, "Financial Assets" = 30,531,000 and "AttivitàFinanziarie Non Correnti Di Cui Verso Parti Correlate" = 4,865,000. These seem to be noncurrent financial assets.

Then in current assets:
- "Other Current Financial Assets" = 342,085,000
- "AttivitàFinanziarie Correnti Di Cui Verso Parti Correlate" = 117,998,000

So total financial assets (noncurrent + current) = 30,531,000 + 4,865,000 + 342,085,000 + 117,998,000 = 495,479,000

But for S&P net debt, we typically use:
Net debt = Short-term debt + Long-term debt + Current portion of long-term debt - Cash and cash equivalents - Marketable securities

Or sometimes: Total financial liabilities - Cash and cash equivalents - Financial assets

Let me check what S&P uses. S&P typically defines net debt as:
Net debt = Short-term debt + Long-term debt - Cash and cash equivalents - Marketable securities

For this company:
- Debt = Noncurrent financial liabilities + Current financial liabilities
= 4,722,263,000 + 619,418,000 = 5,341,681,000

- Cash = 559,908,000

Net debt = 5,341,681,000 - 559,908,000 = 4,781,773,000

But should I subtract other financial assets? S&P typically only subtracts "liquid financial assets" like cash, marketable securities, and short-term investments. The "Other Current Financial Assets" of 342,085,000 might include receivables or other items that are not immediately liquid.

Actually, looking at the structure, "Other Current Financial Assets" likely includes things like short-term deposits, receivables from financing, etc. Some of these might be liquid.

But standard S&P practice is to use:
Net debt = Total debt - Cash and cash equivalents

Where "Cash and cash equivalents" includes only the most liquid items.

Let me check if there's a "DisponibilitàMonetaria Netta" (Net monetary availability) = 559,908,000 for 2023-01-01. This equals the "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Continued Operations" = 559,908,000.

And "DisponibilitàMonetaria Netta" 2022-01-01 = 693,193,000, which equals 680,820,000 + 12,374,000 (continued + discontinued).

So for end of 2022 (2023-01-01), cash = 559,908,000.

Now for debt, let me verify the components. "Other Noncurrent Financial Liabilities" = 4,722,263,000. Is this all debt?

In many annual reports, "financial liabilities" includes:
- Bonds and notes
- Bank loans
- Lease liabilities
- Derivatives (negative fair value)
- Other financial payables

Similarly, "Other Current Financial Liabilities" = 619,418,000 includes current portion of long-term debt plus short-term borrowings.

I think total debt = 5,341,681,000 is correct.

But wait - I need to check if there are lease liabilities included. Under IFRS 16, lease liabilities are part of debt. The "Rightofuse Assets" = 90,397,000 suggests there are leases, and the corresponding lease liabilities would be in the financial liabilities.

Actually, let me check if the financial liabilities include lease liabilities. Typically yes under IFRS 16.

Now, for FFO, I need to reconsider. S&P FFO is typically:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

But in the cash flow statement, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 seems to be the right figure.

However, I need to check if S&P makes any adjustments. One key adjustment is for dividends received: if they're classified as operating, S&P might exclude them. Here, dividends received are in INVESTING (3,381,000), so they're not in operating cash flow.

Another adjustment: interest received. In INVESTING (29,243,000), not in operating.

So 1,062,464,000 seems clean for FFO.

But wait - I need to double-check the S&P definition. Some sources say S&P FFO includes interest income and expense (i.e., it's after interest). Other sources say FFO is before interest for the purpose of debt service coverage.

Actually, for the FFO/Net debt ratio, S&P uses FFO as defined: net income + D&A + deferred taxes + other non-cash items. This is AFTER interest expense.

But if interest paid is classified as financing (not operating), then the cash flow from operations before working capital changes might not include interest at all. Let me think about this.

If the company classifies interest paid as financing, then in the P&L, interest expense reduces net income, but in the cash flow statement, the operating section doesn't add it back (because it's not there). Instead, it's shown as financing outflow.

Wait, but I see "Adjustments For Finance Costs" = 85,708,000 in the operating section. This IS an add-back of finance costs in the operating section. So some finance costs are added back.

The difference between total finance costs (111,670,000) and adjustment (85,708,000) = 25,962,000, which equals "Finance Income" (25,962,000)? No, finance income is 25,962,000 but that's income, not cost.

Actually, "Finance Income" = 25,962,000 and "Finance Costs" = 111,670,000. Net finance cost = 85,708,000.

Ah! That's it. "Adjustments For Finance Costs" = 85,708,000 is the NET finance cost (111,670,000 - 25,962,000 = 85,708,000). So in the cash flow statement, they add back the NET finance cost, not just finance costs.

This means the operating cash flow before working capital starts from a figure that includes finance income (25,962,000) and finance costs (111,670,000), and the adjustment removes the NET effect.

Actually, that makes sense. If starting from PBT (497,937,000), we need to adjust for net finance costs to get to operating profit. PBT includes finance income and finance costs. Operating profit (565,851,000) = PBT + finance costs - finance income = 497,937,000 + 111,670,000 - 25,962,000 = 583,645,000? 

Wait, that doesn't equal 565,851,000. Let me check: 497,937,000 + 111,670,000 - 25,962,000 = 583,645,000, not 565,851,000.

Hmm, there's a difference. Maybe there are other items between operating profit and PBT, like share of profit of associates (17,793,000).

Operating profit 565,851,000
+ Share of profit of associates 17,793,000
+ Finance income 25,962,000
- Finance costs 111,670,000
= PBT 497,937,000? 

565,851,000 + 17,793,000 + 25,962,000 - 111,670,000 = 497,936,000 ≈ 497,937,000. Yes!

So PBT = Operating profit + Share of associates + Finance income - Finance costs.

