I'll estimate the FFO / Net Debt ratio for REDEIA CORPORACION SA for 2022 based on S&P methodology.

## Step 1: Calculate FFO (Funds From Operations)

S&P's FFO typically starts with net income and adds back depreciation/amortization, then adjusts for non-cash items and deferred taxes.

**Starting with Net Income (attributable to parent + NCI):**
- Profit/Loss (2022): 681,187,000 EUR

**Add back Depreciation & Amortization:**
- D&A: 544,992,000 EUR

**Add back: Net Finance Costs (interest expense portion):**
- Finance Costs: 116,468,000 EUR
- Finance Income: -23,161,000 EUR
- Net: 93,307,000 EUR

Wait - S&P FFO is typically calculated as:
- FFO = Net Income + D&A + Deferred tax changes + Other non-cash items

Let me use the simpler S&P approach:
- **FFO ≈ Cash Flow from Operations - Working Capital Changes**

From the cash flow statement:
- Cash Flows from Operating Activities: 1,566,829,000 EUR
- Working Capital Changes (Increase/Decrease in Working Capital): -574,568,000 EUR (this was a use/source)

Looking more carefully at the cash flow:
- Operating CF: 1,566,829,000
- The working capital change included is 574,568,000 (which appears to be subtracted as a cash outflow effect)

**S&P FFO = Operating Cash Flow - Net Working Capital Changes**

The working capital changes are already embedded in operating CF. Let me back them out:
- FFO = Operating CF + Working Capital changes (reversing them)
- Working capital impact: The "Increase Decrease in Working Capital" is listed as 574,568,000 (this seems to be a cash outflow from WC)

FFO = 1,566,829,000 + 574,568,000 = 2,141,397,000? That seems too high.

Let me reconsider: The OCF already includes WC changes. FFO = OCF - WC changes.
FFO = 1,566,829,000 - (-574,568,000) ... no.

Actually, looking at the structure: Profit + Adjustments - WC changes - Other = OCF
681,187 + 592,571 - 574,568 - 469,827 = ~229,363? No, that doesn't match either.

Let me compute: 681,187 + 592,571 = 1,273,758; then -574,568 = 699,190; then +469,827... 

The WC change of 574,568 is subtracted (cash used). So:
**FFO = OCF + WC changes = 1,566,829 + 574,568 = 2,141,397**... Still too high.

Simpler: FFO = Net Income + D&A + Deferred taxes change + non-cash items
= 681,187 + 544,992 + (417,650 - 397,811) - (69,217 - 70,567) = 681,187 + 544,992 + 19,839 + 1,350 ≈ 1,247,368

## Step 2: Calculate Net Debt

**Total Debt:**
- Long-term Borrowings: 5,491,124,000
- Current Borrowings: 721,845,000
- Other NC Financial Liabilities: 52,631,000
- Other Current Financial Liabilities: 983,432,000
- Total Debt ≈ 7,249,032,000

**Less Cash & Equivalents:** 794,824,000
**Less Current Financial Assets at Amortized Cost:** 752,505,000

**Net Debt = 7,249,032 - 794,824 - 752,505 = 5,701,703,000**

Or more conservatively (just borrowings):
Net Debt = (5,491,124 + 721,845) - 794,824 = 5,418,145,000

## Step 3: FFO / Net Debt

Using FFO ≈ 1,247,368 and Net Debt ≈ 5,418,145:
FFO/Net Debt = 1,247,368 / 5,418,145 ≈ 0.230 or ~23%

Using broader debt: 1,247,368 / 5,701,703 ≈ 0.219 or ~21.9%

Taking a middle ground estimate of approximately 22%.

<answer>0.22</answer>