I need to calculate the FFO / Net debt ratio for 2022.

First, let me understand what FFO (Funds From Operations) and Net debt are:

**FFO** is typically calculated as:
- Operating profit before depreciation and amortization (EBITDA) +/– adjustments, or
- More commonly for credit analysis: Operating profit + depreciation and amortization – taxes +/- working capital changes, or
- Cash flow from operations before working capital changes + interest expense

For corporate credit analysis, FFO is often approximated as:
- Profit from continuing operations + depreciation/amortization + interest expense + other non-cash items, or
- Cash flow from operating activities before changes in working capital

Looking at the data, I have "Cash Flows From Used In Operations Before Changes In Working Capital" for 2022: 2,322,000,000 EUR

However, a more standard FFO definition for credit metrics is:
FFO = Operating profit before depreciation (EBITDA) + interest received – interest paid + dividends received – taxes, or similar

Actually, let me use a more common approach:
FFO = Net income from continuing operations + Depreciation & Amortization + Interest Expense + Other non-cash items - Taxes (or using cash-based approach)

Looking at standard credit rating agency definitions:
FFO = Funds from operations = Net income + Depreciation + Deferred taxes + Other non-cash items

Or more practically from cash flow statement:
FFO = Cash flow from operating activities before changes in working capital + Interest expense

Let me look at what's available:
- "Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 2,322,000,000 EUR
- This already includes interest paid and received, dividends received, and taxes paid

Actually, for FFO/Net debt, the standard Moody's/S&P definition is:
FFO = Net income + D&A + Deferred income taxes + Other non-cash items

Or from the cash flow: CFO + Interest expense - Interest received (to get pre-interest operating cash flow)

Let me use a practical approach. FFO is often approximated as:
- Operating profit before depreciation (EBITDA) minus cash taxes plus/minus other items

Looking at the data more carefully:
- "Operating Profit Before Depreciations Ebitda" 2022: 1,842,000,000 EUR
- "Comparable Ebitda" 2022: 2,436,000,000 EUR

For credit analysis, "Comparable EBITDA" is often used as a cleaner measure, but FFO needs to be cash-based or adjusted.

Let me use the cash flow approach:
FFO = Cash flows from operations before changes in working capital + Interest expense (since we want pre-interest FFO for debt service coverage, but actually for FFO/net debt we want the standard FFO)

Actually, standard FFO definition from cash flows:
FFO = Cash flow from operating activities before working capital changes

From the data: 2,322,000,000 EUR for 2022

But this includes interest paid and taxes paid. For a more standard FFO comparable to EBITDA-based measures:

Let me try: FFO = EBITDA + Interest received - Interest paid + Dividends received - Taxes paid + other adjustments

Or simpler: FFO = Operating profit + D&A - Cash taxes + Interest expense (accrual to cash adjustment)

Actually, looking at standard definitions used by rating agencies:
FFO = Net income + Depreciation & Amortization + Deferred taxes + Other non-cash items - Gains on asset sales + Other items

From the data for 2022:
- "Profit Loss From Continuing Operations": 1,011,000,000 EUR
- "Depreciation And Amortisation Expense": 566,000,000 EUR
- "Adjustments For Income Tax Expense": -556,000,000 EUR (this is tax expense, negative means expense)

Wait, let me look at "Other Adjustments For Noncash Items": 153,000,000 EUR

And "Adjustments For Finance Income Cost": -193,000,000 EUR

Let me try to build FFO from the cash flow reconciliation:
"Cash Flows From Used In Operations Before Changes In Working Capital" = 2,322,000,000 EUR

This is essentially: Operating profit + D&A + other non-cash items - taxes paid + interest received - interest paid + dividends received

From the components:
- "Adjustments For Income Tax Expense": -556,000,000 EUR
- "Adjustments For Finance Income Cost": -193,000,000 EUR
- "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method": -629,000,000 EUR
- "Adjustments For Depreciation And Amortisation Expense": 566,000,000 EUR
- "Adjustments For Alternative Performance Measures": -593,000,000 EUR
- "Other Adjustments For Noncash Items": 153,000,000 EUR
- "Interest Received Classified As Operating Activities": 84,000,000 EUR
- "Interest Paid Classified As Operating Activities": 201,000,000 EUR
- "Dividends Received Classified As Operating Activities": 18,000,000 EUR
- "Income Taxes Paid Refund Classified As Operating Activities": 167,000,000 EUR

Starting from "Profit Loss From Operating Activities": 1,277,000,000 EUR

Add back: D&A (566) + Other non-cash (153) + Alternative performance measures (-593, this is items affecting comparability) + Undistributed profits (629) + Finance income cost (193) + Income tax expense (556) = 

Wait, let me check: 1,277 + 566 + 153 - 593 - 629 + 193 + 556 = 2,323 (roughly matches 2,322)

Then: + Interest received 84 - Interest paid 201 + Dividends received 18 - Taxes paid 167 = 2,322 + 84 - 201 + 18 - 167 = 2,056? No wait, the 2,322 already includes these.

Actually "Cash Flows From Used In Operations Before Changes In Working Capital" is 2,322, which includes all these items.

For FFO, a common definition is:
FFO = CFO before working capital changes + Interest expense - Interest received (to get to pre-interest, or keep as is for post-interest)

Actually for FFO/Net debt ratio, we want FFO available to service debt, so:
FFO = Cash flow from operations before working capital changes + Interest paid - Interest received (to get EBITDA-like cash flow, pre-interest)

Or more standard: FFO = Net income + D&A + Deferred taxes + Other non-cash items

Let me use a cleaner approach. In many European contexts, FFO is approximated as:
FFO = Operating profit + D&A - Cash taxes + Interest expense

Or from the cash flow statement, FFO is often taken as:
FFO = Funds from operations = Cash generated from operations before working capital changes

I'll use: FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Interest paid - Interest received (to add back interest, making it pre-interest FFO)

= 2,322,000,000 + 201,000,000 - 84,000,000 = 2,439,000,000 EUR

Or alternatively, if we keep interest in (as FFO is often post-interest):
FFO = 2,322,000,000 EUR

Actually, looking at standard credit metrics, FFO typically includes interest expense (i.e., it's pre-interest), because we want to see total cash generation available for debt service.

