To estimate the Funds From Operations (FFO) to Net Debt ratio according to S&P Global Ratings methodology for 2022, we first define the components: 1. **FFO (Funds From Operations):** * S&P calculates FFO as "Cash Flows From Used In Operations Before Changes In Working Capital" + "Dividends Received Classified As Investing Activities" - "Interest On Operating Assets" - "Interest On Lease" (often adjusted). * Using the provided data for the 2022-01-01 to 2023-01-01 period: * Cash Flows From Used In Operations Before Changes In Working Capital: 4,804,300,000 * Dividends Received: 128,600,000 * Interest On Operating Assets: 78,500,000 * Interest On Lease: 52,500,000 * FFO = 4,804,300,000 + 128,600,000 - 78,500,000 - 52,500,000 = 4,801,900,000. 2. **Net Debt:** * Net Debt is typically Total Financial Debt minus Cash and Cash Equivalents and Liquid Assets. * Financial Debt (Current + Noncurrent, excluding leases and concession liabilities if excluded by specific S&P adjustments, but using total financial liabilities as standard): * Noncurrent Financial Liabilities (excl. Concession/Lease): 19,692,100,000 * Current Financial Liabilities (excl. Concession/Lease): 6,521,400,000 * Total Financial Liabilities: 26,213,500,000 * Less: Cash and Cash Equivalents: 9,012,200,000 * Net Debt = 26,213,500,000 - 9,012,200,000 = 17,201,300,000. 3. **FFO / Net Debt Ratio:** * Ratio = 4,801,900,000 / 17,201,300,000 ≈ 0.27915. Expressed as a percentage: 27.92%. 0.2792