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

First, let me identify what I need:
- FFO (Funds From Operations) for 2022
- Net debt for 2022

From the data:
- "Net Debt" 2022-01-01: 941000000 EUR (this is the net debt at beginning of 2022, which corresponds to end of 2021)
- "Net Debt" 2023-01-01: 7440000000 EUR (this is net debt at end of 2022)

Wait, let me re-read. The dates with single date (2022-01-01) represent the balance at that date. So:
- Net Debt at 2022-01-01 = 941,000,000 EUR (start of 2022 / end of 2021)
- Net Debt at 2023-01-01 = 7,440,000,000 EUR (end of 2022)

For FFO, I need to calculate it. FFO is typically calculated as:
FFO = Profit Loss From Operating Activities + Depreciation And Amortisation Expense - Gain on sale of assets + Other adjustments

Or more commonly in corporate finance, FFO can be approximated as:
FFO = Cash Flows From Used In Operating Activities + Interest Paid - Interest Received + Income Taxes Paid (or using operating profit + depreciation)

Let me look at what we have for the period 2022-01-01 - 2023-01-01 (which is the year 2022):

From the cash flow statement approach:
- "Cash Flows From Used In Operating Activities" 2022-01-01 - 2023-01-01: 2978000000 EUR
- "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" 2022-01-01 - 2023-01-01: 260000000 EUR
- "Income Taxes Paid Classified As Operating Activities" 2022-01-01 - 2023-01-01: 518000000 EUR

Actually, let me think about this more carefully. FFO (Funds From Operations) is typically defined as:
FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other non-cash items - Gains on sales

A more practical definition for credit analysis:
FFO = Cash Flow From Operating Activities + Interest Paid + Income Taxes Paid (or alternatively, use EBIT + Depreciation - Taxes)

Let me try another approach. FFO is often approximated as:
FFO = Profit Loss From Operating Activities + Depreciation And Amortisation Expense

For 2022 (period 2022-01-01 - 2023-01-01):
- "Profit Loss From Operating Activities" = 1872000000 EUR
- "Depreciation And Amortisation Expense" = 2228000000 EUR
- "Depreciation Rightofuse Assets" = 446000000 EUR

Wait, the "Depreciation And Amortisation Expense" might already include the right-of-use assets depreciation, or it might be separate. Let me check if 2228000000 includes 446000000 or not.

Looking at the adjustments for cash flow:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2261000000 EUR

This is close to 2228000000 + 172000000 (impairment) = 2400000000, but not exact. Let me not get confused.

Actually, a standard definition of FFO for rating agencies like S&P is:
FFO = Net Income + Depreciation + Amortization + Deferred Income Taxes + Other non-cash items

Or from cash flows:
FFO = CFO + Interest Expense + Income Tax Expense (paid) - Change in working capital related items... 

Actually, the most common simple formula is:
FFO = Net Income + Non-cash charges (depreciation, amortization, deferred taxes) - Gains on asset sales

Let me use:
FFO = Profit Loss From Operating Activities + Depreciation And Amortisation Expense + Depreciation Rightofuse Assets

But I need to check if Depreciation And Amortisation Expense already includes right-of-use assets.

Looking at cash flow adjustments:
"Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424000000 EUR

This is close to 446000000 but not exact. The difference might be due to exchange differences or other adjustments.

Let me use a cleaner approach. FFO from the cash flow perspective:

"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000 EUR

This seems to be: CFO before working capital changes + interest + taxes? 

Actually, let me look at this more carefully. The standard calculation is:
Cash Flow From Operating Activities = 2978000000 EUR

To get FFO, we add back interest paid (since FFO is before financing costs):
- "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000 EUR (this was deducted to get to CFO)

Wait, let me trace through the cash flow statement:
- "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000 EUR
- Then "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000 EUR (added back?)
- Then "Increase Decrease In Working Capital" = 606000000 EUR
- Then "Cash Flows From Used In Operating Activities" = 2978000000 EUR

So: 3324000000 + 260000000 + 606000000 = 4190000000? No, that doesn't work.

Let me try: 3324000000 - 606000000 = 2718000000? No...

Actually looking more carefully: 3324000000 + 260000000 - something = ?

Wait, let me re-read. "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" - this is after interest and taxes.

Then "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" - this is an adjustment (likely added back to get to pre-interest figure).

Then "Increase Decrease In Working Capital" = 606000000

Then CFO = 2978000000

So if we work backwards from CFO:
2978000000 - 606000000 = 2372000000 (before working capital)
2372000000 - 260000000 = 2112000000? No...

Actually, let me think. "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

This includes interest and taxes paid. To get FFO, we typically want before interest but after taxes, or sometimes before both.

Standard FFO definition from Moody's/S&P for corporate issuers:
FFO = Net Income + Depreciation + Amortization + Deferred Income Taxes + Other non-cash items

Or: FFO = EBIT + Depreciation & Amortization - Cash Taxes

Let me try: 
EBIT = Profit Loss From Operating Activities = 1872000000
Add: Depreciation And Amortisation Expense = 2228000000
Add: Depreciation Rightofuse Assets = 446000000 (if not included above)

If D&A doesn't include ROU depreciation:
EBITDA = 1872000000 + 2228000000 + 446000000 = 4546000000

Less: Taxes = 424000000 (income tax expense)
FFO ≈ 4546000000 - 424000000 = 4122000000? 

But this seems high. Let me check with another approach.

Actually, looking at standard credit metrics, FFO is often calculated as:
FFO = Net Income + D&A + Deferred Taxes + Other non-cash items

Net Income = Profit Loss = 1131000000
Add: Depreciation And Amortisation Expense = 2228000000
Add: Depreciation Rightofuse Assets = 446000000
Add: Impairment Loss Reversal... = 172000000 (this is expense, so add back)
Less: "Reversal Of Unutilised Provisions..." = 364000000 (this is income, so subtract)

Wait, the impairment and reversal are already in operating profit. Let me be more careful.

Actually, let me use the most common practical definition:
FFO = Cash Flow From Operating Activities + Interest Paid

From the data:
- "Cash Flows From Used In Operating Activities" = 2978000000
- Interest paid: We have "Interest Expense" = 231000000, but this is P&L not cash flow
- "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000 (this is the add-back in CFO)

Actually, looking at financing activities:
- "Interest Paid Classified As Financing Activities" = 260000000 EUR

So FFO = CFO + Interest Paid = 2978000000 + 260000000 = 3238000000? 

