To estimate the FFO / Net debt ratio for 2022, we follow these steps: 1. **Calculate Funds From Operations (FFO) for 2022:** FFO is typically defined as the net cash provided by operating activities minus adjustments for working capital. Based on the data provided for 2022: - "Cash Flows From Used In Operating Activities": -7,425,000,000 EUR - "Increase Decrease In Working Capital": -8,301,000,000 EUR - FFO = Operating Cash Flow - Change in Working Capital - FFO = -7,425,000,000 - (-8,301,000,000) = 876,000,000 EUR. 2. **Calculate Net Debt for 2022:** Net Debt is generally calculated as Total Financial Liabilities minus Cash and Cash Equivalents and Current Financial Assets. - "Other Noncurrent Financial Liabilities" (2022-01-01): 56,543,000,000 EUR - "Other Current Financial Liabilities" (2022-01-01): 45,014,000,000 EUR - Total Gross Financial Liabilities: 56,543,000,000 + 45,014,000,000 = 101,557,000,000 EUR - "Cash And Cash Equivalents" (2022-01-01): 9,919,000,000 EUR - "Other Current Financial Assets" (2022-01-01): 39,937,000,000 EUR - "Other Noncurrent Financial Assets" (2022-01-01): 55,609,000,000 EUR - Total Financial Assets: 9,919,000,000 + 39,937,000,000 + 55,609,000,000 = 105,465,000,000 EUR - Net Debt = Gross Debt - Financial Assets = 101,557,000,000 - 105,465,000,000 = -3,908,000,000 EUR. 3. **Calculate Ratio:** FFO / Net Debt = 876,000,000 / -3,908,000,000 ≈ -0.224155. *Self-correction note:* In accounting contexts for utility companies, FFO is often synonymous with "Net Cash Flow From Operations Before Net Financial Expenses Disbursed And Income Taxes Paid Refund" which is -5,140,000,000. However, using the standard derivation (Operating Cash Flow adjusted for WC changes), the result is as calculated above. Given the negative Net Debt (net cash position at start of 2022), the ratio is negative. -0.224155