I need to estimate the FFO / Net debt ratio for 2022 based on S&P methodology.

First, let me understand S&P's FFO (Funds From Operations) methodology:
- FFO = Net Income + Depreciation & Amortization + Deferred Income Taxes + Other non-cash items

For S&P specifically, FFO typically equals:
- Profit/Loss from continuing operations + Depreciation & Amortization + Deferred taxes + Other non-cash adjustments

Let me identify the relevant figures for 2022 (period 2022-01-01 to 2023-01-01):

From the income statement:
- Profit Loss From Continuing Operations: 88,966,000 EUR
- Profit Loss From Discontinued Operations: 294,131,000 EUR
- Total Profit Loss: 383,098,000 EUR

However, for FFO we typically use continuing operations or total profit before discontinued operations adjustments. Let me think more carefully.

S&P FFO formula is generally:
FFO = Net income before extraordinary items + Depreciation & Amortization + Deferred income taxes + Other non-cash items

Looking at the cash flow adjustments:
- Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Non Current Assets: 278,615,000 EUR
- This includes: Depreciation (176,689,000) + Amortization (58,741,000) - Impairment reversal (43,185,000) = 192,245,000... wait let me check: 176,689,000 + 58,741,000 - 43,185,000 = 192,245,000. But the adjustment shows 278,615,000.

Actually, looking more carefully: the adjustment is 278,615,000 which equals:
Depreciation 176,689,000 + Amortization 58,741,000 + Impairment loss reversal 43,185,000 = 278,615,000

Wait, the line says "Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" - this is a positive 43,185,000 in the income statement (reducing expenses). In the cash flow, we add back the net D&A and impairment.

Let me recalculate: 176,689,000 + 58,741,000 + 43,185,000 = 278,615,000 ✓

For S&P FFO, I need:
1. Start with Profit from operating activities or net income
2. Add back D&A
3. Add deferred taxes
4. Add other non-cash items

Actually, S&P's standard FFO definition is:
FFO = Funds from operations = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items

Or more practically from the cash flow statement:
FFO = Cash flow from operating activities before working capital changes - Interest paid + Interest received (or use the pre-financing figure)

Looking at the cash flow data:
- Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000 EUR

This is essentially: Profit before tax + D&A + other non-cash items - taxes paid (accrual) or similar.

Actually, let me think about this more carefully. "Cash Flows From Used In Operations Before Changes In Working Capital" of 616,360,000 is the starting point.

For S&P FFO, we typically use:
FFO = Cash flow from operating activities before changes in working capital + Interest paid - Interest received (to get pre-interest figure)

Wait, actually S&P FFO is usually calculated as:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Let me try another approach using the detailed components:
- Profit Loss From Operating Activities: 220,814,000 EUR
- Add: Depreciation Expense: 176,689,000 EUR
- Add: Amortisation Expense: 58,741,000 EUR
- Add: Impairment Loss Reversal: 43,185,000 EUR (this is a positive, so subtracting it was a reduction to get to operating profit... actually wait)

Let me recalculate EBITDA-like figure:
Profit Loss From Operating Activities: 220,814,000
+ Depreciation Expense: 176,689,000
+ Amortisation Expense: 58,741,000
- Impairment Loss Reversal: 43,185,000 (this reduced costs, so to get back to "gross" we need to subtract it)
= 220,814,000 + 176,689,000 + 58,741,000 - 43,185,000 = 413,059,000

But wait, "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" is given as 499,430,000 EUR. This is EBITDA.

Let me verify: 220,814,000 + 176,689,000 + 58,741,000 - 43,185,000 = 413,059,000. This doesn't match 499,430,000.

Actually, looking at the structure:
- EBITDA: 499,430,000
- Less D&A: 176,689,000 + 58,741,000 = 235,430,000
- Plus impairment reversal: 43,185,000
- = EBIT after impairment: 499,430,000 - 235,430,000 + 43,185,000 = 307,185,000

But Profit Loss From Operating Activities is 220,814,000. The difference is 307,185,000 - 220,814,000 = 86,371,000.

Looking at other items: there are other expenses not in the list I have. Let me check what else affects operating profit.

Actually, for S&P FFO, the standard approach is:
FFO = Net income + Depreciation & Amortization + Deferred income taxes + Other non-cash charges

From cash flow statement, the "Cash Flows From Used In Operations Before Changes In Working Capital" (616,360,000) is closest to FFO, but we need to adjust for interest and taxes.

Actually, looking at S&P methodology more precisely:
FFO = Funds from operations = EBIT + D&A - Cash taxes + Other non-cash items

Or: FFO = Net income + D&A + Deferred taxes + Other non-cash items - Gain on sale + Other adjustments

Let me use the cash flow approach:
Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000

This includes:
- Operating profit adjustments
- D&A added back
- Interest and taxes adjusted

For S&P FFO, we want pre-interest, so we need to add back interest paid and subtract interest received (or use finance costs/income).

Actually, let me look at this differently. S&P Global's definition:
FFO = Net income before extraordinary items + Depreciation & amortization + Deferred income taxes + Other non-cash items

From the data:
- Profit Loss From Continuing Operations: 88,966,000 (this is after tax and interest)
- OR Profit Loss: 383,098,000 (total including discontinued)

For debt servicing capacity, we should include discontinued operations if they're ongoing, but typically S&P uses continuing operations or total FFO depending on the nature of discontinued operations.

Actually, for ratio purposes, if discontinued operations are being sold, we might want continuing operations FFO. But let me check if the 2022 numbers include a major disposal.

Looking at the balance sheet:
- Noncurrent Assets Or Disposal Groups Classified As Held For Sale: 226,086,000 in 2023 vs 776,220,000 in 2022
- This decreased significantly, suggesting a sale occurred

Also Cash Flows From Losing Control Of Subsidiaries: 1,264,826,000 in 2022 - major disposal!

So 2022 had significant discontinued operations gains. For FFO, S&P typically wants sustainable FFO, so we should focus on continuing operations or adjust for one-time gains.

Let me calculate FFO from continuing operations:
Profit Loss From Continuing Operations: 88,966,000
+ Depreciation & Amortization: 176,689,000 + 58,741,000 = 235,430,000
+ Deferred tax change: Need to calculate

Deferred tax assets: 150,346,000 (2022) to 138,242,000 (2023) = decrease of 12,104,000
Deferred tax liabilities: 107,268,000 (2022) to 197,262,000 (2023) = increase of 89,994,000

Net deferred tax liability increase / asset decrease = expense of 102,098,000

But income tax expense was 97,569,000. The cash tax paid was 91,854,000.

Deferred tax expense = Total tax expense - Cash tax paid = 97,569,000 - 91,854,000 = 5,715,000 (approximate, but this doesn't match the balance sheet change due to acquisitions/disposals).

Actually, for FFO, S&P adds back deferred tax expense (the non-cash portion).

Let me try a cleaner approach using the cash flow statement:

Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000
- This is essentially: EBIT - Cash taxes + D&A adjustments + other non-cash items

Wait, this already includes D&A addbacks and other adjustments. Let me verify by building it:

Starting from Profit Loss From Operating Activities: 220,814,000
+ D&A: 235,430,000
+ Impairment reversal: -43,185,000 (this was a gain, so subtract)
+ Other non-cash items
= ?

Actually, let me look at the cash flow reconciliation more carefully.

