To estimate the FFO (Funds From Operations) / Net Debt ratio for 2022 based on S&P methodology, we follow these steps: **1. Calculate FFO (Funds From Operations):** S&P typically defines FFO as Cash Flow from Operating Activities adjusted for certain items (like working capital changes). * **Cash Flow from Operating Activities:** 1,566,829,000 EUR * **Adjustment for Working Capital:** S&P generally excludes changes in working capital from operating cash flow to arrive at FFO. * "Increase Decrease In Working Capital": 574,568,000 EUR * **FFO Calculation:** 1,566,829,000 - 574,568,000 = 992,261,000 EUR. **2. Calculate Net Debt:** S&P methodology for Net Debt is Total Debt minus Cash and Cash Equivalents (plus potential adjustments for restricted cash or equivalents). * **Total Financial Liabilities (Current + Noncurrent):** * Noncurrent Financial Liabilities: 5,543,755,000 EUR * Current Financial Liabilities: 1,705,277,000 EUR * Total Financial Liabilities: 7,249,032,000 EUR * **Cash and Cash Equivalents:** 794,824,000 EUR * **Net Debt Calculation:** 7,249,032,000 - 794,824,000 = 6,454,208,000 EUR. **3. Calculate FFO / Net Debt Ratio:** * **Ratio:** 992,261,000 / 6,454,208,000 ≈ 0.1537 (Note: Under S&P methodology, adjustments for operating leases and pension liabilities are common, but given the provided data points, we rely on the core financial debt and operating cash flow metrics.) 0.1537