**Reasoning**

1. **Funds from Operations (FFO)** – For a non‑financial company, a common proxy for FFO is the net cash generated by operating activities (CFO).  
   - The cash‑flow statement shows “Cash Flows From Used In Operating Activities” for 2022 = **€2,323,700,000**.  
   - This figure already includes interest paid and taxes, which are the typical adjustments added to net profit to obtain FFO.

2. **Net Debt** – Net debt is total borrowings minus cash and liquid assets.  
   - **Total debt** (short‑term + current portion of long‑term + long‑term borrowings):  
     \[
     444.1\text{ M} + 1,909.3\text{ M} + 8,416.7\text{ M} = 10,770.1\text{ M}
     \]  
   - **Cash and cash equivalents** (2023‑01‑01): €2,155,100,000.  
   - **Current financial assets** (short‑term liquid investments): €255,300,000.  
   - **Net debt** = Total debt – (Cash + Current financial assets)  
     \[
     10,770.1\text{ M} - (2,155.1\text{ M} + 255.3\text{ M}) = 8,359.7\text{ M}
     \]

3. **FFO / Net Debt ratio**  
   \[
   \frac{FFO}{Net\;Debt} = \frac{2,323.7\text{ M}}{8,359.7\text{ M}} \approx 0.278
   \]

Rounded to two decimal places, the ratio is **0.28**.

<answer>0.28</answer>