Now, for cash flow, if we start from PBT and want to get to operating cash flow before working capital, we need to:
- Add back finance costs (111,670,000) and subtract finance income (25,962,000), or equivalently add back net finance costs (85,708,000)
- Add back D&A, impairment, etc.
- Adjust for share of profit of associates (subtract, as it's equity accounted)

Actually, share of profit of associates is 17,793,000. This is a non-cash item (equity accounting), so it should be subtracted from PBT to get to operating cash flow.

Let me try: PBT 497,937,000
- Share of profit of associates 17,793,000 = 480,144,000
+ Net finance costs 85,708,000 = 565,852,000 (this is operating profit, roughly)
+ D&A 594,636,000 = 1,160,488,000
+ Impairment 67,680,000 = 1,228,168,000
+ Other non-cash items = ?

Hmm, this is higher than 1,062,464,000. I'm missing something.

Actually, I think the cash flow statement might start from Net income, not PBT.

Net income 311,160,000
+ Tax expense 186,777,000 = 497,937,000 (PBT)
+ Net finance costs 85,708,000 = 583,645,000
- Share of profit of associates 17,793,000 = 565,852,000 (operating profit, matches!)

Then from operating profit:
+ D&A 594,636,000
+ Impairment 67,680,000
+ Provisions change 14,167,000
- Employee benefits change -19,158,000
+ Other adjustments
= Cash flow before working capital

565,852,000 + 594,636,000 + 67,680,000 + 14,167,000 - 19,158,000 = 1,223,177,000

Still higher than 1,062,464,000. The difference is 160,713,000.

Wait, I need to check if taxes paid are subtracted. If we subtract taxes paid 178,506,000:
1,223,177,000 - 178,506,000 = 1,044,671,000

Closer, but still not 1,062,464,000. Difference is 17,793,000, which is exactly the share of profit of associates.

Hmm, let me reconsider. Maybe the share of profit is not subtracted in the cash flow because it's already excluded? Or maybe it's added back?

Actually, looking at the cash flow statement, there might be an "Adjustments For Income Or Expense From Subsidiaries" or similar. Let me check.

I see "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" = 27,897,000 in the P&L. But in the cash flow adjustments, I don't see a corresponding item.

Wait - in the cash flow data, I see "Other Income Expense From Subsidiaries Jointly Controlled Entities And Associates" = 27,897,000 for 2022. This is in the P&L, not the cash flow.

Is there a cash flow adjustment for this? Looking through the data, I don't see "Adjustments For..." for this item. But there is "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" = 17,793,000.

Hmm, the P&L item "Other Income Expense From Subsidiaries..." = 27,897,000 and "Share Of Profit Loss..." = 17,793,000. These might be different things.

Actually, looking at the P&L structure:
- Operating profit: 565,851,000
- Then finance items, share of profit, etc.
- PBT: 497,937,000

The difference between operating profit and PBT is:
565,851,000 - 497,937,000 = 67,914,000

And: Finance income 25,962,000 - Finance costs 111,670,000 + Share of profit 17,793,000 + Other income from subsidiaries 27,897,000? 

25,962,000 - 111,670,000 + 17,793,000 + 27,897,000 = -40,018,000. Not 67,914,000.

Wait, let me recalculate: 565,851,000 + 25,962,000 - 111,670,000 + 17,793,000 + 27,897,000 = 525,833,000. Not 497,937,000.

Hmm, something's wrong. Let me check: 565,851,000 + 25,962,000 - 111,670,000 + 17,793,000 = 497,936,000. This matches PBT if we exclude the "Other Income Expense From Subsidiaries" of 27,897,000.

But where does 27,897,000 fit? Maybe it's already included in operating profit? Or maybe it's below PBT?

Looking at the data order: "Other Income Expense From Subsidiaries..." appears after "Gains Losses On Change In Fair Value Of Derivatives" and before "Gross Profit". So it's part of operating profit!

Let me recalculate gross profit:
Revenue 5,138,245,000
- Operating expense 3,861,121,000
= Gross profit 1,302,051,000 (matches)

Then from gross profit to operating profit:
- Impairment 113,370,000
- D&A 625,799,000 (from "Ammortamenti EAccantonamenti")
- Other income from subsidiaries 27,897,000? Or is this income?

Actually, "Other Income Expense From Subsidiaries..." = 27,897,000. This could be income (positive) or expense (if negative). The name suggests it could be either.

If it's income: 1,302,051,000 - 113,370,000 - 625,799,000 + 27,897,000 = 590,779,000. Not 565,851,000.

If it's expense: 1,302,051,000 - 113,370,000 - 625,799,000 - 27,897,000 = 534,985,000. Not 565,851,000.

Hmm, maybe "Ammortamenti EAccantonamenti" includes more than just D&A. Let me check: 625,799,000 vs cash flow adjustment 594,636,000. Difference is 31,163,000.

Actually, I think "Ammortamenti EAccantonamenti" = 625,799,000 is the P&L expense, while "Adjustments For Depreciation And Amortisation Expense" = 594,636,000 is the cash flow add-back. The difference might be due to amortization of intangibles related to acquisitions or other items.

Let me try: 1,302,051,000 (gross profit) - 113,370,000 (impairment) - 625,799,000 (D&A) + other items = 565,851,000.

1,302,051,000 - 113,370,000 - 625,799,000 = 562,882,000. To get to 565,851,000, we need +2,969,000.

The "Other Income Expense From Subsidiaries" = 27,897,000 doesn't fit here. Maybe it's included in revenue or gross profit already?

Actually, looking at the P&L structure more carefully:
- Revenue = 5,138,245,000
- This includes "Ricavi Da Vendita EPrestazioni" = 4,957,179,000 and "Other Income" = 181,066,000

So "Other Income" is part of revenue. And "Other Income Expense From Subsidiaries" might be part of "Other Income" or separate.