But wait - "Funds From Operations" in the FFO/net debt ratio is typically:
FFO = Net income + D&A + Deferred taxes + Other non-cash items - Capital gains + Other items

And it's usually POST-interest, as interest is a charge against operations.

Hmm, let me reconsider. The ratio FFO/Net debt is used to assess debt servicing ability. If FFO is post-interest, then the ratio shows coverage after interest. If pre-interest, it shows total coverage.

Standard Moody's definition: FFO = Net income + D&A + Deferred income taxes + Other non-cash items

This is POST-interest and POST-tax.

From the data:
- "Profit Loss From Continuing Operations" (closest to net income from continuing ops): 1,011,000,000 EUR
- Or "Profit Loss" (total): -10,290,000,000 EUR (includes discontinued ops)

For continuing operations:
- "Income From Continuing Operations Attributable To Owners Of Parent": 1,011,000,000 EUR
- Add: "Depreciation And Amortisation Expense": 566,000,000 EUR
- Add: Other non-cash items

From cash flow adjustments:
- "Other Adjustments For Noncash Items": 153,000,000 EUR
- "Adjustments For Alternative Performance Measures": -593,000,000 EUR (items affecting comparability, need to check if non-cash)

Actually, "Items Affecting Comparability" of -593,000,000 EUR likely includes impairments and other non-cash items.

Let me look at what comprises "Items Affecting Comparability":
- "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss": 905,000,000 EUR
- "Capital Gains And Other Related Items": 785,000,000 EUR
- "Changes In Fair Values Of Derivatives Hedging Future Cash Flow": 393,000,000 EUR
- "Other Adjustments Affecting Comparability": 80,000,000 EUR

Sum: 905 + 785 + 393 + 80 = 2,163,000,000 EUR... but "Items Affecting Comparability" is -593,000,000 EUR.

Wait, these might have different signs. Let me check: "Items Affecting Comparability" 2022 is -593,000,000 EUR.

Actually, looking at the 2021 data: Items Affecting Comparability was 2,897,000,000 EUR (positive).

The components: Impairment loss reversal 35M, Capital gains 2,673M, Changes in fair values -264M, Other 6M = 2,450M... not matching 2,897M.

Hmm, perhaps the signs in the detailed items are gains/losses, and "Items Affecting Comparability" aggregates them with appropriate signs.

For 2022: Impairment 905M (likely loss, so negative), Capital gains 785M (positive), Fair value changes 393M (positive), Other 80M (positive). If impairment is a loss (expense): -905 + 785 + 393 + 80 = 353M... still not -593M.

Actually, "Impairment Loss Reversal" of 905M means reversal of impairment, which is a gain (positive). So: 905 + 785 + 393 + 80 = 2,163M. But reported as -593M. 

Perhaps the signs in the detailed breakout are already signed, and I need to read them differently. Or perhaps "Items Affecting Comparability" = -593M means a net loss/negative item.

Let me not get bogged down. For FFO, I'll use the cash flow based approach.

Standard FFO = Cash flow from operations before changes in working capital

But adjusted to be comparable year-to-year and excluding working capital volatility.

From the statement: "Cash Flows From Used In Operations Before Changes In Working Capital" = 2,322,000,000 EUR for 2022.

However, this includes interest paid and received. For a pre-interest FFO (more comparable to EBITDA for debt ratios):

FFO (pre-interest) = 2,322,000,000 + 201,000,000 (interest paid) - 84,000,000 (interest received) = 2,439,000,000 EUR

Or if we want to be more standard and keep it post-interest:
FFO = 2,322,000,000 EUR

Actually, I recall that in many European utility/energy company analyses, FFO is defined as:
FFO = Operating cash flow before changes in working capital (which is essentially EBITDA - cash taxes + other cash items)

Let me check with EBITDA:
- "Comparable Ebitda" 2022: 2,436,000,000 EUR
- Cash taxes paid: 167,000,000 EUR
- Other items: ?

2,436M - 167M = 2,269M, close to 2,322M. The difference is interest and dividends: +84M interest received - 201M interest paid + 18M dividends received = -99M. So 2,269 - 99 = 2,170M, not matching.

Hmm, let me try "Operating Profit Before Depreciations Ebitda" 1,842M - taxes 167M + interest items etc.

Actually, the 2,322M is built from profit/loss, not from EBITDA. Let me accept 2,322M as the base FFO figure.

For Net Debt, I need to calculate:
Net Debt = Total Debt - Cash and Cash Equivalents

Debt includes:
- Non-current borrowings/financial liabilities
- Current borrowings/financial liabilities

From the balance sheet data at 2023-01-01 (end of 2022):
- "Other Noncurrent Financial Liabilities": 3,658,000,000 EUR
- "Other Current Financial Liabilities": 4,127,000,000 EUR

But I also need to check if there are other debt items. Looking at the liabilities structure:
- "Noncurrent Derivative Financial Liabilities": 756,000,000 EUR (these are derivatives, not typically debt)
- "Current Derivative Financial Liabilities": 3,973,000,000 EUR (derivatives)

For debt, we typically include:
- Interest-bearing liabilities

From "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" - these likely include debt.

But wait, I need to check if there are specific borrowings. Looking at cash flow statement:
- "Proceeds From Noncurrent Borrowings": 2,421,000,000 EUR
- "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities": 5,888,000,000 EUR
- "Cash Flows From Used In Increase Decrease In Current Borrowings": -170,000,000 EUR (negative means decrease)

These suggest there are borrowings, but they're embedded in "Other Financial Liabilities".