But wait, is all interest expensed? We also have "Interest Expense On Lease Liabilities" = 62000000. Is this included in the 260000000?

"Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000 - this seems to include both.

And "Interest Paid Classified As Financing Activities" = 260000000.

So FFO = 2978000000 + 260000000 = 3238000000 EUR

But actually, standard FFO also typically excludes working capital changes. Let me reconsider.

FFO (Funds From Operations) in credit analysis is usually:
FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other non-cash charges

This is essentially "cash flow before working capital changes" or "EBITDA - Cash Taxes" approximately.

Let me calculate using the income statement approach:
Net Income = 1131000000
Add: Depreciation And Amortisation Expense = 2228000000
Add: Depreciation Rightofuse Assets = 446000000
Add: Deferred Tax change? 

Deferred Tax Assets increased from 292000000 to 489000000 = 197000000 (use of cash, so subtract? No, increase in DTA is a non-cash benefit to income)

Actually, let me look at the tax expense vs taxes paid:
- "Income Tax Expense Continuing Operations" = 424000000
- "Income Taxes Paid Classified As Operating Activities" = 518000000

So taxes paid > tax expense, meaning there's a cash outflow beyond current tax expense.

For FFO, we typically add back deferred taxes (the non-cash portion). But actually, the standard FFO formula just adds back the entire deferred tax provision (which is the change in deferred taxes).

Change in Deferred Tax Assets: 489000000 - 292000000 = 197000000 (increase, which reduced tax expense or increased tax benefit)
Change in Deferred Tax Liabilities: 759000000 - 344000000 = 415000000 (increase, which increased tax expense)

Net deferred tax change = 415000000 - 197000000 = 218000000 increase in net deferred tax liability, meaning deferred tax expense of 218000000.

Actually, Income Tax Expense = Current Tax + Deferred Tax
424000000 = Current Tax + Deferred Tax

If we can figure out current vs deferred... Taxes paid = 518000000, which suggests current taxes paid were more than total tax expense.

Actually, let me use a simpler approach. FFO from cash flow statement before working capital changes:

Start with: "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

Add back: "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000? 

Wait, this doesn't make sense if we're adding back interest to get FFO. Let me re-read.

Actually, "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" means this is AFTER interest and taxes. So to get to FFO (which is typically before interest, after taxes), we need to add back interest.

But actually, different agencies define FFO differently. S&P's definition:
FFO = Funds from operations = Net income from continuing operations + Depreciation + Amortization + Deferred income taxes + Other non-cash items

Let me just use:
FFO = Net Income + Total Depreciation & Amortization + Impairment charges (non-cash)

Net Income = 1131000000
Add: Depreciation And Amortisation Expense = 2228000000
Add: Depreciation Rightofuse Assets = 446000000 (if separate)

Are these separate? Let me check if 2228000000 includes 446000000 or not.

Looking at the cash flow adjustments:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2261000000

This includes D&A + impairment. The impairment was 172000000 expense.
So D&A in this adjustment = 2261000000 - 172000000 = 2089000000? 

But "Depreciation And Amortisation Expense" in P&L is 2228000000. The difference might be exchange rate or other items.

Also: "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424000000

This is close to 446000000. The difference might be exchange rate or other adjustments.

So total D&A ≈ 2228000000 + 446000000 = 2674000000? Or is ROU depreciation included in 2228000000?

Given the separate line items in P&L, I'll assume they're separate:
Total D&A = 2228000000 + 446000000 = 2674000000

FFO = 1131000000 + 2674000000 = 3805000000? 

But wait, we need to check if Net Income already has these deducted. Yes, operating profit has D&A deducted, and net income is after all expenses.

Actually, let me verify with another approach. "Profit Loss From Operating Activities" = 1872000000. This is EBIT essentially.

EBIT + D&A = EBITDA = 1872000000 + 2674000000 = 4546000000

FFO ≈ EBITDA - Cash Taxes + Interest - Other cash items... 

Actually, standard FFO = EBIT + D&A - Cash Taxes (approx)
= 4546000000 - 518000000 (taxes paid) = 4028000000

Or using Net Income + D&A = 1131000000 + 2674000000 = 3805000000

The difference is mainly taxes: 3805000000 vs 4028000000, difference is 224000000, which is close to the tax expense vs taxes paid difference (424000000 vs 518000000 = 94000000).

Hmm, let me think again. Net Income = 1131000000. This is after tax expense of 424000000.
So pre-tax income = 1131000000 + 424000000 = 1555000000.

Wait, that's not right because there are non-controlling interests and other items.

Actually, Profit Loss = 1131000000 is the bottom line for continuing operations.
Profit Loss Attributable To Owners Of Parent = 973000000
Profit Loss Attributable To Noncontrolling Interests = 158000000
Total = 1131000000. ✓

So Net Income (total) = 1131000000.

FFO = Net Income + D&A + Deferred Taxes + other non-cash

Let me use the most standard simple formula:
FFO = Net Income + Depreciation + Amortization

= 1131000000 + 2228000000 + 446000000 = 3805000000

But I need to check if 2228000000 includes right-of-use depreciation or not.

Looking at the P&L structure:
"Depreciation And Amortisation Expense" = 2228000000
"Depreciation Rightofuse Assets" = 446000000

These are listed as separate line items, suggesting 2228000000 is for PPE and intangibles, and 446000000 is additional for leases.

So total D&A = 2674000000.

FFO = 1131000000 + 2674000000 = 3805000000

Now for Net Debt. The question asks for 2022. 

Net Debt at end of 2022 (which is 2023-01-01 in the data, since these are point-in-time balance sheet dates):
"Net Debt" 2023-01-01: 7440000000 EUR

Wait, but the period is "2022" - so do we use average net debt or end-of-period net debt?

Typically, FFO/Net Debt uses end-of-period net debt or average. For annual ratios, usually end-of-period is used, but sometimes average is preferred for growth situations.

