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. S&P typically calculates FFO as:
- Net income
+ Depreciation and amortization
+ Deferred income taxes
+ Other non-cash items

Or alternatively, a common S&P approach for corporate entities:
FFO = Operating profit (EBIT) + Depreciation & Amortization - Cash taxes +/- Change in working capital (sometimes excluded)

Actually, for S&P methodology for corporate issuers, FFO is more commonly:
FFO = Net income from continuing operations + Depreciation & Amortization + Deferred tax provision + Other non-cash items

Let me look at what data I have and construct FFO appropriately.

From the data for period 2022-01-01 to 2023-01-01 (which represents 2022 fiscal year):

1. **Profit Loss From Operating Activities (EBIT)**: 1,872,000,000 EUR
2. **Depreciation And Amortisation Expense**: 2,228,000,000 EUR
3. **Depreciation Rightofuse Assets**: 446,000,000 EUR
4. **Income Tax Expense Continuing Operations**: 424,000,000 EUR
5. **Interest Expense**: 231,000,000 EUR
6. **Cost Of Net Debt**: 198,000,000 EUR
7. **Interest Expense On Lease Liabilities**: 62,000,000 EUR

For S&P FFO, a standard approach is:
FFO = EBIT + D&A - Cash taxes paid

Or more precisely for S&P corporate methodology:
FFO = Funds from operations = Operating cash flow before working capital changes

Let me use the more common S&P definition:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Or from operating activities perspective:
FFO = Operating profit + Depreciation & Amortization - Cash taxes

Actually, looking at S&P's standard corporate methodology more carefully:
FFO = Net income + Depreciation & amortization + Deferred income tax provision + Other non-cash items

But for many European corporates, S&P uses:
FFO = EBIT + D&A - Cash taxes

Let me calculate using the cash flow approach from the statement:

From the cash flow data:
- Cash Flows From Used In Operating Activities: 2,978,000,000 EUR

But S&P FFO typically excludes working capital changes and some other items.

Let me use the standard S&P formula:
FFO = Profit Loss From Operating Activities (EBIT) + Depreciation And Amortisation Expense + Depreciation Rightofuse Assets - Cash taxes (approximate)

Actually, let me think more carefully. S&P's FFO for corporates is typically:

**FFO = Net income + Non-cash charges (D&A, impairment, deferred taxes, etc.) + Interest expense**

Or more commonly for industrial corporates:
**FFO = Operating cash flow before changes in working capital**

From the data, I can construct this as:
- Profit Loss From Operating Activities (EBIT): 1,872,000,000
+ Depreciation And Amortisation Expense: 2,228,000,000
+ Depreciation Rightofuse Assets: 446,000,000
- Income Taxes Paid (from cash flow): 518,000,000

Wait, let me look more carefully at what's available.

Looking at the cash flow reconciliation items:
- Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss: 2,261,000,000
- Adjustments For Depreciation And Other Adjustments Right Of Use Assets: 424,000,000
- Adjustments For Income Tax Expense: 424,000,000
- Income Taxes Paid: 518,000,000

And Profit Loss From Operating Activities: 1,872,000,000

For S&P methodology, FFO is typically calculated as:
**FFO = EBIT + D&A - Cash taxes**

Or using the indirect method from the cash flow statement:
FFO = Cash Flows From Operating Activities - Increase Decrease In Working Capital

From the data:
- Cash Flows From Used In Operating Activities: 2,978,000,000
- Increase Decrease In Working Capital: 606,000,000

So FFO = 2,978,000,000 - 606,000,000 = 2,372,000,000

Wait, that's if working capital increased (used cash). Let me check: if working capital increased by 606m, that means it used cash, so to get FFO before working capital changes, I need to add it back: 2,978,000,000 + 606,000,000 = 3,584,000,000? No wait, let me be more careful.

Actually "Increase Decrease In Working Capital" of 606,000,000 - the sign convention matters. In cash flow statements, if working capital increases (more receivables, more inventory), it uses cash, so it's typically a negative adjustment. But here the value is positive 606,000,000.

Looking at the structure: "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" is 3,324,000,000

Then "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" is 260,000,000

Then "Increase Decrease In Working Capital" is 606,000,000

Then "Cash Flows From Used In Operating Activities" is 2,978,000,000

Let me verify: 3,324,000,000 + 260,000,000 + 606,000,000 = 4,190,000,000? That doesn't equal 2,978,000,000.

Actually, looking more carefully at the cash flow structure. The typical cash flow statement goes:
- Start with profit
- Add back adjustments
- Get to cash flow before working capital and interest/taxes
- Adjust for working capital
- Get operating cash flow

Let me trace through:
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000
+ "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations": 260,000,000
= This should get to before interest on leases and cost of net debt but after taxes... 

Actually, let me look at this differently. S&P FFO is commonly defined as:

**FFO = Net income + D&A + Deferred income taxes + Other non-cash items - Gain on asset sales + Interest expense**

Or for a simpler approach used by S&P for many corporates:
**FFO = EBIT + D&A - Cash taxes**

Let me calculate EBIT + D&A - Cash taxes:
- EBIT (Profit Loss From Operating Activities): 1,872,000,000
+ D&A (total depreciation and amortization): 2,228,000,000 + 446,000,000 = 2,674,000,000
- Cash taxes paid: 518,000,000

Wait, but EBIT already includes the D&A expense. So EBIT + D&A would double count? No - EBIT is earnings BEFORE interest and taxes, and D&A is an expense deducted before EBIT. So EBIT + D&A doesn't make sense as D&A is already deducted in getting to EBIT.

Actually, let me reconsider. Operating profit/EBIT is after D&A expense. So:
Revenue - COGS - SG&A - D&A = EBIT

So EBIT + D&A = something like EBITDA - other operating expenses? No, that's not right either.

Let me think again. EBITDA = EBIT + D&A. So if I want a cash flow measure, I could use:
FFO ≈ EBITDA - Cash taxes = EBIT + D&A - Cash taxes

But S&P typically uses a more refined measure. Let me look at what they typically do for European corporates.

Standard S&P FFO formula:
**FFO = Funds from operations = Net income + Depreciation & amortization + Deferred income tax provision + Other non-cash items**

From the data:
- Profit Loss (Net income): 1,131,000,000
+ Depreciation And Amortisation Expense: 2,228,000,000
+ Depreciation Rightofuse Assets: 446,000,000
+ Adjustments For Income Tax Expense (this is the non-cash tax provision add-back): 424,000,000
- Income Taxes Paid: 518,000,000... wait, the tax provision is already in net income.

Actually, let me think about this more carefully. Net income includes:
- Revenue
- Expenses including D&A
- Interest expense
- Income tax expense

So to get to a pre-interest, pre-tax cash flow measure from net income:
Net income + Interest expense + Income tax expense = EBIT
Then + D&A (which was already deducted) = EBITDA

But for FFO, S&P typically wants:
Net income + D&A + Deferred taxes + Other non-cash - Gains on sales + Interest expense

Or starting from operating cash flow and adjusting.

Let me try another approach. S&P's standard FFO for corporate issuers is often calculated as:

**FFO = Cash flow from operating activities before changes in working capital**

From the cash flow statement items, I can construct this.

Looking at the reconciliation:
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000

This seems to be after interest and taxes. To get to a pre-interest, pre-working capital measure:

Actually, let me look at the full reconciliation chain more carefully.

From "Profit Loss From Operating Activities" (EBIT): 1,872,000,000

Add back:
+ "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss": 2,261,000,000
+ "Adjustments For Depreciation And Other Adjustments Right Of Use Assets": 424,000,000
+ "Adjustments For Losses Gains On Disposal Of Noncurrent Assets": -285,000,000 (this is a gain, so negative adjustment)
+ "Adjustments For Income Tax Expense": 424,000,000
+ "Other Adjustments To Reconcile Profit Loss": -194,000,000

Let me check: 1,872,000,000 + 2,261,000,000 + 424,000,000 - 285,000,000 + 424,000,000 - 194,000,000 = 4,502,000,000

Then "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method": -92,000,000
And "Adjustments For Dividend Income From Non Controlling Interests": 11,000,000

So: 4,502,000,000 - 92,000,000 + 11,000,000 = 4,421,000,000

Then "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000

The difference might be interest and taxes: 4,421,000,000 - 3,324,000,000 = 1,097,000,000

Cost of net debt is 198,000,000 + Interest expense on lease liabilities 62,000,000 = 260,000,000
Income taxes paid: 518,000,000
Total: 778,000,000

Hmm, doesn't quite match. Let me check if there's other interest.

Actually, looking at "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations": 260,000,000

And "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000

Then adding back cost of net debt and interest on leases: 3,324,000,000 + 260,000,000 = 3,584,000,000

Then "Increase Decrease In Working Capital": 606,000,000

Then "Cash Flows From Used In Operating Activities": 2,978,000,000

Check: 3,584,000,000 + 606,000,000 = 4,190,000,000 ≠ 2,978,000,000

Wait, that doesn't work. Let me reconsider. Maybe working capital increase is negative for cash flow (uses cash). So if working capital increased by 606m, cash flow decreases by 606m.

3,584,000,000 - 606,000,000 = 2,978,000,000 ✓

Yes! So working capital increase of 606,000,000 reduced cash flow. That makes sense.

So the structure is:
- Some starting point (after interest and taxes paid): 3,324,000,000
+ Add back cost of net debt and lease interest: 260,000,000
= Before interest but after taxes paid: 3,584,000,000
- Working capital increase: 606,000,000
= Operating cash flow: 2,978,000,000

Now, for FFO, S&P typically uses operating cash flow BEFORE working capital changes and AFTER interest and taxes. Or sometimes before interest.

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

Let me calculate from the income statement side:
- Profit Loss (Net income): 1,131,000,000
+ Depreciation And Amortisation Expense: 2,228,000,000
+ Depreciation Rightofuse Assets: 446,000,000
+ Impairment Loss Reversal etc: 172,000,000 (this is a net expense)
+ Other non-cash items

But wait, I need to be careful about what's already in net income.

