To estimate Fortum’s 2022 FFO / Net debt ratio:

1. **Funds from operations (FFO)** can be approximated from continuing operations as operating cash flow before working capital changes:
   - Cash flows from operations before changes in working capital, 2022 = **EUR 2,322 million**

2. **Net debt** can be estimated as interest-bearing financial liabilities less cash and cash equivalents.
   - Other noncurrent financial liabilities, 2023-01-01 = **EUR 3,658 million**
   - Other current financial liabilities, 2023-01-01 = **EUR 4,127 million**
   - Cash and cash equivalents / liquid funds, 2023-01-01 = **EUR 3,919 million**

   Net debt ≈ 3,658 + 4,127 − 3,919  
   = **EUR 3,866 million**

3. **FFO / Net debt**
   = 2,322 / 3,866  
   ≈ **0.6006**, or about **60.1%**

<answer>60.1%</answer>