To estimate **FFO / Net debt** for 2022: 1. **Funds from operations (FFO)** is commonly approximated as: \[ \text{FFO} = \text{Cash flow from operating activities} - \text{working capital effects} \] Using the provided cash-flow data: - Cash flows from operating activities, 2022 = **€458.926m** - Increase/decrease in working capital and other operating activities, 2022 = **€113.840m** Since operating cash flow after working capital is lower by this working-capital absorption, estimated FFO before working capital is: \[ 458.926 + 113.840 = 572.766 \text{ million} \] 2. **Net debt** can be approximated from financial liabilities less cash and financial assets. Using year-end 2022 balance sheet items: - Other noncurrent financial liabilities = **€1,751.255m** - Noncurrent lease liabilities = **€150.955m** - Other current financial liabilities = **€389.716m** - Current lease liabilities = **€6.362m** - Current financial liabilities at fair value through profit or loss = **€76.644m** - Noncurrent financial liabilities at fair value through profit or loss = **€0.000m** Gross financial debt: \[ 1,751.255 + 150.955 + 389.716 + 6.362 + 76.644 = 2,374.932 \text{ million} \] Deduct: - Cash and cash equivalents = **€392.811m** - Other current financial assets = **€211.136m** - Current financial assets at fair value through profit or loss = **€141.568m** - Other noncurrent financial assets = **€38.792m** - Noncurrent financial assets at fair value through profit or loss = **€33.225m** Total financial assets and cash: \[ 392.811 + 211.136 + 141.568 + 38.792 + 33.225 = 817.532 \text{ million} \] Estimated net debt: \[ 2,374.932 - 817.532 = 1,557.400 \text{ million} \] 3. Therefore: \[ \text{FFO / Net debt} = \frac{572.766}{1,557.400} = 0.3678 \] 0.368