**Step‑by‑step reasoning**

1. **Net debt**  
   - Total borrowings = Long‑term borrowings + Current borrowings  
     \(15,782,604\,000 + 4,239,869\,000 = 20,022,473\,000\) EUR  
   - Cash & cash equivalents = 4,900,205 000 EUR  
   - Net debt = 20,022,473 000 – 4,900,205 000 = **15,122,268 000 EUR**

2. **Funds from Operations (FFO)**  
   - Cash generated from operating activities (CFO) = 3,777,785 000 EUR  
   - Cash interest paid = 716,454 000 + 12,885 000 + 111 000 = 729,450 000 EUR  
   - Effective tax rate = (Income‑tax expense + CESE) / Profit before tax  
     = 450,024 000 / 1,619,773 000 ≈ 27.78 %  
   - After‑tax interest = 729,450 000 × (1 – 0.2778) ≈ 527,006 000 EUR  
   - **FFO = CFO + after‑tax interest** = 3,777,785 000 + 527,006 000 = **4,304,791 000 EUR**

3. **FFO / Net debt ratio**  
   - Ratio = 4,304,791 000 / 15,122,268 000 ≈ 0.2848 → **0.28** (rounded to two decimals)

**Final answer**

<answer>0.28</answer>