# Estimation of FFO / Net Debt Ratio for 2022

## Reasoning

**Funds From Operations (FFO)** is a cash flow metric that typically equals:
- Operating Cash Flow + Interest Paid - Non-recurring items adjustments

From the data for 2022-01-01 to 2023-01-01 (fiscal year 2022):
- Cash Flows From Operating Activities: 1,260,000,000 EUR
- Interest Paid (Operating Activities): 75,000,000 EUR
- Non-recurring items (gains on disposal): -191,000,000 EUR (this is a one-time gain, so we may add it back)

**FFO = 1,260,000,000 + 75,000,000 - (-191,000,000) = 1,526,000,000 EUR**

However, a more conservative approach would be:
**FFO = 1,260,000,000 + 75,000,000 = 1,335,000,000 EUR**

I'll use the simpler definition: **FFO ≈ 1,335,000,000 EUR**

**Net Debt** calculation:
Looking at the balance sheet at 2023-01-01 (end of 2022):
- Non-current Financial Liabilities: 5,867,000,000 EUR
- Current Financial Liabilities: 1,022,000,000 EUR
- Total Debt: 6,889,000,000 EUR
- Cash and Cash Equivalents: 2,584,000,000 EUR

**Net Debt = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR**

Alternatively, looking at the balance sheet at 2022-01-01 (beginning of 2022):
- Non-current Financial Liabilities: 4,322,000,000 EUR
- Current Financial Liabilities: 746,000,000 EUR
- Total Debt: 5,068,000,000 EUR
- Cash: 964,000,000 EUR
- Net Debt: 4,104,000,000 EUR

Using average or end-of-period net debt (~4,305,000,000 EUR):

**FFO / Net Debt Ratio = 1,335,000,000 / 4,305,000,000 = 0.310 or approximately 0.31**

<answer>0.31</answer>