First, I need to calculate **Funds From Operations (FFO)** for the period 2022-01-01 to 2023-01-01. A common proxy from the data given is: **FFO = Profit Loss from Operating Activities + Depreciation, Amortisation and Impairment Losses – Gains on Disposal of Noncurrent Assets – Finance Costs – Income Tax Expense** From the P&L items for 2022: - Profit Loss from Operating Activities = 641,338,000 EUR - Depreciation, Amortisation and Impairment Loss = 479,186,000 EUR - Gains on Disposal of Noncurrent Assets (adjustments) = −25,357,000 EUR (this is a gain, so I subtract it) - Finance Costs = 61,367,000 EUR - Income Tax Expense = 152,369,000 EUR So: FFO = 641,338,000 + 479,186,000 − (−25,357,000) − 61,367,000 − 152,369,000 FFO = 641,338,000 + 479,186,000 + 25,357,000 − 61,367,000 − 152,369,000 FFO = 932,145,000 EUR Now, **Net Debt** at 2023-01-01: Net Debt = Short-term Financial Liabilities + Long-term Financial Liabilities − Cash and Cash Equivalents − Current Financial Assets (excluding “Other Current Financial Assets”) Short-term Financial Liabilities (2023) = 142,437,000 Long-term Financial Liabilities (2023) = 6,402,913,000 Cash and Cash Equivalents (2023) = 451,946,000 Current Financial Assets excl. Other (2023) = 5,770,000 Net Debt = 142,437,000 + 6,402,913,000 − 451,946,000 − 5,770,000 Net Debt = 6,087,634,000 EUR **FFO / Net Debt ratio** = 932,145,000 / 6,087,634,000 ≈ 0.1531 0.1531