I think I need to stop trying to perfectly reconcile the P&L and just use the cash flow figure.

For S&P FFO, the standard is:
FFO = Cash flows from operating activities before changes in working capital

= 1,062,464,000 EUR for 2022.

But I need to check if S&P makes adjustments for interest classification. Since interest paid is in financing (not operating), and interest received is in investing (not operating), the FFO of 1,062,464,000 is "clean" of interest effects.

However, for comparability, S&P might adjust FFO to include interest paid (to get a pre-interest measure) or to exclude interest received.

Actually, for the FFO/Net debt ratio, S&P typically uses FFO as defined (after interest), because the ratio is meant to show how much FFO is available relative to net debt, and interest is already paid from FFO.

Wait, I need to verify this. Let me think about what FFO/Net debt means:
- If FFO is after interest, then FFO/Net debt shows cash after interest payments relative to debt
- If FFO is before interest, then FFO/Net debt shows cash available to pay interest and principal relative to debt

S&P's FFO/Net debt ratio is typically used as a leverage measure, and FFO is defined as after interest. This makes sense because a company with high interest expense would have lower FFO, reflecting higher leverage risk.

So I'll use FFO = 1,062,464,000 EUR.

Now for Net Debt. Let me recalculate carefully.

From balance sheet at 2023-01-01 (end of 2022):
- Cash and cash equivalents: 559,908,000 EUR
- Discontinued operations cash: 0 EUR
- Total cash: 559,908,000 EUR

For debt:
- Noncurrent financial liabilities: 4,722,263,000 EUR
- Current financial liabilities: 619,418,000 EUR

But I need to check if "Noncurrent Contract Liabilities" = 5,452,905,000 includes any debt. Contract liabilities are typically deferred revenue (non-financial), not debt.

And "Trade And Other Current Payables" = 1,849,980,000 is trade payables, not financial debt.

So total financial debt = 4,722,263,000 + 619,418,000 = 5,341,681,000 EUR

Net debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR

But wait, I should check if there are other debt-like items. For example:
- "Other Current Liabilities" = 632,259,000 - might include some financial items
- "Other Noncurrent Liabilities" = 399,628,000 - might include some financial items

However, S&P typically focuses on "financial liabilities" as reported, which are the debt and borrowings.

Actually, let me check if the company reports lease liabilities separately. Under IFRS 16, lease liabilities are part of "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities".

The "Rightofuse Assets" = 90,397,000 suggests lease assets, and there should be corresponding lease liabilities. These are included in debt for S&P methodology.

So my debt figure should be correct.

But let me double-check by looking at the 2022-01-01 figures:
- Noncurrent financial liabilities: 4,791,979,000
- Current financial liabilities: 285,222,000
- Total: 5,077,201,000

And cash: 680,820,000 + 12,374,000 = 693,194,000
Net debt 2021: 5,077,201,000 - 693,194,000 = 4,384,007,000

For 2022:
- Noncurrent financial liabilities: 4,722,263,000
- Current financial liabilities: 619,418,000
- Total: 5,341,681,000

Cash: 559,908,000
Net debt 2022: 5,341,681,000 - 559,908,000 = 4,781,773,000

Wait, I should verify the current financial liabilities. The data says "Other Current Financial Liabilities" = 619,418,000. Is there any other current debt?

Looking at the balance sheet structure for liabilities:
- Noncurrent provisions for employee benefits: 112,989,000
- Noncurrent provisions: 218,025,000
- Other noncurrent financial liabilities: 4,722,263,000
- Other noncurrent liabilities: 399,628,000
- Noncurrent contract liabilities: 5,452,905,000
- Other current financial liabilities: 619,418,000
- Trade and other current payables: 1,849,980,000
- Current tax liabilities: 26,810,000
- Other current liabilities: 632,259,000
- Current liabilities: 3,128,466,000

Let me verify: 619,418,000 + 1,849,980,000 + 26,810,000 + 632,259,000 = 3,128,467,000 ≈ 3,128,466,000 (small rounding difference). Good.

So current financial liabilities = 619,418,000 is correct.

And noncurrent: 112,989,000 + 218,025,000 + 4,722,263,000 + 399,628,000 + 5,452,905,000 = 10,905,810,000? That doesn't match "Noncurrent Liabilities" total.

Actually, I don't have a "Noncurrent Liabilities" total in the data. Let me check.

Looking through the data, I see:
- "Noncurrent Assets" = 8,560,435,000
- "Current Assets" = 2,759,022,000
- "Assets" = 11,338,533,000

For liabilities and equity:
- "Equity" = 2,755,243,000
- "Current Liabilities" = 3,128,466,000
- "Liabilities Included In Disposal Groups Classified As Held For Sale" = 1,919,000
- "Equity And Liabilities" = 11,338,533,000

So noncurrent liabilities = 11,338,533,000 - 2,755,243,000 - 3,128,466,000 - 1,919,000 = 5,452,905,000

Wait, that's exactly "Noncurrent Contract Liabilities" = 5,452,905,000? That can't be right.

Let me recalculate: 11,338,533,000 - 2,755,243,000 - 3,128,466,000 - 1,919,000 = 5,452,905,000.

Hmm, this equals "Noncurrent Contract Liabilities" = 5,452,905,000. But that would mean noncurrent liabilities consist only of contract liabilities, which is impossible because we have other noncurrent items.

Wait, I think I misread. Let me check: "Noncurrent Contract Liabilities" = 5,452,905,000. But this is just one component. The total noncurrent liabilities should be the sum of all noncurrent liability items.

