Let’s reason this out step-by-step. **1. Estimate FFO (Funds From Operations) for 2022** FFO is commonly estimated as: \[ \text{FFO} = \text{Profit Loss from Operating Activities} + \text{Depreciation, Amortization & Provisions} - \text{Taxes} - \text{Finance Costs} + \text{Finance Income} \] From the data: - Profit Loss From Operating Activities (2022): **533,800,000 EUR** - Amortisation Depreciation And Provisions (2022): **667,100,000 EUR** - Income Tax Expense (2022): **103,500,000 EUR** - Finance Costs (2022): **217,200,000 EUR** - Finance Income (2022): **82,200,000 EUR** So: \[ \text{FFO} = 533.8M + 667.1M - 103.5M - 217.2M + 82.2M \] \[ \text{FFO} = 962.4M \ \text{EUR} \] --- **2. Estimate Net Debt for 2022** Net debt = Noncurrent Financial Liabilities + Current Financial Liabilities - Cash and Cash Equivalents At 2023-01-01: - Noncurrent Financial Liabilities: **5,689,900,000 EUR** - Current Financial Liabilities: **650,100,000 EUR** - Cash and Cash Equivalents: **1,942,400,000 EUR** \[ \text{Net Debt} = 5,689.9M + 650.1M - 1,942.4M \] \[ \text{Net Debt} = 4,397.6M \ \text{EUR} \] --- **3. FFO / Net Debt** \[ \frac{962.4}{4,397.6} \approx 0.2188 \] --- 0.219