The adjustments to get to "Cash Flows From Used In Operations Before Changes In Working Capital":
- Adjustments For Depreciation And Amortisation: 278,615,000
- Adjustments For Increase In Provisions: 38,978,000
- Adjustments For Decrease In Provisions: -17,675,000
- Adjustments For Impairment Current Assets: 0
- Adjustments For Undistributed Profits: 2,294,000
- Adjustments For Employee Benefits: 66,000
- Adjustments For Finance Costs: 36,573,000
- Adjustments For Income Tax Expense: 97,569,000
- Other Adjustments For Noncash Items: -198,570,000

Sum: 278,615,000 + 38,978,000 - 17,675,000 + 0 + 2,294,000 + 66,000 + 36,573,000 + 97,569,000 - 198,570,000 = 237,850,000

But "Cash Flows From Used In Operations Before Changes In Working Capital" is 616,360,000.

Starting profit must be: 616,360,000 - 237,850,000 = 378,510,000 approximately.

This is close to Profit Loss: 383,098,000. The difference might be due to discontinued operations or rounding.

Actually, 378,510,000 is close to Profit Loss from Continuing Operations (88,966,000) + Discontinued Operations (294,131,000) = 383,097,000, minus some adjustments.

For S&P FFO, the standard formula is:
FFO = Cash Flow From Operations Before Changes in Working Capital + Interest Paid - Interest Received (if not already in operating activities)

Wait, in the cash flow statement, finance costs are added back in the operating section (36,573,000), meaning interest is excluded from operating cash flow and moved to financing.

Actually looking at the cash flow: "Adjustments For Finance Costs" of 36,573,000 is added back. This suggests finance costs were deducted to get to profit but are added back for cash flow.

But "Finance Income Cost" is -36,573,000 (net cost). The adjustment is +36,573,000.

For S&P FFO, we typically want pre-interest, so:
FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Interest Paid

But the adjustment already adds back finance costs (36,573,000). However, this is the net finance cost, not gross interest paid.

Looking at financing activities:
- Interest Paid Classified As Financing Activities: 29,146,000

And finance costs total: 112,195,000
Finance income: 75,622,000
Net: -36,573,000

The cash flow adjustment of 36,573,000 adds back the net finance cost. But for FFO, S&P wants to add back gross interest paid (or the financing cost).

Actually, S&P's FFO definition is:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Or equivalently:
FFO = EBIT + D&A - Cash taxes

Let me calculate EBIT:
Profit Loss From Operating Activities: 220,814,000 (this is EBIT)

Wait, is it? Profit Loss From Operating Activities typically includes operating profit before finance costs and taxes. Let me verify.

Actually, "Profit Loss From Operating Activities" of 220,814,000 should be operating profit before interest and tax... no wait, it says "From Operating Activities" which could mean after all operating items.

Then "Profit Loss Before Tax" is 186,535,000, which is after finance costs.

So: 220,814,000 (operating) - finance net 36,573,000 = 184,241,000, but profit before tax is 186,535,000. Close but not exact due to other items (share of profit of investments: 2,294,000).

220,814,000 + 2,294,000 - 36,573,000 = 186,535,000 ✓

So EBIT (as S&P might define it, including equity investments) = 220,814,000 + 2,294,000 = 223,108,000? Or EBIT is just 220,814,000.

For FFO, S&P typically uses:
FFO = EBIT + D&A - Cash taxes

Or more commonly from cash flows:
FFO = Cash flow from operating activities before working capital changes

But adjusted to be pre-interest if interest was deducted.

Actually, let me check S&P's precise definition. S&P Global Ratings defines FFO as:
FFO = Funds from operations = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items

Using this with continuing operations:
- Net income from continuing operations: 88,966,000
+ D&A: 235,430,000
+ Deferred income taxes: Need to estimate
+ Other non-cash items: Various

From the cash flow, "Other Adjustments For Noncash Items" is -198,570,000 (negative!).

This negative other adjustment suggests there were significant non-cash gains (like the impairment reversal or other items).

Actually, let me use the cash flow statement approach which is cleaner:

"Cash Flows From Used In Operations Before Changes In Working Capital" = 616,360,000

This is for total operations (continuing + discontinued). Let me check if there's a split:
- Cash Flows From Used In Operating Activities Continuing Operations: 502,520,000 (before working capital? No, this is after working capital)

Wait, let me re-read:
- "Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 616,360,000
- "Cash Flows From Used In Operating Activities Continuing Operations" 2022: 502,520,000

The 502,520,000 is after working capital changes (113,840,000) and taxes paid (91,854,000)? No wait, let me check.

Actually, looking at the structure:
- Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000
- Increase Decrease In Working Capital And Other Operating Activities: 113,840,000
- Cash Flows From Used In Operating Activities Continuing Operations: 502,520,000

Wait: 616,360,000 - 113,840,000 = 502,520,000? No, 616,360,000 + 113,840,000 = 730,200,000, not 502,520,000.

Actually, looking more carefully, the working capital adjustment might be added/subtracted differently. And taxes paid might be separate.

Let me check: 616,360,000 + 113,840,000 = 730,200,000, minus taxes paid 91,854,000 = 638,346,000. Not matching 502,520,000.

Hmm, let me re-read. The "Increase Decrease In Working Capital And Other Operating Activities" of 113,840,000 - is this a source or use? The name suggests it's the net adjustment.

Actually, looking at standard cash flow format:
- Operating profit before working capital
- +/- Working capital changes
- - Taxes paid
- = Cash from operating activities

So: 616,360,000 + 113,840,000 - 91,854,000 = 638,346,000? Still not 502,520,000.

Wait, I need to check if the 616,360,000 already includes or excludes taxes. Looking at the adjustments, there's "Adjustments For Income Tax Expense" of 97,569,000 added back. This means taxes were deducted in profit but added back here. So 616,360,000 is before tax payments.

Then "Income Taxes Paid Classified As Operating Activities" of 91,854,000 is subtracted later.

So: 616,360,000 (before WC and taxes) + 113,840,000 (WC changes) - 91,854,000 (taxes paid) = 638,346,000 for continuing? No, the 113,840,000 includes "other operating activities" too.

Actually, let me check: 616,360,000 - 113,840,000 = 502,520,000. Yes! So the working capital change was negative (use of cash), meaning we subtract it.

Wait, but "Increase Decrease In Working Capital And Other Operating Activities" is positive 113,840,000. If it's an increase in working capital (use of cash), we'd subtract. But the name is ambiguous.

Looking at the numbers: 616,360,000 - 113,840,000 = 502,520,000. So yes, it was subtracted, meaning working capital increase.

For FFO, S&P uses the figure BEFORE working capital changes and BEFORE taxes paid, but AFTER interest if interest is considered a financing cost.

Actually, standard S&P FFO is:
FFO = Cash flow from operating activities before changes in working capital + Interest paid

Because S&P wants pre-interest coverage.

From financing activities: Interest Paid = 29,146,000 (classified as financing)

But in the operating section, "Adjustments For Finance Costs" of 36,573,000 was added back. This is the net finance cost (income minus costs).

The finance costs were 112,195,000 and finance income was 75,622,000, net 36,573,000 expense.

For FFO, S&P adds back net interest expense (or gross interest paid). Since the adjustment already added back 36,573,000, and interest paid was 29,146,000, there's a difference due to interest received and other finance items.

Actually, for S&P FFO, the standard is to use:
FFO = Cash flow from operating activities before working capital changes + Interest paid (if not already added back)

Since the 616,360,000 already has finance costs added back (36,573,000), and this includes the net finance cost, we need to see what the "true" pre-interest figure is.

Actually, I think 616,360,000 is already effectively pre-interest for the P&L purposes (since finance costs were added back). But interest paid is a cash outflow that happens in financing activities.

For S&P FFO calculation from cash flows:
FFO = Cash from operations before working capital changes + Interest paid - Interest received (or use the net figure)

Actually, let me look at this more simply. The 616,360,000 includes:
- Operating profit
- D&A addbacks
- Other non-cash items
- Finance costs added back (36,573,000)

So it's pre-net-interest but post other adjustments.

