# FFO / Net Debt Ratio Calculation for REDEIA 2022

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

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Deferred Tax Adjustments - Changes in Working Capital (non-cash)

Or more directly from cash flow statement:
FFO = Cash Flow from Operating Activities - Changes in Working Capital (treating it as adjustment)

Using the cash flow statement data for 2022 (2021-01-01 to 2022-01-01):
- Cash Flows From Operating Activities: 1,605,176,000 EUR

This represents the actual operating cash generated, which is a good measure of FFO.

**FFO 2022 = 1,605,176,000 EUR**

## Step 2: Calculate Net Debt for 2022

Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt 2022:**
- Longterm Borrowings: 5,896,170,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 1,391,722,000 EUR
- Other Noncurrent Financial Liabilities: 57,264,000 EUR
- Other Current Financial Liabilities: 752,703,000 EUR

Total Debt = 5,896,170,000 + 1,391,722,000 + 57,264,000 + 752,703,000 = 8,097,859,000 EUR

**Cash 2022:**
- Cash and Cash Equivalents: 1,574,427,000 EUR

**Net Debt 2022:**
Net Debt = 8,097,859,000 - 1,574,427,000 = 6,523,432,000 EUR

## Step 3: Calculate FFO / Net Debt Ratio

FFO / Net Debt = 1,605,176,000 / 6,523,432,000 = 0.246

<answer>0.25</answer>