Let’s go step-by-step. **1. Calculate Funds from Operations (FFO)** FFO is generally: \[ \text{FFO} = \text{Profit Loss from Operating Activities} + \text{Depreciation, Amortization, Provisions, and Impairment} - \text{Income Tax Paid} - \text{Interest Paid} + \text{Interest Received} + \text{Dividends Received} \] From the data (2022): - Profit Loss from Operating Activities = 1,334,000,000 - Dotacion Amortizacion Y Variacion De Provisiones = 762,000,000 - Impairment Loss Reversal = –15,000,000 (adds back if negative? Already included in operating profit, so we use the amortization line which includes provisions) - Income Tax Paid = 215,000,000 - Interest Paid = 209,000,000 - Interest Received = 40,000,000 - Dividends Received = 89,000,000 So: \[ \text{FFO} = 1,334M + 762M - 215M - 209M + 40M + 89M = 1,801,000,000 \] **2. Calculate Net Debt** Net Debt = Noncurrent Borrowings + Current Borrowings – Cash and Equivalents Noncurrent borrowings: - Participaciones Preferentes Obligaciones Y Otros Valores Negociables No Corrientes = 3,101,000,000 - Noncurrent Loans = 2,624,000,000 - Noncurrent Lease Liabilities = 439,000,000 Sum = 6,164,000,000 Current borrowings: - Participaciones Preferentes Obligaciones Y Otros Valores Negociables Corrientes = 1,139,000,000 - Current Loans = 553,000,000 - Current Lease Liabilities = 72,000,000 Sum = 1,764,000,000 Total Debt = 6,164M + 1,764M = 7,928,000,000 Cash and Cash Equivalents = 2,360,000,000 Net Debt = 7,928M – 2,360M = 5,568,000,000 **3. Ratio** \[ \frac{1,801,000,000}{5,568,000,000} \approx 0.32346 \] **Final value:** 0.323