Actually, looking more carefully at the data structure, I see the items listed but not a total for noncurrent liabilities. Let me sum:
- Noncurrent provisions for employee benefits: 112,989,000
- Noncurrent provisions: 218,025,000
- Other noncurrent financial liabilities: 4,722,263,000
- Other noncurrent liabilities: 399,628,000
- Noncurrent contract liabilities: 5,452,905,000

Sum: 112,989,000 + 218,025,000 + 4,722,263,000 + 399,628,000 + 5,452,905,000 = 10,905,810,000

But assets = 11,338,533,000 and equity + current liabilities + held for sale liabilities = 2,755,243,000 + 3,128,466,000 + 1,919,000 = 5,885,628,000.

So noncurrent liabilities should be 11,338,533,000 - 5,885,628,000 = 5,452,905,000.

But my sum is 10,905,810,000. There's a discrepancy of 5,452,905,000.

Wait - I think "Noncurrent Contract Liabilities" = 5,452,905,000 might be the TOTAL noncurrent liabilities, not a component. Let me re-read the data.

Actually, looking at the data order:
"Noncurrent Provisions For Employee Benefits" 2023-01-01: 112989000 EUR
"Noncurrent Provisions" 2023-01-01: 218025000 EUR
"Other Noncurrent Financial Liabilities" 2023-01-01: 4722263000 EUR
"Other Noncurrent Liabilities" 2023-01-01: 399628000 EUR
"Noncurrent Contract Liabilities" 2023-01-01: 5452905000 EUR

Hmm, "Noncurrent Contract Liabilities" appears after "Other Noncurrent Liabilities". In typical balance sheet presentation, contract liabilities (deferred revenue) are a separate line item. But the sum of all these is 10,905,810,000, which is too high.

Unless... some of these are not liabilities? No, they all sound like liabilities.

Wait, let me re-check the asset side. "Noncurrent Assets" = 8,560,435,000. Let me verify:
- PPE: 3,144,250,000
- Investment property: 2,256,000
- Goodwill: 255,048,000
- Other intangible assets: 3,470,906,000
- Intangible assets other than goodwill: 420,191,000? 

Wait, "Other Intangible Assets" = 3,470,906,000 and "Intangible Assets Other Than Goodwill" = 420,191,000. These seem overlapping. Let me check if they're additive or if one includes the other.

Actually, looking at the order:
- Goodwill: 255,048,000
- Other Intangible Assets: 3,470,906,000
- Intangible Assets Other Than Goodwill: 420,191,000

This is confusing. "Intangible Assets Other Than Goodwill" = 420,191,000 seems like a subcategory, but "Other Intangible Assets" = 3,470,906,000 is larger.

Maybe "Other Intangible Assets" includes something else, or maybe these are different classifications.

Let me try another approach. The total assets = 11,338,533,000. Current assets = 2,759,022,000. So noncurrent assets = 11,338,533,000 - 2,759,022,000 = 8,579,511,000? But stated "Noncurrent Assets" = 8,560,435,000. Close but not exact.

Actually, there's "Current Assets Other Than Assets Or Disposal Groups Classified As Held For Sale Or As Held For Distribution To Owners" = 19,076,000. Maybe this is included in current assets?

2,759,022,000 + 19,076,000 = 2,778,098,000. Then noncurrent = 11,338,533,000 - 2,778,098,000 = 8,560,435,000. Yes! This matches.

So current assets total = 2,759,022,000 includes the 19,076,000 held for sale? Or not? Actually, "Current Assets Other Than..." = 19,076,000 suggests this is held for sale, and it's separate from regular current assets.

Actually, I think "Current Assets" = 2,759,022,000 is total current assets including held for sale, and "Current Assets Other Than..." = 19,076,000 is the held for sale portion. Let me check: 2,759,022,000 - 19,076,000 = 2,739,946,000. Not sure.

Anyway, back to liabilities. I think the issue is that "Noncurrent Contract Liabilities" = 5,452,905,000 might actually be the total noncurrent liabilities, not a line item. Let me check the naming.

Actually, re-reading: "Noncurrent Contract Liabilities" - this is a specific line item for contract liabilities (deferred revenue) that are noncurrent. But in some presentations, this could be the total.

No, looking at typical IFRS balance sheets, contract liabilities are a specific item. The total noncurrent liabilities should be the sum of all items.

Let me recalculate: 112,989,000 + 218,025,000 + 4,722,263,000 + 399,628,000 + 5,452,905,000 = 10,905,810,000.

But from the accounting equation, noncurrent liabilities = Assets - Equity - Current liabilities - Liabilities held for sale
= 11,338,533,000 - 2,755,243,000 - 3,128,466,000 - 1,919,000 = 5,452,905,000.

So there's a discrepancy. The only way this works is if some of the items I listed are NOT liabilities, or if there's double-counting.

Wait - I think I see it. "Noncurrent Contract Liabilities" = 5,452,905,000 might actually be the TOTAL of noncurrent liabilities, and the previous items are components that sum to it? No, that doesn't make sense because 112,989,000 + 218,025,000 + 4,722,263,000 + 399,628,000 = 5,452,905,000!

Let me check: 112,989,000 + 218,025,000 = 331,014,000
+ 4,722,263,000 = 5,053,277,000
+ 399,628,000 = 5,452,905,000. Yes!

So "Noncurrent Contract Liabilities" = 5,452,905,000 is actually the TOTAL noncurrent liabilities, not a separate item. The name is misleading in the data extraction - it's actually "Noncurrent [total] Liabilities" or the label got mixed up.

Actually, re-reading: "Noncurrent Contract Liabilities" - this might be a mistranslation or mislabeling. In Italian, "Passività non correnti" means noncurrent liabilities. "Contract liabilities" would be "Passività da contratto". Maybe the label got combined or corrupted.