Actually, let me use the most standard S&P approach for corporates which is:

**FFO = Operating cash flow before changes in working capital**

From above, this would be: 3,584,000,000 (after adding back interest, before working capital change)

But this includes taxes paid. S&P FFO typically wants after cash taxes.

Actually, looking at S&P's global corporate methodology, FFO is defined as:

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

Where "Other non-cash items" includes things like provisions, impairment, gains/losses on asset sales, etc.

From the data:
- Profit Loss From Continuing Operations: 1,131,000,000
+ Depreciation And Amortisation Expense: 2,228,000,000
+ Depreciation Rightofuse Assets: 446,000,000
+ Impairment Loss Reversal etc (net expense): 172,000,000
+ Changes In Inventories (negative, so expense): -61,000,000... wait this is a change not a non-cash item

Actually, changes in inventories of finished goods and work in progress of -61,000,000 is already in operating profit.

Let me try yet another approach. The cash flow reconciliation gives us the cleanest path.

From "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000

This is essentially: Operating profit + non-cash adjustments - cash taxes paid - interest paid (including lease interest)

For S&P FFO, we want to add back the interest paid (but not the taxes, as FFO is after tax):

FFO = 3,324,000,000 + 260,000,000 = 3,584,000,000

Wait, but is this "funds from operations"? This seems to be after cash taxes, before interest, before working capital changes.

Actually, S&P's standard definition for corporate FFO is after taxes and after interest expense. Let me reconsider.

Looking up S&P methodology in my knowledge base: For corporate issuers, S&P calculates FFO as:
- Net income
+ Depreciation & amortization
+ Deferred income tax provision
+ Other non-cash items (like asset impairment, provisions, etc.)
- Gain on sale of assets
+/- Other adjustments

This gives a measure of "funds from operations" that is closer to a cash earnings measure, but not exactly operating cash flow.

From our data, let me construct this:
- Net income (Profit Loss): 1,131,000,000
+ D&A: 2,228,000,000
+ D&A on right-of-use assets: 446,000,000
+ Deferred tax change: ?

Deferred tax assets increased from 292,000,000 to 489,000,000, so change is 197,000,000. This is a use of cash/benefit to P&L. The deferred tax liability increased from 344,000,000 to 759,000,000, change of 415,000,000.

Net deferred tax position: Assets - Liabilities
2022: 292 - 344 = -52 (net liability)
2023: 489 - 759 = -270 (net liability)
Change: -218,000,000 (more liability, which is a benefit to P&L/cash flow)

Actually, the income tax expense in P&L includes current tax + deferred tax. The cash taxes paid are 518,000,000. Income tax expense is 424,000,000. 

So deferred tax benefit = 424,000,000 - 518,000,000 = -94,000,000? That doesn't seem right. Actually, tax expense < taxes paid, so there must be a deferred tax asset increase or liability decrease.

Wait: Tax expense 424,000,000; Taxes paid 518,000,000. Since taxes paid > tax expense, the difference is 94,000,000. This would typically increase deferred tax assets or decrease deferred tax liabilities.

But we see deferred tax assets increased by 197,000,000 and deferred tax liabilities increased by 415,000,000. The net is more complex due to acquisitions and other items.

For S&P FFO, I should use the cash flow approach which is cleaner.

Let me use: **FFO = Cash flow from operating activities before working capital changes**

From the data: 3,584,000,000 (this is after adding back interest to the post-tax, post-interest figure, so it's before interest, after tax, before working capital)

Actually wait - I need to check if 3,324,000,000 is after or before interest. The name says "After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid". So it's AFTER interest and AFTER taxes.

Then adding back "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" (260,000,000) gets us to BEFORE interest, AFTER taxes.

So 3,584,000,000 = before interest, after taxes, before working capital changes.

But S&P FFO is typically AFTER interest and AFTER taxes (from a financing perspective, interest is a financing cost). Actually, no - for corporate FFO, S&P typically includes interest expense as part of operations for industrial companies, or they calculate it before interest.

Actually, I need to be more careful. Let me look at what S&P does for corporate ratings.

For corporate issuers, S&P's FFO is typically:
**FFO = Net income + D&A + Deferred taxes + Other non-cash items**

This is essentially a "cash earnings" measure, not an operating cash flow measure. It's AFTER interest expense and AFTER taxes.

From the cash flow statement, the equivalent would be:
Operating cash flow + Interest paid - Working capital changes

Or: Cash Flows From Used In Operating Activities + Interest paid + Working capital changes

From data:
- Operating cash flow: 2,978,000,000
+ Interest paid (classified as financing): 260,000,000? 
+ Cost of net debt and lease interest (already in operating? or financing?)

Actually "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" is 260,000,000, and then "Cash Flow After Cost Of Net Debt..." suggests this was deducted.

Let me trace through more carefully. The cash flow reconciliation starts from profit and adds back non-cash items to get to cash flow before working capital and interest/tax adjustments.

From "Profit Loss From Operating Activities": 1,872,000,000
+ Various adjustments = ?
= "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000

This 3,324,000,000 is after cost of net debt, after lease interest, after income taxes paid.

Then +260,000,000 (add back cost of net debt and lease interest) = 3,584,000,000
Then +/- working capital = 2,978,000,000

So 3,584,000,000 is before interest, after taxes, before working capital.

For S&P FFO, if we want AFTER interest, we use 3,324,000,000 and add back working capital changes? No wait, 3,324,000,000 is after interest, after taxes, before working capital.

Actually, let me verify: 3,324,000,000 + working capital effect = ? No, the working capital comes after.

The chain is:
3,324,000,000 (after interest, after taxes, before working capital)
+ 260,000,000 (this is the interest add-back, so now before interest, after taxes)
= 3,584,000,000
- 606,000,000 (working capital increase uses cash)
= 2,978,000,000 (operating cash flow)

So for FFO after interest, after taxes, before working capital: 3,324,000,000

But wait, is this "funds from operations"? It includes taxes paid but not working capital changes. 

Actually, I think I'm overcomplicating this. Let me use the most common S&P approach:

**FFO = Net income + Total D&A + Other non-cash charges - Gain on asset sales**

From the data:
- Net income: 1,131,000,000
+ D&A (total): 2,228,000,000 + 446,000,000 = 2,674,000,000
+ Other non-cash: Impairment 172,000,000, other adjustments
- Gain on disposal: -285,000,000 (negative = gain, so subtract)

Wait, "Adjustments For Losses Gains On Disposal Of Noncurrent Assets" is -285,000,000. This means gains exceed losses by 285m, or it's a net gain. In the cash flow reconciliation, we subtract gains (negative adjustment).

So FFO = 1,131,000,000 + 2,674,000,000 + 172,000,000 - 285,000,000 + other items?

Let me use the cash flow approach which is more reliable. S&P FFO can also be calculated as:

**FFO = Cash flows from operating activities + Interest paid - Working capital changes**

Or from above:
FFO = 2,978,000,000 + 260,000,000 + 606,000,000 = 3,844,000,000? 

Wait no, if working capital increased by 606m, that used cash, so to remove working capital effect we add it back: 2,978,000,000 + 606,000,000 = 3,584,000,000. Then if we want after interest, we subtract interest: 3,584,000,000 - 260,000,000 = 3,324,000,000.

Hmm, but 3,324,000,000 is "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid". 

Actually, I think the cleanest S&P FFO is:

**FFO = Cash flow from operating activities before working capital changes**

Which is 3,584,000,000 (before interest, after tax) or if we want after interest, it's 3,324,000,000.

But wait - "Cash Flow After Cost Of Net Debt..." - is this a subtotal in the cash flow statement? Let me re-read.

Looking at the labels:
- "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid"
- Then "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations"
- Then "Increase Decrease In Working Capital"
- Then "Cash Flows From Used In Operating Activities"

So the structure seems to be:
Start with profit
+ Non-cash adjustments
= Some subtotal (before interest, before taxes, before working capital?)
- Cost of net debt and lease interest
- Income taxes paid
= 3,324,000,000
+ Adjustments for cost of net debt... (add back interest?) 
Wait, this is confusing.

Actually, re-reading: "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" - this is an ADJUSTMENT, meaning it's added back. So if 3,324,000,000 is AFTER these costs, then adding them back gets to BEFORE these costs.

So: 3,324,000,000 + 260,000,000 = 3,584,000,000 is before cost of net debt and lease interest, after income taxes paid.

Then working capital adjustment: 3,584,000,000 + 606,000,000 = 4,190,000,000? No wait, if working capital increased, cash flow decreases. So 3,584,000,000 - 606,000,000 = 2,978,000,000. But the data says "Increase Decrease In Working Capital" is 606,000,000 and then operating cash flow is 2,978,000,000.

If the sign convention is that positive 606,000,000 means working capital increased (used cash), then:
3,584,000,000 - 606,000,000 = 2,978,000,000 ✓

So 3,584,000,000 is before interest, after taxes paid, before working capital changes.

For S&P FFO, the standard is typically AFTER interest and AFTER taxes, but BEFORE working capital changes. That would be 3,324,000,000.

But actually, I realize I need to check if S&P uses "after cash taxes" or "after tax expense". S&P FFO typically adds back deferred taxes, so it's closer to after tax expense, not after cash taxes.

Let me try yet another approach. S&P's published methodology for corporate issuers:

FFO = Net income + Depreciation and amortization + Deferred income taxes + Other non-cash items

Where "Other non-cash items" includes:
- Asset impairment
- Provisions
- Stock-based compensation
- Gain/loss on asset sales
- Undistributed earnings of equity investments
- Etc.

From the data for 2022:
- Net income: 1,131,000,000
+ D&A: 2,228,000,000
+ Right-of-use D&A: 446,000,000
+ Deferred tax: ?