For debt ratios, S&P typically uses:
FFO = Cash flow from operating activities before changes in working capital

And they may or may not adjust for interest depending on the ratio purpose. For FFO/Debt, they want the numerator to be pre-interest if the denominator is total debt.

Actually, I recall now: S&P's FFO for the FFO/Debt ratio is typically:
FFO = Net income + D&A + Deferred taxes + Other non-cash items - Capital gains + Other adjustments

Or from cash flow: FFO = Cash from operations before working capital changes - Interest paid + Interest received (to get to a "financing-neutral" figure? No...)

Let me think again. For FFO/Debt ratio, the debt is total debt. FFO should be the cash available to service debt before working capital changes.

Standard S&P FFO = Funds from operations = Net income from continuing operations + Depreciation & amortization + Deferred income taxes + Other non-cash items

Using this formula with 2022 continuing operations:
- Net income from continuing operations: 88,966,000
- D&A: 235,430,000
- Deferred income taxes: ?
- Other non-cash items: ?

From cash flow adjustments, we can infer:
Total adjustments to profit to get to pre-WC cash flow: 278,615,000 + 38,978,000 - 17,675,000 + 0 + 2,294,000 + 66,000 + 36,573,000 + 97,569,000 - 198,570,000 = 237,850,000

If profit was 383,098,000 total, then 383,098,000 + 237,850,000 = 620,948,000, close to 616,360,000 (difference due to discontinued operations or rounding).

Actually, for continuing operations specifically:
Profit from continuing operations: 88,966,000
Plus adjustments... but we don't have the split.

Let me try a different approach. Use the total cash flow before WC of 616,360,000 and adjust for discontinued operations.

Cash Flows From Used In Operating Activities Continuing Operations: 502,520,000
Cash Flows From Used In Operating Activities Discontinued Operations: 43,594,000
Total Cash Flows From Used In Operating Activities: 458,926,000? 

Wait, 502,520,000 + 43,594,000 = 546,114,000, not 458,926,000. So discontinued operations is actually negative or there's a sign issue.

Looking at the names: "Cash Flows From Used In" - the word "From" suggests positive (source), "Used In" suggests negative (use). But both are listed as positive numbers.

Actually, 502,520,000 + 43,594,000 = 546,114,000 ≠ 458,926,000. 

Hmm, 502,520,000 - 43,594,000 = 458,926,000? No, that's not right either.

Wait: 458,926,000 total. If continuing is 502,520,000, then discontinued must be -43,594,000 (use of cash). But the label shows 43,594,000 positive.

Actually, re-reading: "Cash Flows From Used In Operating Activities Discontinued Operations" 2022: 43594000.0 EUR. The value is positive but the name suggests "used in" = negative. This is confusing.

Let me assume the sign convention: positive numbers are inflows, negative are outflows. Then:
Continuing: +502,520,000
Discontinued: +43,594,000
Total: +458,926,000? That doesn't add up.

Unless... 502,520,000 is the absolute value and discontinued operations actually reduced it. Or there's a sign issue in my reading.

Actually, looking at 2021:
Continuing: -40,849,000 (negative, using cash)
Discontinued: -217,916,000 (negative)
Total: 177,067,000 (positive?)

That makes no sense. -40,849,000 + (-217,916,000) = -258,765,000 ≠ 177,067,000.

Unless the "total" is actually the net and the components are gross... I'm confused by the sign convention.

Let me ignore the detailed split and focus on total:
Cash Flows From Used In Operating Activities 2022: 458,926,000 (positive, source of cash)

And before working capital:
Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000

Working capital and other: 113,840,000
Taxes paid: 91,854,000

Check: 616,360,000 - 113,840,000 - 91,854,000 = 410,666,000 ≠ 458,926,000.

Hmm, or 616,360,000 + 113,840,000 - 91,854,000 = 638,346,000.

None of these match. Let me try: 616,360,000 - 113,840,000 + something = 458,926,000. Then something = -43,594,000. That matches discontinued operations!

Actually, I think the structure is:
- Total before WC: 616,360,000 (continuing + discontinued)
- WC changes: 113,840,000
- Taxes paid: 91,854,000
- Discontinued operations separated: -43,594,000

Or more likely, the 616,360,000 is for continuing only, and then discontinued is separate.

Let me check: 616,360,000 - 113,840,000 - 91,854,000 = 410,666,000 for continuing? But reported is 502,520,000.

I think I'm overcomplicating this. Let me use the standard S&P approach with the clearly identifiable numbers.

For FFO/Net Debt ratio, S&P uses:
- FFO = Funds from operations (typically cash flow from operations before working capital changes, or net income + D&A + deferred taxes)
- Net Debt = Total debt - Cash and cash equivalents

Let me calculate Net Debt first:
Total debt = Current financial liabilities + Non-current financial liabilities + Other current financial liabilities + Other non-current financial liabilities + Current lease liabilities + Non-current lease liabilities + Any other debt-like items

From balance sheet 2022 (start of 2023, i.e., end of 2022):
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 76,644,000
- Other Current Financial Liabilities: 389,716,000
- Current Lease Liabilities: 6,362,000
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: -0- (0)
- Other Noncurrent Financial Liabilities: 1,751,255,000
- Noncurrent Lease Liabilities: 150,955,000

Total debt = 76,644,000 + 389,716,000 + 6,362,000 + 0 + 1,751,255,000 + 150,955,000 = 2,374,932,000

Wait, I need to check 2022 year-end vs 2023 year-end. The period 2022-01-01 to 2023-01-01 means the balance sheet at 2023-01-01 is end of 2022.

But for the ratio, we need average debt or end-of-period? Typically end-of-period or average. S&P usually uses average debt for ratios, but sometimes year-end.

Actually, for FFO/Debt, the debt is typically year-end or average. Let me use year-end 2022 (i.e., 2023-01-01 in the data).

Cash and Cash Equivalents at 2023-01-01: 392,811,000

Net Debt = 2,374,932,000 - 392,811,000 = 1,982,121,000

But wait, I need to check if there are other debt items. "Trade And Other Current Payables To Trade Suppliers" is not debt, it's trade payables.

Also, check 2022-01-01 (start of 2022, i.e., end of 2021):
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 170,857,000
- Other Current Financial Liabilities: 1,342,688,000
- Current Lease Liabilities: 6,282,000
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: 44,763,000
- Other Noncurrent Financial Liabilities: 2,064,088,000
- Noncurrent Lease Liabilities: 122,663,000

Total debt at start of 2022: 170,857,000 + 1,342,688,000 + 6,282,000 + 44,763,000 + 2,064,088,000 + 122,663,000 = 3,751,341,000

Cash at start of 2022 (end of 2021): 860,352,000

Net debt at start of 2022: 3,751,341,000 - 860,352,000 = 2,890,989,000

Average net debt: (1,982,121,000 + 2,890,989,000) / 2 = 2,436,555,000

Or year-end net debt: 1,982,121,000

Now for FFO. Let me use S&P's standard definition more carefully.

S&P Global Ratings defines FFO as:
"Funds from operations (FFO): Net income from continuing operations plus depreciation, amortization, deferred income taxes, and other non-cash items."

From the cash flow statement, "Cash Flows From Used In Operations Before Changes In Working Capital" is essentially this FFO figure, but we need to check if it includes discontinued operations.

For 2022, total before WC changes: 616,360,000

This includes both continuing and discontinued. For a cleaner sustainable FFO, we might want continuing only. But the data doesn't give the split for the before-WC figure.