Anyway, the total noncurrent liabilities = 5,452,905,000, which consists of:
- Employee benefits: 112,989,000
- Provisions: 218,025,000
- Financial liabilities: 4,722,263,000
- Other liabilities: 399,628,000

So my debt calculation is correct: financial liabilities = 4,722,263,000 (noncurrent) + 619,418,000 (current) = 5,341,681,000.

Net debt = 5,341,681,000 - 559,908,000 = 4,781,773,000.

Now, FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.2222...

Let me calculate: 1,062,464,000 / 4,781,773,000 = 0.2222 = 22.22%

But I need to double-check my FFO figure. Let me reconsider if S&P FFO should include any adjustments.

One key issue: S&P FFO typically excludes dividends received and interest received if they're classified as operating. In this case, they're in investing, so no adjustment needed.

Another issue: S&P FFO typically uses "funds from operations" which is operating cash flow before working capital changes. But some S&P methodologies adjust for "maintenance capex" or other items.

For the standard FFO/Net debt ratio, I believe S&P uses:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Which equals the "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000.

But let me verify by building it up:
- Net income: 311,160,000
- D&A: 594,636,000
- Deferred taxes: ?
- Other non-cash: ?

From the cash flow statement, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 includes all these.

Actually, I want to double-check one thing. S&P FFO is sometimes calculated as:
FFO = EBIT + D&A - Cash taxes

For this company:
- EBIT (Operating profit): 565,851,000
- D&A: 594,636,000
- Cash taxes: 178,506,000

FFO = 565,851,000 + 594,636,000 - 178,506,000 = 981,981,000

This is different from 1,062,464,000. The difference is 80,483,000.

Why the difference? Because EBIT + D&A - Cash taxes doesn't include:
- Interest expense (which is deducted to get to PBT, but we add back net finance costs)
- Other non-cash items like impairments, provisions, etc.

Actually, if I use "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000, this already includes all adjustments from net income or PBT.

Let me try another S&P formula: FFO = EBITDA - Cash taxes
EBITDA = EBIT + D&A = 565,851,000 + 594,636,000 = 1,160,487,000
FFO = 1,160,487,000 - 178,506,000 = 981,981,000

Same as above. But this is not equal to 1,062,464,000.

The difference between 1,062,464,000 and 981,981,000 is 80,483,000. This could be:
- Interest expense net of interest income: 85,708,000 (net finance costs)
- Minus share of profit of associates: 17,793,000
- Plus other items: ?

85,708,000 - 17,793,000 = 67,915,000. Not 80,483,000.

Actually, I think the issue is that "Cash Flows From Used In Operations Before Changes In Working Capital" starts from a different point. Let me check if it starts from net income rather than EBIT.

From net income: 311,160,000
+ D&A 594,636,000 = 905,796,000
+ Impairment 67,680,000 = 973,476,000
+ Net finance costs 85,708,000 = 1,059,184,000
+ Provisions 14,167,000 = 1,073,351,000
- Employee benefits -19,158,000 = 1,054,193,000
+ Other items to reach 1,062,464,000

Difference is 8,271,000, which is exactly Tax expense (186,777,000) - Taxes paid (178,506,000) = 8,271,000.

So if we add the deferred tax component: 1,054,193,000 + 8,271,000 = 1,062,464,000. Yes!

This confirms that "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is calculated as:
Net income + D&A + Impairment + Net finance costs + Change in provisions - Change in employee benefits + (Tax expense - Taxes paid) + other items.

Actually, the (Tax expense - Taxes paid) = 8,271,000 is the deferred tax component. So this FFO figure includes deferred taxes.

Now, for S&P FFO, the standard is:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

This matches our 1,062,464,000 figure (approximately).

But wait - S&P FFO is supposed to be AFTER interest. If we start from net income and add back D&A, deferred taxes, and other non-cash items, we get FFO after interest.

However, in the cash flow statement, "Adjustments For Finance Costs" = 85,708,000 is added back. This means the starting point (net income) includes finance costs, and we add them back.

If we add back finance costs, we're going from "after interest" to "before interest" (or more precisely, to operating profit level).

Hmm, this is confusing. Let me think about what "Cash Flows From Used In Operations Before Changes In Working Capital" actually represents.

In standard cash flow statement preparation (indirect method):
1. Start with Profit before tax
2. Adjust for non-cash items, interest, dividends, etc. to get operating profit
3. Adjust for non-cash items in operating profit (D&A, impairments, provisions)
4. Result: Cash flow from operations before working capital changes

Or:
1. Start with Net income
2. Add back non-cash items (D&A, impairments, deferred taxes)
3. Add back interest expense, subtract interest income (to move to operating level)
4. Add back/subtract other non-operating items
5. Result: Cash flow from operations before working capital changes

In this company's case, since "Adjustments For Finance Costs" = 85,708,000 is present, it seems they're adding back net finance costs. This suggests they're moving from PBT or net income to operating profit level.

If the final result (1,062,464,000) is at operating profit level (before interest), then it's not the standard S&P FFO (which is after interest).

Let me check: Operating profit = 565,851,000. Add D&A and other non-cash items: 565,851,000 + 594,636,000 + 67,680,000 + ... = much higher than 1,062,464,000? No, 565,851,000 + 594,636,000 = 1,160,487,000, which is higher than 1,062,464,000.

So 1,062,464,000 is not at operating profit level. It must be at a different level.

Let me try: PBT 497,937,000 + D&A 594,636,000 + Impairment 67,680,000 - Taxes paid 178,506,000 + Other items = ?

497,937,000 + 594,636,000 + 67,680,000 - 178,506,000 = 981,747,000. Still not 1,062,464,000.

Add net finance costs 85,708,000: 981,747,000 + 85,708,000 = 1,067,455,000. Closer, but still not exact.

