To estimate the FFO/Net debt ratio for 2022 (based on 2022-01-01 to 2023-01-01 data), we apply the following logic based on standard S&P methodology: 1. **FFO (Funds From Operations):** - Typically calculated as "Cash Flows From Used In Operating Activities" adjusted for non-cash items and changes in working capital, or simply identified as the cash flow provided by operating activities. - Per the report: "Cash Flows From Used In Operating Activities" (2022-01-01 - 2023-01-01) = 2,019,859,000 EUR. - Adjustments: FFO often excludes changes in working capital. However, strictly using the provided operating cash flow is the common approach here. - Note: The provided "Cash Flows From Used In Operating Activities" already includes the "Cash Flows From Used In Operating Activities" figure of 2,019,859,000 EUR. 2. **Net Debt:** - S&P Net Debt = (Total Financial Liabilities) - (Cash and Cash Equivalents). - "Noncurrent Financial Liabilities" (2023-01-01): 2,844,559,000 EUR - "Current Financial Liabilities" (2023-01-01): 1,109,297,000 EUR - Total Gross Financial Debt = 2,844,559,000 + 1,109,297,000 = 3,953,856,000 EUR. - "Cash and Cash Equivalents" (2023-01-01): 409,252,000 EUR. - Net Debt = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR. 3. **FFO / Net Debt Ratio:** - Calculation: 2,019,859,000 / 3,544,604,000 = 0.56984... Rounding the result to the standard representation: 0.5698 0.5698