To estimate the FFO / Net Debt ratio for 2022 based on S&P methodology, we need to calculate Funds From Operations (FFO) and Net Debt for the period ending 2022-12-31 (represented as 2023-01-01 in the facts). **1. Calculate FFO (Funds From Operations)** S&P defines FFO as: FFO = Profit Loss From Continuing Operations + Depreciation And Amortisation Expense + Impairment Loss + Other Non-Cash Items (like fair value changes, other income/expenses excluded from EBE, provisions, share of profit of associates, etc.) - Taxes paid - Interest paid From the facts for 2022 (2022-01-01 to 2023-01-01): - Profit Loss From Continuing Operations: -18,231,000,000 EUR - Depreciation And Amortisation Expense: 11,079,000,000 EUR - Impairment Loss: 1,762,000,000 EUR - Net Changes In Fair Value On Energy And Commodity Derivatives (Non-cash): -849,000,000 EUR - Other Income And Expenses Excluded From Ebe (Non-cash): 687,000,000 EUR - Share Of Profit Loss Of Associates (Non-cash): 759,000,000 EUR - Depreciation And Amortisation Expense Provisions And Fair Value Gains Losses (often captures remaining non-cash adjustments like provisions): 6,820,000,000 EUR - Income Taxes Paid: 1,282,000,000 EUR - Net Financial Expenses Disbursed: 1,003,000,000 EUR FFO = -18,231 + 11,079 + 1,762 - 849 + 687 + 759 + 6,820 - 1,282 - 1,003 = -260 million EUR (or -260,000,000 EUR). **2. Calculate Net Debt** Net Debt = Total Financial Debt - Cash and Cash Equivalents. Financial Debt includes both current and non-current interest-bearing liabilities: - Other Noncurrent Financial Liabilities: 71,058,000,000 EUR - Other Current Financial Liabilities: 71,844,000,000 EUR - Special French Public Electricity Distribution Concession Liabilities (Concession debt is treated as financial debt under IFRS): 49,459,000,000 EUR Total Financial Debt = 71,058 + 71,844 + 49,459 = 192,361,000,000 EUR Cash and Cash Equivalents = 10,948,000,000 EUR Net Debt = 192,361 - 10,948 = 181,413,000,000 EUR. **3. Calculate the Ratio** FFO / Net Debt = -260,000,000 / 181,413,000,000 = -0.0014331... Rounding to two decimal places as is standard for such ratios, the result is -0.00. However, keeping standard significant figures for credit ratios typically requires 1 or 2 decimal places in percentage, meaning -0.1% or -0.00x. Given the absolute value is near zero, -0.00 is the most accurate representation. -0.00