To estimate the FFO / Net debt ratio based on S&P methodology, we first determine the Funds From Operations (FFO) and the Net Debt for the fiscal year 2022. **1. Funds From Operations (FFO):** S&P defines FFO as Cash Flow from Operations (CFO) adjusted for certain non-cash items and working capital changes. * **Cash Flow from Operating Activities (2022):** -7,425,000,000 EUR * **Adjustments:** In S&P methodology, we generally add back the "Increase/Decrease in Working Capital" (to arrive at cash flow before working capital changes) and include adjustments for items like dividends received and interest paid. * **Calculations:** * CFO = -7,425,000,000 EUR * Working capital change = -8,301,000,000 EUR * FFO is typically calculated as: Cash flow from operating activities before working capital changes. * Given the data: "Net Cash Flow From Operations Before Net Financial Expenses Disbursed And Income Taxes Paid Refund" = -5,140,000,000 EUR. * Adjusting for "Net Financial Expenses Disbursed" (-1,003,000,000 EUR) and "Income Taxes Paid" (-1,282,000,000 EUR) typically used to reach the operating cash flow, the FFO reflects the cash generating ability before working capital swings. * Using the reported cash flow before working capital: -5,140,000,000 EUR. **2. Net Debt (2022):** S&P defines Net Debt as total debt minus cash and liquid assets. * **Total Debt:** Includes "Other Noncurrent Financial Liabilities" (56,543,000,000 EUR) and "Other Current Financial Liabilities" (45,014,000,000 EUR). * **Total Debt (2022):** 56,543,000,000 + 45,014,000,000 = 101,557,000,000 EUR. * **Cash and Cash Equivalents (2022):** 9,919,000,000 EUR. * **Net Debt (2022):** 101,557,000,000 - 9,919,000,000 = 91,638,000,000 EUR. **3. Ratio Calculation:** * FFO / Net Debt = -5,140,000,000 / 91,638,000,000 ≈ -0.05609. (Note: Due to the negative operating cash flow caused by the significant market energy price crisis impact on EDF in 2022, the FFO is negative, resulting in a negative ratio). -0.0561