I need to figure out deferred tax. The tax expense is 424,000,000. Cash taxes paid are 518,000,000. The difference (94,000,000) represents a deferred tax benefit or use of prior overpayments.

Actually, looking at balance sheet changes:
Deferred tax assets: 292,000,000 → 489,000,000 (+197,000,000)
Deferred tax liabilities: 344,000,000 → 759,000,000 (+415,000,000)

Net change: +218,000,000 more in liabilities net of assets, or -218,000,000 change in net deferred tax position.

This is messy due to acquisitions. Let me use the cash flow approach.

Actually, I think the most reliable S&P FFO for 2022 is:

**FFO = Cash flows from operating activities + Interest paid - Working capital changes**

= 2,978,000,000 + 260,000,000 + 606,000,000 = 3,844,000,000?

Wait no. Let me think again. If working capital INCREASED by 606m, it USED cash. So operating cash flow of 2,978,000,000 includes this use. To get to before working capital changes, we ADD back the working capital use: 2,978,000,000 + 606,000,000 = 3,584,000,000.

Then to add back interest (since S&P FFO is typically before interest for the purpose of debt coverage, or after interest for equity holders... actually for FFO/debt, FFO is typically AFTER interest).

Hmm, actually for the FFO/net debt ratio, S&P uses FFO that is available to service debt, which would be BEFORE interest and AFTER taxes. Or sometimes AFTER interest and AFTER taxes.

Let me check standard S&P definitions. For corporate issuers, "FFO" in the FFO/net debt ratio is typically:

**FFO = Funds from operations = Net income + D&A + Deferred taxes + Other non-cash items**

This is AFTER interest, AFTER taxes. Then FFO + Interest = something like EBITDA - Cash taxes + Other non-cash, which is closer to cash flow available for debt.

Actually, I found a better approach. Let me use the direct S&P formula from their published methodology:

For industrial corporates, S&P calculates:
**FFO = EBIT + D&A - Cash taxes**

Wait, but EBIT is already after D&A. So this would be EBIT + D&A - Cash taxes = EBITDA - Cash taxes? That doesn't make sense as a standard formula.

Actually, I think the formula is meant to be: Start from profit before tax, add back D&A, subtract cash taxes. Or start from operating profit, add back certain items.

Let me try: FFO = Operating profit + Non-cash items - Cash taxes

From data:
Operating profit (Profit Loss From Operating Activities): 1,872,000,000
+ D&A: 2,228,000,000 + 446,000,000 = 2,674,000,000? No, operating profit already includes D&A expense deducted.

So: Operating profit + D&A = 1,872,000,000 + 2,674,000,000 = 4,546,000,000? This is like EBITDA + other operating items.

Actually, EBITDA would be: 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000? Not quite, because operating profit might include other items.

Let me verify with revenue and expenses:
Revenue: 44,322,000,000 + 76,000,000 = 44,398,000,000
Expenses: Raw materials 19,372,000,000 + Employee 10,381,000,000 + Services 10,572,000,000 + Tax other 639,000,000 + D&A 2,228,000,000 + D&A ROU 446,000,000 + Impairment 172,000,000 + Change in inventories -61,000,000 + Other income -2,565,000,000 + Other expense 1,252,000,000 + Non-recurring income -93,000,000 + Non-recurring expense 183,000,000

This is getting too complex. Let me use the cash flow reconciliation which is cleaner.

From the cash flow statement, the most standard S&P FFO is:

**FFO = Cash flows from operating activities before changes in working capital**

This equals: 2,978,000,000 + 606,000,000 = 3,584,000,000 (before interest, after taxes paid)

Or if we want after interest: 3,324,000,000

For the FFO/net debt ratio, S&P typically uses FFO AFTER interest expense (since interest is a charge that must be paid, and FFO represents funds available to pay debt). Actually no - for debt service capacity, we want BEFORE interest.

Let me check: FFO/net debt ratio. If FFO is before interest, then FFO can be used to pay interest and principal. If FFO is after interest, it's what's left after interest.

Standard S&P practice is to use FFO before interest and after taxes for the FFO/net debt ratio, or sometimes after interest.

Actually, I recall now: S&P's "FFO" is specifically defined as:
**FFO = Net income + D&A + Deferred income taxes + Other non-cash items**

This is AFTER interest. Then for "Funds from operations before interest" they might add back interest.

For the ratio "FFO/net debt", S&P uses FFO as defined above (after interest, after tax). This measures the cash flow available to equity and debt holders after operations, relative to debt.

Actually, I'm confusing myself. Let me look at this from the perspective of what S&P actually reports for European corporates.

For Bouygues specifically, or similar European infrastructure/construction companies, S&P would calculate:

FFO = Operating cash flow - Working capital changes + Interest received - Taxes paid + ...

Actually, the cleanest and most widely accepted S&P FFO formula is:

**FFO = Net income + Depreciation & amortization + Deferred tax provision + Asset impairment + Other non-cash items - Gain on asset sales**

From our data:
- Net income: 1,131,000,000
+ D&A: 2,228,000,000
+ ROU D&A: 446,000,000
+ Impairment etc: 172,000,000 (this is "Impairment Loss Reversal..." net expense)
+/- Other adjustments

From cash flow reconciliation:
"Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss" = 2,261,000,000
This includes D&A, impairment, and provisions.

"Adjustments For Depreciation And Other Adjustments Right Of Use Assets" = 424,000,000

"Adjustments For Losses Gains On Disposal Of Noncurrent Assets" = -285,000,000

"Adjustments For Income Tax Expense" = 424,000,000

"Other Adjustments To Reconcile Profit Loss" = -194,000,000

"Adjustments For Undistributed Profits" = -92,000,000
"Adjustments For Dividend Income" = 11,000,000

Total adjustments to profit: 2,261 + 424 - 285 + 424 - 194 - 92 + 11 = 2,549,000,000

Plus profit from operations: 1,872,000,000
= 4,421,000,000

Then less: Cost of net debt and lease interest? Taxes paid?

Actually, let me verify against "Cash Flow After Cost Of Net Debt...": 3,324,000,000

4,421,000,000 - 3,324,000,000 = 1,097,000,000 difference.

Taxes paid: 518,000,000
Cost of net debt + lease interest: 198,000,000 + 62,000,000 = 260,000,000? But this is expense, not necessarily paid.

Actually "Cost Of Net Debt" is 198,000,000 and "Interest Expense On Lease Liabilities" is 62,000,000, total 260,000,000. And "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" is also 260,000,000. This suggests these are added back in the reconciliation.

Hmm, but 518,000,000 + 260,000,000 = 778,000,000, not 1,097,000,000.

The difference might include other items like dividends received, interest received, etc.

Let me try: 4,421,000,000 - 778,000,000 = 3,643,000,000, still not 3,324,000,000.

Actually, I think the issue is that "Cash Flow After Cost Of Net Debt..." includes some other adjustments. Let me not worry about exact reconciliation and use the published subtotal.

For practical purposes, I'll use:
**FFO = Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid + Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations**

= 3,324,000,000 + 260,000,000 = 3,584,000,000

This is BEFORE interest, AFTER taxes paid, BEFORE working capital changes.

But S&P FFO is typically AFTER interest. So:
**FFO = 3,324,000,000** (after interest, after taxes paid, before working capital)

Or should I add back working capital? No, S&P FFO excludes working capital changes.

Actually, I realize I should check whether S&P uses "after cash taxes" or "after tax expense". The standard S&P FFO adds back deferred taxes, which effectively means it's based on tax expense, not cash taxes.

Given the complexity, let me use the most common approach for this type of data:

**FFO = Profit Loss From Operating Activities + Depreciation And Amortisation Expense + Depreciation Rightofuse Assets - Cash taxes paid + Interest expense**

= 1,872,000,000 + 2,228,000,000 + 446,000,000 - 518,000,000 + 260,000,000? 

Wait, operating profit already includes D&A deducted. So adding D&A back gets to something like EBITDA minus other items.

Actually: Operating profit + D&A = EBITDA (approximately, if D&A is the main non-cash item in operating profit)

So 1,872,000,000 + 2,674,000,000 = 4,546,000,000 ≈ EBITDA

Then EBITDA - Cash taxes = 4,546,000,000 - 518,000,000 = 4,028,000,000

But this is before interest. S&P FFO after interest would subtract interest: 4,028,000,000 - 260,000,000 = 3,768,000,000? Or use the actual interest paid.

Hmm, this is getting too approximate. Let me use the cash flow based measure which is more precise.

From the cash flow statement, I'll use:
**FFO = Cash Flows From Used In Operating Activities + Interest Paid - Working Capital Changes**

= 2,978,000,000 + 260,000,000 + 606,000,000 = 3,844,000,000? 

Wait, if working capital increased by 606m (used cash), then operating cash flow is lower by 606m. To get to before working capital changes, I add back 606m: 2,978,000,000 + 606,000,000 = 3,584,000,000.

Then interest paid of 260,000,000: if I want FFO after interest, I subtract: 3,584,000,000 - 260,000,000 = 3,324,000,000.

But wait, "Interest Paid Classified As Financing Activities" is 260,000,000. Is this the same as "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" of 260,000,000? Yes, seems to be.

So FFO after interest, after taxes, before working capital = 3,324,000,000.

But is this "funds from operations"? It includes taxes PAID, not tax expense. S&P FFO typically uses tax expense (accrual basis), not cash taxes.

The difference: Taxes paid 518,000,000 vs Tax expense 424,000,000. Difference = 94,000,000.

So FFO based on tax expense would be: 3,324,000,000 + 518,000,000 - 424,000,000 = 3,418,000,000? No wait, if taxes paid > tax expense, and we want to use tax expense, we need to reduce the cash-based FFO.

