To estimate the FFO (Funds From Operations) / Net Debt ratio for 2022, we must identify the relevant figures from the provided data. 1. **Funds From Operations (FFO):** While "FFO" is not explicitly labeled, it is commonly approximated by the "Cash Flows From Used In Operating Activities" adjusted for non-cash items or, in a standard utility context, approximated by the Operating Cash Flow. * Cash Flows From Used In Operating Activities (2022): 726,703,000 EUR. 2. **Net Debt:** Net Debt is generally calculated as: (Non-current Financial Liabilities + Current Financial Liabilities) - (Cash and Cash Equivalents). * **Non-current Financial Liabilities:** * Other Noncurrent Financial Liabilities: 4,722,263,000 EUR. * **Current Financial Liabilities:** * Other Current Financial Liabilities: 619,418,000 EUR. * **Cash and Cash Equivalents:** * Disponibilità Liquide E Mezzi Equivalenti (2023-01-01): 559,908,000 EUR. Calculation of Net Debt (as of Jan 1, 2023 / End of 2022): * Total Financial Liabilities = 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. 3. **FFO / Net Debt Ratio:** * Ratio = 726,703,000 / 4,781,773,000 * Ratio ≈ 0.15197 (Note: The data provided for financial liabilities and cash position corresponds to the status at the start of 2023, which is the end of 2022). 0.15197