Actually, for a complete picture, I need to look at all interest-bearing debt. Let me check if there's lease liabilities separated - the repayments include "lease liabilities".

From the balance sheet, let me identify debt-like items:
- "Other Noncurrent Financial Liabilities": 3,658,000,000 EUR
- "Other Current Financial Liabilities": 4,127,000,000 EUR
- "Margin Liabilities": 352,000,000 EUR (these might be debt-like)

Total financial liabilities = 3,658 + 4,127 + 352 = 8,137,000,000 EUR? But margin liabilities might be operating.

Actually, for net debt calculation, we typically use:
Net Debt = (Non-current financial liabilities + Current financial liabilities) - Cash and cash equivalents

But we need to exclude derivatives, trade payables, etc., unless they're debt-like.

"Other Noncurrent Financial Liabilities" (3,658M) and "Other Current Financial Liabilities" (4,127M) likely include bank debt, bonds, etc.

However, "Current Derivative Financial Liabilities" (3,973M) and "Noncurrent Derivative Financial Liabilities" (756M) are derivative financial instruments - these can be debt-like if negative value, but typically net debt focuses on borrowings.

Also "Margin Liabilities" (352M) - these are related to trading/margining.

Let me think about this more carefully. In energy companies with large trading operations, derivatives and margin positions can be significant. The standard approach is:

Net Debt = Interest-bearing debt - Cash and cash equivalents

Interest-bearing debt includes:
- Bank loans
- Bonds
- Lease liabilities
- Sometimes pension liabilities (if funded)

From the cash flows, we see "Proceeds From Noncurrent Borrowings" and "Repayments Of Non Current Borrowings" - so there are borrowings.

Looking at the balance sheet change from 2022 to 2023:
- Other Noncurrent Financial Liabilities: 8,701M → 3,658M (decrease of 5,043M)
- Other Current Financial Liabilities: 8,519M → 4,127M (decrease of 4,392M)

Cash flow says repayments of noncurrent borrowings 5,888M and current borrowings decreased by 170M. The difference might be reclassifications, FX, or other items.

For net debt at end of 2022 (which is 2023-01-01 in the data):
- Financial debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities + any other debt items

But I need to be careful - "Other Financial Liabilities" might include more than just debt (e.g., deposits received, accrued interest).

Given the data available, let me use:
Gross Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities + Margin Liabilities (as these are typically debt-like in trading operations)
= 3,658 + 4,127 + 352 = 8,137,000,000 EUR

Or perhaps include derivatives? In energy trading companies, derivative liabilities can represent hedging and trading positions. For a conservative net debt, we might include them.

Actually, looking at standard practice for utilities/energy companies, net debt typically includes:
- All interest-bearing liabilities (bank debt, bonds, finance leases)
- Sometimes derivative liabilities if they're hedging debt (but not trading derivatives)

Given the lack of detailed breakdown, let me use:
Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities = 3,658 + 4,127 = 7,785,000,000 EUR

But wait - the company had massive derivative positions. At 2022-01-01:
- Noncurrent Derivative Financial Assets: 17,096M
- Current Derivative Financial Assets: 65,392M
- Noncurrent Derivative Financial Liabilities: 16,657M
- Current Derivative Financial Liabilities: 71,947M

These are huge! This suggests Fortum is heavily involved in energy trading. At 2023-01-01, these have reduced dramatically:
- Noncurrent Derivative Financial Assets: 343M
- Current Derivative Financial Assets: 1,486M
- Noncurrent Derivative Financial Liabilities: 756M
- Current Derivative Financial Liabilities: 3,973M

The reduction is due to the discontinued operations (likely the Uniper spin-off/divestment).

For net debt calculation, derivative positions are typically excluded unless they're specifically hedging debt. However, in energy companies, sometimes "net debt" is calculated including working capital and trading positions.

Let me use a standard definition: Net Debt = Interest-bearing debt - Cash

Interest-bearing debt at 2023-01-01:
- Other Noncurrent Financial Liabilities: 3,658M
- Other Current Financial Liabilities: 4,127M
- Margin Liabilities: 352M (these are essentially debt-like, related to trading collateral)

Total = 8,137M

Cash and cash equivalents: 3,919M

Net Debt = 8,137 - 3,919 = 4,218,000,000 EUR

But I should check if "Liquid Funds" is the same as "Cash And Cash Equivalents". Looking at the data:
- "Liquid Funds" 2023-01-01: 3,919,000,000 EUR
- "Cash And Cash Equivalents" 2023-01-01: 3,919,000,000 EUR

Same value, so they're the same.

Hmm, but let me reconsider. The "Other Current Financial Liabilities" of 4,127M and "Other Noncurrent Financial Liabilities" of 3,658M - are these all debt? They might include other items like accrued interest, financial lease liabilities, etc.

Actually, looking more carefully at the cash flow statement for financing activities:
- "Proceeds From Noncurrent Borrowings": 2,421M
- "Repayments Of Non Current Borrowings And Repayments Of Lease Liabilities": 5,888M

This suggests borrowings are part of noncurrent financial liabilities. The 3,658M at year-end 2022 includes remaining borrowings.

Also, "Cash Flows From Used In Increase Decrease In Current Borrowings": -170M (decrease)

So total debt-related movements: +2,421 noncurrent - 5,888 repayments - 170 current decrease = net decrease 3,637M

From 2022 to 2023, noncurrent financial liabilities decreased from 8,701M to 3,658M (decrease 5,043M), and current from 8,519M to 4,127M (decrease 4,392M). Total decrease 9,435M.

But cash flow shows only 3,637M net decrease in borrowings. The difference is likely due to reclassification to held for sale, FX changes, or other items related to the Uniper disposal.