Actually, if 3,324,000,000 is after CASH taxes of 518,000,000, and we want after TAX EXPENSE of 424,000,000, we would ADD BACK the excess cash taxes: 3,324,000,000 + (518,000,000 - 424,000,000) = 3,324,000,000 + 94,000,000 = 3,418,000,000.

But this assumes the 3,324,000,000 is after cash taxes. Let me verify.

"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" - yes, "Income Taxes Paid", so it's after cash taxes.

For S&P FFO, we want after tax expense (accrual), not after cash taxes. So add back the difference: 3,324,000,000 + 94,000,000 = 3,418,000,000.

But wait, S&P FFO formula adds back DEFERRED taxes, which is the difference between tax expense and cash taxes. If tax expense < cash taxes, deferred tax is a benefit (or reduction in deferred tax asset). Actually:

Tax expense = Current tax expense + Deferred tax expense
Cash taxes paid = Current tax expense +/- changes in tax payable/receivable

The relationship is complex. Let me just use the standard approximation.

Actually, looking at this more carefully, I think the best approach is to use the direct S&P formula with available data:

**FFO = Net income + Total D&A + Other non-cash items**

Where "Other non-cash items" includes impairment, provisions, gains/losses on sales, etc.

From data:
- Net income: 1,131,000,000
+ D&A (PPE and intangibles): 2,228,000,000
+ D&A (ROU assets): 446,000,000
+ Impairment net: 172,000,000
+ Other non-cash from cash flow reconciliation: various

From the cash flow reconciliation, total non-cash adjustments (excluding working capital and interest/tax items):
2,261,000,000 (D&A, impairment, provisions) + 424,000,000 (ROU D&A) - 285,000,000 (gains) + 424,000,000 (tax expense) - 194,000,000 (other) - 92,000,000 (undistributed profits) + 11,000,000 (dividends) = 2,549,000,000

Plus profit before tax? No, the reconciliation starts from operating profit of 1,872,000,000.

Actually 1,872,000,000 + 2,549,000,000 = 4,421,000,000 as I calculated before.

Then to get to FFO (after interest, after tax expense, before working capital):
4,421,000,000 - Interest expense (260,000,000?) - ? 

Actually, operating profit of 1,872,000,000 is already after interest? No, "Profit Loss From Operating Activities" is EBIT, so it's BEFORE interest.

So 4,421,000,000 is before interest, after tax expense (since tax expense is added back as non-cash? No, tax expense of 424,000,000 is added back, meaning we're going from after-tax to before-tax).

Wait, let me re-read: "Adjustments For Income Tax Expense" = 424,000,000. This is added back, meaning we start from after-tax profit and add back tax expense to get to before-tax.

But "Profit Loss From Operating Activities" of 1,872,000,000 - is this before or after tax? Operating activities profit is typically EBIT, which is before tax.

Actually, looking at the income statement structure:
Profit Loss From Operating Activities: 1,872,000,000
Then interest, finance costs, etc.
Then tax
Then net income: 1,131,000,000

So 1,872,000,000 is EBIT (before interest, before tax).

Then adding back tax expense of 424,000,000 would get to... wait, EBIT doesn't include tax expense. So why add back tax expense?

Unless "Profit Loss From Operating Activities" is actually after some taxes? No, "Operating Activities" typically means EBIT.

Actually, I think "Adjustments For Income Tax Expense" might be for the cash flow reconciliation from net income, not from operating profit. Let me re-check the structure.

Looking at the cash flow statement items order:
- Starts with "Adjustments For Undistributed Profits..." 
- Then "Adjustments For Dividend Income..."
- Then "Adjustments For Provisions And Adjustments For Depreciation And Amortisation..."
- Then "Adjustments For Depreciation And Other Adjustments Right Of Use Assets"
- Then "Adjustments For Losses Gains On Disposal..."
- Then "Adjustments For Income Tax Expense"
- Then "Income Taxes Paid Classified As Operating Activities"
- Then "Other Adjustments To Reconcile Profit Loss"
- Then "Cash Flow After Cost Of Net Debt..."

This seems to be a reconciliation from net income or some profit measure to operating cash flow.

Actually, I think the starting point might be "Profit Loss" of 1,131,000,000, not "Profit Loss From Operating Activities".

Let me try: Start with Net income 1,131,000,000
+ Add back tax expense: 424,000,000 → 1,555,000,000 (before tax)
+ Add back interest and finance costs: 198,000,000 + 62,000,000 + 118,000,000 - 91,000,000 - 33,000,000? 
= 198 + 62 + 118 - 91 - 33 = 254,000,000? Or just cost of net debt 198,000,000?

Actually "Cost Of Net Debt" is 198,000,000 which is interest expense minus interest income on cash.

So 1,555,000,000 + 198,000,000 = 1,753,000,000? Not 1,872,000,000.

Hmm, 1,872,000,000 - 1,131,000,000 = 741,000,000 difference.

Tax expense 424,000,000 + Cost of net debt 198,000,000 + Interest on leases 62,000,000 + Other finance cost 118,000,000 - Other finance income 91,000,000 - Interest income on cash 33,000,000 = 678,000,000. Not quite 741,000,000.

Plus share of loss of associates 30,000,000 = 708,000,000. Still not 741,000,000.

Actually 1,131,000,000 + 424,000,000 + 198,000,000 + 62,000,000 + 118,000,000 - 91,000,000 - 33,000,000 + 30,000,000 = 1,839,000,000. Close to 1,872,000,000 but not exact. Difference of 33,000,000 might be other items.

Anyway, this is getting too detailed. Let me use the cash flow based approach which is more direct.

For S&P FFO, I'll use:
**FFO = Cash Flows From Used In Operating Activities + Interest Paid - Working Capital Changes**

= 2,978,000,000 + 260,000,000 + 606,000,000 = 3,844,000,000? 

Wait, I need to be careful. If working capital INCREASED by 606m, and this is shown as positive 606m in "Increase Decrease In Working Capital", then:
- If it's a source of cash (working capital decreased), positive means add to cash flow
- If it's a use of cash (working capital increased), positive means subtract from cash flow

Given that 3,584,000,000 - 606,000,000 = 2,978,000,000, the working capital increase of 606m REDUCED cash flow. So to add it back: 2,978,000,000 + 606,000,000 = 3,584,000,000.

Then interest paid of 260m also reduced cash (but in financing or operating?). "Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations" of 260m is added back to get from 3,324,000,000 to 3,584,000,000. So 3,324,000,000 is AFTER interest, 3,584,000,000 is BEFORE interest.

For FFO after interest: 3,324,000,000 (but this includes taxes PAID)
For FFO before interest: 3,584,000,000

S&P's FFO for the FFO/net debt ratio is typically AFTER interest and AFTER taxes. So 3,324,000,000 seems right, but adjusted from cash taxes to tax expense.

Actually, I think I should just use the standard approximation that S&P uses for European companies, which is often based on EBITDA minus cash taxes, or operating cash flow before working capital changes minus interest.

Let me settle on:
**FFO = Cash Flows From Used In Operating Activities - Working Capital Changes + Interest Paid**

= 2,978,000,000 + 606,000,000 + 260,000,000 = 3,844,000,000? 

No wait, if working capital increased (used cash), I add it back: 2,978,000,000 + 606,000,000 = 3,584,000,000. Then subtract interest to get after interest: 3,584,000,000 - 260,000,000 = 3,324,000,000.

Or keep before interest: 3,584,000,000.

For "FFO/net debt", S&P uses FFO available to service debt, which is BEFORE interest: 3,584,000,000.

Actually no, I need to check this. The ratio is FFO / Net debt. If FFO is before interest, it's available to pay interest and principal. If FFO is after interest, it's what's left for principal.

Standard S&P FFO is AFTER interest, so FFO/net debt measures the cushion after interest payments.

But for debt service coverage, they use (FFO + Interest) / Interest or similar.

For the ratio FFO/net debt specifically, S&P uses:
FFO = Funds from operations (after interest, after taxes, before working capital changes)

So: 3,324,000,000 (after interest, after cash taxes, before working capital)

But to be more precise with tax expense vs cash taxes, I'll adjust:
FFO = 3,324,000,000 + (Tax expense - Cash taxes) for the deferred tax component... actually this is getting too complex.

Let me use a simpler, well-established approach. For European corporates with lease accounting (IFRS 16), S&P typically calculates:

**FFO = EBIT + D&A - Cash taxes + Other non-cash items - Interest income**

Or from the cash flow:
**FFO = Operating cash flow before working capital changes - Interest received + Interest paid (if interest received is in operating cash flow)**

Actually, let me just use the most direct calculation:

From the cash flow reconciliation, "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000

This is: After interest, after taxes, before working capital.

For S&P FFO, we want this but with TAX EXPENSE instead of CASH TAXES:
= 3,324,000,000 + (Taxes paid - Tax expense) ? No, if taxes paid > tax expense, and we want tax expense, we need to add back the excess.

Taxes paid: 518,000,000
Tax expense: 424,000,000
Excess: 94,000,000

So FFO with tax expense basis = 3,324,000,000 + 94,000,000 = 3,418,000,000? 

Wait, if 3,324,000,000 is after CASH taxes of 518,000,000, and we want after TAX EXPENSE of 424,000,000, we have paid 94,000,000 more in cash than the expense. This excess reduces cash flow. To convert to accrual basis, we ADD BACK the excess cash paid: 3,324,000,000 + 94,000,000 = 3,418,000,000.

But actually, S&P FFO typically adds back DEFERRED tax, not the other way around. Let me think...

If tax expense = current tax + deferred tax expense
And cash taxes paid ≈ current tax + change in tax payable

The difference between tax expense and cash taxes is the deferred tax component plus change in payables.

For S&P FFO: Net income + D&A + Deferred tax expense + ...
= Net income + D&A + (Tax expense - Current tax) + ...

This effectively gives: (Net income + Tax expense) + D&A - Current tax + ...
= Pre-tax income + D&A - Current tax + ...

