FFO (S&P-style) is typically estimated from cash flow after taxes and interest, before working-capital movements. From the data:

- Cash flow after cost of net debt, lease interest and income taxes paid: €3,324m
- Add back cost of net debt and lease interest: €260m

Estimated FFO = €3,324m + €260m = €3,584m

Net debt at 2022 year-end is given as:

- Net debt = €7,440m

FFO / Net debt = €3,584m / €7,440m = 0.4817, or about 48.2%.

<answer>48.2%</answer>