However, looking at operating cash flows:
- Continuing: 502,520,000 (after WC)
- Discontinued: 43,594,000 (after WC)
- Total: 458,926,000 (after WC)

Wait, these don't add up. Let me assume the 616,360,000 is for total operations.

For S&P FFO, they also sometimes use:
FFO = Cash flow from operating activities before working capital changes

And for the ratio FFO/Debt, they use this figure directly.

Let me check if 616,360,000 is the right FFO figure. This includes:
- All operating profits (continuing + discontinued)
- D&A added back
- Other non-cash items
- But NOT working capital changes
- And NOT cash taxes paid (tax expense is added back, but tax payments are separate)

Actually, looking at the adjustments, "Adjustments For Income Tax Expense" of 97,569,000 is added back. This means the 616,360,000 is BEFORE tax expense (accrual basis), not after. And "Income Taxes Paid" of 91,854,000 is a separate cash outflow.

For FFO, S&P wants the accrual-based figure before working capital, so 616,360,000 seems right, but we need to adjust for interest.

Actually, the 616,360,000 already has "Adjustments For Finance Costs" of 36,573,000 added back. This is the NET finance cost. So it's pre-net-finance-cost.

For S&P FFO, do we need to be pre-gross-interest or pre-net-interest? Typically pre-net-interest is fine for FFO, as FFO is meant to approximate cash flow from operations before working capital.

Actually, I recall now: S&P's FFO is typically calculated as:
FFO = EBITDA - Cash taxes + Other non-cash items - Gain on sale

Or from the cash flow statement, it's essentially:
FFO = Cash flow from operating activities before changes in working capital

This is a standard definition. So 616,360,000 for total operations.

But wait - is this for continuing or total? The label doesn't specify "continuing" or "discontinued", so it's likely total.

For a more conservative and sustainable FFO, S&P might use continuing operations only. Let me estimate.

If total operating cash flow after WC is 458,926,000, and continuing is 502,520,000, and discontinued is 43,594,000... these don't add up. Unless discontinued is actually negative in the total.

Actually, re-reading: "Cash Flows From Used In Operating Activities Discontinued Operations" 2022: 43594000.0 EUR

If this is a positive number but represents "used in" (cash used), then it's an outflow. But then total would be 502,520,000 - 43,594,000 = 458,926,000. Yes! That works.

So continuing operations generated 502,520,000, discontinued operations used 43,594,000, total is 458,926,000.

For the before-WC figure, if the same pattern holds:
Total before WC: 616,360,000
If discontinued used cash before WC too, then continuing before WC would be higher.

But we don't have this split. Let me assume the 616,360,000 is mostly continuing, or use it as total FFO.

Actually, for FFO/Debt, S&P typically uses total FFO (including discontinued if they're part of operations being sold, but excluding one-time gains).

Given the complexity, let me use a simpler approach: Calculate FFO from the income statement components for continuing operations.

FFO (continuing) = Profit from continuing operations + D&A + Deferred taxes + Other non-cash items
= 88,966,000 + 235,430,000 + ? + ?

From cash flow adjustments for total operations, the "Other Adjustments For Noncash Items" is -198,570,000. This includes the gain on sale of subsidiaries (1,264,826,000 from investing activities!) and other items.

Actually, the large negative "Other Adjustments For Noncash Items" of -198,570,000 likely includes adjustments for the gain on losing control of subsidiaries, which is a non-cash or non-operating gain that needs to be removed.

For sustainable FFO, we should exclude one-time gains like disposal of subsidiaries.

Let me try: FFO = EBITDA - Cash taxes
EBITDA (total) = 499,430,000 (given)
Less: Cash taxes paid = 91,854,000
FFO = 407,576,000

But this is rough. Let me use the cash flow figure and adjust.

Actually, I found a better approach. S&P's FFO can be approximated as:
FFO = Cash flow from operating activities before working capital changes - Gain on sale of assets + Other adjustments

Or more standardly for this data:
FFO = 616,360,000 (total before WC)

But we need to subtract the gain on losing control of subsidiaries if it's included. The gain on sale was 1,264,826,000 cash proceeds, but the gain in profit would be different.

Actually, looking at "Cash Flows From Losing Control Of Subsidiaries" of 1,264,826,000 - this is a cash inflow in investing activities. The gain on sale in profit would be the proceeds minus book value.

In the operating section, "Other Adjustments For Noncash Items" of -198,570,000 likely includes the gain on sale adjustment.

For FFO, S&P wants to exclude capital gains. So:
FFO = 616,360,000 + 198,570,000 (add back the negative adjustment, i.e., remove the gain) = 814,930,000? No wait, the -198,570,000 was already included in the 616,360,000.

Let me think: 616,360,000 = Profit + 278,615,000 + 38,978,000 - 17,675,000 + ... - 198,570,000

If the -198,570,000 includes gain on sale, then to get "clean" FFO we add it back: 616,360,000 + 198,570,000 = 814,930,000? But then we're adding back a negative, which increases FFO.

Actually no: if the adjustment was -198,570,000 (meaning we subtracted 198,570,000 from profit to get to 616,360,000), and this subtraction was for a gain that we want to exclude, then we need to add it back to remove the gain.

Wait, let me re-think. Profit includes gain of X. We want FFO to exclude gain. So FFO = Profit - X + D&A + ...

In the cash flow, they did: Profit + adjustments = 616,360,000. The adjustments include -198,570,000 which includes -X (subtracting the gain). 

So 616,360,000 already excludes the gain (or rather, the gain was in profit and then removed by the -198,570,000 adjustment).

Hmm, but -198,570,000 might not be exactly the gain. Let me check if the gain was in profit.

Profit Loss From Discontinued Operations: 294,131,000. This includes the gain on sale.

If we want sustainable FFO, we might exclude discontinued operations entirely.

Let me calculate FFO from continuing operations using a different approach.

From the income statement, continuing operations:
- Profit before tax from continuing: ?
- We have total profit before tax: 186,535,000
- This includes share of investments: 2,294,000
- And finance net: -36,573,000
- And discontinued... wait, profit before tax is total, not split.

Actually, "Profit Loss Before Tax" 2022: 186,535,000 is total (continuing + discontinued).

We know:
- Profit from continuing operations after tax: 88,966,000
- Profit from discontinued operations after tax: 294,131,000
- Total after tax: 383,098,000

Tax expense continuing: 97,569,000
So profit before tax continuing = 88,966,000 + 97,569,000 = 186,535,000? But that's the total profit before tax.

Wait, that means discontinued operations had no tax? Or loss before tax from discontinued was 0?

Actually, 88,966,000 + 97,569,000 = 186,535,000, which equals total profit before tax. This suggests discontinued operations had zero pre-tax profit and zero tax, but 294,131,000 after tax? That makes no sense unless there was a tax benefit.

Actually, looking more carefully: "Income Tax Expense Continuing Operations" is 97,569,000. There might be tax on discontinued operations too, but not shown.

Let me check: Profit before tax total 186,535,000. If continuing PBT is 186,535,000 and tax is 97,569,000, then continuing PAT is 88,966,000. But then discontinued PAT is 294,131,000 with no PBT? Impossible unless it's below the line.

Actually, I think "Profit Loss Before Tax" of 186,535,000 might be for continuing operations only, or the labels are confusing.

Let me re-read: "Profit Loss From Continuing Operations" 2022: 88,966,000. This is after tax.
"Profit Loss From Discontinued Operations" 2022: 294,131,000. This is also after tax.
"Profit Loss" 2022: 383,098,000 = 88,966,000 + 294,131,000 + 1,000 rounding.

"Income Tax Expense Continuing Operations" 2022: 97,569,000.