Which is roughly: EBIT - Interest + D&A - Current taxes + ...

This is messy. Let me just use the cash-based measure as a practical approximation, which is common for S&P when accrual details are complex.

**FFO = 3,324,000,000** (after interest, after cash taxes, before working capital)

Or if we want before interest (for debt service capacity):
**FFO = 3,584,000,000**

Actually, I recall now that S&P's published "FFO" for the FFO/net debt ratio is specifically:

For investment-grade corporates: FFO = Operating cash flow before working capital changes - Interest paid (or + Interest received - Interest paid?)

Let me check the exact S&P formula from memory:
"Funds from operations (FFO): Net income adjusted for non-cash items, such as depreciation and amortization, deferred taxes, and gains or losses on disposals of assets. We also adjust for items we consider nonrecurring or that distort the underlying cash-generating ability of the company's operations."

For the FFO/net debt ratio, S&P uses FFO after interest, since interest is a financing cost and FFO is meant to represent operational funds.

So I'll use: **FFO = 3,324,000,000** EUR

But wait, I want to verify this is reasonable. Let me cross-check with another approach:

Net income: 1,131,000,000
+ D&A: 2,674,000,000
+ Other non-cash (impairment, provisions, etc.): let's say ~400,000,000 (approximate from cash flow reconciliation)
- Gains on sales: 285,000,000
+/- Other: various
= ~3,000,000,000 to 3,500,000,000

So 3,324,000,000 seems reasonable.

Now, **Net Debt** for 2022 (at 2023-01-01, which is end of 2022):
From data: "Net Debt" 2023-01-01: 7,440,000,000 EUR

Or should I use 2022 beginning of year? The period 2022-01-01 to 2023-01-01 is the 2022 fiscal year. Net debt at end of 2022 is 7,440,000,000 (dated 2023-01-01).

S&P typically uses average net debt or end-of-period net debt. For ratios, they often use end-of-period or average. Let me use end-of-period as it's most common for published ratios.

Net debt = 7,440,000,000 EUR

FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.4468 or about 0.45x

But wait, I should double-check my FFO. Let me reconsider if I should use before-interest or after-interest FFO.

For the FFO/net debt ratio, S&P's standard is:
"FFO to debt" = FFO / Total debt (or net debt)

Where FFO is "funds from operations" defined as:
FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items

This is AFTER interest expense. So my 3,324,000,000 is in the right ballpark, but let me calculate it more precisely from the components.

Actually, let me recalculate FFO more carefully using the standard S&P formula with available data:

FFO = Net income 
+ Depreciation and amortization 
+ Deferred income taxes 
+ Other non-cash items (impairment, provisions, stock-based comp, etc.)
- Gain on sale of assets
+/- Other adjustments

From data:
- Net income (Profit Loss): 1,131,000,000
+ D&A (PPE and intangibles): 2,228,000,000
+ ROU D&A: 446,000,000
+ Impairment net: 172,000,000
+ Other non-cash items: ?

From cash flow reconciliation, "Other Adjustments To Reconcile Profit Loss": -194,000,000
"Adjustments For Undistributed Profits": -92,000,000
"Adjustments For Dividend Income": 11,000,000

These are adjustments FROM profit TO cash flow. For FFO, we want to add back non-cash items and subtract non-operating items.

Actually, undistributed profits of equity investments and dividend income are typically EXCLUDED from FFO (they're not from operations). So we might subtract these or not add them back.

Let me try a cleaner approach. Start from operating profit:
Profit Loss From Operating Activities: 1,872,000,000

This is EBIT. To get to FFO (after interest, after tax):
- Interest expense: 198,000,000 + 62,000,000 = 260,000,000 (approximate)
= EBT: 1,612,000,000
- Tax: 424,000,000
= Net income: 1,188,000,000? But actual net income is 1,131,000,000. Difference is due to other finance items and associates.

Actually, from income statement:
Profit Loss From Operating Activities: 1,872,000,000
+ Other Operating Income Non Recurring: 93,000,000? No wait, these are already in operating profit.

Let me trace the full P&L:
Profit Loss From Operating Activities: 1,872,000,000
+ Interest Income On Cash: 33,000,000
- Interest Expense: 231,000,000
- Cost Of Net Debt: 198,000,000? Or is this the net?

Actually "Cost Of Net Debt" is 198,000,000, which is likely Interest expense - Interest income = 231,000,000 - 33,000,000 = 198,000,000? But 231 - 33 = 198. Yes!

So:
Profit Loss From Operating Activities: 1,872,000,000
- Cost Of Net Debt: 198,000,000
- Interest Expense On Lease Liabilities: 62,000,000
+ Other Finance Income: 91,000,000
- Other Finance Cost: 118,000,000
- Share Of Profit Loss Of Associates: -30,000,000 (loss)
= Profit before tax: 1,872,000,000 - 198,000,000 - 62,000,000 + 91,000,000 - 118,000,000 + 30,000,000 = 1,615,000,000? 

Then tax: 424,000,000
= 1,191,000,000

But actual Profit Loss is 1,131,000,000. Difference of 60,000,000. Maybe other items I'm missing.

Anyway, for FFO, let me use the cash flow based measure as it's more reliable.

I'll use: **FFO = 3,324,000,000** (after interest, after cash taxes, before working capital)

Or, to be more aligned with S&P's typical approach which uses operating cash flow before working capital changes but AFTER interest and taxes:

Actually, I realize I should check if 3,324,000,000 is after ALL interest or just some. "After Cost Of Net Debt Interest Expense On Lease Obligations" - this seems to be after all interest costs.

And "Income Taxes Paid" - this is cash taxes, not tax expense.

For S&P, they typically want FFO based on tax expense, not cash taxes. But in practice, for European companies, they often use the cash flow based measure.

Let me use a compromise: I'll calculate FFO as operating cash flow before working capital changes, after interest, with tax expense adjustment.

Actually, you know what, let me look at this from a different angle. The most standard S&P FFO calculation for corporates is:

**FFO = Net income + Depreciation & amortization + Deferred income taxes + Other non-cash items**

Where "Other non-cash items" includes things like:
- Asset impairment charges
- Provisions
- Stock-based compensation
- Gain/loss on asset sales
- Undistributed earnings of investments (if equity method)

From the cash flow reconciliation, the total "non-cash" adjustments to get from profit to cash flow (excluding working capital, interest, taxes) are roughly:
2,261,000,000 + 424,000,000 - 285,000,000 + 424,000,000 - 194,000,000 - 92,000,000 + 11,000,000 = 2,549,000,000

But this includes tax expense add-back of 424,000,000 and other items.

If I start from Net income 1,131,000,000 and add back:
+ D&A: 2,674,000,000 (total)
+ Tax expense: 424,000,000 (to get to pre-tax)
+ Impairment and other non-cash: ~500,000,000 (approximate)
- Gains on sales: 285,000,000
= ~4,444,000,000? This seems too high.

Actually, I think the issue is that 2,228,000,000 "Depreciation And Amortisation Expense" and 446,000,000 "Depreciation Rightofuse Assets" are already included in the 2,261,000,000 "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss".

Let me check: 2,261,000,000 includes D&A, impairment, and provisions. The pure D&A is 2,228,000,000 + 446,000,000 = 2,674,000,000. But 2,261,000,000 < 2,674,000,000. So 2,261,000,000 is NOT total D&A.

Actually, 2,261,000,000 might be the NET adjustment including provisions and impairment. Let me see: if D&A is 2,674,000,000 and impairment is 172,000,000, total positive is 2,846,000,000. But 2,261,000,000 is less, so there might be reversals of provisions or other negative items.

Anyway, for practical purposes, let me use the cash flow based FFO which is well-defined:

**FFO = Cash Flows From Used In Operating Activities + Increase In Working Capital (if working capital increased, i.e., used cash) + Interest Paid**

= 2,978,000,000 + 606,000,000 + 260,000,000 = 3,844,000,000? 

Wait, I need to be careful. Let me re-trace:
- Operating cash flow: 2,978,000,000
- This includes: after interest, after taxes, after working capital changes

To get to before working capital changes: add back working capital use of 606,000,000 → 3,584,000,000
To get to before interest: add back interest paid of 260,000,000 → 3,844,000,000? 

But wait, 3,584,000,000 is already before interest (I calculated earlier that 3,324,000,000 + 260,000,000 = 3,584,000,000, where 3,324,000,000 is after interest).

Let me re-verify:
- 3,324,000,000: after interest, after taxes, before working capital
- 3,584,000,000: before interest, after taxes, before working capital
- 2,978,000,000: after interest, after taxes, after working capital

So: 3,584,000,000 - 606,000,000 = 2,978,000,000? No, 3,584,000,000 - 606,000,000 = 2,978,000,000. Yes! ✓

And 3,324,000,000 - 606,000,000 = 2,718,000,000? No, that's not 2,978,000,000.

Wait, I had it wrong. Let me re-check:
If 3,324,000,000 is AFTER interest and AFTER taxes, and 3,584,000,000 is BEFORE interest and AFTER taxes, then:
3,584,000,000 - 260,000,000 = 3,324,000,000? No, 3,584,000,000 - 260,000,000 = 3,324,000,000. Yes! ✓

So: 3,584,000,000 (before interest, after taxes) → subtract interest 260,000,000 → 3,324,000,000 (after interest, after taxes) → subtract working capital increase 606,000,000 → 2,718,000,000? 

But actual operating cash flow is 2,978,000,000, not 2,718,000,000.

Hmm, 3,324,000,000 - 606,000,000 = 2,718,000,000 ≠ 2,978,000,000. Difference of 260,000,000.

Oh! I see. The working capital adjustment might be: 3,324,000,000 + 606,000,000 = 3,930,000,000? No wait.

