**Reasoning**

1. **Funds From Operations (FFO)**  
   The most commonly used proxy for FFO in credit analysis is the cash generated by operating activities.  
   From the data:  
   - *Cash Flows From Used In Operating Activities* for the year ending 2023‑01‑01 (FY 2022) = **1 648 000 000 EUR**.  

2. **Net Debt**  
   Net debt is total interest‑bearing financial debt minus cash and cash equivalents.

   - **Financial debt (non‑current)**  
     • Preferred securities (non‑current): 3 101 M EUR  
     • Non‑current loans: 2 624 M EUR  
     • Non‑current lease liabilities: 439 M EUR  

   - **Financial debt (current)**  
     • Preferred securities (current): 1 139 M EUR  
     • Current loans (including current portion of non‑current loans): 553 M EUR  
     • Current lease liabilities: 72 M EUR  

   Total debt = 3 101 + 2 624 + 439 + 1 139 + 553 + 72 = **7 928 M EUR**.

   - **Cash & cash equivalents**  
     • Cash and cash equivalents: 2 360 M EUR  
     • Short‑term investments classified as cash equivalents: 462 M EUR  

   Total cash = 2 360 + 462 = **2 822 M EUR**.

   Net debt = 7 928 M EUR – 2 822 M EUR = **5 106 M EUR**.

3. **FFO / Net Debt ratio**

   \[
   \text{FFO / Net Debt} = \frac{1\,648}{5\,106} \approx 0.3229
   \]

**Final answer**

<answer>0.3229</answer>