Given the massive increase in net debt from 941000000 to 7440000000, this is likely due to an acquisition. Let me check:

"Cash Flows Used In Obtaining Control Of Subsidiaries Classified As Investing Activities" = 6269000000 EUR

Yes, there was a major acquisition in 2022. This explains the jump in net debt.

For credit ratios, if using end-of-period net debt: 7440000000
If using average: (941000000 + 7440000000) / 2 = 4190500000

Actually, looking at standard practice, for FFO/Net Debt, the denominator is usually the net debt at the end of the period. But sometimes average is used when there's a major change.

However, given that the acquisition happened during 2022, the FFO generated might not reflect the full year's operations with the acquired entity. But we only have one FFO number for 2022.

Let me check if there's guidance on which to use. For leverage ratios like Debt/EBITDA, end-of-period debt is common. For FFO/Net Debt, end-of-period is also common.

Actually, looking more carefully at rating agency practice:
- S&P typically uses "Funds from operations (FFO) to debt" where debt is usually total debt, not net debt
- But "FFO to net debt" is also used

The question asks for "FFO / Net debt ratio for 2022". 

If we use end-of-period net debt (2023-01-01): 7440000000
FFO = 3805000000
Ratio = 3805000000 / 7440000000 = 0.511 or 51.1%

But let me reconsider FFO. There might be a more precise way.

Looking at cash flow statement:
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

This is essentially: EBIT + D&A - Working Capital changes - Cash Taxes - Cash Interest? 

Actually, let me trace through more carefully. This seems to be:
- Start with Profit Loss From Operating Activities = 1872000000
- Add back D&A, impairment, etc. = various adjustments
- Less: taxes paid, interest paid = ?

"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

This is AFTER interest and taxes. So before interest and taxes, this would be higher.

Add back: "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000

So before interest but after taxes = 3324000000 + 260000000 = 3584000000? 

Wait, but this adjustment is added in the cash flow statement to get to something. Let me look at the structure again.

Actually, from the line items:
1. "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000
2. "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" = 260000000
3. "Increase Decrease In Working Capital" = 606000000
4. "Cash Flows From Used In Operating Activities" = 2978000000

So: 3324000000 + 260000000 + 606000000 = 4190000000? No, that's 4190000000, not 2978000000.

Hmm, maybe the signs are different. "Increase Decrease In Working Capital" = 606000000. If this is a decrease in working capital (positive cash flow), then:
3324000000 + 260000000 + 606000000 = 4190000000, which doesn't equal 2978000000.

Wait, maybe "Cash Flow After Cost Of Net Debt..." is not the starting point. Let me re-read the order.

Actually, looking at the labels, these seem to be different subtotals, not sequential. Let me think...

"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" - this is a subtotal in the cash flow statement.

Then "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" - this is an adjustment to reconcile to something else.

Actually, I think "Cash Flow After Cost Of Net Debt..." might be before working capital changes. Then:
- Add/Subtract working capital changes
- = Cash Flow From Operating Activities

So: 3324000000 + 606000000 = 3930000000? Not 2978000000.

Hmm, or maybe working capital change is negative (increase in working capital uses cash):
3324000000 - 606000000 = 2718000000? Not 2978000000 either.

Let me try: The 260000000 might be deducted, not added.
3324000000 - 260000000 = 3064000000
Then + 606000000 or - 606000000?

3064000000 - 606000000 = 2458000000? No.
3064000000 + 606000000 = 3670000000? No.

Actually, maybe I need to look at this differently. The "Adjustments For Cost Of Net Debt..." is likely an adjustment to profit to get to cash flow, not a cash flow subtotal adjustment.

Let me try building CFO from net income:
Net Income = 1131000000
+ Adjustments for undistributed profits of equity method = -92000000
+ Adjustments for dividend income = 11000000
+ Adjustments for D&A and impairment = 2261000000
+ Adjustments for ROU depreciation = 424000000
+ Adjustments for gains/losses on disposal = -285000000
+ Adjustments for income tax expense = 424000000
+ Other adjustments = -194000000
= ?

1131000000 - 92000000 + 11000000 + 2261000000 + 424000000 - 285000000 + 424000000 - 194000000
= 1131000000 - 92000000 + 11000000 + 2261000000 + 424000000 - 285000000 + 424000000 - 194000000
= 1131000000 + 2261000000 + 424000000 + 424000000 - 92000000 + 11000000 - 285000000 - 194000000
= 4240000000 - 92000000 + 11000000 - 285000000 - 194000000
= 4240000000 - 560000000
= 3680000000?

Then + interest paid 260000000 + taxes paid 518000000? No, those are already in net income.

Actually, the adjustments include "Adjustments For Income Tax Expense" = 424000000, which adds back the non-cash tax expense. Then "Income Taxes Paid" = 518000000 is subtracted later? 

Hmm, but I don't see "Income Taxes Paid" in the reconciliation. It's listed separately as "Income Taxes Paid Classified As Operating Activities".

Actually, looking at standard cash flow statement format, the reconciliation from net income to CFO typically:
Net Income
+ Depreciation, amortization, impairment
+/- Changes in working capital
-/+ Gains/losses on disposal
+/- Other
= CFO before interest and taxes
- Interest paid
- Taxes paid
= CFO

Or:
Net Income
+ Depreciation, amortization, impairment
+/- Changes in deferred taxes
+/- Other non-cash
= Operating profit before working capital changes
+/- Working capital changes
= CFO

Let me try the second approach:
Net Income = 1131000000
+ D&A (total) = 2228000000 + 446000000 = 2674000000? But we need to use the cash flow adjustments.

From cash flow adjustments:
- D&A and impairment = 2261000000 (this includes impairment of 172000000, so D&A = 2089000000?)
- ROU depreciation = 424000000
- Gains on disposal = -285000000
- Income tax expense = 424000000 (add back non-cash tax)
- Other = -194000000
- Undistributed profits adjustment = -92000000
- Dividend income adjustment = 11000000

Sum of adjustments to net income:
2261000000 + 424000000 - 285000000 + 424000000 - 194000000 - 92000000 + 11000000
= 2261000000 + 424000000 + 424000000 - 285000000 - 194000000 - 92000000 + 11000000
= 3109000000 - 571000000
= 2538000000

Plus net income: 1131000000 + 2538000000 = 3669000000

Then "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

Difference = 3669000000 - 3324000000 = 345000000. This might be interest and taxes paid minus tax expense?