Let me re-read the cash flow statement structure:
"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid": 3,324,000,000
"Adjustments For Cost Of Net Debt And Interest Expense On Lease Obligations": 260,000,000
"Increase Decrease In Working Capital": 606,000,000
"Cash Flows From Used In Operating Activities": 2,978,000,000

If "Adjustments For Cost Of Net Debt..." is ADDED (positive number in the statement), then:
3,324,000,000 + 260,000,000 = 3,584,000,000

Then if "Increase Decrease In Working Capital" of 606,000,000 is SUBTRACTED (working capital increase uses cash):
3,584,000,000 - 606,000,000 = 2,978,000,000 ✓

So the structure is:
3,324,000,000 (after interest, after taxes, before working capital)
+ 260,000,000 (add back interest) = 3,584,000,000 (before interest, after taxes, before working capital)
- 606,000,000 (working capital increase uses cash) = 2,978,000,000 (operating cash flow)

So for FFO before interest, after taxes: 3,584,000,000
For FFO after interest, after taxes: 3,324,000,000

For S&P FFO/net debt ratio, FFO is typically AFTER interest. So 3,324,000,000.

But wait, I want to double-check: is 3,324,000,000 after CASH taxes or TAX EXPENSE? It's "After... Income Taxes Paid", so after CASH taxes.

S&P FFO is typically based on TAX EXPENSE (accrual), not cash taxes. The difference:
Cash taxes paid: 518,000,000
Tax expense: 424,000,000
Difference: 94,000,000 (more cash taxes paid than expense)

To convert from after-cash-taxes to after-tax-expense, I need to ADD BACK the excess cash taxes paid:
FFO (after tax expense) = 3,324,000,000 + (518,000,000 - 424,000,000) = 3,324,000,000 + 94,000,000 = 3,418,000,000

But actually, I'm not sure S&P always makes this adjustment. For simplicity and consistency with common practice, let me use the cash-based measure or check which is more standard.

Actually, looking at S&P's methodology documents, they typically start from operating cash flow and make adjustments. The "FFO" they use is often closer to "operating cash flow before working capital changes" which is a cash-based measure.

Given the complexity, let me use:
**FFO = 3,324,000,000** EUR (after interest, after cash taxes, before working capital)

Or if I want to be more conservative and closer to S&P's typical calculation:
**FFO = 3,584,000,000** EUR (before interest, after cash taxes, before working capital) and then subtract interest to get after-interest FFO.

Actually, I realize I should check what other analysts do for Bouygues. The company is a French construction/telecom conglomerate. For such companies, S&P typically reports FFO around 3-4 billion EUR.

Let me settle on a reasonable estimate. I'll use the cash flow based measure before working capital changes, after interest:
**FFO = 3,324,000,000 EUR**

For net debt:
**Net Debt = 7,440,000,000 EUR** (at end of 2022, i.e., 2023-01-01)

FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.4468

Or about 44.7%.

But wait, I want to verify if I should use average net debt or end-of-period. S&P typically uses end-of-period debt for simplicity, or sometimes average. Let me use end-of-period as it's standard for published financial ratios.

Also, I should check if there's a different net debt figure. "Net Debt" is explicitly given as 7,440,000,000 at 2023-01-01.

Let me also verify my FFO using an alternative approach to make sure it's reasonable:

Alternative FFO calculation:
EBITDA ≈ Profit Loss From Operating Activities + D&A = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000? 

Wait, is operating profit before or after D&A? It's after D&A. So:
EBITDA = EBIT + D&A = 1,872,000,000 + 2,228,000,000 + 446,000,000 = 4,546,000,000

Then FFO ≈ EBITDA - Cash taxes - Interest? = 4,546,000,000 - 518,000,000 - 260,000,000 = 3,768,000,000

Or with tax expense: 4,546,000,000 - 424,000,000 - 260,000,000 = 3,862,000,000

Hmm, this is higher than my 3,324,000,000. The difference might be due to other operating cash flow items not captured in EBITDA.

Actually, 3,584,000,000 (my before-interest, after-cash-taxes figure) vs 3,768,000,000 (EBITDA-based). Difference of 184,000,000. This could be due to other non-cash items or my miscalculation.

Let me recalculate: 4,546,000,000 - 518,000,000 = 4,028,000,000 (before interest, after cash taxes)
vs 3,584,000,000 from cash flow.

Difference: 444,000,000. This is significant. Where does it come from?

Looking at cash flow reconciliation, there are various adjustments. The EBITDA approach misses things like:
- Changes in provisions
- Impairment vs cash impact
- Other non-cash items
- Dividend income
- Share of associates

So the cash flow based 3,584,000,000 is more accurate.

But wait, 3,584,000,000 is before interest, after cash taxes. And 4,028,000,000 is EBITDA - cash taxes. The difference is 444,000,000.

Actually, I think I made an error. EBITDA = Revenue - Cash COGS - Cash SG&A. It excludes non-cash items and non-operating items. The cash flow based measure 3,584,000,000 includes various adjustments from the reconciliation.

Let me verify: From profit to 3,584,000,000, we added back 2,549,000,000 of adjustments (from my earlier calculation). So 1,872,000,000 + 2,549,000,000 = 4,421,000,000? No wait, that was before some items.

Actually, let me recalculate from the cash flow reconciliation:
Start: Profit Loss From Operating Activities: 1,872,000,000
+ Adjustments: 2,261,000,000 + 424,000,000 - 285,000,000 + 424,000,000 - 194,000,000 - 92,000,000 + 11,000,000 = 2,549,000,000
= Subtotal: 4,421,000,000

Then to get to "Cash Flow After Cost Of Net Debt...": 3,324,000,000
Difference: 4,421,000,000 - 3,324,000,000 = 1,097,000,000

This 1,097,000,000 includes:
- Cash taxes paid: 518,000,000
- Interest paid: 260,000,000
- Other items: 319,000,000?

Or maybe the reconciliation starts from a different profit figure.

Actually, I think "Profit Loss From Operating Activities" might not be the starting point. Let me check if it starts from "Profit Loss" (net income).

From Net income: 1,131,000,000
+ Tax expense: 424,000,000
+ Cost of net debt: 198,000,000
+ Interest on leases: 62,000,000
+ Other finance cost: 118,000,000
- Other finance income: 91,000,000
- Interest income on cash: 33,000,000
+ Share of loss of associates: 30,000,000
= 1,839,000,000? Not 1,872,000,000.

Hmm, 1,872,000,000 - 1,839,000,000 = 33,000,000 difference. Maybe I missed something.

Actually, "Profit Loss From Operating Activities" of 1,872,000,000 might include some items I haven't accounted for. Or my net income reconciliation is slightly off due to rounding or other items.

Regardless, for practical purposes, I'll use the explicit cash flow subtotal of 3,324,000,000 as my FFO (after interest, after cash taxes, before working capital).

But to be more aligned with S&P's typical FFO which is after tax expense rather than cash taxes, let me adjust:

FFO = 3,324,000,000 + 518,000,000 - 424,000,000 = 3,418,000,000? 

No wait, if 3,324,000,000 is after CASH taxes of 518,000,000, and I want after TAX EXPENSE of 424,000,000, I need to add back the excess cash tax paid: 3,324,000,000 + (518,000,000 - 424,000,000) = 3,418,000,000.

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

Where "Deferred taxes" is the deferred tax component of tax expense. If tax expense is 424,000,000 and cash taxes are 518,000,000, the "deferred tax" benefit is -94,000,000 (i.e., deferred tax reduced tax expense).

So FFO = Net income + D&A + (-94,000,000) + Other non-cash
= 1,131,000,000 + 2,674,000,000 - 94,000,000 + Other

Other non-cash items from cash flow reconciliation (excluding D&A and tax):
2,261,000,000 (total adjustments) - D&A portion - tax portion + other items...

This is getting too circular. Let me just use the cash flow based measure as my best estimate.

Final decision:
**FFO = 3,324,000,000 EUR** (after interest, after taxes, before working capital changes)

Or, if I want to use the before-interest figure (which some S&P methodologies use for FFO before interest):
**FFO = 3,584,000,000 EUR**

For the FFO/net debt ratio, S&P's standard corporate methodology uses FFO AFTER interest. So I'll use 3,324,000,000.

But wait, I want to double-check this once more. Let me see if 3,324,000,000 makes sense as "funds from operations".

"Funds from operations" suggests money generated by operations, available for various uses. After paying interest and taxes, what's left for debt holders and equity holders is 3,324,000,000 before working capital changes.

Actually, I think the more common interpretation is that FFO is BEFORE interest, since interest is a financing cost, not an operating cost. "Operations" in FFO refers to business operations, which generate EBIT. Financing costs are separate.

So FFO should be BEFORE interest: 3,584,000,000.

But then FFO/net debt would be 3,584,000,000 / 7,440,000,000 = 0.482 or 48.2%.

Hmm, but if FFO is before interest, it's available to pay interest and principal. The ratio FFO/net debt then measures how many times the debt could be paid off by operational funds (before interest).

Actually, I think S&P uses both measures. For "FFO interest coverage", they use FFO before interest. For "FFO to debt", they might use FFO after interest or before interest depending on the specific ratio.

Let me check the exact ratio name: "FFO / Net debt ratio". This is typically FFO after interest divided by net debt, measuring the cash flow available after interest to pay down debt.

But some variations use FFO before interest.

Given the ambiguity, let me use the more conservative (after interest) measure: 3,324,000,000.

FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.4468

Or approximately 0.45 or 44.7%.

Actually, I want to check one more thing. Should I use average net debt? S&P sometimes uses average debt for ratios to avoid distortion from year-end window dressing.

Net debt 2022-01-01: 941,000,000
Net debt 2023-01-01: 7,440,000,000
Average: (941,000,000 + 7,440,000,000) / 2 = 4,190,500,000

FFO / Average net debt = 3,324,000,000 / 4,190,500,000 = 0.793 or 79.3%

This is quite different. But S&P typically uses END-OF-PERIOD debt for the FFO/net debt ratio, not average. The ratio is meant to show the cushion relative to current debt levels.

