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 (or at the end of 2022). **1. Calculate Funds From Operations (FFO):** Using the standard definition, FFO is typically calculated as Profit Loss plus Depreciation, Amortisation, and Impairment. From the provided data for the period 2022-01-01 to 2023-01-01: - Profit Loss = 1,169,749,000 EUR - Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss = 1,979,007,000 EUR FFO = 1,169,749,000 + 1,979,007,000 = 3,148,756,000 EUR *(Note: Some variations of FFO might adjust for finances or taxes, but the base standard definition uses the profit plus D&A. Adding net finance costs (1,753,220,000 - 843,000,000 = 910,220,000) would give an adjusted FFO of ~4,058,976,000, but we'll stick to the primary classic definition unless specified otherwise.)* **2. Calculate Net Debt at the end of 2022:** Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. Total Financial Debt includes both long-term and short-term borrowings, plus other financial liabilities (which often include lease liabilities and other debt-like items). From the balance sheet at 2023-01-01 (end of 2022): - Longterm Borrowings = 15,782,604,000 EUR - Current Borrowings And Current Portion Of Noncurrent Borrowings = 4,239,869,000 EUR - Other Noncurrent Financial Liabilities = 5,159,496,000 EUR - Other Current Financial Liabilities = 3,600,893,000 EUR Total Financial Debt = 15,782,604,000 + 4,239,869,000 + 5,159,496,000 + 3,600,893,000 = 28,782,862,000 EUR Cash and Cash Equivalents = 4,900,205,000 EUR Net Debt = 28,782,862,000 - 4,900,205,000 = 23,882,657,000 EUR **3. Calculate FFO / Net Debt ratio:** Ratio = 3,148,756,000 / 23,882,657,000 ≈ 0.131879... If we use the adjusted FFO (adding back Net Finance Costs, which aligns with operating cash flow metrics before working capital changes): Adjusted FFO = 3,148,756,000 + 910,220,000 = 4,058,976,000 EUR Adjusted Ratio = 4,058,976,000 / 23,882,657,000 ≈ 0.169949... Given standard credit metrics, the unadjusted basic FFO-to-Net-Debt yields ~13.19%. We will provide the unadjusted ratio calculation as it strictly follows the standard "Profit + D&A" formula. 0.132