So PBT for continuing = 88,966,000 + 97,569,000 = 186,535,000.

But "Profit Loss Before Tax" is also 186,535,000. This suggests total PBT = continuing PBT, meaning discontinued operations had zero PBT but 294,131,000 PAT? That's impossible unless there's a tax credit or the accounting is different.

Actually, wait - "Profit Loss From Discontinued Operations" of 294,131,000 might be AFTER considering some tax benefit or loss carryforward. Or it might include the gain on sale which is recorded differently.

In any case, for FFO calculation, let me use the cash flow approach which is more reliable.

Standard S&P FFO = Cash flow from operating activities before working capital changes

For 2022 total: 616,360,000

But this includes discontinued operations. For sustainable FFO, let me try to estimate continuing only.

If total operating cash flow after WC is 458,926,000, and continuing is 502,520,000 (which is > total, meaning discontinued was negative), then continuing is the main contributor.

For before WC, if the pattern is similar:
Total before WC: 616,360,000
If discontinued before WC was also negative, then continuing before WC > 616,360,000.

But we don't know. Let me assume 616,360,000 is roughly the right order of magnitude for total FFO, or use a conservative estimate.

Actually, for FFO/Debt, S&P uses total FFO (including discontinued operations that are part of the business, but typically excluding one-time gains).

Let me use 616,360,000 as FFO, but adjust for the gain on sale if needed.

The gain on losing control of subsidiaries was a major event. If we want sustainable FFO, we should exclude it. But the 616,360,000 is operating cash flow before WC, which shouldn't include investing gains.

Wait - "Cash Flows From Losing Control Of Subsidiaries" is in INVESTING activities, not operating. So the 616,360,000 operating figure doesn't include this cash inflow.

However, the PROFIT includes the gain on sale. And the "Other Adjustments For Noncash Items" of -198,570,000 likely removes this gain from the operating cash flow.

So 616,360,000 is already "clean" of the gain in terms of cash flow from operations.

But wait, is it? The gain in profit would increase profit, and then the adjustment -198,570,000 would decrease it back. So yes, 616,360,000 should be free of the gain.

Actually, let me verify: Profit 383,098,000 includes gain on sale of 294,131,000 from discontinued operations (at least partially). The adjustment -198,570,000 removes some non-cash or non-operating items. But 383,098,000 - 198,570,000 = 184,528,000, plus other adjustments = 616,360,000.

Hmm, the math doesn't work simply because there are many adjustments.

Let me just accept that 616,360,000 is the standard "Cash flow from operations before working capital changes" and use it as FFO.

For Net Debt, I calculated:
Year-end 2022 (2023-01-01): 1,982,121,000
Year-start 2022 (2022-01-01): 2,890,989,000
Average: 2,436,555,000

FFO/Net Debt ratio:
Using year-end net debt: 616,360,000 / 1,982,121,000 = 0.311 = 31.1%
Using average net debt: 616,360,000 / 2,436,555,000 = 0.253 = 25.3%

S&P typically uses average debt for this ratio. But let me check if they use gross or net debt.

S&P's FFO/Debt ratio uses "debt" which can be gross or net depending on the specific ratio. "FFO to debt" usually means gross debt, while "FFO to net debt" is explicit.

The question asks for "FFO / Net debt ratio", so net debt.

Let me recalculate net debt more carefully. Do I include all lease liabilities? S&P typically includes lease liabilities in debt.

Total financial liabilities at 2023-01-01:
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 76,644,000
- Other Current Financial Liabilities: 389,716,000
- Current Lease Liabilities: 6,362,000
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: 0
- Other Noncurrent Financial Liabilities: 1,751,255,000
- Noncurrent Lease Liabilities: 150,955,000

Total = 2,374,932,000

Less cash: 392,811,000
Net debt = 1,982,121,000

But wait, are there other debt-like items? "Trade And Other Current Payables To Trade Suppliers" is 123,002,000 - this is trade payables, not debt.

"Current Tax Liabilities Current": 52,311,000 - not debt.
"Shortterm Miscellaneous Other Provisions": 38,730,000 - not debt.

What about "Liabilities Included In Disposal Groups Classified As Held For Sale" of 89,421,000? This is held for sale, so should it be included? Typically yes, until sold.

Adding this: Total debt = 2,374,932,000 + 89,421,000 = 2,464,353,000? But this is in disposal groups, so it might be double-counted or separate.

Actually, looking at the balance sheet structure:
Total Current Liabilities: 746,394,000
Total Noncurrent Liabilities: 2,335,888,000
Total Liabilities: 3,171,703,000 (but 746,394,000 + 2,335,888,000 = 3,082,282,000, not 3,171,703,000)

Difference: 3,171,703,000 - 3,082,282,000 = 89,421,000, which equals "Liabilities Included In Disposal Groups Classified As Held For Sale".

So total liabilities include disposal groups. But in the main current/noncurrent liabilities, are the disposal group liabilities included or separate? Looking at the numbers, they're separate (added to get total).

For debt calculation, I should include disposal group liabilities if they're debt-like. But 89,421,000 is small relative to total debt.

Actually, let me check if my debt components sum to less than total liabilities, which they should.

My debt: 2,374,932,000
Total liabilities: 3,171,703,000
Non-debt liabilities: 796,771,000 (provisions, payables, tax liabilities, etc.)

This seems reasonable.

Now, should I include the 89,421,000 held for sale liabilities in debt? If they're being sold, maybe not for year-end debt. But S&P typically includes them until sold.

Let me add them: Debt = 2,374,932,000 + 89,421,000 = 2,464,353,000
Net debt = 2,464,353,000 - 392,811,000 = 2,071,542,000

Or if held for sale is already in the debt components... let me check. The disposal group liabilities might include debt and non-debt. Without detail, I'll exclude it to be conservative, or note it's small.

Actually, re-reading: "Noncurrent Assets Or Disposal Groups Classified As Held For Sale" and "Liabilities Included In Disposal Groups Classified As Held For Sale" are separate line items. The liabilities are likely not in the main debt categories I listed.

For simplicity, let me use debt = 2,374,932,000 and net debt = 1,982,121,000.

Now for FFO. Let me reconsider if 616,360,000 is correct.

S&P sometimes calculates FFO as:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Using total net income 383,098,000:
+ D&A (total, including impairment reversal adjustment): 278,615,000
+ Other adjustments from cash flow (excluding working capital and taxes paid)

From cash flow before WC, the adjustments total 237,850,000 as I calculated. But this includes tax expense addback of 97,569,000 and finance cost addback of 36,573,000.

For S&P FFO, we want:
Net income + D&A + Deferred taxes + Other non-cash items

D&A = 235,430,000 (pure D&A, not including impairment reversal)

Actually, S&P includes impairment losses in "other non-cash items" or separately. The impairment reversal of 43,185,000 is a gain that reduces profit, so we subtract it from FFO.

Let me try:
FFO = Net income 383,098,000
+ Depreciation 176,689,000
+ Amortization 58,741,000
- Impairment reversal 43,185,000 (this is a gain, not a loss)
+ Deferred taxes: ?

Deferred tax change: 
Deferred tax assets decreased 12,104,000 (benefit to cash)
Deferred tax liabilities increased 89,994,000 (expense to cash, non-cash)
Net deferred tax expense = roughly 102,098,000

But income tax expense was 97,569,000, cash taxes paid 91,854,000. Deferred tax expense = 97,569,000 - 91,854,000 = 5,715,000 (accrual to cash difference). But this doesn't match balance sheet due to M&A.

Actually, from cash flow: "Adjustments For Income Tax Expense" 97,569,000 is added back. This means the 616,360,000 is before tax expense (accrual), not after.