Interest expense = 231000000 + 62000000 (lease interest) = 293000000? Or just the cash paid = 260000000.
Taxes paid = 518000000.
Total = 778000000.
Tax expense = 424000000.
Net = 354000000 difference. Close to 345000000.

Actually, I think "Cash Flow After Cost Of Net Debt..." is after interest paid and taxes paid, but before working capital changes.

So: 3669000000 (before interest and taxes, after working capital? No, before working capital) - 260000000 (interest) - 518000000 (taxes) + something = 3324000000?

3669000000 - 260000000 - 518000000 = 2891000000. Not 3324000000.

Hmm, maybe the 3669000000 includes working capital? Then 3669000000 - 260000000 - 518000000 = 2891000000, still not right.

Let me try another combination. Maybe "Cash Flow After Cost Of Net Debt..." includes some but not all adjustments.

Actually, I think I should just use the standard FFO definition and not try to reverse-engineer the cash flow statement.

Standard FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Other non-cash items

Using:
Net Income = 1131000000
+ Depreciation And Amortisation Expense = 2228000000
+ Depreciation Rightofuse Assets = 446000000

But I need to check: is 2228000000 the P&L expense or the cash flow add-back? It's listed as a P&L item.

Total D&A = 2674000000

FFO = 1131000000 + 2674000000 = 3805000000

But wait, Net Income includes tax expense. FFO should be after tax. So this seems right.

However, some definitions add back deferred taxes too. Let me check if there's a deferred tax add-back needed.

Change in Deferred Tax Assets: 489000000 - 292000000 = 197000000 (increase)
Change in Deferred Tax Liabilities: 759000000 - 344000000 = 415000000 (increase)

Net increase in deferred tax liability (or decrease in net deferred tax asset) = 415000000 - 197000000 = 218000000.

This is a non-cash tax expense, so add back to FFO? Actually, if tax expense includes 218000000 of deferred tax, then cash taxes were 424000000 - 218000000 = 206000000? But taxes paid were 518000000.

Hmm, that doesn't work. Taxes paid (518M) > tax expense (424M), meaning there was a use of deferred tax assets or creation of deferred tax assets.

Actually, if DTA increased by 197M and DTL increased by 415M:
- Increase in DTA means deferred tax benefit (reduces tax expense) = 197M
- Increase in DTL means deferred tax expense (increases tax expense) = 415M
- Net deferred tax expense = 415M - 197M = 218M

Total tax expense = current tax + deferred tax = current tax + 218M = 424M
So current tax = 206M

But taxes paid = 518M. This is more than current tax expense. The difference might be due to payment of prior year taxes or foreign taxes.

For FFO, we typically add back deferred tax expense (the non-cash portion). So add 218M.

FFO = 1131000000 + 2674000000 + 218000000 = 4023000000

Or, using the cash flow approach:
FFO = CFO + Interest Paid + Deferred Tax - Working Capital changes... 

Actually, let me use a cleaner definition. From Moody's:
FFO = Net Income + Depreciation + Amortization + Deferred Income Taxes + Other Non-Cash Items

Where "Other Non-Cash Items" typically includes provisions, impairment, gains/losses on asset sales, etc.

From our data:
- Impairment Loss Reversal... = 172000000 (expense, so non-cash add-back)
- Gains on disposal = -285000000 (negative, so gain, subtract from FFO)

Also "Reversal Of Unutilised Provisions..." = 364000000 (this is income, so it reduced expenses, but is it non-cash? Reversal of provisions is non-cash income, so subtract from FFO).

Actually, this is getting complicated. Let me use the most common simple approach:

FFO = Net Income + Total D&A

= 1131000000 + 2228000000 + 446000000 = 3805000000

Or if 2228000000 includes some lease depreciation:
Looking at the cash flow, "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424000000, which is close to 446000000. The difference might be exchange rate or other items.

Actually, I think in P&L, "Depreciation And Amortisation Expense" = 2228000000 excludes lease depreciation, and "Depreciation Rightofuse Assets" = 446000000 is separate.

Total = 2674000000.

But wait, let me check if this is consistent with the balance sheet changes.

PPE: 9187000000 - 8048000000 = 1139000000 increase
Less: maybe acquisitions? The goodwill increased by 5180000000 (12626000000 - 7446000000), suggesting major acquisition.

Given the acquisition, we can't verify D&A from balance sheet changes.

Let me try yet another approach for FFO. Some practitioners use:

FFO = Cash Flow From Operating Activities + Interest Paid - Working Capital Changes (if FFO is before working capital)

Or: FFO = EBIT + D&A - Cash Taxes

EBIT = Profit Loss From Operating Activities = 1872000000
+ D&A = 2674000000
= EBITDA = 4546000000
- Cash Taxes = 518000000
= FFO = 4028000000

Or using Net Income + D&A = 1131000000 + 2674000000 = 3805000000

The difference is 4028000000 - 3805000000 = 223000000, which is roughly the interest expense net of other items.

Actually, I think the most standard definition for FFO in European credit markets is:

FFO = Net Income + Depreciation + Amortization + Provisions - Reversal of Provisions + Impairment - Gain on sale + Deferred Taxes

Or simplified: FFO = Operating Profit + D&A - Cash Taxes

= 1872000000 + 2674000000 - 518000000 = 4028000000

Or: FFO = EBITDA - Cash Taxes = 4546000000 - 518000000 = 4028000000

Let me check which is more standard. Actually, for rating agencies:
- EBITDA = EBIT + D&A
- FFO = Funds from operations = Net income + D&A + Deferred taxes + Other non-cash

I think using Net Income + D&A is the simplest and most common: 3805000000

But let me also consider: should I use "Comprehensive Income" instead? No, FFO uses net income.

Another consideration: should I add back the impairment and other non-cash items?

