To estimate **FFO / Net debt** under a simplified S&P-style approach:

1. **Funds from operations (FFO)** is approximated as operating cash flow before working-capital movements, commonly:
   - Cash flow from operating activities
   - minus working-capital inflow, or plus working-capital outflow
   - plus cash interest paid
   - minus cash interest received  
   
   Using 2022 figures:
   - Cash flows from operating activities = €8.674bn
   - Increase/decrease in working capital = +€3.961bn
   - Finance costs paid = €5.016bn
   - Finance income received = €2.622bn

   \[
   FFO \approx 8.674 - 3.961 + 5.016 - 2.622 = 7.107 \text{ bn}
   \]

2. **Net debt** is approximated from balance-sheet debt less cash and cash equivalents:
   - Long-term borrowings = €68.191bn
   - Short-term borrowings = €18.392bn
   - Current portion of long-term borrowings = €2.835bn
   - Cash and cash equivalents = €11.041bn

   \[
   Net\ debt \approx 68.191 + 18.392 + 2.835 - 11.041 = 78.377 \text{ bn}
   \]

3. **FFO / Net debt ratio**:

   \[
   \frac{7.107}{78.377} = 0.0907 \approx 9.1\%
   \]

<answer>9.1%</answer>