To estimate the FFO/Net Debt ratio for 2022 (covering the period 2022-01-01 to 2023-01-01) based on S&P methodology, we first calculate the Funds From Operations (FFO) and the Net Debt. **1. Funds From Operations (FFO):** S&P typically calculates FFO by starting with "Cash flows from used in operating activities" and adjusting for changes in working capital and non-cash items, or by summing Net Income, Depreciation/Amortization, and adjustments for provisions and gains/losses on disposals. Using the provided statement data: * Cash flows from operating activities: 2,323,700,000 * Adjustments for Increase/Decrease in Working Capital (Working Capital adjustment): * Inventories: -20,700,000 * Trade receivables: 285,900,000 * Trade payables: 604,800,000 * Provisions: -36,900,000 * Other non-current liabilities/assets: -126,100,000 + 14,700,000 = -111,400,000 * Total working capital movement: -20.7 + 285.9 + 604.8 - 36.9 - 111.4 = 721,700,000 * FFO = Operating Cash Flow - Working Capital adjustment = 2,323,700,000 - 721,700,000 = 1,602,000,000. **2. Net Debt:** S&P defines Net Debt as Total Debt (Short-term borrowings + Long-term borrowings + Current portion of long-term borrowings) minus Cash and Cash Equivalents. * Long-term borrowings (2023-01-01): 8,416,700,000 * Short-term borrowings (2023-01-01): 444,100,000 * Current portion of long-term borrowings (2023-01-01): 1,909,300,000 * Total Debt = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 * Cash and cash equivalents (2023-01-01): 2,155,100,000 * Net Debt = 10,770,100,000 - 2,155,100,000 = 8,615,000,000. **3. FFO / Net Debt Ratio:** * Ratio = 1,602,000,000 / 8,615,000,000 ≈ 0.18595. 0.18595