To estimate the FFO/Net debt ratio for 2022 we first compute the net debt position. Net debt is defined as total interest‑bearing liabilities minus cash and short‑term financial assets: - Other non‑current financial liabilities (2023‑01‑01): 71,058 M € - Other current financial liabilities (2023‑01‑01): 71,844 M € Total financial liabilities = 142,902 M € Cash and cash equivalents (2023‑01‑01): 10,948 M € Other current financial assets (2023‑01‑01): 58,033 M € Cash + short‑term assets = 68,981 M € Net debt = 142,902 M € – 68,981 M € = 73,921 M € Next, funds from operations (FFO) are approximated by adding back non‑cash charges to the net loss: - Net profit (loss) 2022: ‑18,225 M € - Depreciation & amortisation: +11,079 M € - Impairment loss reversal: +1,762 M € - Net change in fair value (loss): +849 M € - Other income/expense excluded from EBE (non‑cash): ‑687 M € - Loss on disposal of non‑current assets: +143 M € - Share of profit of associates (non‑cash): ‑759 M € - Dividends received (cash): +590 M € Summing these gives FFO ≈ ‑5,248 M €. Finally, the ratio is: FFO / Net debt = ‑5,248 M € / 73,921 M € ≈ ‑0.071. Rounded to two decimal places this is –0.07. -0.07