FFO / Net debt is typically estimated as:

- **FFO (Funds From Operations)** ≈ Cash flows from operating activities before working-capital movements, or a simplified proxy using operating cash flow if detailed working-capital adjustments are not available.
- **Net debt** ≈ Borrowings − cash and cash equivalents.

From the provided 2022 data:

**Operating cash flow / FFO proxy**
- Cash flows from operating activities = **€613,466,000**

**Debt**
- Long-term borrowings = **€1,695,362,000**
- Current borrowings and current portion of non-current borrowings = **€638,944,000**
- Gross debt = 1,695,362,000 + 638,944,000 = **€2,334,306,000**

**Cash**
- Cash and cash equivalents = **€365,292,000**

**Net debt**
- Net debt = 2,334,306,000 − 365,292,000 = **€1,969,014,000**

**FFO / Net debt**
- 613,466,000 / 1,969,014,000 = **0.3116**, or about **31.2%**

<answer>0.312</answer>