So if I want FFO like S&P: Net income + D&A + deferred taxes + other non-cash...

Net income 383,098,000
+ D&A 235,430,000
+ Deferred tax expense (from P&L, not cash): need to estimate

From tax expense 97,569,000 and cash paid 91,854,000, deferred portion is roughly 5,715,000. But with M&A, it's messy.

+ Other non-cash items: includes impairment reversal -43,185,000 (negative, so subtract), share-based payments, etc.

This is getting complicated. Let me use the cash flow figure 616,360,000 as the best estimate of FFO, since it's the standard "cash from operations before working capital" which equals S&P's FFO.

Actually, I want to double-check: does 616,360,000 include interest paid or not?

The adjustment "Adjustments For Finance Costs" 36,573,000 is added back. This is the net finance cost from P&L. So 616,360,000 is pre-net-finance-cost.

But interest PAID is in financing activities (29,146,000). So 616,360,000 is before interest paid and received (accrual basis for interest).

For FFO/Debt ratio, S&P wants FFO available to service debt. If FFO is pre-interest, that's correct for the ratio.

Let me verify with a different approach. S&P's FFO/Debt ratio typically uses:
FFO = EBITDA - Cash taxes

EBITDA = 499,430,000 (given)
Cash taxes = 91,854,000 (from cash flow)
FFO = 407,576,000

But this is lower than 616,360,000. Why?

Because EBITDA - Cash taxes ignores other non-cash adjustments like provisions, working capital accruals, etc. The 616,360,000 includes these.

Actually, S&P's more precise FFO is:
FFO = Cash flow from operating activities before changes in working capital

This is 616,360,000.

But wait, I need to check if this 616,360,000 includes or excludes discontinued operations. The label doesn't specify, so it's likely total.

For a cleaner number, let me look at continuing operations cash flow before WC. We don't have it directly, but:

Cash Flows From Used In Operating Activities Continuing Operations: 502,520,000 (after WC)
Cash Flows From Used In Operating Activities Discontinued Operations: 43,594,000 (after WC, but likely negative based on total)

If I assume the WC adjustment ratio is similar, or that before-WC continuing is roughly proportional:

Total after WC: 458,926,000
Continuing after WC: 502,520,000
Discontinued after WC: -43,594,000 (inferred)

Total before WC: 616,360,000
If discontinued was also negative before WC, say -X, then continuing before WC = 616,360,000 + X.

But I don't know X. Let me assume the 616,360,000 is mostly continuing, or just use it as is.

Given that discontinued operations had a large profit (294,131,000) from sale, but negative cash flow after WC, it's messy. The sale cash is in investing, not operating.

For FFO, I'll use 616,360,000 as the best available total FFO figure.

Now, FFO/Net Debt:
Using year-end 2022 net debt: 616,360,000 / 1,982,121,000 = 0.311 or 31.1%

But I want to check if I should use average or year-end. S&P typically uses average debt for flow ratios.

Average net debt: (2,890,989,000 + 1,982,121,000) / 2 = 2,436,555,000
FFO/Average Net Debt = 616,360,000 / 2,436,555,000 = 0.253 or 25.3%

Or if we use gross debt instead of net debt:
Year-end gross debt: 2,374,932,000
FFO/Gross Debt = 616,360,000 / 2,374,932,000 = 0.259 or 25.9%

The question asks for "FFO / Net debt ratio", so I'll use net debt.

Between 25.3% and 31.1%, which is right? S&P typically uses year-end or average depending on the specific ratio definition. For FFO to debt, they often use average debt to match the flow numerator with the average denominator.

But let me also consider: should FFO be for continuing operations only? If I use continuing operating cash flow after WC of 502,520,000 and gross up for WC changes...

Actually, the WC changes total 113,840,000. If continuing had similar WC changes, continuing before WC might be 502,520,000 + (some portion of 113,840,000) + taxes paid.

This is getting too speculative. Let me use the total 616,360,000 FFO with average net debt 2,436,555,000.

FFO/Net Debt = 616,360,000 / 2,436,555,000 = 0.253

Or in percentage terms: 25.3%

But wait, I want to double-check my net debt calculation. Let me recalculate debt at 2023-01-01:

Current financial liabilities:
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 76,644,000
- Other Current Financial Liabilities: 389,716,000
- Current Lease Liabilities: 6,362,000

Noncurrent financial liabilities:
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: 0
- Other Noncurrent Financial Liabilities: 1,751,255,000
- Noncurrent Lease Liabilities: 150,955,000

Total = 76,644,000 + 389,716,000 + 6,362,000 + 0 + 1,751,255,000 + 150,955,000
= 76,644,000 + 389,716,000 = 466,360,000
+ 6,362,000 = 472,722,000
+ 1,751,255,000 = 2,223,977,000
+ 150,955,000 = 2,374,932,000

Yes, correct.

Cash: 392,811,000

Net debt: 2,374,932,000 - 392,811,000 = 1,982,121,000

At 2022-01-01:
Current:
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 170,857,000
- Other Current Financial Liabilities: 1,342,688,000
- Current Lease Liabilities: 6,282,000

Noncurrent:
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: 44,763,000
- Other Noncurrent Financial Liabilities: 2,064,088,000
- Noncurrent Lease Liabilities: 122,663,000

Total = 170,857,000 + 1,342,688,000 + 6,282,000 + 44,763,000 + 2,064,088,000 + 122,663,000
= 170,857,000 + 1,342,688,000 = 1,513,545,000
+ 6,282,000 = 1,519,827,000
+ 44,763,000 = 1,564,590,000
+ 2,064,088,000 = 3,628,678,000
+ 122,663,000 = 3,751,341,000

Cash: 860,352,000

Net debt: 3,751,341,000 - 860,352,000 = 2,890,989,000

Average: (1,982,121,000 + 2,890,989,000) / 2 = 2,436,555,000

FFO/Average Net Debt = 616,360,000 / 2,436,555,000 = 0.2530...

Let me also try with year-end net debt: 616,360,000 / 1,982,121,000 = 0.31096...

Which does S&P use? I believe for FFO to debt, they typically use average debt for the year to better match the flow numerator.

But let me also consider if FFO should be adjusted for discontinued operations. The 616,360,000 includes all operations. If discontinued operations are being sold, S&P might use a "pro forma" FFO excluding them, or include them if the sale is complete.

Given the large sale in 2022 (1,264,826,000 proceeds from losing control), the 2022 FFO might be inflated or deflated by discontinued operations.

For a more sustainable FFO, let me estimate continuing only. 

If total operating cash flow after WC was 458,926,000, and continuing was 502,520,000, then continuing was 109% of total. If the same ratio holds before WC:
Continuing FFO = 616,360,000 × (502,520,000 / 458,926,000) = 616,360,000 × 1.095 = 674,914,000

Then FFO/Net Debt = 674,914,000 / 2,436,555,000 = 0.277 or 27.7%

Or with year-end net debt: 674,914,000 / 1,982,121,000 = 0.341 or 34.1%

This range (25%-34%) is quite wide. Let me think about which is most appropriate.

Given that S&P typically uses total FFO (not split), and the question doesn't specify continuing vs total, I'll use total FFO of 616,360,000.

For debt, S&P Global Ratings typically uses "average debt" for flow ratios. But some practitioners use year-end.

Let me check if there's an S&P specific convention. S&P's FFO to debt ratio is defined as:
"FFO to debt: FFO / Average debt"

Where average debt is (beginning + ending) / 2.

So I'll use average net debt: 2,436,555,000

FFO / Average Net Debt = 616,360,000 / 2,436,555,000 = 0.2530

As a percentage: 25.3%, or as a ratio: 0.253

Actually, I want to verify my FFO figure once more. Let me see if I can cross-check using the EBITDA figure.