Subtract share of profit 17,793,000: 1,067,455,000 - 17,793,000 = 1,049,662,000. 

Add provisions 14,167,000: 1,049,662,000 + 14,167,000 = 1,063,829,000.

Subtract employee benefits -19,158,000: 1,063,829,000 - 19,158,000 = 1,044,671,000.

Hmm, I'm not getting exactly 1,062,464,000. There are other items I'm missing.

Anyway, regardless of the exact composition, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is the standard figure for S&P FFO.

But I need to make one more check. S&P FFO should exclude "extraordinary items" or "non-recurring items". Are there any in this figure?

Looking at the data, I don't see any obvious extraordinary items. The "Cash Flows Used In Obtaining Control Of Subsidiaries" = -110,108,000 is in INVESTING, not operating. So it's excluded.

I think FFO = 1,062,464,000 is correct.

Now, let me also consider if S&P uses average net debt or year-end net debt. Typically for ratios, S&P uses year-end debt or average. For FFO/Net debt, it's typically year-end net debt.

So FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.2222...

Let me calculate more precisely:
1,062,464,000 / 4,781,773,000 = 0.222189...

As a percentage: 22.22%

But wait, I should double-check my net debt calculation. Let me verify the debt figures.

From the data:
- "Other Noncurrent Financial Liabilities" 2023-01-01: 4,722,263,000
- "Other Current Financial Liabilities" 2023-01-01: 619,418,000

Are there any other debt items? Let me check "Trade And Other Current Payables" = 1,849,980,000. This includes trade payables, which are NOT debt. But does it include any financial payables?

In some companies, "Trade and other payables" might include amounts owed to related parties that are financing in nature. But typically, these are classified as financial liabilities if they're financing.

Looking at "Debiti Correnti Verso Fornitori Di Cui Verso Parti Correlate" = 41,985,000. This is trade payables to related parties, not financial debt.

So I think debt = 5,341,681,000 is correct.

But let me also check if there are any "financial assets" that should be deducted from net debt. S&P typically deducts only "cash and cash equivalents" and "liquid financial investments" from debt to get net debt.

From current assets:
- "Other Current Financial Assets" = 342,085,000
- "AttivitàFinanziarie Correnti Di Cui Verso Parti Correlate" = 117,998,000

These might include short-term deposits, loans to related parties, etc. Some of these might be liquid enough to count as "cash-like".

However, standard S&P practice is to only deduct "Cash and cash equivalents" and "Marketable securities" from debt. "Other financial assets" typically includes receivables, loans, and other items that are not immediately available to pay debt.

Actually, looking more carefully, "Other Current Financial Assets" of 342,085,000 might include:
- Short-term bank deposits
- Loans to related parties
- Derivatives (positive fair value)
- Other short-term investments

Some of these are liquid, some are not. Without more detail, it's safer to only deduct "Cash and cash equivalents" = 559,908,000.

But wait - I should check if there's a "current portion of long-term debt" included in the current financial liabilities. Yes, "Other Current Financial Liabilities" = 619,418,000 likely includes the current portion of long-term debt plus short-term borrowings.

Let me verify by looking at the 2022-01-01 figures:
- Noncurrent financial liabilities: 4,791,979,000
- Current financial liabilities: 285,222,000

The increase in current financial liabilities from 285,222,000 to 619,418,000 suggests more short-term debt or current portion of long-term debt.

Actually, I want to check if my net debt figure is consistent with S&P's typical calculation. Let me see if there's any other information.

Looking at "DisponibilitàMonetaria Netta" (Net monetary availability) = 559,908,000 for 2023-01-01. This is the same as cash and cash equivalents.

And "DisponibilitàMonetaria Netta" 2022-01-01 = 693,193,000.

So the company uses "net monetary availability" as cash.

Now, one more check: should I include "Financial Assets" (noncurrent) = 30,531,000 or "Other Current Financial Assets" = 342,085,000 in the deduction?

For S&P net debt, the standard is:
Net debt = Short-term debt + Long-term debt - Cash and cash equivalents - Marketable securities

"Marketable securities" are typically equity or debt securities that are readily marketable. "Other Current Financial Assets" might include some marketable securities, but without knowing the composition, I'll assume only cash is deducted.

Actually, I realize I should check if "Other Current Financial Assets" includes things like bank deposits with maturity > 3 months but < 1 year. These might not be "cash equivalents" but are still liquid.

However, for consistency with standard S&P methodology, I'll use:
Net debt = Total debt - Cash and cash equivalents = 5,341,681,000 - 559,908,000 = 4,781,773,000.

FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.2222

Let me also consider if I should use average net debt. S&P sometimes uses average debt for ratios. Average of 2021 and 2022 net debt:
- 2021 net debt: 5,077,201,000 - 693,193,000 = 4,384,008,000
- 2022 net debt: 4,781,773,000
- Average: (4,384,008,000 + 4,781,773,000) / 2 = 4,582,890,500

FFO / Average net debt = 1,062,464,000 / 4,582,890,500 = 0.2318 = 23.18%

But I think S&P typically uses year-end net debt for this ratio, not average. Let me stick with year-end.

Actually, I want to double-check one more thing. Should FFO include interest paid or not? 

If the company classifies interest paid as financing (not operating), then the operating cash flow before working capital changes does not include interest paid. But the P&L (and thus net income) includes interest expense.

When we add back "Adjustments For Finance Costs" = 85,708,000, we're adding back the net finance costs. This means the 1,062,464,000 figure is BEFORE net finance costs (i.e., at operating profit level for the financing part).

Wait, let me re-think. If we start from net income:
- Net income includes interest expense and interest income
- We add back "finance costs" (net) to remove this effect

So after adding back finance costs, we're at a figure that excludes net financing effects.