Let me verify with S&P's published methodology... They typically use "debt" as the amount at the end of the period or average, depending on the ratio. For "FFO to debt", they often use end-of-period debt.

I'll use end-of-period net debt: 7,440,000,000.

Final calculation:
FFO = 3,324,000,000
Net debt = 7,440,000,000
FFO / Net debt = 0.4468

Or if I use FFO before interest: 3,584,000,000 / 7,440,000,000 = 0.4817

Given that S&P's FFO is typically defined as AFTER interest for the FFO/net debt ratio (since FFO represents funds available to service debt, and interest is already a service cost), I'll use 0.447.

But let me reconsider one more time. Actually, looking at S&P's methodology more carefully, their "funds from operations" is specifically:

"FFO: Net income from continuing operations adjusted for non-cash items, such as depreciation and amortization, deferred income taxes, and gains or losses on disposals of assets. We also adjust for items we consider nonrecurring."

This is AFTER interest. So 3,324,000,000 is in the right direction, but I should verify if I need to adjust from cash taxes to tax expense.

Given that S&P mentions "deferred income taxes" specifically, they want the accrual-based measure. So let me adjust:

FFO = 3,324,000,000 (after cash taxes) + (518,000,000 - 424,000,000) [excess cash taxes] = 3,418,000,000? 

No wait, if I want to replace cash taxes with tax expense, and cash taxes > tax expense, I need to ADD BACK the difference to get from after-cash-taxes to after-tax-expense.

FFO (after tax expense) = FFO (after cash taxes) + Cash taxes - Tax expense
= 3,324,000,000 + 518,000,000 - 424,000,000
= 3,324,000,000 + 94,000,000
= 3,418,000,000

Then FFO / Net debt = 3,418,000,000 / 7,440,000,000 = 0.4594 or about 0.46.

But I'm not entirely sure about this adjustment. Let me also consider if S&P uses "funds from operations" as simply operating cash flow before working capital changes, which would be 3,584,000,000 (before interest) or 3,324,000,000 (after interest).

Actually, I realize that "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" might already include some adjustments that S&P would not include in FFO, such as dividends received or other non-operating items.

Let me try to be more precise. From the cash flow reconciliation:
"Cash Flow After Cost Of Net Debt..." = 3,324,000,000

This is derived from:
Profit + Non-cash adjustments - Interest paid - Taxes paid + Other items

The "Other items" might include dividends received, interest received, etc. that are not part of "funds from operations".

From the reconciliation items:
- "Adjustments For Dividend Income From Non Controlling Interests": 11,000,000 (this is dividend income, not from operations)
- "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method": -92,000,000 (this is non-cash)

These are already in the adjustments that lead to 3,324,000,000.

For S&P FFO, dividend income is typically EXCLUDED (it's not from operations). So I might need to subtract dividend income.

But this is getting too detailed. For a reasonable estimate, let me use:

FFO ≈ 3,324,000,000 - 11,000,000 (dividend income) + adjustments for non-operating items... 

Actually, the -92,000,000 for undistributed profits is a non-cash item that was added back in the reconciliation. If I want FFO, I should exclude this as it's not cash.

Hmm, but S&P FFO includes non-cash items (it's "funds from operations", not operating cash flow). The key is whether the item is from "operations" or not.

Dividend income from investments is typically NOT from operations. Undistributed profits of equity investments are also not from operations.

So FFO should exclude these: 3,324,000,000 - 11,000,000 + 92,000,000? No wait, the -92,000,000 was an adjustment (negative), meaning it reduced the cash flow. If undistributed profits reduced cash flow, and I want to exclude them, I add back?

Actually, let me look at the signs. "Adjustments For Undistributed Profits..." is -92,000,000. In the cash flow reconciliation, this is a NEGATIVE adjustment, meaning it REDUCES the cash flow. This makes sense: if equity investments had undistributed profits, we add them to income but they're not cash, so we subtract them in cash flow reconciliation.

For FFO, since we want to exclude equity investment results (not from operations), and undistributed profits were added to net income but are not cash, the cash flow reconciliation already subtracts them. So the resulting 3,324,000,000 excludes undistributed profits.

Similarly, dividend income of 11,000,000 is cash received, so it's included in cash flow. For FFO, if we want pure operations, we might exclude it.

But S&P typically includes interest and dividend income in FFO if they're from normal operations or investments. For a diversified corporate like Bouygues, some investment income might be considered part of operations.

Given the complexity and ambiguity, let me use a rounded, reasonable estimate:

FFO ≈ 3,300,000,000 to 3,400,000,000 EUR

I'll use 3,324,000,000 as my base estimate (after interest, after cash taxes, before working capital).

FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.4468

Rounding to reasonable precision: 0.45 or 44.7%.

Actually, let me also check if I should use the 2022 net debt or 2021 net debt. The FFO is for 2022 (period 2022-01-01 to 2023-01-01). Net debt at end of 2022 is 7,440,000,000 (dated 2023-01-01). This is the correct matching.

Final answer: FFO / Net debt = 0.447 or approximately 0.45.

But let me reconsider one more time if I should use FFO before interest. For debt ratios, S&P sometimes uses "funds from operations before interest" or "EBITDA minus cash taxes" as the numerator.

If I use FFO before interest: 3,584,000,000 / 7,440,000,000 = 0.482

Or if I use a more EBITDA-based approach:
EBITDA = 4,546,000,000 (approximate)
Cash taxes = 518,000,000
FFO ≈ 4,546,000,000 - 518,000,000 = 4,028,000,000 (before interest)
Or 4,028,000,000 - 260,000,000 = 3,768,000,000 (after interest)

These are higher than my cash flow based measures.

Given the discrepancies, I think the cash flow based measure is most reliable. I'll stick with 3,324,000,000 or 3,584,000,000 depending on before/after interest.

For S&P's FFO/net debt ratio, I'll use AFTER interest FFO: 3,324,000,000.

Wait, I want to verify this one more time by looking at what S&P actually reports. For European corporates, S&P's "FFO" in their credit research is typically:

FFO = Operating cash flow before working capital changes - Interest paid + Interest received

Or equivalently: Operating cash flow before working capital changes - Net interest paid

From our data:
Operating cash flow before working capital changes (after interest, after taxes): 3,324,000,000

This already includes interest paid and taxes paid. So it's FFO after interest, after taxes.

If S&P wants FFO after interest, this is it: 3,324,000,000.

FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.4468

I'll round to 0.45 or provide more precision.

Actually, I realize I should double-check the net debt figure. "Net Debt" is given as 7,440,000,000 at 2023-01-01. Let me verify if this makes sense from the balance sheet:

Cash and cash equivalents: 5,736,000,000
Current borrowings: 1,361,000,000
Long-term borrowings: 11,586,000,000
Total debt: 12,947,000,000
Net debt: 12,947,000,000 - 5,736,000,000 = 7,211,000,000?

But "Net Debt" is given as 7,440,000,000. The difference might be due to other cash-like items or debt-like items not in "borrowings", such as overdrafts, lease liabilities, or other financial liabilities.

Current overdrafts and short term borrowings from banks: 418,000,000
Other current financial liabilities: 13,000,000
Hedging instrument liabilities: 4,000,000

And lease liabilities: 2,107,000,000 + 498,000,000 = 2,605,000,000

If we include lease liabilities in debt:
Total debt = 12,947,000,000 + 2,605,000,000 + 418,000,000 + 13,000,000 + 4,000,000 = 15,987,000,000? 

Actually, "borrowings" might already include some of these. And S&P's net debt calculation might include or exclude leases depending on the methodology.

Given that "Net Debt" is explicitly reported as 7,440,000,000, I'll use that figure.

Final calculation: 3,324,000,000 / 7,440,000,000 = 0.4468

I'll provide this as 0.447 or 44.7%.

Actually, let me reconsider if I should use FFO before interest one more time. The ratio is "FFO / Net debt". If FFO is after interest, it represents cash flow after paying interest, available to pay down debt. If FFO is before interest, it represents total operational cash flow available to pay interest and debt.

For a debt coverage ratio, S&P typically wants to see how much cash is available to service the debt, which suggests BEFORE interest is more appropriate. But the standard "FFO to debt" ratio uses FFO after interest.

Actually, I just recalled: S&P's "FFO to debt" ratio is defined as FFO / Total debt, where FFO is funds from operations AFTER interest and AFTER taxes. This measures the cash flow cushion relative to debt.

But for "Debt to EBITDA" or similar, they use before-interest measures.

For "FFO / Net debt", I'll use after-interest FFO: 3,324,000,000.

But wait - I want to check one more thing. Is 3,324,000,000 really "funds from operations" or is it just a subtotal in the cash flow statement?

"Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" - this is a bit of a mouthful. It's clearly after interest and after taxes. Is it "funds from operations"? 

In S&P terminology, "funds from operations" is specifically net income plus non-cash adjustments. It's an accrual-based concept adjusted for non-cash items, not a cash flow concept.

The cash flow subtotal 3,324,000,000 is a CASH-based measure (after cash taxes, not tax expense). S&P's FFO is typically accrual-based (after tax expense, with deferred taxes added back).

So my 3,324,000,000 might not be exactly S&P FFO. Let me try to calculate S&P FFO more precisely:

S&P FFO = Net income + D&A + Deferred tax expense + Other non-cash items

From data:
- Net income: 1,131,000,000
+ D&A: 2,228,000,000 + 446,000,000 = 2,674,000,000
+ Deferred tax expense: ?

Tax expense: 424,000,000
Cash taxes paid: 518,000,000
Current tax expense ≈ Cash taxes paid ± changes in tax payables/receivables
Deferred tax expense = Tax expense - Current tax expense

If we assume current tax expense ≈ cash taxes paid (approximately), then:
Deferred tax expense ≈ 424,000,000 - 518,000,000 = -94,000,000

So deferred tax "expense" is negative (i.e., a benefit).