Actually, looking at the massive balance sheet reduction (Assets from 149,661M to 23,642M), this is clearly due to a major divestiture (Uniper). The discontinued operations loss of 11,302M also confirms this.

For the 2022 year-end balance sheet, the company has significantly deconsolidated Uniper.

Given this major restructuring, let me be careful about what debt remains.

At 2023-01-01 (post-Uniper disposal):
- Other Noncurrent Financial Liabilities: 3,658M
- Other Current Financial Liabilities: 4,127M
- Margin Liabilities: 352M
- Total debt-like: 8,137M
- Cash: 3,919M
- Net debt: 4,218M

But I should also consider if there are lease liabilities embedded in "Other Longterm Provisions" or elsewhere. The cash flow mentions "Repayments Of Lease Liabilities" as part of the 5,888M.

Actually, for a cleaner net debt, let me also look at whether "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" include derivatives. The term "Other" suggests these exclude derivatives (which are separately reported as "Derivative Financial Liabilities").

So my debt figure of 8,137M seems reasonable, or perhaps just 7,785M excluding margin liabilities.

Let me check if margin liabilities should be included. "Margin Liabilities" are obligations related to margin calls in trading activities. These are typically short-term and collateral-related. In some net debt calculations, they're excluded as operating liabilities. In others, included as debt-like.

I'll use a range or make a judgment. For conservative net debt: include margin liabilities.

Net Debt = 3,658 + 4,127 + 352 - 3,919 = 4,218M EUR

Or if we exclude margin liabilities: 3,658 + 4,127 - 3,919 = 3,866M EUR

Now for FFO. Let me reconsider the definition.

FFO (Funds From Operations) standard definition for credit analysis:
= Cash flow from operating activities before changes in working capital
= 2,322,000,000 EUR for 2022

But this is from continuing operations. Should we include discontinued operations?

Looking at the data:
- "Cash Flows From Used In Operating Activities Continuing Operations": 2,104,000,000 EUR (this is after working capital changes)
- "Cash Flows From Used In Operating Activities Discontinued Operations": -10,870,000,000 EUR

The "Cash Flows From Used In Operations Before Changes In Working Capital" of 2,322M is for continuing operations only (based on the label).

For FFO, we typically want sustainable operating cash generation. The discontinued operations cash flow is heavily negative due to the Uniper situation (Uniper was bailed out by the German government due to energy crisis losses).

For 2022 FFO, if we're assessing the remaining Fortum post-Uniper disposal, we should focus on continuing operations FFO = 2,322M.

However, the question asks for 2022 FFO/Net debt ratio. This is typically calculated based on the full year performance and year-end balance sheet.

Actually, let me check if "Cash Flows From Used In Operations Before Changes In Working Capital" includes both continuing and discontinued. The label says it's the total before working capital, and then there's a separate line for "Cash Flows From Used In Operating Activities Continuing Operations" and "Cash Flows From Used In Operating Activities Discontinued Operations".

Looking: "Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 2,322M
Then: "Increase Decrease In Working Capital" 2022: 219M
Then: "Cash Flows From Used In Operating Activities Continuing Operations" 2022: 2,104M

So 2,322 - 219 = 2,103 ≈ 2,104. This confirms the 2,322M is pre-working capital for continuing operations.

For total operations (continuing + discontinued):
- "Cash Flows From Used In Operating Activities" 2022: -8,767M

This includes discontinued operations. The pre-working capital figure for total operations isn't directly given, but we can infer:
- Continuing: 2,322M pre-WC, 2,104M post-WC
- Discontinued: ? pre-WC, -10,870M post-WC

If working capital change for discontinued is similar proportion, or we can calculate: total working capital change isn't directly given, but total CFO is -8,767M vs continuing 2,104M, so discontinued is -10,871M.

For FFO/net debt, we typically use continuing operations FFO and net debt at year-end.

So FFO = 2,322,000,000 EUR (continuing operations, pre-working capital)

Net Debt = ?

Let me recalculate net debt more carefully. At 2023-01-01 (end of 2022):

From the balance sheet, debt items:
- "Other Noncurrent Financial Liabilities": 3,658M
- "Noncurrent Derivative Financial Liabilities": 756M
- "Other Current Financial Liabilities": 4,127M
- "Current Derivative Financial Liabilities": 3,973M
- "Margin Liabilities": 352M

Total financial liabilities = 3,658 + 756 + 4,127 + 3,973 + 352 = 12,866M

But derivatives can be netted (assets vs liabilities). Derivative assets:
- Noncurrent: 343M
- Current: 1,486M
- Total: 1,829M

Net derivatives = 1,829 - (756 + 3,973) = 1,829 - 4,729 = -2,900M (net liability)

For net debt, standard practice varies:
1. Include all gross debt, exclude derivatives: Debt = 3,658 + 4,127 + 352 = 8,137M; Net debt = 8,137 - 3,919 = 4,218M
2. Include net derivatives: Debt = 8,137 + 4,729 - 1,829 = 11,037M? No, this double counts.

Actually, better approach: Gross debt includes all interest-bearing liabilities. If derivative liabilities are from hedging debt, include them. If from trading, exclude.

Given Fortum's energy trading history, most derivatives are likely trading/hedging operations, not debt hedging.

For conservative approach, I'll use:
Gross debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities + Margin Liabilities = 3,658 + 4,127 + 352 = 8,137M

Net debt = 8,137 - 3,919 = 4,218M

Or if we include all derivative liabilities net of assets:
Net derivative position = 4,729 - 1,829 = 2,900M liability
Debt including net derivatives = 8,137 + 2,900 = 11,037M
Net debt = 11,037 - 3,919 = 7,118M

This is a big difference. Let me think about which is more appropriate.

In many European utility credit analyses, net debt includes the net derivative position when it's related to hedging/ trading activities that are core to operations. However, for pure debt analysis, we focus on borrowings.

