FFO can be estimated from operating cash flow before working-capital movements.

For 2022:
- Cash flows from operating activities = 1,566,829,000
- Increase/decrease in working capital = 574,568,000

Estimated FFO:
- FFO = CFO − working capital contribution
- FFO = 1,566,829,000 − 574,568,000 = 992,261,000

Net debt can be estimated as borrowings/financial debt less cash and cash equivalents. Using year-end 2022 balance sheet figures:
- Long-term borrowings = 5,491,124,000
- Current borrowings and current portion of non-current borrowings = 721,845,000
- Cash and cash equivalents = 794,824,000

Estimated net debt:
- Net debt = 5,491,124,000 + 721,845,000 − 794,824,000
- Net debt = 5,418,145,000

FFO / Net debt:
- 992,261,000 / 5,418,145,000 = 0.1831, or about 18.3%

<answer>18.3%</answer>