# FFO / Net Debt Ratio Calculation for Bouygues 2022

## Reasoning

To calculate the FFO (Funds From Operations) / Net Debt ratio for 2022, I need:

### 1. FFO Calculation
FFO typically represents operating cash flow adjusted for working capital changes and other items. From the data provided, I can use:
- "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" for 2022: 3,324 million EUR

Alternatively, starting with:
- Profit Loss for 2022: 1,131 million EUR
- Add back: Depreciation and Amortization: 2,228 million EUR
- Add back: Depreciation of ROU Assets: 446 million EUR
- Add back: Impairment losses: 172 million EUR
- Less: Other income adjustments
- Less: Working capital changes

Using the cash flow statement approach is more reliable:
- Cash Flows From Operating Activities for 2022: 2,978 million EUR

However, a more appropriate FFO metric would adjust for interest and taxes paid:
- Cash Flow After Cost of Net Debt, Interest on Lease Obligations, and Income Taxes Paid: 3,324 million EUR

Let me use the operating cash flow as a proxy for FFO: **2,978 million EUR** (for the year 2022-01-01 to 2023-01-01)

### 2. Net Debt Calculation
Net Debt = Total Debt - Cash and Cash Equivalents

From the balance sheet at 2023-01-01 (end of 2022):
- Long-term Borrowings: 11,586 million EUR
- Current Borrowings: 1,361 million EUR
- Current Overdrafts: 418 million EUR
- Less: Cash and Cash Equivalents: 5,736 million EUR

Total Debt = 11,586 + 1,361 + 418 = 13,365 million EUR
Net Debt = 13,365 - 5,736 = 7,629 million EUR

Alternatively, the data directly provides: **Net Debt at 2023-01-01: 7,440 million EUR**

### 3. FFO / Net Debt Ratio

Using:
- FFO (Operating Cash Flow for 2022): 2,978 million EUR
- Net Debt at end of 2022: 7,440 million EUR

**Ratio = 2,978 / 7,440 = 0.400**

<answer>0.40</answer>