Actually, looking at Fortum's annual report context, the massive derivative positions in 2022 were largely related to Uniper's energy trading. After the Uniper disposal, derivatives reduced dramatically.

For the post-Uniper Fortum at year-end 2022, the remaining derivatives (3,973M current liability, 756M noncurrent liability vs 1,486M current asset, 343M noncurrent asset) are more manageable.

I'll use a middle approach: include margin liabilities and other financial liabilities, but exclude pure trading derivatives.

Net Debt = 3,658 + 4,127 + 352 - 3,919 = 4,218M EUR

Or perhaps exclude margin liabilities as operating:
Net Debt = 3,658 + 4,127 - 3,919 = 3,866M EUR

Let me check if there's any other debt-like item. "Other Shortterm Provisions" 13M - these are provisions, not debt. "Nuclear Non Current Provisions" 966M - these are nuclear decommissioning provisions, debt-like but typically excluded from net debt.

Actually, for utilities, sometimes nuclear provisions are included in "economic net debt" or "enterprise value" calculations, but standard net debt excludes them.

I'll go with Net Debt = 4,218M (including margin liabilities) or 3,866M (excluding).

For FFO, let me also consider if we should use post-interest or pre-interest.

Standard FFO for FFO/net debt ratio is typically post-interest, as it's funds available after operations. But some analysts use pre-interest FFO for debt service coverage.

Actually, looking at Moody's and S&P definitions:
- Moody's FFO: Net income + D&A + Deferred taxes + Other non-cash items. This is post-interest.
- S&P FFO: Cash flow from operating activities before changes in working capital - interest paid. Or sometimes just CFO before WC changes.

Wait, S&P's "Funds From Operations" is typically: Net income + D&A + deferred taxes + other non-cash items - gains on asset sales. This is POST-interest.

But for "FFO interest coverage" they add back interest. For "FFO/net debt" they use post-interest FFO.

Hmm, actually let me verify. The ratio "FFO/net debt" is used as a leverage ratio. If FFO is post-interest, it shows cash available after interest to pay down debt. This makes sense for leverage.

Using post-interest FFO = 2,322M (from continuing operations before working capital changes, which includes interest paid and received)

FFO / Net Debt = 2,322 / 4,218 = 0.55 or 55%

Or with net debt 3,866: 2,322 / 3,866 = 0.60 or 60%

Let me also consider if we should use pre-interest FFO:
Pre-interest FFO = 2,322 + 201 - 84 = 2,439M
Or = EBITDA - Cash taxes + other = ?

Actually, looking at "Comparable Ebitda" 2,436M. This is pre-D&A, pre-interest, pre-tax measure.

Cash taxes paid: 167M
Interest paid: 201M
Interest received: 84M
Dividends received: 18M

From Comparable EBITDA to FFO pre-interest:
2,436 - 167 (taxes) + 18 (dividends) - other cash costs? = roughly 2,287M, not matching 2,322M or 2,439M.

The difference is due to different starting points and adjustments.

Let me stick with: FFO = Cash flow from operations before changes in working capital = 2,322M

And for a more standard credit metric, let me also calculate from net income + D&A:
- "Income From Continuing Operations Attributable To Owners Of Parent": 1,011M
- Add: D&A: 566M
- Add: Other non-cash: 153M
- Add: Items affecting comparability (non-cash portion): ?

The "Items Affecting Comparability" of -593M includes capital gains 785M, impairment reversal 905M, fair value changes 393M, other 80M. The capital gains and impairment reversal are non-cash or realized items.

Actually, "Capital Gains And Other Related Items" 785M - this could be realized gains from divestments (cash) or unrealized. Given Fortum was divesting Uniper, likely realized.

"Impairment Loss Reversal" 905M - this is non-cash.

So FFO = 1,011 + 566 + 153 + 905 (impairment reversal, non-cash) - 785 (capital gains, likely realized/cash) - 393 (fair value changes, non-cash) - 80 (other) + interest expense 179 - finance income 87 + other finance costs 101 + share of loss 629...

This is getting messy. Let me use the cleaner cash flow based FFO = 2,322M.

Actually, I realize I should check if 2,322M is truly post-interest. Looking at the build-up:
"Cash Flows From Used In Operations Before Changes In Working Capital" includes:
- Interest received: 84M
- Interest paid: -201M (or +201M as outflow, so negative to cash)

In the cash flow statement, interest paid is typically a negative cash flow. So if 2,322M is "Cash Flows From Used In" (positive means inflow), then:
2,322 = Operating profit adjustments + 84 (interest received) - 201 (interest paid) + 18 (dividends) - 167 (taxes paid)...

Wait, the label says "Cash Flows From Used In" - this is awkward phrasing. In IFRS, it's "Cash flows from operating activities". The "Used In" suggests outflow. But the value is positive 2,322M, which would be inflow.

Actually, looking at other values:
- "Cash Flows From Used In Financing Activities Continuing Operations": -4,686M (negative, outflow)
- "Cash Flows From Used In Investing Activities Continuing Operations": 1,464M (positive, inflow)

So positive means cash inflow, negative means outflow.

For "Cash Flows From Used In Operations Before Changes In Working Capital": 2,322M (inflow)

This includes:
+ Interest received 84M
- Interest paid 201M (outflow, so reduces the inflow)
+ Dividends received 18M
- Taxes paid 167M

So pre-interest, pre-tax operating cash generation would be higher.

For FFO/net debt ratio, I'll use FFO = 2,322M (standard definition, post-interest operating cash flow before working capital changes).

Now for net debt, I want to be more precise. Let me look at whether there are any other debt-like items I missed.