But what about the actual cash interest paid? Since interest paid is in financing activities, it's not in operating cash flow. So the operating cash flow before working capital (1,062,464,000) is a cash figure that does not include interest paid.

For S&P FFO, which is a cash-based measure (not accrual-based), we want to know the cash generated from operations before working capital changes. This figure (1,062,464,000) is before interest paid (since interest paid is in financing).

But S&P's definition of FFO is based on accrual accounting adjustments to net income, not cash flow. The standard formula:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

This gives an accrual-based measure that is AFTER interest expense (accrual), not after interest paid (cash).

However, in practice, S&P often uses cash flow from operations before working capital changes as FFO. And if interest paid is classified as financing, this cash flow measure is BEFORE interest paid.

I think for consistency and comparability, S&P might adjust the FFO to include interest paid (i.e., subtract interest paid from FFO if it's not already included, or add it back if we want pre-interest FFO).

Actually, let me re-read the S&P methodology. I recall that S&P's FFO is specifically:
"FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items"

This is NOT cash flow from operations. It's an accrual-based adjustment. And it's AFTER interest expense.

So if I calculate FFO using this formula:
- Net income: 311,160,000
- D&A: 594,636,000
- Deferred taxes: 8,271,000 (tax expense - taxes paid, approximate)
- Other non-cash items: ?

Other non-cash items from cash flow adjustments:
- Impairment: 67,680,000
- Provisions: 14,167,000
- Employee benefits: -19,158,000 (this is a cash outflow, not a non-cash add-back)

Actually, employee benefits change of -19,158,000 means the provision increased (or cash paid was less than expense). If it's a negative adjustment in cash flow, it means we're subtracting it from net income. So in accrual terms, this is an expense that wasn't paid in cash? Or was it?

"Variazione Netta Fondo Per Benefici Ai Dipendenti" = -19,158,000. In the cash flow, this is listed as an adjustment. If it's negative, it might mean the provision decreased (cash paid > expense).

Actually, looking at the cash flow statement structure, these "adjustments" are added to net income. So if "Variazione Netta Fondo Per Benefici Ai Dipendenti" = -19,158,000, it means we're adding a negative number (i.e., subtracting).

So: FFO = Net income + D&A + Impairment + Deferred taxes + Provisions change - Employee benefits change + ...

= 311,160,000 + 594,636,000 + 67,680,000 + 8,271,000 + 14,167,000 - (-19,158,000)? 

Wait, the sign is confusing. Let me just use the cash flow figure of 1,062,464,000 as the comprehensive FFO figure.

Actually, I realize I should check one more thing. Does S&P FFO include or exclude dividends received?

In this company, dividends received are in INVESTING activities (3,381,000). So they're not in operating cash flow. For S&P FFO, dividends received are typically EXCLUDED if they're not from operating activities.

Similarly, interest received is in INVESTING (29,243,000), not in operating.

So the 1,062,464,000 figure is clean.

Now, one more consideration: S&P sometimes adjusts FFO for "maintenance capital expenditures" to get "Free Operating Cash Flow" or similar. But for FFO/Net debt, the standard is to use unadjusted FFO.

Let me finalize my calculation:
FFO = 1,062,464,000 EUR
Net debt = 4,781,773,000 EUR
FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.2222 = 22.22%

But wait, I want to double-check my net debt one more time. Let me see if I should include the "AttivitàFinanziarie Non Correnti Di Cui Verso Parti Correlate" = 4,865,000 or "AttivitàFinanziarie Correnti Di Cui Verso Parti Correlate" = 117,998,000 as part of debt or as deductions.

These are "financial assets toward related parties". They are assets, not liabilities. So they should not be included in debt. But could they be deducted from net debt as "liquid assets"?

Typically, only cash and cash equivalents are deducted. Financial assets toward related parties are not liquid (they're loans or receivables from related parties).

However, "Other Current Financial Assets" = 342,085,000 might include some liquid items. But without knowing the composition, I'll stick with standard deduction of only cash.

Actually, let me reconsider. In some S&P methodologies, "net debt" includes all interest-bearing liabilities minus cash and cash equivalents. The "Other Current Financial Liabilities" = 619,418,000 and "Other Noncurrent Financial Liabilities" = 4,722,263,000 are clearly interest-bearing.

Are there any other interest-bearing liabilities? For example, are "Trade And Other Current Payables" interest-bearing? Typically no, unless they include late payments with interest.

So debt = 5,341,681,000 seems correct.

Let me also check if "Other Noncurrent Financial Liabilities" includes both debt and derivatives. If there are derivative liabilities (negative fair value), S&P might exclude them from debt or include them depending on the methodology.

Without more detail, I'll assume all financial liabilities are debt.

Final calculation:
FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.222189... ≈ 0.2222 or 22.22%

As a ratio (not percentage): 0.2222

Let me express this as a percentage or decimal? The question asks for "FFO / Net debt ratio", which is typically expressed as a percentage or as a decimal. S&P typically expresses it as a percentage (e.g., "22.2%") or sometimes as "x.x%".

But the answer format asks for "VALUE" with no units. So I should provide either 0.222 or 22.2 or 22.22.

Looking at S&P's typical presentation, they often show FFO/net debt as "22.2%" or "0.22x". But sometimes as a raw percentage number.

Actually, I think the most common format is as a percentage: 22.2. But let me check if the question wants a decimal.

The example says: <answer>VALUE</answer>

Without more context, I'll provide the decimal form: 0.2222 or the percentage form: 22.22.

Actually, looking at financial ratios, FFO/net debt is typically expressed as a percentage in S&P reports. For example, "FFO to debt: 22.2%".

But mathematically, the ratio is 0.2222. I'll provide it as a decimal to be safe, or perhaps as a percentage number.

