# FFO / Net Debt Ratio Calculation for 2022

## Reasoning:

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

FFO is typically calculated as:
- Net Income + Non-cash charges (Depreciation & Amortization) + Changes in working capital adjustments

From the data for 2022-01-01 to 2023-01-01:
- Profit Loss (Net Income): 305,300,000 EUR
- Depreciation & Amortization Adjustments: 478,600,000 EUR
- Allocation to Provisions: 188,500,000 EUR
- Finance costs adjustments: 135,000,000 EUR
- Capital gains/losses: 41,600,000 EUR
- Change in employee benefits: -12,700,000 EUR
- Change in provisions for risks: -27,800,000 EUR

Alternatively, using the cash flow statement directly:
- Cash flows from operating activities: 35,700,000 EUR

However, the more comprehensive FFO calculation:
- Operating cash flow before working capital changes: 1,202,000,000 EUR
- This already includes net income plus non-cash adjustments

I'll use: **FFO = 1,202,000,000 EUR** (operating cash flow before working capital changes provides the best FFO proxy)

### Step 2: Calculate Net Debt for 2022 (as of 2022-01-01)

**Total Debt:**
- Noncurrent Financial Liabilities: 3,716,000,000 EUR
- Current Financial Liabilities: 499,700,000 EUR
- Noncurrent Lease Liabilities: 53,200,000 EUR
- Current Lease Liabilities: 43,400,000 EUR
- **Total Debt = 4,312,300,000 EUR**

**Less: Cash and equivalents:**
- Cash and Cash Equivalents: 885,600,000 EUR

**Net Debt = 4,312,300,000 - 885,600,000 = 3,426,700,000 EUR**

### Step 3: Calculate FFO / Net Debt Ratio

FFO / Net Debt = 1,202,000,000 / 3,426,700,000 = 0.3506

<answer>0.35</answer>