# FFO / Net Debt Ratio Calculation for 2022

## Step 1: Calculate FFO (Funds From Operations) for 2022

FFO is typically calculated as:
**FFO = Net Income + Depreciation & Amortization - Changes in Working Capital adjustments + Other non-cash items**

From the data for 2021-01-01 to 2022-01-01:
- Profit Loss: -340,000,000 EUR
- Depreciation and Amortisation Expense: 1,165,000,000 EUR
- Other adjustments for non-cash items: 1,101,000,000 EUR
- Income Taxes Paid (refund): 246,000,000 EUR
- Change in Working Capital (EEG): -4,445,000,000 EUR
- Change in Working Capital (excluding EEG): -680,000,000 EUR

A cleaner approach using cash flow data:
**Cash Flows From Operations (2021-2022): 5,705,000,000 EUR**

This represents the actual operating cash flow, which is a good proxy for FFO.

## Step 2: Calculate Net Debt for 2022

**Net Debt = Total Borrowings - Cash and Cash Equivalents**

From the balance sheet at 2022-01-01:
- Long-term Borrowings: 12,366,000,000 EUR
- Short-term Borrowings: 1,339,000,000 EUR
- Current Bank Overdrafts: 64,000,000 EUR
- Total Borrowings: 12,366 + 1,339 + 64 = 13,769,000,000 EUR

- Cash and Cash Equivalents: 3,204,000,000 EUR

**Net Debt = 13,769,000,000 - 3,204,000,000 = 10,565,000,000 EUR**

## Step 3: Calculate FFO / Net Debt Ratio

**FFO / Net Debt = 5,705,000,000 / 10,565,000,000 = 0.5401**

Rounding to a reasonable precision: **0.54** or **0.540**

<answer>0.54</answer>