At 2023-01-01:
- "Other Noncurrent Financial Liabilities": 3,658M
- "Other Current Financial Liabilities": 4,127M

Are there lease liabilities? The cash flow mentions "Repayments Of Lease Liabilities" as part of 5,888M. So yes, leases are in noncurrent borrowings/financial liabilities.

Are there pension liabilities? "Noncurrent Recognised Liabilities Defined Benefit Plan": 13M - this is small.

"Nuclear Non Current Provisions": 966M - provision for nuclear waste, not debt.

"Other Longterm Provisions": 118M - not debt.

So debt = 3,658 + 4,127 = 7,785M (excluding margin liabilities)
Or 8,137M (including margin liabilities)

Cash = 3,919M

Net debt = 3,866M or 4,218M

I think excluding margin liabilities is more standard, as they're operating/collateral related. But including them is more conservative.

Let me check industry practice. For energy trading companies, margin liabilities are often included in "economic net debt" or adjusted net debt because they represent collateral obligations that are debt-like.

I'll calculate both:
- Net debt (strict) = 7,785 - 3,919 = 3,866M
- Net debt (including margin) = 8,137 - 3,919 = 4,218M

For FFO/net debt, I'll use the more common strict definition: 3,866M net debt.

FFO / Net Debt = 2,322 / 3,866 = 0.6006 or about 0.60

Or if using pre-interest FFO: 2,439 / 3,866 = 0.63

Let me also consider if we should use total FFO including discontinued operations. The discontinued operations had massive negative cash flows due to Uniper's losses. For 2022:
- Discontinued operating cash flow: -10,870M
- This is post-working capital. Pre-working capital would be different.

If we roughly estimate discontinued pre-working capital FFO: The total operating cash flow is -8,767M, continuing is 2,104M, so discontinued is -10,871M. Working capital change total isn't given for discontinued, but if continuing had +219M working capital benefit, and total working capital change is similar, discontinued might have had significant working capital use.

Actually, for the full year 2022 including discontinued operations, FFO would be very negative due to Uniper. But the question asks for FFO/net debt for 2022, and typically this would be calculated on a sustainable basis using continuing operations, especially when there's a major disposal.

However, if we strictly use 2022 full year including Uniper until disposal:
Total FFO (pre-working capital) = Continuing 2,322M + Discontinued ? 

We don't have discontinued pre-working capital directly. But we can estimate from the cash flow build-up if we had more data.

Actually, looking at the comprehensive income and other data, Uniper was largely disposed during 2022. The year-end 2022 balance sheet is post-disposal. So using continuing operations FFO with year-end net debt is consistent (both are post-disposal Fortum).

But the 2022 income statement and cash flow include Uniper for the period until disposal. This is a mixed picture.

For consistency, I should use:
- FFO from full 2022 (including Uniper for the period owned)
- Net debt at year-end 2022 (post-Uniper disposal)

This is inconsistent timing, but it's standard practice in financial analysis (LTM FFO with latest balance sheet).

Alternatively, use pro forma or continuing operations FFO with post-disposal net debt.

Given the complexity, let me use continuing operations FFO = 2,322M as the cleanest sustainable measure, with year-end net debt = 3,866M or 4,218M.

FFO/Net debt = 2,322 / 3,866 = 0.60 or 60%

Or = 2,322 / 4,218 = 0.55 or 55%

Let me check if there's a more standard net debt figure I should use. In Fortum's own reporting (if I recall from actual annual reports), they might report "interest-bearing net debt" which includes certain items.

Given the data available and standard credit analysis practice, I'll use:
- FFO = 2,322,000,000 EUR (Cash Flows From Used In Operations Before Changes In Working Capital, continuing operations)
- Net Debt = Other Noncurrent Financial Liabilities + Other Current Financial Liabilities - Cash and Cash Equivalents = 3,658 + 4,127 - 3,919 = 3,866,000,000 EUR

FFO / Net Debt = 2,322 / 3,866 = 0.6006

Rounding to reasonable precision: 0.60 or 60.1%

Actually, let me reconsider if I should include margin liabilities. In many analyses of energy companies, margin liabilities are included because they represent collateral that must be posted and is debt-like. However, margin receivables are also an asset.

Net margin position = Margin receivables 2,607M - Margin liabilities 352M = 2,255M asset

If we include margin liabilities in debt, we should arguably include margin receivables as part of cash/cash-like items.

Adjusted cash = 3,919 + 2,607 = 6,526M
Adjusted debt = 3,658 + 4,127 + 352 = 8,137M
Net debt = 8,137 - 6,526 = 1,611M

This would give FFO/Net debt = 2,322 / 1,611 = 1.44 or 144%

This seems too high and not standard. Typically margin receivables are not included in cash for net debt.

I'll stick with standard net debt excluding both margin receivables and liabilities from the calculation, or including liabilities in debt but not receivables in cash.

Actually, standard practice is:
Net Debt = Interest-bearing debt - Cash and cash equivalents

Margin liabilities are not interest-bearing, so exclude.
Margin receivables are not cash equivalents, so exclude.

Net Debt = 3,658 + 4,127 - 3,919 = 3,866M

FFO/Net Debt = 2,322 / 3,866 = 0.6006

Let me verify with another approach. Using EBITDA-based FFO:
Comparable EBITDA = 2,436M
Less: Cash taxes = 167M
Less: Interest paid net = 201 - 84 = 117M
Plus: Dividends received = 18M
FFO approx = 2,436 - 167 - 117 + 18 = 2,170M

This is lower than 2,322M. The difference (152M) is due to other items in the cash flow reconciliation (other non-cash adjustments, working capital timing, etc.).

The cash flow based 2,322M is more accurate as it reflects actual cash generation.

Final calculation:
FFO = 2,322,000,000 EUR
Net Debt = 3,658,000,000 + 4,127,000,000 - 3,919,000,000 = 3,866,000,000 EUR

FFO / Net Debt = 2,322 / 3,866 = 0.6006

I'll round to 0.60 or express as 60.1%. But the ratio is typically expressed as a multiple (like 0.6x or 60%).

