FFO / Net debt under an S&P-style approximation can be estimated as: **1. Funds from operations (FFO)** A common approximation is: FFO = Cash flow from operations before working capital changes Given: - Cash flows from operations = 548,169,000 - Increase/decrease in working capital = -336,750,000 So: FFO = 548,169,000 - (-336,750,000) FFO = 884,919,000 **2. Net debt** Approximate gross financial debt as current plus non-current financial liabilities, including other financial liabilities: - Short-term financial liabilities = 142,437,000 - Other current financial liabilities = 290,000 - Long-term financial liabilities = 6,402,913,000 - Other non-current financial liabilities = 34,000 Gross debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 Gross debt = 6,545,674,000 Subtract cash and cash equivalents: - Cash and cash equivalents = 451,946,000 Net debt = 6,545,674,000 - 451,946,000 Net debt = 6,093,728,000 **3. FFO / Net debt** FFO / Net debt = 884,919,000 / 6,093,728,000 FFO / Net debt = 0.1452, or about 14.5% 14.5