To estimate the Funds From Operations (FFO) to Net Debt ratio for 2022 based on S&P methodology, I will follow these steps: 1. **Calculate Funds From Operations (FFO)**: * S&P's FFO typically starts with Profit/Loss from Operating Activities and adjusts for depreciation, amortization, impairments, and other non-cash items. * From the data: * Profit Loss From Operating Activities 2022 = 1,334,000,000 EUR * We need to add back "Dotacion Amortizacion YVariacion De Provisiones" (Depreciation, Amortization, and Provisions) = 762,000,000 EUR * We also adjust for Impairment Loss Reversal = -15,000,000 EUR (This is an impairment reversal/gain, which should be subtracted from operating profit, or if we are adding back total D&A including impairments, we need to net it out. Since "Dotacion..." includes provisions but the impairment line is separate, we add back the main depreciation line and subtract the impairment reversal). * Resultado De Puesta En Equivalencia Operativa = 159,000,000 EUR (This is equity income from operations, which is non-cash, so we subtract it to get cash-based FFO). * Other Gains Losses = 13,000,000 EUR (Non-operating, non-cash, subtract if gain). * FFO Calculation: * Operating Profit: 1,334 * + Depreciation/Amortization/Provisions: 762 * - Impairment Reversal: 15 * - Equity Income from Operations: 159 * - Other Gains: 13 * FFO = 1,334 + 762 - 15 - 159 - 13 = 1,909,000,000 EUR 2. **Calculate Net Debt**: * S&P's Net Debt = Total Debt - Cash and Cash Equivalents. * Total Debt = Noncurrent + Current portions of debt and leases. * From the data: * Noncurrent Debt/Loans/Leases: * "Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes1" (Noncurrent Marketable Securities/Bonds) = 3,101,000,000 * "Noncurrent Portion Of Noncurrent Loans Received" = 2,624,000,000 * "Noncurrent Lease Liabilities" = 439,000,000 * Current Debt/Loans/Leases: * "Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes" (Current Marketable Securities/Bonds) = 1,139,000,000 * "Current Loans Received And Current Portion Of Noncurrent Loans Received" = 553,000,000 * "Current Lease Liabilities" = 72,000,000 * Total Debt = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = 7,928,000,000 EUR * Cash and Cash Equivalents = 2,360,000,000 EUR * Net Debt = 7,928,000,000 - 2,360,000,000 = 5,568,000,000 EUR 3. **Calculate FFO / Net Debt**: * FFO / Net Debt = 1,909,000,000 / 5,568,000,000 * FFO / Net Debt = 0.3428 0.3428