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

1. **Funds from operations (FFO)** can be approximated as:
   - Cash flow from operations before working capital movements, or
   - Net income adjusted for depreciation/amortization and other non-cash items, after interest and taxes.

   Using the provided cash flow data, reported **cash flows from operating activities** in 2022 were:

   \[
   \text{CFO} = 1{,}260 \text{ million EUR}
   \]

   But S&P-style FFO typically excludes working capital movements. The major working capital changes were:
   - Trade receivables: \(-1{,}420\) million
   - Trade payables: \(+2{,}587\) million
   - Inventories: \(-332\) million

   Net working capital contribution:

   \[
   -1{,}420 + 2{,}587 - 332 = +835 \text{ million EUR}
   \]

   So estimated FFO:

   \[
   1{,}260 - 835 = 425 \text{ million EUR}
   \]

2. **Net debt** can be approximated from financial liabilities less cash and financial assets:
   - Noncurrent financial liabilities: \(5{,}867\) million
   - Current financial liabilities: \(1{,}022\) million
   - Cash and cash equivalents: \(2{,}584\) million
   - Other current financial assets: \(14\) million
   - Other noncurrent financial assets: \(70\) million

   Gross financial debt:

   \[
   5{,}867 + 1{,}022 = 6{,}889 \text{ million EUR}
   \]

   Cash and financial assets:

   \[
   2{,}584 + 14 + 70 = 2{,}668 \text{ million EUR}
   \]

   Net debt:

   \[
   6{,}889 - 2{,}668 = 4{,}221 \text{ million EUR}
   \]

3. Therefore:

   \[
   \frac{\text{FFO}}{\text{Net debt}} = \frac{425}{4{,}221} = 0.1007
   \]

   As a percentage:

   \[
   10.1\%
   \]

<answer>10.1%</answer>