# FFO / Net Debt Ratio Calculation for 2022

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

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization - Changes in Working Capital (or similar adjustments)

From the data for 2022-01-01 to 2023-01-01:
- Profit Loss Attributable To Owners Of Parent: €857,000,000
- Depreciation Amortisation And Impairment Loss: €725,700,000
- Income Tax Expense: €355,400,000

A common formula is:
FFO = Net Income + Depreciation & Amortization + Income Tax

FFO = 857,000,000 + 725,700,000 + 355,400,000 = **€1,938,100,000**

Alternatively, using the cash flow statement:
"Cash Flows From Used In Operations Before Changes In Working Capital" = €2,072,700,000

This is close to FFO concept but includes taxes. Let me use the operating cash flow directly:
"Cash Flows From Used In Operating Activities" = €2,323,700,000

The most appropriate FFO measure would be operating cash flows: **€2,323,700,000**

## Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt at 2023-01-01 (end of 2022):**
- Long-term Borrowings: €8,416,700,000
- Short-term Borrowings: €444,100,000
- Current Portion of Long-term Borrowings: €1,909,300,000

Total Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 = €10,770,100,000

**Cash and Cash Equivalents at 2023-01-01:**
€2,155,100,000

**Net Debt = 10,770,100,000 - 2,155,100,000 = €8,615,000,000**

## Step 3: Calculate FFO / Net Debt Ratio

Using Operating Cash Flow as FFO:
Ratio = 2,323,700,000 / 8,615,000,000 = **0.2697**

Let me round to a reasonable precision:
0.27 or approximately 0.270

<answer>0.27</answer>