I need to estimate the FFO (Funds From Operations) / Net Debt ratio for 2022.

**Step 1: Estimate FFO**

FFO is typically calculated as net income + depreciation & amortization + impairment losses, adjusted for non-cash items. A common approach for utilities:

FFO = Cash flows from operating activities + adjustments, or alternatively:
FFO ≈ Net Income + D&A + other non-cash charges - gains on asset sales

Let me use the cash flow statement approach. FFO is often approximated as operating cash flow before working capital changes.

From the cash flow data, I can reconstruct:

Starting from operating profit (EBIT) = 11,193M EUR

Let me try another approach. FFO is commonly calculated as:
FFO = Net Income + D&A + Deferred taxes + Other non-cash items

Or more practically from the cash flow statement:
Cash flows from operating activities = 8,674M EUR (continuing operations)

But FFO typically excludes working capital changes. Let me reconstruct:

Cash from operations = 8,674M
This already includes working capital changes (increase in working capital of 3,961M was included).

Actually, looking at the adjustments in the cash flow:
- The cash flow statement shows various adjustments. Let me work backwards.

Operating cash flow (continuing) = 8,674M

To get FFO, I need to add back working capital changes:
FFO ≈ Operating Cash Flow + Working Capital Change (if negative impact) - Working Capital Change

Working capital change shown as "Increase Decrease In Working Capital" = 3,961M (this appears to be a use/source)

Looking at the components: inventory increased (-2,166M), trade receivables increased (-2,783M), trade payables increased (+1,333M), etc. The net working capital change = 3,961M which likely represents a cash outflow.

If working capital used 3,961M of cash, then:
FFO ≈ 8,674 + 3,961 = 12,635M... but this seems too simple.

Actually, FFO is typically: Operating Cash Flow before working capital changes. So:
FFO ≈ 8,674 + 3,961 = 12,635M (if the 3,961 was subtracted in arriving at 8,674)

Wait - let me reconsider. The working capital increase of 3,961M seems large. Looking at it: if working capital increased (cash was consumed), then to get FFO we add it back to operating cash flow.

FFO ≈ 8,674 + 3,961 = 12,635M EUR

**Step 2: Calculate Net Debt**

Net Debt = Total Borrowings - Cash and Cash Equivalents

Long-term borrowings (2023-01-01) = 68,191M
Short-term borrowings = 18,392M
Current portion of long-term borrowings = 2,835M
Total Gross Debt = 68,191 + 18,392 + 2,835 = 89,418M

Cash and cash equivalents = 11,041M
Short-term investments classified as cash equivalents = 78M
Total Cash = 11,041 + 78 = 11,119M

But we should also consider other current financial assets potentially. Let me use a standard approach:

Net Debt = 89,418 - 11,041 = 78,377M

Or including short-term investments:
Net Debt = 89,418 - 11,119 = 78,299M

**Step 3: Calculate FFO / Net Debt**

FFO / Net Debt = 12,635 / 78,377 ≈ 0.1612 or about 16.1%

Let me also consider including discontinued operations cash flow:
Total operating cash flow = 8,674 + (-391) = 8,283M
FFO including discontinued = 8,283 + 3,961 = 12,244M

FFO/Net Debt = 12,635 / 78,377 ≈ 0.161

Using just continuing operations: 12,635 / 78,377 ≈ 0.161

<answer>0.16</answer>