Hmm, the question says "FFO / Net debt ratio". In finance, this is typically expressed as a percentage (e.g., 22.2%). But the answer format says "no units", so I should probably provide 0.222 or 22.2.

Let me think about what makes more sense. If I say "the ratio is 0.22", that means FFO is 22% of net debt. If I say "22", that would be confusing without a % sign.

Actually, looking at S&P's actual reports, they often write "FFO/debt: 22.2%" or "FFO to debt: 0.22x". The "x" indicates times, meaning FFO is 0.22 times the debt.

I'll provide the decimal: 0.222.

But let me recalculate to make sure:
1,062,464,000 / 4,781,773,000 = ?

1,062,464,000 / 4,781,773,000 = 0.222189...

Rounded to three decimal places: 0.222
Or as percentage: 22.2

I'll go with 0.222 as the decimal representation.

Wait, I want to make one final check. Should I use "Cash Flows From Used In Operating Activities" = 726,703,000 instead of "before working capital changes" = 1,062,464,000?

No, S&P FFO is specifically before working capital changes. Working capital changes are volatile and not indicative of operational cash generation.

Also, I should verify: is 1,062,464,000 the right number, or should I adjust it?

One potential adjustment: S&P FFO excludes "cash flows from discontinued operations" if they're included. Looking at the data, there's "DisponibilitàLiquide EMezzi Equivalenti Alla Fine Dellesercizio Discontinued Operations" = 0 for 2023-01-01. So no discontinued operations cash at year-end 2022.

Also, "Cash Flows From Used In Operations Before Changes In Working Capital" - does this include discontinued operations? Typically yes, if the operations are not yet disposed. But with no discontinued operations cash, it's likely not material.

I think 1,062,464,000 is correct for FFO.

Let me also verify my net debt by checking if there's any "debt" in the equity section (like redeemable preferred shares). Looking at equity:
- Issued capital: 1,098,899,000
- Reserves and retained earnings: various
- Noncontrolling interests: 463,975,000

No obvious debt-like instruments in equity.

Final answer: FFO / Net debt = 1,062,464,000 / 4,781,773,000 = 0.2222

I'll round to 0.22 or provide more precision. Let me provide 0.222.

Actually, let me recalculate more carefully:
1,062,464,000 / 4,781,773,000

= 1062464 / 4781773
= 0.222189...

So 0.222 when rounded to three decimal places.

Or if expressed as a percentage: 22.22%.

I think for the answer, I'll provide 0.222 as the ratio in decimal form.

Wait, I want to check one more thing. Some S&P methodologies calculate FFO as:
FFO = Net income + D&A + Deferred taxes + Other non-cash items - Gain on sales

In this case, "Adjustments For Gain Loss On Disposals Property Plant And Equipment" = 0, so no adjustment needed.

Also, S&P sometimes excludes "extraordinary items" from net income. I don't see any extraordinary items in the data.

One more thing: should I use "Profit Loss" (311,160,000) or "Profit Loss Attributable To Owners Of Parent" (279,725,000) for net income?

S&P FFO typically uses net income from continuing operations attributable to the parent company, or sometimes total net income including noncontrolling interests.

"Profit Loss" = 311,160,000 includes noncontrolling interests. "Profit Loss Attributable To Owners Of Parent" = 279,725,000 excludes noncontrolling interests.

For consolidated FFO, S&P typically uses the total net income (including noncontrolling interests) because FFO is a measure of total cash generation. But for ratios like FFO/net debt, they might use the parent's share if the debt is at the parent level.

Actually, for consolidated financial statements, S&P typically uses consolidated FFO (including noncontrolling interests) and consolidated net debt. So "Profit Loss" = 311,160,000 is the right starting point.

But the cash flow statement "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,062,464,000 is already a consolidated figure including noncontrolling interests. So my FFO figure is correct.

Final answer: 0.222

Actually, let me reconsider the rounding. 0.222189... rounds to 0.222. But maybe I should provide more precision: 0.2222.

Or perhaps S&P would express this as 22.2%. Let me check typical S&P presentations.

In S&P credit reports, they often state: "FFO to debt: 22.2%" or "FFO/debt: 0.22x".

Since the question asks for "ratio" and says "no units", I think decimal form 0.222 is appropriate.

But actually, looking at the calculation again, I want to verify my net debt once more.

Total debt:
- Noncurrent financial liabilities: 4,722,263,000
- Current financial liabilities: 619,418,000
- Total: 5,341,681,000

Cash:
- Cash and cash equivalents: 559,908,000

Net debt: 5,341,681,000 - 559,908,000 = 4,781,773,000

Wait, I should check if "Other Current Financial Liabilities" includes bank overdrafts. Bank overdrafts are typically included in cash and cash equivalents if they're repayable on demand and part of cash management. But if they're not, they're debt.

Without more detail, I'll assume the standard presentation.

One more verification: "DisponibilitàMonetaria Netta" = 559,908,000. This is "net monetary availability", which is cash and cash equivalents minus bank overdrafts (if any). If this is truly "net", then cash = 559,908,000 is already net of overdrafts.

So my calculation is correct.

Final answer: 0.222

Hmm, but let me think once more. Should I express this as a percentage (22.2) or decimal (0.222)? 

In many financial databases, FFO/net debt is stored as a percentage (e.g., 22.2). But mathematically, a ratio of 0.222 means the same thing.

Given the instruction "no units", I think either 0.222 or 22.2 would work, but 0.222 is more mathematically precise as a "ratio".

Actually, I'll provide 0.2222 for more precision.

Let me recalculate: 1062464000 / 4781773000 = 0.2221892...

So 0.2222 when rounded to four decimal places.

I'll go with 0.222.

<answer>0.222</answer>