To estimate **FFO / Net debt** for 2022: 1. **Funds from operations (FFO)** can be approximated from cash-flow-related operating earnings before working capital movements. Using the provided cash flow facts: - Profit loss before tax: 756 - Income tax expense adjustment: 344 - Net financial interests: 90 - Gain on disposal of noncurrent assets: -191 - Depreciation expense: 491 - Amortisation expense: 233 - Impairment adjustments: 10 - Provisions adjustments: 92 - Undistributed profits of associates: -2 - Interest paid: -75 - Taxes paid: -201 - Dividends received / paid classified as operating activities: -302 Approximate FFO: \[ 756 + 344 + 90 - 191 + 491 + 233 + 10 + 92 - 2 - 75 - 201 - 302 = 1{,}245 \] So, estimated **FFO = EUR 1,245 million**. 2. **Net debt** can be approximated as financial liabilities less cash and financial assets: - Other noncurrent financial liabilities: 5,867 - Other current financial liabilities: 1,022 - Cash and cash equivalents: 2,584 - Other noncurrent financial assets: 70 - Other current financial assets: 14 \[ \text{Net debt} = 5{,}867 + 1{,}022 - 2{,}584 - 70 - 14 = 4{,}221 \] So, estimated **net debt = EUR 4,221 million**. 3. Therefore: \[ \frac{FFO}{Net debt} = \frac{1{,}245}{4{,}221} \approx 0.295 \] 0.295