EBITDA: 499,430,000
Less: Cash taxes (not tax expense): 91,854,000
Less: Interest paid (financing): 29,146,000
Plus: Interest received: ?

From finance income: 75,622,000 total, but this includes more than just interest.

Actually, from cash flow adjustments: "Adjustments For Finance Costs" 36,573,000. This is net finance cost (expense). 

If EBITDA is 499,430,000, and we subtract cash taxes and net interest, we get something like operating cash flow before WC.

499,430,000 - 91,854,000 (cash taxes) - 29,146,000 (interest paid) + interest received = ?

Interest received would be part of finance income 75,622,000. If we assume all finance income is interest received (simplification), then:
499,430,000 - 91,854,000 - 29,146,000 + 75,622,000 = 454,052,000

This is close to total operating cash flow after WC of 458,926,000. The difference is due to working capital and other items.

For FFO (before WC), we'd add back the working capital change:
454,052,000 + 113,840,000 = 567,892,000

But this is lower than 616,360,000. The difference might be due to other non-cash items, discontinued operations, or my assumptions about interest.

Actually, I think 616,360,000 is the more reliable figure as it's directly reported.

Let me try one more cross-check with the cash flow reconciliation:

Profit Loss: 383,098,000
+ Adjustments For Depreciation And Amortisation: 278,615,000
+ Adjustments For Increase In Provisions: 38,978,000
- Adjustments For Decrease In Provisions: -17,675,000 (wait, this is already negative in my list? No, "Decrease" is 17,675,000, and in cash flow we subtract decreases)

Let me re-read: "Adjustments For Decrease In Provisions" 2022: 17675000.0 EUR. Is this positive or negative? The label says "Decrease" which is a negative event (use of provision, cash inflow or P&L gain?). Actually, a decrease in provisions can be a cash outflow if we used the provision, or a P&L gain if we released it.

In standard cash flow: decrease in provision = cash outflow or P&L gain? If provision decreases because we used it (paid cash), it's a non-cash adjustment (the expense was already recorded). If provision decreases because we released it (gain in P&L), we subtract the gain.

I think the 17,675,000 is subtracted in the cash flow (negative adjustment).

Let me assume the signs as given in the cash flow statement and sum:
383,098,000 + 278,615,000 + 38,978,000 - 17,675,000 + 0 + 2,294,000 + 66,000 + 36,573,000 + 97,569,000 - 198,570,000 = 720,048,000

Hmm, this doesn't equal 616,360,000. I'm off by 103,688,000.

Maybe some of my signs are wrong. Let me re-check the adjustments.

Actually, looking at 2021 to understand the pattern:
2021 adjustments: 228,310,000 + 18,884,000 - 5,126,000 + 8,442,000 + 659,000 + 274,000 + 51,052,000 + 31,980,000 - 91,936,000 = 242,549,000

Profit 2021: 174,450,000
Sum: 174,450,000 + 242,549,000 = 416,999,000
But "Cash Flows From Used In Operations Before Changes In Working Capital" 2021: 415,671,000

Close! Difference is about 1,328,000, likely rounding or my sign error on one item.

For 2021, let me check: 228,310,000 + 18,884,000 = 247,194,000. Then -5,126,000 = 242,068,000. Then +8,442,000 = 250,510,000. Then +659,000 = 251,169,000. Then +274,000 = 251,443,000. Then +51,052,000 = 302,495,000. Then +31,980,000 = 334,475,000. Then -91,936,000 = 242,539,000.

174,450,000 + 242,539,000 = 416,989,000 ≈ 415,671,000. Close enough, difference might be due to using rounded profit figure or different starting point.

For 2022, let me recheck: 
278,615,000 + 38,978,000 = 317,593,000
- 17,675,000 = 299,918,000 (assuming decrease is subtracted)
+ 0 = 299,918,000
+ 2,294,000 = 302,212,000
+ 66,000 = 302,278,000
+ 36,573,000 = 338,851,000
+ 97,569,000 = 436,420,000
- 198,570,000 = 237,850,000

383,098,000 + 237,850,000 = 620,948,000

But reported is 616,360,000. Difference: 4,588,000. Small, might be rounding or I have a sign wrong.

Actually, maybe "Adjustments For Decrease In Provisions" is added, not subtracted? If decrease in provisions is a cash inflow (using the provision), then in indirect method we add it? No, in indirect method:
- Increase in provision: expense without cash, so add
- Decrease in provision: gain or cash use, so subtract if gain, or if cash use it's already in operating profit... actually it's complicated.

Let me just accept 616,360,000 as the correct figure.

Now, one more consideration: should I use FFO from continuing operations only? The question asks for FFO/Net debt for ERG S.p.A. in 2022. Since the company had major discontinued operations (sale of subsidiaries), and S&P focuses on sustainable metrics, they might use continuing FFO or pro forma FFO.

However, without explicit guidance, total FFO is the most directly observable figure.

Let me also check if there's an "adjusted FFO" or "sustainable FFO" in the data. I don't see one.

Given all this, my best estimate is:
FFO = 616,360,000
Average Net Debt = 2,436,555,000
FFO / Average Net Debt = 0.253 or 25.3%

Or with year-end net debt: 0.311 or 31.1%

I'll go with the average debt approach as it's more standard for S&P flow ratios.

Actually, let me reconsider one more time. S&P's "FFO to debt" ratio is typically:
FFO / Average debt

Where "debt" is usually gross debt, not net debt. But the question specifically asks for "FFO / Net debt ratio".

For net debt, S&P might use year-end or average. I'll use average.

Final calculation:
616,360,000 / 2,436,555,000 = 0.2530...

Let me also try if we should include the held-for-sale liabilities in debt. If I add 89,421,000 to both year-end debt figures:

2023-01-01 debt: 2,374,932,000 + 89,421,000 = 2,464,353,000
Net debt: 2,464,353,000 - 392,811,000 = 2,071,542,000

2022-01-01: was there held-for-sale liabilities? 23,790,000.
If I add: 3,751,341,000 + 23,790,000 = 3,775,131,000
Net debt: 3,775,131,000 - 860,352,000 = 2,914,779,000

Average net debt: (2,071,542,000 + 2,914,779,000) / 2 = 2,493,160,500

FFO / Average Net Debt = 616,360,000 / 2,493,160,500 = 0.247 or 24.7%

This is slightly lower. But I'm not sure if held-for-sale liabilities should be included in debt for this purpose. They're being disposed of, so maybe not.

Given the ambiguity, I'll use my original calculation without held-for-sale liabilities, as they're not part of the ongoing debt structure.

One final check: should I use 2022 year-end or average? For ratios with flow numerators and stock denominators, average is standard. But some use year-end for simplicity.

If I use year-end net debt: 616,360,000 / 1,982,121,000 = 0.311

I think average is more appropriate. Let me go with 0.253 or 25.3%.

Actually, I want to see if I can derive a more precise FFO for continuing operations. 

From the cash flow:
Cash Flows From Used In Operations Before Changes In Working Capital: 616,360,000 (total)
This becomes:
- Cash Flows From Used In Operating Activities Continuing Operations: 502,520,000 (after WC and other)
- Cash Flows From Used In Operating Activities Discontinued Operations: 43,594,000 (after WC, but sign unclear)

If 43,594,000 is actually negative (cash used), then:
502,520,000 - 43,594,000 = 458,926,000 total after WC.

For before WC, if the split is similar:
Let total before WC = 616,360,000
Let discontinued before WC = X
Continuing before WC = 616,360,000 - X

We know continuing after WC = 502,520,000
And continuing WC change = ?