Net Income already includes:
- Impairment expense of 172000000 (already deducted)
- Reversal of unutilised provisions of 364000000 (already added as income)
- Gains on disposal of 285000000 (already added as income)

For FFO, we want to add back non-cash expenses and subtract non-cash income:
+ Impairment 172000000
- Reversal of provisions 364000000
- Gains on disposal 285000000

Net adjustment = 172000000 - 364000000 - 285000000 = -477000000

So FFO = 1131000000 + 2674000000 - 477000000 = 3328000000

Hmm, this is lower. But wait, is "Reversal Of Unutilised Provisions..." part of operating profit or below?

Looking at the P&L structure:
"Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss And Provision Expense" = 172000000

This is an expense. Then "Reversal Of Unutilised Provisions..." = 364000000 is separate.

Actually, I think "Reversal Of Unutilised Provisions..." might be included in "Other Income Recurring" or elsewhere, not necessarily in operating profit.

Let me check if operating profit includes these:
"Profit Loss From Operating Activities Recurring" = 1962000000
"Other Operating Income Non Recurring" = 93000000
"Other Operating Expense Non Recurring" = 183000000
"Profit Loss From Operating Activities" = 1872000000

So: 1962000000 + 93000000 - 183000000 = 1872000000. ✓

The impairment of 172000000 is in "Profit Loss From Operating Activities Recurring" presumably.

And "Reversal Of Unutilised Provisions..." = 364000000 - where is this? It might be in "Other Income Recurring" or "Other Expense By Nature Recurring".

Actually, "Other Income Recurring" = 2565000000 and "Other Expense By Nature Recurring" = 1252000000. The net is 1313000000.

I think the reversal of 364000000 might be part of these "Other" items.

Given the complexity, let me use the most straightforward FFO definition that matches standard practice:

FFO = Net Income + Depreciation + Amortization

= 1131000000 + 2228000000 + 446000000 = 3805000000

Now for Net Debt. The question asks for "2022". 

In annual report terminology, "2022" typically means the year ended December 31, 2022. The balance sheet date would be 2023-01-01 (or December 31, 2022).

Net Debt at end of 2022 = 7440000000 EUR

But some might use average net debt. Given the major acquisition, let me consider both.

Actually, for ratios like FFO/Net Debt, the standard is to use end-of-period net debt unless specified otherwise.

However, I want to double-check: is 2022-01-01 the start or end of 2022? In IFRS annual reports, the balance sheet date is typically December 31, which would be represented as 2022-12-31 or 2023-01-01 in some systems.

Looking at the data format: "Property Plant And Equipment" 2023-01-01: 9187000000 EUR
This is the closing balance for 2022 (year-end 2022).

And "Property Plant And Equipment" 2022-01-01: 8048000000 EUR
This is the opening balance for 2022 (year-end 2021).

So for "2022" ratio:
- FFO is for the period 2022-01-01 to 2023-01-01 (year 2022)
- Net Debt at end of 2022 is 2023-01-01: 7440000000

But wait, there's also "Net Debt" 2022-01-01: 941000000, which is start of 2022.

For a ratio at "end of 2022", we'd use the end-of-period net debt: 7440000000.

FFO/Net Debt = 3805000000 / 7440000000 = 0.5114 or 51.14%

But let me reconsider if FFO should be different. 

Actually, I realize I should check if there's a more standard way to calculate FFO from the cash flow statement.

Looking at "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324000000

If FFO is before interest but after taxes, and this is after interest and taxes:
Add back interest paid = 260000000
FFO = 3324000000 + 260000000 = 3584000000? 

But this includes working capital changes. FFO is typically before working capital changes.

Actually, "Cash Flow After Cost Of Net Debt..." might already be before working capital changes. Let me assume this is the case.

Then FFO = 3584000000 (before interest, after taxes, before working capital)

But my earlier calculation from Net Income + D&A gave 3805000000. The difference is 221000000.

This could be due to:
- Gains on disposal (-285M in adjustments, but maybe +285M in cash flow?)
- Other non-cash items
- Deferred taxes

Actually, I think the cash flow approach might give a different number because of how items are classified.

Let me try yet another approach. FFO is sometimes defined as:
FFO = CFO + Interest Paid + Income Tax Expense - Income Taxes Paid - Change in Working Capital

= 2978000000 + 260000000 + 424000000 - 518000000 - 606000000
= 2978000000 + 260000000 + 424000000 - 518000000 - 606000000
= 2978000000 - 440000000
= 2538000000

That seems too low.

Or: FFO = CFO + Interest Paid - Working Capital contribution
= 2978000000 + 260000000 - 606000000 = 2636000000? 

Hmm, this is getting messy with different definitions.

Let me go with the most standard academic/practitioner definition:
FFO = Net Income + Depreciation + Amortization

And for the denominator, use end-of-period Net Debt.

But I want to check one more thing. Is "Depreciation And Amortisation Expense" = 2228000000 already including "Depreciation Rightofuse Assets" = 446000000?

In IFRS 16, lease depreciation is typically shown separately or included in total depreciation. Given the separate line item, I think they're separate.

Total D&A = 2674000000.

FFO = 1131000000 + 2674000000 = 3805000000

Net Debt (end 2022) = 7440000000

Ratio = 3805000000 / 7440000000 = 0.5114...

Let me also try with average net debt:
Average = (941000000 + 7440000000) / 2 = 4190500000
Ratio = 3805000000 / 4190500000 = 0.9079...

Given the major acquisition during the year, average net debt might be more appropriate. But standard practice for point-in-time ratios is end-of-period.

Actually, I recall that for FFO/Net Debt, if the debt was used to acquire a company, the FFO might not reflect a full year of the acquired company's operations. So using end-of-period net debt might understate the ratio.

But without knowing exactly when the acquisition occurred, average is a guess. Let me use end-of-period as it's the most standard.

Wait, let me re-examine. The acquisition cash outflow was 6269000000. If this happened early in the year, average net debt would be higher. If late, average would be lower.

Given net debt went from 941M to 7440M, and the acquisition was 6269M, plus other investing outflows, the acquisition likely explains most of the increase.

If acquisition was at start of year: average net debt ≈ (941M + 7440M)/2 ≈ 4190M
If acquisition was at end of year: average ≈ (941M + ~1700M for half year + 7440M)/2? Hard to say.

I'll stick with end-of-period: 7440000000.

But let me also consider: should FFO include the full year benefit of the acquisition? If acquisition was late in year, FFO might not reflect it fully.

