S&P-style FFO / Net debt can be approximated as:

- **FFO** ≈ cash flow from operations before working capital movements  
- **Net debt** ≈ financial debt minus cash and readily available financial assets

Using the provided EDF 2022 data:

1. **Operating cash flow before working capital**
   - Net cash flow from operations before net financial expenses and income taxes: **−€5.140bn**
   - Working capital movement: **−€8.301bn**
   - Therefore, cash-flow-before-working-capital proxy:  
     **−5.140 − (−8.301) = €3.161bn**

2. **Adjust for cash interest and tax to approximate FFO**
   - Net financial expenses disbursed including dividends received: **€1.003bn**
   - Income taxes paid/refund: **€1.282bn**
   - FFO proxy:  
     **3.161 − 1.003 − 1.282 = €0.876bn**

3. **Net debt**
   - Other noncurrent financial liabilities: **€71.058bn**
   - Other current financial liabilities: **€71.844bn**
   - Gross financial debt proxy:  
     **71.058 + 71.844 = €142.902bn**
   - Cash and cash equivalents: **€10.948bn**
   - Other current financial assets: **€58.033bn**
   - Other noncurrent financial assets: **€48.512bn**
   - Net debt proxy:  
     **142.902 − 10.948 − 58.033 − 48.512 = €25.409bn**

4. **FFO / Net debt**
   - **0.876 / 25.409 = 0.0345**, or about **3.45%**

<answer>3.45%</answer>