Actually, looking at how FFO/net debt is typically expressed - it's often as a percentage or as "times". For example, "FFO/net debt of 60%" or "0.6x".

The question asks for "FFO / Net debt ratio", so I'll provide the decimal or percentage. Given the format requested (just a value), I'll provide 0.60 or 60.

Actually, let me double-check my net debt calculation. Should I include current portion of long-term debt in current financial liabilities? Yes, typically yes. Should I exclude trade payables? Yes, "Other Financial Liabilities" excludes trade payables (which are in "Trade And Other Current Payables": 1,657M).

So debt items:
- Other Noncurrent Financial Liabilities: 3,658M (includes bonds, bank loans, leases, etc.)
- Other Current Financial Liabilities: 4,127M (includes current portion of long-term debt, short-term borrowings)

These are the correct debt items.

One more check: Are there any debt items in "Other Noncurrent Liabilities" or "Other Current Liabilities"? 
- "Other Noncurrent Liabilities": 121M - likely not debt
- "Other Current Liabilities" category - not separately listed, but "Other Shortterm Provisions" 13M is provisions, not debt.

So my debt figure seems correct.

Final answer: FFO / Net Debt = 2,322 / 3,866 = 0.6006 ≈ 0.60

Or if using more precise: 0.601

Let me also consider if we should use average net debt or year-end net debt. Standard practice is year-end net debt for this ratio.

One more consideration: Should FFO be from total operations or continuing? For 2022, Fortum had massive losses in discontinued operations (Uniper). If we include discontinued FFO, it would be very negative. But the year-end net debt is post-Uniper disposal.

For a meaningful ratio of the remaining Fortum entity, using continuing operations FFO with post-disposal net debt makes sense, even though the timing is slightly inconsistent (FFO includes Uniper for part of 2022, net debt is post-Uniper).

Alternatively, if we want full 2022 including Uniper, we'd need full 2022 net debt including Uniper, which we don't have (year-end is post-disposal).

I'll use continuing operations FFO = 2,322M.

Actually, wait. Let me re-read the cash flow labels more carefully.

"Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 2,322M
"Cash Flows From Used In Operating Activities Continuing Operations" 2022: 2,104M
"Cash Flows From Used In Operating Activities Discontinued Operations" 2022: -10,870M
"Cash Flows From Used In Operating Activities" 2022: -8,767M

The total -8,767 = 2,104 + (-10,871) approximately (small rounding difference).

The 2,322M is explicitly "before changes in working capital" for continuing operations. Then working capital change of 219M brings it to 2,104M.

For total operations, we don't have pre-working capital FFO. But we can infer total working capital change:
Total CFO -8,767 = Continuing CFO 2,104 + Discontinued CFO -10,871
Total pre-WC FFO = Continuing pre-WC 2,322 + Discontinued pre-WC ?

If total working capital change = X, then total pre-WC = -8,767 + X
Continuing working capital change = 2,322 - 2,104 = 218M (matches 219M with rounding)
If discontinued working capital change = Y, then X = 218 + Y
Total pre-WC = 2,322 + Discontinued pre-WC = -8,767 + 218 + Y

We don't know Y. But total pre-WC FFO would be 2,322 + Discontinued pre-WC.

Given Uniper's massive losses, Discontinued pre-WC FFO was likely very negative. For example, if discontinued had similar working capital use, pre-WC could be around -10,653M (=-10,871 + 218), making total pre-WC = 2,322 - 10,653 = -8,331M.

Using total FFO would make the ratio negative, which is meaningless.

So using continuing operations FFO = 2,322M is the only sensible approach.

Final calculation:
FFO = 2,322,000,000
Net Debt = 3,866,000,000
Ratio = 0.6006

I'll express this as 0.60 or 60.1%. Given the precision of inputs, 0.60 seems appropriate.

Actually, let me reconsider if I should include margin liabilities. Looking at Fortum's business, margin liabilities are related to trading and collateral. In some net debt definitions for energy companies, these are included. Let me check both:

With margin liabilities: Net Debt = 3,658 + 4,127 + 352 - 3,919 = 4,218M
Ratio = 2,322 / 4,218 = 0.5505 or 0.55

Without margin liabilities: 0.60

The difference is material. I need to decide which is more standard.

Looking at the cash flow statement, "Increase Decrease In Margin Liabilities Classified As Financing Activities": 150M for 2022. This suggests margin liabilities are considered financing activities, which supports treating them as debt-like.

Also, "Cash Flows From Decrease Increase In Margin Receivables": -1,311M (investing or operating? It's listed near investing activities but not explicitly classified).

Actually, looking more carefully: "Cash Flows From Decrease Increase In Margin Receivables" is listed under investing activities section (between shareholder loans and change in other interest bearing receivables). And "Increase Decrease In Margin Liabilities Classified As Financing Activities" is in financing.

This mixed classification suggests margin positions are trading-related, not pure financing.

Given the ambiguity, I'll use the more standard definition excluding margin liabilities from net debt:
Net Debt = 3,658 + 4,127 - 3,919 = 3,866M

But I'll also note that including them gives 0.55.

For my final answer, I'll use 0.60 (or more precisely 0.601).

Wait, let me recheck: 2,322 / 3,866 = ?
2,322 / 3,866 = 0.600620796689...

So 0.60 or 60.1%.

Actually, I want to verify my FFO figure once more. Is "Cash Flows From Used In Operations Before Changes In Working Capital" truly the standard FFO?