Actually, looking at revenue: 44322000000 in 2022 vs 37589000000 in 2021. Growth of 18%. This suggests the acquisition contributed to growth, but maybe not a full year.

Given the uncertainty, let me use the simplest approach: FFO = Net Income + D&A, Net Debt = end of period.

FFO = 1131000000 + 2228000000 + 446000000 = 3805000000
Net Debt = 7440000000
Ratio = 3805000000 / 7440000000 = 0.5114

Or approximately 0.51 or 51%.

But wait - I want to double check my FFO calculation. Let me see if I should include other items.

Looking at S&P's definition more carefully:
FFO = Funds from operations = Net income from continuing operations + Depreciation, amortization, and other non-cash charges + Deferred income taxes + Other non-cash items - Capital gains/losses on investments + Minority interest in operating profit of subsidiaries - Preferred dividends

For our case:
- Net income from continuing operations = 1131000000 (same as total, no discontinued ops mentioned)
- D&A = 2674000000
- Deferred income taxes = ? Let me calculate

From the balance sheet:
Deferred Tax Assets: 292M → 489M = +197M
Deferred Tax Liabilities: 344M → 759M = +415M

Increase in DTA is a use/benefit (reduces tax expense), increase in DTL is an expense (increases tax expense).

Net deferred tax expense = 415M - 197M = 218M (this is already in the 424M tax expense)

To add back deferred taxes to FFO, we add the deferred tax expense: +218M

But actually, the standard is to add the change in deferred taxes (which represents the non-cash portion). Since DTL increased more than DTA, there's a net deferred tax expense of 218M, which is a non-cash charge. So add +218M.

Other non-cash items:
- Impairment expense = 172M (non-cash, already in net income, so add back)
- But wait, is impairment already deducted to get net income? Yes. So add +172M.

- Reversal of unutilised provisions = 364M (non-cash income, already in net income, so subtract -364M)

- Gains on disposal = 285M (non-cash or cash? This is typically cash or non-cash depending on if it's realized. "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -285M, meaning gains of 285M. These are typically cash gains if assets were sold, or non-cash if not. Given it's an adjustment in cash flow statement, likely these are non-cash gains or need to be adjusted. Actually, gains on disposal are usually subtracted from net income in cash flow statement because they're non-operating and the cash received is shown separately.

So for FFO, we typically subtract realized gains on asset sales (since FFO is operating cash flow oriented).

FFO = 1131000000 + 2674000000 + 218000000 + 172000000 - 364000000 - 285000000
= 1131000000 + 2674000000 + 218000000 + 172000000 - 364000000 - 285000000
= 4195000000 - 649000000
= 3546000000

Hmm, this is getting complicated and depends on interpretation.

Let me try the simplest version again and see if it makes sense:
FFO = Net Income + D&A = 3805000000

Or using EBITDA - Cash Taxes approach:
EBITDA = EBIT + D&A = 1872000000 + 2674000000 = 4546000000
FFO ≈ EBITDA - Cash Taxes = 4546000000 - 518000000 = 4028000000

Or using (Net Income + D&A) = 3805000000, which is EBITDA - Interest - Taxes = 4546000000 - 293000000 - 424000000 + minority interest etc.

Actually: 4546000000 - 293000000 (interest expense total? 231M + 62M = 293M) - 424M (tax) = 3829000000. Close to 3805000000. The difference is 24M, likely due to other items.

I think FFO = 3805000000 is reasonable.

But let me also check if we should use "Comprehensive Income" or "Profit Loss". FFO uses net income (profit loss), not comprehensive income.

Final calculation:
FFO = 3805000000
Net Debt = 7440000000
Ratio = 3805000000 / 7440000000 = 0.5114...

Or using more precise FFO with deferred taxes:
FFO = 3805000000 + 218000000 = 4023000000
Ratio = 4023000000 / 7440000000 = 0.5407...

Given the ambiguity, let me see if there's a consensus approach. In many European credit analyses, FFO is simply defined as Net Income + D&A + Deferred Taxes.

Let me use: FFO = 1131000000 + 2674000000 + 218000000 = 4023000000

Wait, but I need to check: is the 218M deferred tax correct?

Tax expense = 424M
Taxes paid = 518M

If taxes paid > tax expense, this suggests there was a use of deferred tax assets or creation of deferred tax assets, or payment of prior year taxes.

Change in net deferred tax position: DTA up 197M, DTL up 415M. Net DTL up 218M.

This 218M is a deferred tax expense (increases tax expense). But taxes paid were 518M, which is even more than the total tax expense of 424M.

This suggests current tax paid includes not just current year tax but also prior year adjustments or foreign tax differences.

For FFO, we add back deferred tax expense (the non-cash portion): +218M.

But actually, if taxes paid (518M) > tax expense (424M), the difference (94M) might represent a reduction in deferred tax assets or increase in tax receivables. This is a cash outflow beyond current tax expense.

For FFO, we want to exclude this "excess" tax payment because it's a working capital/use of cash item, not a non-cash item.

Actually, I think the cleanest FFO is:
FFO = Net Income + D&A + Deferred Tax Expense
= 1131000000 + 2674000000 + 218000000
= 4023000000

Or, equivalently:
FFO = EBIT + D&A - Cash Taxes + Excess tax payments... 

= 1872000000 + 2674000000 - 518000000 + ? 

= 4546000000 - 518000000 = 4028000000

Hmm, 4028000000 vs 4023000000, close but not exact. The 5M difference might be due to rounding or other items.

Actually, EBIT = 1872000000, but this includes the 172M impairment and other items. Let me not over-think this.

I'll use FFO ≈ 4023000000 or about 4028M.

Net Debt = 7440M

Ratio = 4023 / 7440 = 0.5407...

Or with the simpler FFO = 3805M: ratio = 0.5114...

Given the range, let me check which calculation is more standard. 

Actually, I realize I should look at this from the perspective of what a credit rating agency would calculate. Moody's and S&P typically use:

FFO = Net Income + Depreciation, Amortization, and other non-cash charges

Where "other non-cash charges" includes items like impairment, provisions, deferred taxes, etc.

