To estimate the FFO / Net Debt ratio for 2022, we need to calculate the Funds From Operations (FFO) and the Net Debt for the year ending 2022 (specifically, the period 2022-01-01 to 2023-01-01). 1. **Calculate FFO (Funds From Operations):** Using the standard definition of FFO, we start with Profit Loss and add back Depreciation, Amortisation, and Impairment Loss. - Profit Loss (2022-01-01 - 2023-01-01): 14,996,000,000 DKK - Depreciation Amortisation And Impairment Loss (2022-01-01 - 2023-01-01): 12,283,000,000 DKK - FFO = 14,996,000,000 + 12,283,000,000 = 27,279,000,000 DKK *(Note: We do not subtract finance costs or taxes for a standard FFO calculation, as it represents the raw cash generation of the business before capital structure and tax shield effects.)* 2. **Calculate Net Debt:** Net Debt is calculated as Total Debt minus Cash and Cash Equivalents. Total Debt includes both long-term and short-term borrowings. We use the values at the end of the period (2023-01-01). - Longterm Borrowings (2023-01-01): 60,451,000,000 DKK - Shortterm Borrowings (2023-01-01): 2,830,000,000 DKK - Total Debt = 60,451,000,000 + 2,830,000,000 = 63,281,000,000 DKK - Cash (2023-01-01): 16,178,000,000 DKK - Net Debt = Total Debt - Cash = 63,281,000,000 - 16,178,000,000 = 47,103,000,000 DKK 3. **Calculate the FFO / Net Debt ratio:** - Ratio = FFO / Net Debt - Ratio = 27,279,000,000 / 47,103,000,000 ≈ 0.5791 0.5791