To estimate Fortum’s 2022 FFO / Net debt ratio using an S&P-style approach:

1. **Funds from operations (FFO)**  
   A simplified S&P-style FFO estimate can be derived from cash flow from operations before working capital movements, excluding working capital volatility.  
   From the facts:
   - Cash flows from operations before changes in working capital, continuing operations = **EUR 2,322 million**

   So estimated FFO ≈ **EUR 2.322 billion**.

2. **Net debt**  
   Net debt is approximated as interest-bearing financial debt less cash and cash equivalents. From the balance sheet:
   - Other noncurrent financial liabilities = **EUR 3,658 million**
   - Other current financial liabilities = **EUR 4,127 million**
   - Cash and cash equivalents / liquid funds = **EUR 3,919 million**

   Gross debt ≈ 3,658 + 4,127 = **EUR 7,785 million**  
   Net debt ≈ 7,785 − 3,919 = **EUR 3,866 million**

3. **FFO / Net debt**
   \[
   \frac{2,322}{3,866} = 0.6006
   \]

   This equals approximately **60.1%**.

<answer>60.1%</answer>