Given the data, let me include:
- Impairment: +172M (expense, non-cash)
- Deferred tax: +218M (expense, non-cash)
- Less: reversal of provisions: -364M (income, non-cash)
- Less: gains on disposal: -285M (income, typically non-cash or non-recurring)

Net other non-cash = 172 + 218 - 364 - 285 = -259M

FFO = 1131 + 2674 - 259 = 3546M

Hmm, this is lower. But gains on disposal might be cash gains (if assets were actually sold). Let me check the cash flow: "Proceeds From Sales Of Property Plant And Equipment..." = 404M. So there were asset sales.

If gains of 285M are part of these proceeds, they're realized gains. For FFO, we typically exclude realized gains on asset sales as they're not operating cash flow.

So FFO = 3546M seems reasonable if we exclude all gains and include impairment and deferred taxes.

But this is getting very dependent on interpretation. Let me step back.

The simplest and most widely used definition: FFO = Net Income + D&A

This gives 3805M.

For the denominator, I'll use Net Debt at end of 2022: 7440M.

Ratio = 3805 / 7440 = 0.5114...

Let me also check if we should use 2022-01-01 net debt (941M) or 2023-01-01 (7440M). The year "2022" in annual report context means the year ended December 31, 2022, so the closing balance is 2023-01-01 or December 31, 2022.

Actually, looking at the data format again: "Net Debt" 2023-01-01: 7440000000. This is clearly labeled as 2023-01-01, which might be a data formatting convention where the balance is as of that date.

And "Net Debt" 2022-01-01: 941000000 is the prior year balance.

For 2022 year-end, net debt is 7440000000.

Final answer: FFO/Net Debt = 3805000000 / 7440000000 = 0.5114...

Let me round to reasonable precision: 0.51 or 51.1% or 0.511.

Actually, I want to try one more FFO calculation. Some sources define FFO as:

FFO = Cash Flow From Operating Activities + Interest Paid - Change in Working Capital

= 2978000000 + 260000000 - 606000000
= 2632000000

This gives a very different ratio: 2632/7440 = 0.354.

But this definition is less common for FFO; it's more like "operating cash flow before working capital changes" or "EBITDA - taxes".

Actually, I think the most standard definition in European corporate finance for FFO is:

FFO = EBIT + D&A - Cash Taxes

= 1872000000 + 2674000000 - 518000000
= 4028000000

Or equivalently:
= EBITDA - Cash Taxes
= 4546000000 - 518000000
= 4028000000

This makes sense because:
- EBIT is operating profit before interest and taxes
- Add D&A to get EBITDA
- Subtract cash taxes to get FFO (funds available to pay debt holders)

This FFO is before interest, so it's available to pay both debt and equity holders.

Then FFO/Net Debt = 4028000000 / 7440000000 = 0.5414...

Or about 0.54.

Let me verify with another approach: 
Net Income = 1131000000
+ Interest = 293000000 (231M + 62M)
+ D&A = 2674000000
- Tax shield on interest = ? 

Actually, Net Income = EBIT - Interest - Taxes + Minority interest...
= 1872M - 293M - 424M + 158M (minority) ... no, minority is after net income.

Actually: Profit Loss = 1131M, Profit Loss Attributable to Parent = 973M, to NCI = 158M.

Pre-tax income = 1131M + 424M = 1555M (approximately, ignoring NCI allocation)
EBIT = 1872M
Interest = 1872M - 1555M = 317M? But stated interest is 231M + 62M = 293M.

Difference of 24M might be other financial items or my approximation.

Anyway, FFO = EBIT + D&A - Cash Taxes = 1872M + 2674M - 518M = 4028M.

I'll use this as my primary calculation.

FFO / Net Debt = 4028000000 / 7440000000 = 0.541397...

Rounded: 0.54 or 54.1%.

But wait, I want to check one more thing. Should I use "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3324M?

This might be: EBIT + D&A - Cash Taxes - Cash Interest = 4546M - 518M - 260M = 3768M? Not 3324M.

Or: 3324M + 260M (interest) = 3584M, which is close to FFO of 4028M minus working capital change of 606M? 4028M - 606M = 3422M, not 3584M.

Hmm, 3584M vs 3422M, difference of 162M. Not sure where this comes from.

Let me try: 3324M + 260M + 518M - 424M = 3678M? No.

Actually, I think "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" might include some other adjustments.

Given the complexity and ambiguity, let me go with the clearest definition:

FFO = Net Income + Depreciation + Amortization + Deferred Taxes
= 1131000000 + 2228000000 + 446000000 + 218000000
= 4023000000

Or simply: FFO ≈ 4023M to 4028M.

Net Debt = 7440M.

Ratio = 4023/7440 ≈ 0.541 or 4028/7440 ≈ 0.542.

I'll use 0.54 as a rounded figure, or more precisely about 0.541.

Actually, let me try to be more precise with FFO = EBIT + D&A - Cash Taxes:

EBIT = 1872000000
D&A = 2228000000 + 446000000 = 2674000000
Cash Taxes = 518000000

FFO = 1872000000 + 2674000000 - 518000000 = 4028000000

Ratio = 4028000000 / 7440000000 = 0.541397849...

Let me verify this is correct. EBIT includes all operating items, including impairment. D&A is added back. Cash taxes are subtracted because they're a cash outflow.

Is there any issue with this? FFO should be funds available to service debt. Since EBIT is before interest, and we subtract cash taxes, we get pre-interest after-tax cash flow. Adding D&A gives us the cash flow from operations before working capital changes.

This seems correct.

Final ratio: 4028000000 / 7440000000 = 0.5414...

I'll express this as a decimal: 0.541 or 0.54.

Actually, looking at the answer format, I need to provide a single value. Let me use 0.54 or more precisely 0.541.

But wait - I should double-check my D&A figure. Is 446M for ROU assets already included in 2228M or not?

Looking at the P&L line items separately:
"Depreciation And Amortisation Expense" = 2228000000
"Depreciation Rightofuse Assets" = 446000000

These are listed as separate items, suggesting they're additive.

But let me check the cash flow statement:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" = 2261000000

This includes D&A + impairment (172M). So D&A portion = 2261000000 - 172000000 = 2089000000.

And "Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424000000.

Total cash flow D&A add-back = 2089000000 + 424000000 = 2513000000.

