Reasoning:

FFO / Net debt is typically calculated as:

FFO / Net debt = Funds from operations ÷ Net debt

Using the available cash flow data, a reasonable proxy for FFO is operating cash flow before working capital changes. For 2022:

- Cash flows from operations before changes in working capital = €12,415 million

Net debt can be estimated from borrowings less cash and cash equivalents at year-end 2022:

- Long-term borrowings = €28,083 million
- Current borrowings and current portion of noncurrent borrowings = €12,508 million
- Total borrowings = €40,591 million
- Cash and cash equivalents = €15,570 million

Estimated net debt:

€40,591 million − €15,570 million = €25,021 million

Therefore:

FFO / Net debt = €12,415 million ÷ €25,021 million  
= 0.4962, or about 49.6%

<answer>49.6%</answer>