I need to estimate the FFO / Net Debt ratio for 2022.

## Step 1: Estimate FFO (Funds From Operations)

FFO is typically calculated as net income plus depreciation/amortization, adjusted for gains/losses on sales of assets and other non-cash items.

From the data for the period 2022-01-01 to 2023-01-01 (which represents fiscal year 2022):

- **Profit Loss (Net Income)**: 302,000,000 EUR
- **Depreciation & Amortization**: 299,000,000 EUR
- **Gains/Losses on disposal of non-current assets**: -6,000,000 EUR (loss, so add back)
- **Share of profit of associates**: 165,000,000 EUR (non-cash, subtract)
- **Dividends received from associates** (operating): 284,000,000 EUR (add back as cash received)

A simpler approach: FFO ≈ Cash flows from operating activities - changes in working capital

- **Cash Flows from Operating Activities**: 1,002,000,000 EUR
- **Increase/Decrease in Working Capital**: 83,000,000 EUR

FFO ≈ 1,002,000,000 - 83,000,000 = 919,000,000 EUR

Alternatively, a common FFO calculation:
FFO = Net Income + D&A + Impairment/loss on disposals - Gains on disposals
= 302 + 299 + 6 = 607 million EUR (simplified)

But the cash flow approach is more standard for this ratio. Let me use the operating cash flow minus working capital changes approach:

FFO ≈ 919,000,000 EUR

## Step 2: Calculate Net Debt

Net Debt = Total Borrowings (current + non-current) + Lease Liabilities - Cash and Cash Equivalents

As of 2023-01-01 (end of fiscal year 2022):

- **Noncurrent Borrowings**: 10,776,000,000 EUR
- **Current Borrowings**: 877,000,000 EUR
- **Noncurrent Lease Liabilities**: 120,000,000 EUR
- **Current Lease Liabilities**: 64,000,000 EUR
- **Cash and Cash Equivalents**: 5,130,000,000 EUR
- **Restricted Cash (infrastructure)**: 597,000,000 EUR (noncurrent) + 38,000,000 EUR (current) = 635,000,000 EUR

Net Debt (excluding leases) = 10,776 + 877 - 5,130 = 6,523 million EUR

Including leases: 6,523 + 120 + 64 = 6,707 million EUR

Using the more common definition without lease liabilities:
Net Debt = 10,776 + 877 - 5,130 = 6,523 million EUR

## Step 3: Calculate FFO / Net Debt

FFO / Net Debt = 919 / 6,523 ≈ 0.141

Or if using the simpler FFO:
607 / 6,523 ≈ 0.093

The operating cash flow based FFO approach (919M) is more standard:

FFO / Net Debt = 919 / 6,523 ≈ 0.141

Let me reconsider - sometimes net debt includes restricted cash as a reduction:
Net Debt = 10,776 + 877 - 5,130 - 635 = 5,888 million
FFO / Net Debt = 919 / 5,888 ≈ 0.156

Using the most standard definition (without restricted cash offset, without leases):

FFO / Net Debt ≈ 919 / 6,523 ≈ 0.141

<answer>0.14</answer>