In many credit analyses, FFO is specifically:
FFO = Net income + Depreciation + Deferred taxes + Other non-cash items

From the data, using continuing operations:
- "Income From Continuing Operations Attributable To Owners Of Parent": 1,011M
- Add: "Depreciation And Amortisation Expense": 566M
- Add: "Adjustments For Income Tax Expense": -556M (this is tax expense, negative in cash flow means outflow; as adjustment to net income, we add back the expense)

Wait, the cash flow adjustments show "Adjustments For Income Tax Expense": -556M. This means tax expense of 556M was deducted to get to net income, so we add back 556M? No, in cash flow from net income to operating cash flow, we add back non-cash items and adjust for cash items.

Actually, looking at the cash flow reconciliation more carefully:
Starting from "Profit Loss From Operating Activities": 1,277M
Add: "Adjustments For Depreciation And Amortisation Expense": 566M
Add: "Adjustments For Income Tax Expense": -556M (negative means tax expense, so this is adding back a negative? No, wait)

Hmm, the signs are confusing. Let me think about this differently.

In standard cash flow reconciliation:
Net income
+ Depreciation & Amortization
+/- Other non-cash items
-/+ Changes in working capital
= Cash flow from operations

The "Adjustments For..." items are added to net income to get to cash flow.

"Adjustments For Depreciation And Amortisation Expense": +566M (add back non-cash expense)
"Adjustments For Income Tax Expense": -556M (this is strange - usually we'd add back tax expense, not subtract)

Wait, if "Adjustments For Income Tax Expense" is -556M, and it's an "adjustment", this might mean the cash flow is being adjusted by -556M relative to net income. But tax expense reduces net income, so to add it back, the adjustment should be +556M (if it was non-cash) or we don't add it back (if it was cash).

Actually, I think the negative sign means this is the tax expense amount, and in the reconciliation from operating profit to cash flow, we might be going from pre-tax to after-tax.

Let me look at "Profit Loss From Operating Activities": 1,277M. This is pre-tax operating profit? No, "Profit Loss From Operating Activities" typically includes all operating items, possibly pre-tax or after some items.

Actually, looking at the income statement build-up:
"Comparable Operating Profit": 1,871M
"Items Affecting Comparability": -593M
"Profit Loss From Operating Activities": 1,277M

So 1,871 - 593 = 1,278 ≈ 1,277M. This is operating profit.

Then: "Share Of Profit Loss Of Associates": -629M
"Interest Expense": -179M
"Finance Income": 87M
"Other Finance Income Cost": -101M
"Finance Income Cost" total: -193M

1,277 - 629 - 193 = 455M = "Profit Loss Before Tax"

Then "Income Tax Expense Continuing Operations": -556M (negative means expense)
455 - 556 = -101M? But "Profit Loss From Continuing Operations" is 1,011M.

Hmm, that doesn't work. 455 - 556 = -101, not 1,011.

Wait, let me re-read: "Income Tax Expense Continuing Operations" 2022: -556,000,000 EUR. The negative sign might indicate expense (outflow), but in the income statement, tax expense reduces profit.

Actually, looking at 2021: "Income Tax Expense Continuing Operations": 325,000,000 EUR (positive). And "Profit Loss Before Tax" 4,332M minus tax 325M = 4,007M, close to "Profit Loss From Continuing Operations" 4,008M.

For 2022: "Profit Loss Before Tax" 455M. If tax expense is -556M (negative expense, i.e., tax benefit), then 455 - (-556) = 455 + 556 = 1,011M. Yes! That matches "Profit Loss From Continuing Operations" 1,011M.

So "Income Tax Expense Continuing Operations" of -556M means a tax benefit (negative expense), likely due to losses in discontinued operations or other items.

This clarifies the sign convention: negative values for expense items mean benefits/credits, positive values mean actual expenses.

Back to FFO: Using the cash flow based figure of 2,322M is safest, as it's the actual cash generation before working capital changes.

My final answer: FFO / Net Debt = 2,322 / 3,866 = 0.60

I'll provide this as 0.60 or 60.1%. Given standard practice of expressing this ratio as a percentage or decimal, and the requested format (no units, just value), I'll provide 0.60.

Actually, rethinking: In many financial databases, FFO/Net Debt is expressed as a percentage (e.g., 60%). But it can also be as a multiple (0.6x). 

Given no specific guidance, I'll provide the decimal 0.60.

Wait, I want to double-check one thing. Is "Cash Flows From Used In Operations Before Changes In Working Capital" of 2,322M the right FFO, or should I use a different figure?

Looking at standard credit rating agency definitions:
- Moody's FFO: Net income + D&A + Deferred income taxes + Other non-cash items
- This approximates cash earnings, not exactly cash flow from operations

For 2022 continuing operations:
- Net income: 1,011M
- D&A: 566M
- Deferred taxes: ? (part of the -556M tax benefit, but hard to separate)
- Other non-cash: 153M + portions of -593M items affecting comparability

If I roughly estimate: 1,011 + 566 + 153 + 905 (impairment reversal, non-cash) - 785 (capital gains, likely cash) - 393 (fair value, non-cash) - 80 (other) + 179 (interest expense, add back for pre-interest)...

This is getting too complicated. The cash flow based 2,322M is cleaner and includes all these adjustments properly.

I'll stick with FFO = 2,322M.

One final check: Should I use "Cash Flows From Used In Operations Before Changes In Working Capital" or "Comparable Ebitda" or something else?

"Cash Flows From Used In Operations Before Changes In Working Capital" = 2,322M
"Operating Profit Before Depreciations Ebitda" = 1,842M
"Comparable Ebitda" = 2,436M

FFO is typically closer to EBITDA - Cash taxes +/- other items. The 2,322M is about 2,436M - 167M (taxes) - 117M (net interest) + 18M (dividends) + other items ≈ 2,170M + other items = 2,322M. The "other items" (152M) include non-cash adjustments, timing differences, etc.

I think 2,322M is correct as FFO.

Final answer: 2,322 / 3,866 = 0.6006 ≈ 0.60

<answer>0.60</answer>