I'll estimate the FFO/Net Debt ratio for ENGIE at end of 2022 using S&P methodology.

## Step 1: Estimate Funds From Operations (FFO) - S&P Methodology

S&P's FFO starts with net income from continuing operations, adds back depreciation/amortization, and makes adjustments for non-cash items, impairments, and other S&P-specific adjustments.

**Starting with Cash Flows from Operations before Working Capital changes:**
- Cash Flows from Operations before WC changes: €12,415M (2022)

This is a good starting proxy. S&P's FFO is essentially operating cash flow before working capital changes, minus interest paid, minus taxes paid, plus some adjustments.

Let me reconstruct FFO using S&P's approach:

**FFO ≈ Net Income from continuing operations + D&A + Impairments + Non-cash items - Gains/losses on disposals + Other adjustments**

Alternatively, using the cash flow statement:
- Cash from operations before WC: €12,415M
- Less: Income taxes paid: €1,504M (already deducted in the CF statement)
- The €12,415M already excludes taxes and interest conceptually... let me re-examine.

Actually, looking at the cash flow build-up, "Cash Flows From Used In Operations Before Changes In Working Capital" = €12,415M already incorporates adjustments for non-cash items.

Then: Operating CF (continuing) = 12,415 - 1,504 (taxes) - 2,424 (WC) = €8,487M ≈ €8,488M ✓

**S&P FFO ≈ Cash from operations before WC - taxes paid = 12,415 - 1,504 = ~€10,911M**

But S&P also deducts interest paid. Interest paid (financing): €822M, interest received on cash: €194M. Net interest paid ≈ €822 - €194 = €628M.

**FFO ≈ 12,415 - 1,504 - 628 = ~€10,283M**

Wait - the cash flow from operations before WC likely already has interest costs embedded in the P&L. Let me reconsider. The build starts from profit/loss from operating activities (€1,127M), then adds back finance costs and tax to get to pre-WC cash flow. So interest and tax are NOT yet deducted from the €12,415M.

So: **FFO ≈ 12,415 - 1,504 (tax paid) - 822 (interest paid) + 194 (interest received) = €10,283M**

## Step 2: Estimate Net Debt - S&P Methodology

S&P Net Debt includes:
- Short-term borrowings: €12,508M
- Long-term borrowings: €28,083M
- Total gross debt: €40,591M

S&P typically adds ~50% of hybrid/deeply subordinated perpetual notes as debt: €3,393M × 50% = ~€1,697M

- Less: Cash and cash equivalents: €15,570M
- S&P may haircut excess cash, but let's use full cash for now.

**Net Debt ≈ 40,591 + 1,697 - 15,570 = €26,718M**

S&P may also add operating lease liabilities (included in PPE under IFRS 16), pension obligations (net), etc. The noncurrent provisions of €24,663M likely include significant pension/nuclear provisions. Assuming ~50% relates to pensions/post-retirement (~€5,000M adjustment after tax), this could add significantly.

Let me be more conservative and include a portion of provisions. Assuming S&P adds ~€5,000M for pension-like adjustments:

**Adjusted Net Debt ≈ 26,718 + 5,000 = ~€31,718M**

## Step 3: FFO/Net Debt Ratio

Also adjusting FFO for hybrid coupon treatment: subtract ~50% of hybrid distributions.

**FFO/Net Debt ≈ 10,283 / 31,718 ≈ 0.324 or ~32.4%**

Given typical S&P reports for ENGIE around this period showed FFO/Net Debt in the range of 25-35%, approximately **0.32** seems reasonable.

<answer>0.32</answer>