Let’s go step-by-step.

**1. Estimate FFO (Funds From Operations)**  
S&P’s FFO is typically:  
Net profit from continuing operations + depreciation & amortisation + impairments – gains on asset sales – non-cash finance items (or adjusted) – profit from associates + non-controlling interests adjustment, but I will use the closest data available.

From the 2022 P&L:

- Profit from continuing operations: **€88,966,000**
- Depreciation: **€176,689,000**
- Amortisation: **€58,741,000**
- Impairment loss (reversal) on intangible assets & PPE: **–€43,185,000** (since this is a reversal, it reduces expenses artificially, so we should exclude it from FFO or add back only net impairments)
- Impairment of trade receivables: **€300,000** (operating, usually not added back for FFO)

So FFO ≈ 88,966,000 + 176,689,000 + 58,741,000 – 43,185,000  
= **€281,211,000**

But S&P also adjusts for other non-cash items like provisions, deferred taxes, etc.  
Looking at the cash flow statement:

"Cash flows from operating activities continuing" = **€502,520,000**  
This includes working capital changes. To get FFO, we should back out working capital changes:

Working capital changes in 2022 = +€113,840,000 (this is a positive number, meaning working capital provided cash).  
But the "cash flows from operations before changes in working capital" = **€616,360,000**.

Tax paid = –€91,854,000  
So FFO ≈ 616,360,000 – 91,854,000 = **€524,506,000** (this is close to FFO before working capital changes).

But S&P’s FFO typically excludes tax paid? No, S&P FFO is after tax. So better to use:

“Cash flows from operations before changes in working capital” – current tax paid + interest paid (net) adjustments?  
Actually, simpler: S&P FFO ≈ operating profit + D&A + impairments – current taxes – interest paid (net).

They define FFO = EBIT + D&A + impairment charges – taxes paid – interest paid (net).

Using 2022 data:

- EBIT (Profit from operating activities) = **€220,814,000**
- D&A = 176,689,000 + 58,741,000 = **€235,430,000**
- Impairment (non-current) reversal = –€43,185,000 (so we add it as negative impairment, meaning adjusting EBIT? In this case, EBIT already includes this reversal, so we need to reverse its positive effect, i.e., subtract €43,185,000).
- Current tax paid = **–€91,854,000**
- Interest paid = **–€29,146,000**

FFO = 220,814,000 + 235,430,000 – 43,185,000 – 91,854,000 – 29,146,000  
= **€292,059,000**

**2. Net debt**  
S&P net debt = short-term + long-term debt – cash & equivalents + lease liabilities + derivatives, etc.

From balance sheet 2023-01-01:

- Non-current financial liabilities (excl. lease): **€1,751,255,000**
- Current financial liabilities (excl. lease): **€389,716,000**
- Lease liabilities (current + non-current): 6,362,000 + 150,955,000 = **€157,317,000**
- Cash & equivalents: **€392,811,000**
- Current financial assets FVTPL: **€141,568,000** (maybe not deducted)
- Non-current financial assets FVTPL: **€33,225,000**
- Other current financial assets: **€211,136,000**

If we only take the sure items:

Net debt = 1,751,255,000 + 389,716,000 + 157,317,000 – 392,811,000  
= **€1,905,477,000**

**3. FFO / Net Debt**  
= 292,059,000 / 1,905,477,000 ≈ **0.1533**  

So about **15.3%**.

<answer>0.153</answer>