I need to estimate the FFO / Net Debt ratio for 2022 (the fiscal year ending 2023-01-01, which represents the year 2022).

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

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Impairments - Gains on sales of assets (adjusted for non-cash items)

Or more practically from the cash flow statement:
FFO ≈ Cash Flows from Operating Activities + changes in working capital (i.e., before working capital changes)

Let me work from the income statement approach:

**Net Income (Profit/Loss):** 5,060M EUR (total, including non-controlling interests)

**Depreciation, Amortization, Impairment, and provisions:**
"Amortizaciones Provisiones Correcciones Valorativas Activos Financieros YGastos De Personal Por Pensiones" = 5,491M EUR

This seems to include depreciation/amortization, provisions, impairment on financial assets, and pension costs.

Alternatively, a simpler FFO calculation:
FFO = EBITDA - Net Interest - Current Taxes paid

EBITDA = 13,228M EUR
Net Finance Cost = 1,838M EUR
Income Taxes Paid = 1,055M EUR

FFO ≈ 13,228 - 1,838 - 1,055 = 10,335M EUR

But I should also subtract the non-controlling interests' share and consider discontinued operations. However, for FFO/Net Debt, typically total FFO (including minorities) is used.

Let me also try: Cash from operations before working capital changes:
Operating CF = 10,443M
Working capital changes: Receivables (-1,701) + Inventories (521) + Payables (44) + Provisions payments (-512) = -1,648M
So FFO ≈ 10,443 - (-1,648) = 10,443 + 1,648 = 12,091M... but this isn't quite right either.

Actually, a common approach: FFO = Operating Cash Flow before working capital changes = Operating CF + WC changes reversed.

From the cash flow, working capital adjustments included:
- Trade receivables: -1,701
- Inventories: +521  
- Trade payables: +44
Net WC change = -1,701 + 521 + 44 = -1,136M

FFO ≈ 10,443 - (-1,136) = 11,579M... but provisions payments (-512) are also operating and arguably part of FFO.

A simpler standard approach: FFO = Net Income + D&A + Deferred taxes + other non-cash
= 5,060 + 4,774 (D&A) + 470 (bad debt provisions) = ~10,304M

Let me use approximately 10,335M (EBITDA - interest - taxes paid).

## Step 2: Calculate Net Debt

Net Debt = Total Financial Debt - Cash and Cash Equivalents

**Non-current financial liabilities (debt portion):**
- Bank debt and bonds (non-current): 36,129M
- Capital instruments with financial liability characteristics (non-current): 576M
- Non-current lease liabilities: 2,287M
- Other non-current financial liabilities: 1,534M

**Current financial liabilities (debt portion):**
- Bank debt and bonds (current): 10,458M
- Capital instruments (current): 87M
- Current lease liabilities: 151M
- Other current financial liabilities: 5,058M

Total gross debt = 36,129 + 576 + 2,287 + 1,534 + 10,458 + 87 + 151 + 5,058 = 56,280M

Excluding derivatives and sometimes lease liabilities for a cleaner calculation:
Core debt = 36,129 + 576 + 10,458 + 87 + 1,534 + 5,058 + 2,287 + 151 = 56,280M

Cash = 4,608M
Current financial assets (other): 2,964M

Net Debt = 56,280 - 4,608 - 2,964 = 48,708M

Or more conservatively (just debt minus cash):
Net Debt = (36,129 + 10,458 + 576 + 87 + 2,287 + 151 + 1,534 + 5,058) - 4,608 = 51,672M

Using a standard approach: Net Debt = 36,129 + 10,458 + 576 + 87 + 2,287 + 151 - 4,608 = 45,080M (excluding "other" financial liabilities)

## FFO / Net Debt

Using FFO ≈ 10,335M and Net Debt ≈ 45,080M:
Ratio = 10,335 / 45,080 ≈ 0.229 ≈ 23%

Using broader net debt ~49,000M: 10,335/49,000 ≈ 0.211 ≈ 21%

<answer>0.22</answer>