If total WC change = 113,840,000 (positive, meaning source of cash or decrease in WC?)

Actually, in my earlier calculation I was confused about signs. Let me re-examine.

"Increase Decrease In Working Capital And Other Operating Activities" 2022: 113,840,000

And "Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 616,360,000

If working capital increased (use of cash), we'd subtract. If working capital decreased (source of cash), we'd add.

616,360,000 - 113,840,000 = 502,520,000? No, that's 502,520,000 which matches continuing, not total.

616,360,000 + 113,840,000 = 730,200,000, minus taxes 91,854,000 = 638,346,000. Not matching.

Hmm, let me try: 616,360,000 - 113,840,000 - 91,854,000 = 410,666,000. Not matching.

Or: 616,360,000 + 113,840,000 - 91,854,000 - 43,594,000 = 594,752,000. Not matching.

The relationship isn't clear. Let me just use 616,360,000 as total FFO.

Given all the analysis, my final answer using average net debt is approximately 0.25 or 25%. Let me be more precise.

616,360,000 / 2,436,555,000 = 0.2530...

I'll round to 0.25 or present as 0.253.

Actually, looking at this again, I wonder if S&P uses a different FFO definition that excludes certain items. Let me try one more variant.

S&P's "adjusted FFO" or "sustainable FFO" might exclude gains on sale and other one-time items. The large gain from losing control of subsidiaries (1,264,826,000 cash proceeds, but gain in profit was likely large) suggests we should adjust.

However, the gain on sale is in investing activities, and the "Other Adjustments For Noncash Items" of -198,570,000 in operating cash flow likely already adjusts for this.

So 616,360,000 should be "clean" of the gain.

I'll stick with 0.253 or 25.3%.

Wait, I want to double-check one thing. Is "Cash Flows From Used In Operations Before Changes In Working Capital" the same as "funds from operations"?

In S&P terminology, yes, this is essentially FFO. But sometimes FFO is defined more narrowly.

Let me also calculate using a narrower definition:
FFO = Net income + D&A + Deferred taxes
= 383,098,000 + 235,430,000 + 5,715,000 (approx)
= 624,243,000

Close to 616,360,000. The difference is due to other non-cash items.

I'll use 616,360,000.

Final answer: 616,360,000 / 2,436,555,000 = 0.253

Or if we must use year-end: 0.311

Given the standard practice of using average balance sheet items with flow items, I'll use 0.25.

Actually, let me present it as a percentage or decimal? The ratio is typically presented as a percentage (e.g., 25.3%) or as a decimal (0.253). S&P usually presents FFO/debt as a percentage.

But the question says "ratio", so either is fine. I'll use decimal form: 0.253.

Hmm, but looking at typical S&P presentations, they often show "FFO to debt" as 25.3x or 25.3%, meaning the ratio is 0.253 or 25.3%.

Wait, actually "FFO to debt" of 25.3% means FFO/Debt = 25.3%, or 0.253.

But sometimes ratios are expressed as "times" or "x", like "FFO/debt of 0.25x".

I'll provide the decimal: 0.253.

Let me do one more precise calculation:
Average net debt = (2,890,989,000 + 1,982,121,000) / 2 = 4,873,110,000 / 2 = 2,436,555,000

FFO = 616,360,000

Ratio = 616,360,000 / 2,436,555,000 = 0.253015...

Rounded: 0.253 or 25.3%

I'll go with 0.25 as a rounded figure, or 0.253 more precisely.

Actually, given the uncertainties in the calculation, maybe I should use year-end net debt which is more commonly used in quick calculations:

616,360,000 / 1,982,121,000 = 0.31096... ≈ 0.31

But I think average is more correct for S&P methodology.

Let me check one more thing: does S&P use "average" or "year-end" for FFO/Debt?

According to S&P Global Ratings methodology: "We typically use average debt for the year [for flow ratios]."

So average it is.

Final answer: 0.253 or approximately 0.25.

I'll provide 0.25 as a reasonable rounded figure, or should I be more precise?

Given the data precision, I'll use 0.253.

Actually, rethinking: the question might expect a simpler calculation. Let me see if there's a more standard approach.

Some practitioners calculate FFO simply as:
FFO = Operating cash flow + Interest paid - Interest received (before working capital)

Or: FFO = EBIT + D&A - Cash taxes

Using EBIT = Profit before tax + Finance costs = 186,535,000 + 112,195,000 = 298,730,000? No wait, profit before tax already includes finance net of -36,573,000.

Profit before tax 186,535,000 = Operating profit 220,814,000 + Share of investments 2,294,000 - Finance net 36,573,000

So EBIT (operating profit before finance) = 220,814,000 + 2,294,000 = 223,108,000? Or just operating profit 220,814,000.

Using EBITDA 499,430,000:
FFO = EBITDA - Cash taxes = 499,430,000 - 91,854,000 = 407,576,000

Then FFO/Net Debt = 407,576,000 / 2,436,555,000 = 0.167 or 16.7%

This is much lower! But this FFO definition excludes many items that are in the cash flow figure.

S&P's FFO is closer to the cash flow before WC figure (616,360,000) than to EBITDA - Cash taxes (407,576,000). The difference is 208,784,000, which includes provisions changes, other non-cash items, etc.

I think 616,360,000 is the right FFO.

Final decision: FFO / Average Net Debt = 0.253

I'll round to 0.25 for simplicity, or provide 0.253. Let me provide 0.25 as it's cleaner and within reasonable precision.

Actually no, let me be more precise. The calculation is:
616,360,000 / 2,436,555,000 = 0.2530...

I'll provide 0.25.

Hmm, but I want to check one more time if I should use gross or net debt. The question says "Net debt", so I used net debt. Good.

And "FFO / Net debt ratio" - so FFO divided by net debt.

Yes, 0.25.

Wait, I realize I should double-check my debt calculation. Are "Other Current Financial Liabilities" and "Other Noncurrent Financial Liabilities" truly debt?

Looking at the labels:
- "Other Current Financial Liabilities" - this likely includes bank debt, bonds, etc.
- "Other Noncurrent Financial Liabilities" - this likely includes long-term debt

Yes, these are debt.

And lease liabilities are included in debt per IFRS 16 and S&P methodology.

So my debt calculation seems correct.

One more check: should I include the fair value through profit or loss items? These are derivatives or other financial instruments. If they're liabilities (negative fair value), they're included. The 2023 figure is -0.0, meaning basically zero. In 2022 it was 44,763,000.

Yes, include if non-zero.

Final answer: 0.253 or 0.25.

I'll go with 0.25 as my best estimate, acknowledging that using year-end debt would give 0.31 and using a narrower FFO would give lower figures.

Actually, let me reconsider if average debt is right. For 2022, the company had major debt reduction (from 3.75B to 2.37B gross debt). Using average (2.56B gross, 2.44B net) seems appropriate.

But wait - the large debt reduction was due to the sale of subsidiaries (1.26B cash inflow used to pay down debt). If we want a ratio that reflects the year-end capital structure, year-end might be more relevant.

However, S&P methodology explicitly says average for flow ratios. I'll stick with average.

Final numerical answer: 0.253

Or should I express as percentage? 25.3%

The question says "ratio", so decimal is fine.

<answer>0.25</answer>

Hmm, let me reconsider one more time. I want to see if 0.25 is too rounded. The precise figure is 0.253. Let me provide 0.25.

Actually, I'll provide 0.253 for more precision, or 25.3 if percentage. Let me use 0.25 as it's a reasonable estimate given the methodology uncertainties.

Final final answer: 0.25

<answer>0.25</answer>