This is less than 2228000000 + 446000000 = 2674000000 by 161000000.

The difference might be due to:
- Exchange rate differences
- Reclassifications
- Acquisitions/disposals

For FFO calculation, should I use P&L D&A (2674M) or cash flow adjusted D&A (2513M)?

Typically, FFO uses P&L figures (accrual basis), not cash flow adjustments. So 2674M seems right.

But let me check if 2228M already includes some ROU depreciation. The cash flow shows 424M for ROU, which is close to 446M. The 22M difference might be exchange rate or other adjustments.

I think using P&L figures is correct: 2228M + 446M = 2674M.

Actually, I want to verify one more thing. Let me see if 2228M includes 446M by checking if 2228M ≈ PPE depreciation + intangible amortization.

PPE: 8048M → 9187M = +1139M. With acquisitions, can't determine depreciation.
Intangibles (excl goodwill): 2774M → 3969M = +1195M. With acquisitions, can't determine amortization.

Given major acquisitions, we can't verify from balance sheet.

I'll stick with P&L D&A = 2674M.

FFO = 1872M + 2674M - 518M = 4028M.

Wait, I want to double-check EBIT. Is "Profit Loss From Operating Activities" = 1872M the same as EBIT?

Yes, in IFRS, "Operating profit" or "Profit from operating activities" is typically EBIT (Earnings Before Interest and Taxes).

So FFO = 4028M.

Net Debt = 7440M.

Ratio = 4028/7440 = 0.5414.

Let me also consider if average net debt is more appropriate. With major acquisition, average might be better:
Average = (941 + 7440)/2 = 4190.5M
Ratio = 4028/4190.5 = 0.961...

This is very different. But standard practice for leverage and coverage ratios is typically end-of-period, especially when the ratio is used for credit assessment at a point in time.

I'll use end-of-period net debt: 7440M.

Final answer: 4028000000 / 7440000000 = 0.5413978...

Rounded to 2 decimal places: 0.54
Or more precisely: 0.541

Let me check if I should express as percentage or decimal. The format says "no units", so decimal is appropriate.

<answer>0.54</answer>

Hmm, but let me reconsider one more time. Should I use the simpler FFO = Net Income + D&A = 3805M?

3805/7440 = 0.5114...

This is also a common definition. The difference is whether we subtract cash taxes or accrual taxes from the "top-down" approach.

EBIT + D&A - Cash Taxes = 4028M
Net Income + D&A = 1131 + 2674 = 3805M

Difference = 4028 - 3805 = 223M.

This 223M ≈ Interest expense (293M) - Tax shield on interest (293M × tax rate ~25% = 73M) = 220M. Close enough.

So the difference is essentially interest expense net of tax shield.

For FFO/Net Debt, which is a coverage ratio, we want FFO before interest (since we're covering net debt, which includes interest-bearing debt). So FFO should be before interest.

Therefore, FFO = EBIT + D&A - Cash Taxes = 4028M is more appropriate than Net Income + D&A = 3805M, because the latter is after interest.

Wait, but Net Income + D&A is after interest expense. If we're calculating a ratio to net debt, we want the numerator to be available to service that debt. Since net debt requires interest payments, FFO should be before interest.

So FFO = EBIT + D&A - Cash Taxes is correct.

But actually, looking at standard definitions again:
- EBITDA = EBIT + D&A
- FFO = EBITDA - Cash Taxes (sometimes)
- Or FFO = Net Income + D&A + Deferred Taxes + Interest(1-t)... 

Hmm, this is getting circular. Let me think about what "funds from operations" means literally.

Funds from operations = funds generated by operations, available to all providers of capital.

Operations generate EBIT. D&A is a non-cash charge, so add back. Taxes are a cash outflow, so subtract. Interest is a financing cost, not an operating cost, so don't subtract.

FFO = EBIT + D&A - Cash Taxes = 4028M. This is correct.

But wait, is EBIT already after D&A? Yes! EBIT is Earnings Before Interest and Taxes, which is after all operating expenses including D&A.

So EBIT + D&A = EBITDA = 1872 + 2674 = 4546M.
Then FFO = EBITDA - Cash Taxes = 4546 - 518 = 4028M.

Yes, this is correct.

Alternatively, from Net Income:
Net Income = EBIT - Interest - Taxes
= 1872 - 293 - 424 = 1155? But actual is 1131. Close, difference due to other items.

To get FFO from Net Income:
FFO = Net Income + Interest + D&A - (Taxes - Cash Taxes) + ...
= 1131 + 293 + 2674 - (424 - 518) ... 
= 1131 + 293 + 2674 + 94 = 4192? Not 4028.

Hmm, this doesn't work because of other items in the income statement (minority interest, associates, etc.).

Let me just use the direct calculation: FFO = EBIT + D&A - Cash Taxes = 4028M.

Final ratio = 4028/7440 = 0.5414.

I'll round to 0.54.

Actually, I want to check one more thing. Is "Cash Taxes" = 518M correct? The line item says "Income Taxes Paid Classified As Operating Activities" = 518M. Yes.

And EBIT = 1872M is correct.

So FFO = 1872 + 2674 - 518 = 4028M.

Wait, I need to verify: is 1872M truly EBIT? Let me check the P&L structure.

"Profit Loss From Operating Activities" = 1872000000

Then below that:
+ Interest income = 33M
- Interest expense = 231M
- Interest expense on leases = 62M
+ Other finance income = 91M
- Other finance cost = 118M
- Income tax = 424M
+ Share of associates = -30M
= Profit Loss = 1131M

Let me verify: 1872 + 33 - 231 - 62 + 91 - 118 - 424 - 30 = ?
= 1872 + 33 = 1905
1905 - 231 = 1674
1674 - 62 = 1612
1612 + 91 = 1703
1703 - 118 = 1585
1585 - 424 = 1161
1161 - 30 = 1131. ✓

Yes! So "Profit Loss From Operating Activities" = 1872M is indeed the operating profit, equivalent to EBIT in this structure.

Therefore, FFO = EBIT + D&A - Cash Taxes = 1872 + 2674 - 518 = 4028M.

Net Debt = 7440M.

Ratio = 4028/7440 = 0.5414.

I'll provide 0.54 as the answer.

<answer>0.54</answer>