To estimate the FFO / Net Debt ratio for 2022 based on S&P's methodology, we need to calculate Funds From Operations (FFO) and Net Debt for the period ending 2022-12-31 (reported as of 2023-01-01). **1. Calculate FFO (Funds From Operations):** According to S&P's methodology, FFO is typically calculated as: FFO = Profit Loss From Operating Activities + Amortisation Expense + Adjustments For Finance Income Cost (adding back net interest expense) + Adjustments For Income Tax Expense (adding back tax expense) + Adjustments For Non Controlling Interests (adding back NCI share of profit) We can use the reconciliation line items provided in the cash flow statement facts to find these components for 2022 (2022-01-01 to 2023-01-01): * Profit Loss From Operating Activities: 423,000,000 EUR * Amortisation Expense: 299,000,000 EUR * Adjustments For Finance Income Cost: 320,000,000 EUR * Adjustments For Income Tax Expense: 30,000,000 EUR (Note: this is -30M in the reconciliation, meaning tax expense was 30M, which we add back) * Adjustments For Non Controlling Interests: 116,000,000 EUR (Note: this is 116M in the reconciliation, meaning we deduct NCI to arrive at operating profit, so we add it back) FFO = 423,000,000 + 299,000,000 + 320,000,000 + 30,000,000 + 116,000,000 = 1,188,000,000 EUR. **2. Calculate Net Debt:** Net Debt = Total Debt - Cash and Cash Equivalents (including restricted cash). * **Total Debt:** Includes both noncurrent and current borrowings. * Noncurrent Debt Securities And Bank Borrowings Of Infrastructure Projects: 7,893,000,000 EUR * Noncurrent Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 2,883,000,000 EUR * Current Debt Securities And Bank Borrowings Of Infrastructure Projects: 74,000,000 EUR * Current Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 803,000,000 EUR * Total Debt = 7,893,000,000 + 2,883,000,000 + 74,000,000 + 803,000,000 = 11,653,000,000 EUR. * **Cash and Cash Equivalents:** Includes unrestricted and restricted cash. * Cash And Cash Equivalents: 5,130,000,000 EUR * Current Restricted Cash And Cash Equivalents Infrastructure Projects: 38,000,000 EUR * Restricted Cash Relating To Infrastructure Projects And Other Financial Assets (Noncurrent): 597,000,000 EUR * Total Cash = 5,130,000,000 + 38,000,000 + 597,000,000 = 5,765,000,000 EUR. * **Net Debt** = 11,653,000,000 - 5,765,000,000 = 5,888,000,000 EUR. **3. Calculate FFO / Net Debt Ratio:** Ratio = FFO / Net Debt Ratio = 1,188,000,000 / 5,888,000,000 ≈ 0.201769... Rounded to two decimal places, this gives 0.20 (or 20.2%). 0.20