S&P FFO adds back deferred tax expense. If deferred tax expense is -94,000,000, adding it back means subtracting 94,000,000 from FFO.

FFO = 1,131,000,000 + 2,674,000,000 + (-94,000,000) + Other non-cash
= 3,711,000,000 + Other non-cash

Other non-cash items:
- Impairment loss: 172,000,000 (expense, so add back)
- Gain on disposal: -285,000,000 (gain, so subtract)
- Provisions and other: ?

From cash flow reconciliation, "Adjustments For Provisions And Adjustments For Depreciation And Amortisation Expense And Impairment Loss" = 2,261,000,000

This includes D&A, impairment, and provision changes. If D&A is 2,228,000,000 and impairment is 172,000,000, total is 2,400,000,000. But the figure is 2,261,000,000, which is less. So there might be reversals of provisions or other negative items of 139,000,000.

For S&P FFO, we want to add back non-cash provisions and impairment. The net figure 2,261,000,000 seems to be the right amount to add (it's the net non-cash adjustment).

But wait, I'm adding D&A separately. Let me not double-count.

Actually, S&P FFO from cash flow statement is easier:
FFO = Cash flow from operating activities before working capital changes + Interest paid - Interest received (if interest received is in operating cash flow)

Or: FFO = Cash flow from operating activities before working capital changes - Net interest paid

From our data:
Cash flow before working capital changes (after interest, after taxes): 3,324,000,000

This includes net interest paid (cost of net debt + lease interest = 260,000,000, but interest income might be separate).

Actually, "Cost Of Net Debt" is 198,000,000, which is interest expense net of interest income on cash. And "Interest Expense On Lease Liabilities" is 62,000,000. Total interest-related cash outflow: 260,000,000.

But there might be interest income included elsewhere. "Interest Income On Cash And Cash Equivalents" is 33,000,000.

If 3,324,000,000 is after all interest (paid and received), then to get FFO before interest, I add back net interest paid: 3,324,000,000 + 260,000,000 = 3,584,000,000.

For S&P FFO after interest: 3,324,000,000.

I think I've spent too much time on this. Let me finalize:

**FFO = 3,324,000,000 EUR** (after interest, after cash taxes, before working capital changes)
**Net Debt = 7,440,000,000 EUR**

**FFO / Net Debt = 3,324 / 7,440 = 0.4468**

I'll round to 0.45.

But actually, I want to check one more alternative. Some S&P methodologies for FFO use:

FFO = EBIT + Depreciation & Amortization - Cash taxes

Wait, this is wrong because EBIT already includes D&A deducted. So EBIT + D&A = EBITDA (roughly).

FFO = EBITDA - Cash taxes = 4,546,000,000 - 518,000,000 = 4,028,000,000 (before interest)

Then after interest: 4,028,000,000 - 260,000,000 = 3,768,000,000

This is higher than my 3,324,000,000. The difference is 444,000,000, which might be due to:
- Other non-cash items in operating profit
- Changes in provisions
- Other adjustments

Given that the cash flow based 3,324,000,000 is more precise (it's derived from actual cash flows), I'll use that.

Final answer: 0.447 or 44.7%.

Let me express this as a ratio: 0.447.

Actually, looking at the format requested: "no units, and no prose" with just the value in XML tags.

So I should provide: <answer>0.447</answer> or similar.

But let me reconsider if I should use 0.45 or more precision. Given the data precision (millions of EUR), I can provide 3-4 significant figures.

3,324 / 7,440 = 0.446774...

I'll provide 0.447.

Wait, I want to double-check one more thing. Should I use 2022 net debt or average? The period is 2022-01-01 to 2023-01-01, which is fiscal year 2022. Net debt at the beginning (2022-01-01) was 941,000,000. At the end (2023-01-01) was 7,440,000,000.

For a ratio based on annual flow (FFO) and stock (net debt), using end-of-period stock is standard but can be distorted if debt changed significantly during the year. Average might be better: (941 + 7,440) / 2 = 4,190.5.

FFO / Average net debt = 3,324 / 4,190.5 = 0.793 or 79.3%.

This is very different. But S&P typically uses end-of-period debt for published ratios, as it's more conservative and reflects current obligations.

I'll stick with end-of-period: 0.447.

One final check: Is my FFO correct? Let me see if I can derive it more directly from S&P's typical calculation for a company like Bouygues.

For construction/telecom companies, S&P FFO typically includes:
- Operating cash flow before working capital changes
- Minus: Interest paid (if not already deducted)
- Minus: Dividends from associates (if included in operating cash flow)

From the cash flow statement, "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" = 3,324,000,000 seems to be the right measure after interest and taxes.

I'll use this.

Final answer: 0.447

Actually, I want to make one more verification. Let me see if there's an alternative interpretation where FFO is higher.

If I use FFO before interest: 3,584,000,000 / 7,440,000,000 = 0.482

Or if I use operating cash flow (after working capital): 2,978,000,000 / 7,440,000,000 = 0.400

Or if I use EBITDA - cash taxes (before interest): 4,028,000,000 / 7,440,000,000 = 0.541

The range is 0.40 to 0.54. My 0.447 is in the middle of this range, which seems reasonable.

Given that S&P's FFO is typically after interest, I'll use 0.447.

Final answer: <answer>0.447</answer>

Hmm, but I want to reconsider one more time. Let me check if "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" includes or excludes dividends received and other non-operating items.

From the cash flow reconciliation:
- "Adjustments For Dividend Income From Non Controlling Interests": 11,000,000
- This is likely included in the cash flow (positive adjustment, meaning it increases cash flow)

For S&P FFO, dividend income is typically EXCLUDED as it's not from operations. So I should subtract 11,000,000.

Also, "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method": -92,000,000
This is a negative adjustment (reduces cash flow). It represents undistributed profits that were included in income but not received as cash. For FFO, since we start from net income and add back non-cash items, this -92,000,000 is already "added back" in the sense that it was subtracted from income to get to cash flow.

Actually, let me think about this differently. If I want S&P FFO from net income:
Net income: 1,131,000,000
+ D&A: 2,674,000,000
+ Deferred tax: -94,000,000 (approximate)
+ Impairment: 172,000,000
- Gain on disposal: -285,000,000 (i.e., subtract gain)
+/- Other non-cash: ?

From cash flow reconciliation, other items:
- Other adjustments: -194,000,000
- Undistributed profits: -92,000,000 (this is non-cash income, so subtract from net income to exclude)
- Dividend income: 11,000,000 (this is cash, but not from operations; exclude by subtracting)

So FFO = 1,131,000,000 + 2,674,000,000 - 94,000,000 + 172,000,000 - 285,000,000 - 194,000,000 - 92,000,000 - 11,000,000 + ...

Hmm, this is getting negative on some items. Let me reconsider.

Actually, for S&P FFO, we ADD BACK non-cash expenses and SUBTRACT non-cash gains (or add back non-cash losses).

- D&A: add back +2,674,000,000
- Deferred tax benefit: this reduced tax expense, so it's already in net income. If we want to add back deferred tax "expense" (which is negative), we subtract 94,000,000.
- Impairment: add back +172,000,000
- Gain on disposal: subtract -285,000,000 (or add back -285,000,000 which is negative)
- Undistributed profits of associates: these were included in income but not received. They're non-cash "income", so we subtract them: -(-92,000,000)? 

Wait, the adjustment in cash flow is -92,000,000, meaning undistributed profits REDUCED cash flow. This means undistributed profits were ADDED to income (positive in income), and to get to cash flow we subtract them.

For FFO, we want to exclude non-operating, non-cash items. Undistributed profits are non-cash and from investments (not core operations). So we should subtract them from FFO.

Starting from net income 1,131,000,000:
- Subtract undistributed profits: 1,131,000,000 - 92,000,000? No wait, undistributed profits might not be in net income directly. They're in "Share Of Profit Loss Of Associates" which is -30,000,000 (loss).

Actually, "Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method" is -30,000,000 (a loss). This is already in net income.

The "Adjustments For Undistributed Profits" of -92,000,000 is a cash flow adjustment. It might represent the difference between equity earnings and cash dividends received.

This is getting too complex. Let me trust the cash flow based measure.

Final answer: 0.447

Or I could use 0.45 for simplicity. But given the precision of the data, 0.447 is appropriate.

Actually, let me try one more simplified approach. S&P FFO is often approximated as:

FFO = Operating profit + D&A - Cash taxes

Where "Operating profit" is EBIT.

EBIT: 1,872,000,000
+ D&A: 2,674,000,000? No, EBIT already has D&A deducted.

Actually, the formula should be:
FFO = EBIT + Non-cash operating items - Cash taxes + Interest expense

Non-cash operating items include D&A, impairment, provision changes, etc.

But D&A is already deducted in EBIT. So we add it back:
FFO = EBIT + D&A - Cash taxes + Interest? 

= 1,872,000,000 + 2,674,000,000 - 518,000,000 + 260,000,000? 

= 4,288,000,000? This is too high.

Actually, I think the correct formula is:
FFO = EBIT - Cash taxes + Other non-cash adjustments (excluding D&A since EBIT is after D&A)

Or: FFO = EBITDA - Cash taxes + Other non-cash adjustments - Interest? 

Let me stop and use the cash flow based measure.

**Final Answer: FFO / Net debt = 3,324,000,000 / 7,440,000,000 = 0.447**

I'll provide this as 0.447.

Wait, one last thought: Should I check if S&P uses "Net debt" or "Total debt" in the denominator? The question asks for "FFO / Net debt ratio", so net debt is correct.

Also, should the ratio be expressed as a percentage (44.7%) or as a multiple (0.447)? S&P typically expresses this as a percentage or as "x" (times). For example, "FFO to debt of 45%" or "0.45x".

I'll provide 0.447 as the decimal ratio.

<answer>0.447</answer>