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

First, let me understand S&P's methodology for FFO (Funds From Operations):
- FFO typically starts with Profit/Loss from operating activities (EBIT) and adds back depreciation/amortization, then adjusts for various items

Let me work through this step by step.

**Step 1: Calculate Operating Profit (EBIT)**
From the data:
- "Profit Loss From Operating Activities" 2022: 533,800,000 EUR

However, I need to verify this is EBIT. Looking at the structure, this appears to be operating profit before finance costs and taxes.

**Step 2: Calculate FFO using S&P methodology**

S&P FFO formula typically:
FFO = EBIT + Depreciation & Amortization - Cash taxes paid + Other adjustments

From the data:
- "Profit Loss From Operating Activities" 2022: 533,800,000 EUR
- "Amortisation Depreciation And Provisions" 2022: 667,100,000 EUR

Wait - I need to be more careful. "Amortisation Depreciation And Provisions" includes provisions, not just D&A. Let me look at the cash flow statement for the proper D&A figure.

From cash flow adjustments:
- "Adjustments For Depreciation And Amortisation Expense And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss" 2022: 478,600,000 EUR

This is the pure D&A add-back for cash flow purposes.

Also from cash flow:
- "Income Taxes Paid Classified As Operating Activities" 2022: 165,900,000 EUR

S&P FFO methodology:
FFO = Operating Profit + D&A - Cash taxes ± Working capital changes (sometimes excluded)

Actually, let me reconsider. Standard S&P FFO:
FFO = Net income from continuing operations + D&A + Deferred taxes + Other non-cash items

Or more commonly for corporate ratings:
FFO = EBIT + D&A - Cash interest - Cash taxes

Let me use the more standard S&P approach:
FFO = Funds from operations = Operating cash flow before working capital changes

From the cash flow statement:
- "Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 1,202,000,000 EUR

This is essentially: EBIT + D&A + other non-cash items - cash interest paid (if classified in operations)

Wait, let me check what's in this. Looking at the components:
- Operating profit: 533,800,000
- D&A adjustment: 478,600,000
- Allocation to provisions: 188,500,000
- Equity method adjustments: -10,000,000
- Finance income/cost adjustment: 135,000,000
- Capital gains/other: 41,600,000
- Change in provision for risks: -27,800,000
- Employee benefit adjustments: -12,700,000

Sum: 533.8 + 478.6 + 188.5 - 10 + 135 + 41.6 - 27.8 - 12.7 = 1,327,000,000... 

Hmm, that doesn't match 1,202,000,000. Let me recheck.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000

This already includes adjustments. The standard S&P FFO typically uses this figure but makes further adjustments.

Standard S&P FFO calculation:
FFO = Net cash from operating activities 
      + Increase in working capital (if working capital was a use) 
      - Decrease in working capital (if working capital was a source)
      + Cash interest paid
      + Cash taxes paid

Wait, actually S&P FFO is more commonly:
FFO = Operating cash flow before working capital changes - Cash interest paid - Cash taxes paid + Interest received

Let me look more carefully. The S&P Global methodology for FFO:
FFO = Funds from operations = Net income + D&A + Deferred income taxes + Other non-cash items

Or for practical purposes from cash flows:
FFO = Cash flow from operating activities + Changes in working capital + Cash taxes paid + Cash interest paid

From the data:
- "Cash Flows From Used In Operating Activities" 2022: 35,700,000 EUR (very low!)
- "Increase Decrease In Working Capital" 2022: -927,600,000 EUR (negative = use of cash/increase in working capital)

Wait: Cash flows from operations before working capital: 1,202,000,000
Working capital change: -927,600,000 (this is a negative adjustment, meaning working capital increased)
So: 1,202,000,000 - 927,600,000 = 274,400,000... but reported is 35,700,000

Let me check: There are also dividends received, finance income received, finance costs paid, and income taxes paid.

"Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 1,202,000,000
Then:
- Working capital: -927,600,000
- Dividends received: 13,400,000
- Finance income received: 41,800,000
- Finance costs paid: -128,000,000
- Income taxes paid: -165,900,000

Total: 1,202,000,000 - 927,600,000 + 13,400,000 + 41,800,000 - 128,000,000 - 165,900,000 = 35,700,000 ✓

For S&P FFO, the standard formula is:
FFO = Net cash from operating activities 
      +/(−) Changes in working capital (add back if working capital increased, i.e., was a use of cash)
      + Cash interest paid
      + Cash taxes paid

Actually, let me use the more direct S&P definition:
FFO = Operating profit before working capital changes (i.e., EBIT + D&A and other non-cash items) 
      − Cash taxes 
      − Cash interest paid 
      + Cash interest received

Or: FFO = Cash flow from operating activities + Change in working capital + Cash taxes paid + Cash interest paid - Cash interest received - Dividends received (if included in operating CF)

Let me try:
FFO = 35,700,000 + (-927,600,000) [add back working capital use] + 165,900,000 + 128,000,000 - 41,800,000 - 13,400,000

Wait, if working capital increased (was a use of cash), the "change" is negative in the cash flow. Let me think...

"Increase Decrease In Working Capital" = -927,600,000. This means working capital increased, using cash.

So to get FFO before working capital: 35,700,000 - (-927,600,000) = 963,300,000? No that's not right either.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" already exists: 1,202,000,000

S&P FFO typically equals this figure minus cash taxes and cash interest, plus interest received... or some variation.

Standard S&P FFO = Funds from operations = 
    Cash flow from operating activities
    + Increase in working capital (if working capital absorbed cash)
    - Decrease in working capital (if working capital generated cash)
    + Cash taxes paid
    + Cash interest paid
    - Interest received (if included in operating activities)

So: 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 - 41,800,000 = 1,215,400,000

Hmm, but this should equal roughly EBIT + D&A - Cash taxes + ... 

Let me try another approach. S&P also calculates FFO as:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

Net income 2022: 305,300,000
D&A (from cash flow): 478,600,000
Provisions allocation: 188,500,000
Undistributed profits equity method: -10,000,000
Finance income/cost adjustment: 135,000,000
Capital gains/other non-monetary: 41,600,000
Change in provision risks: -27,800,000
Employee benefits: -12,700,000

Plus deferred tax change... I don't have this directly.

Actually, let me look at the balance sheet for deferred taxes:
Deferred Tax Assets: 2023: 240,400,000; 2022: 229,400,000
Deferred Tax Liabilities: 2023: 215,700,000; 2022: 132,100,000

Net deferred tax assets: 2022: 229,400,000 - 132,100,000 = 97,300,000
2023: 240,400,000 - 215,700,000 = 24,700,000

Change in net deferred tax position: 24,700,000 - 97,300,000 = -72,600,000 (became more liability)

Income tax expense: 103,500,000
Cash taxes paid: 165,900,000

Deferred tax = Tax expense - Cash taxes = 103,500,000 - 165,900,000 = -62,400,000

This is close to the balance sheet change (differences due to FX, acquisitions, etc.)

For S&P FFO, we add back deferred tax (since it's non-cash):
FFO = Net income + D&A + Deferred tax expense + Other non-cash items

Actually, standard S&P FFO:
FFO = Profit/Loss + D&A + Deferred income taxes + Other non-cash items - Gain on sale of assets + Other adjustments

Let me use: FFO = Operating cash flow before working capital changes - Cash taxes paid + Cash interest paid - Interest received + Dividends received... 

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

FFO = EBIT + D&A - Cash taxes paid

Or from cash flows:
FFO = Cash flow from operating activities before changes in working capital - Cash taxes paid - Cash interest paid + Cash interest received + Dividends received

Wait, I need to check if "Cash Flows From Used In Operations Before Changes In Working Capital" includes or excludes these items.

Looking at the components that sum to "Cash Flows From Used In Operations Before Changes In Working Capital":
- Operating profit: 533,800,000
- Various adjustments (D&A, provisions, etc.)

Then AFTER this, we have:
- Working capital changes
- Dividends received
- Finance income received
- Finance costs paid
- Income taxes paid

So "Cash Flows From Used In Operations Before Changes In Working Capital" = 1,202,000,000 includes the operating profit and non-cash adjustments, but NOT dividends, interest received, interest paid, or taxes paid.

For S&P FFO, the standard is:
FFO = Funds from operations = Cash generated from operations before working capital changes - Cash taxes

Or more precisely:
FFO = EBIT + Depreciation and amortization - Cash taxes

Where EBIT = 533,800,000
D&A = 478,600,000 (from cash flow adjustment)
Cash taxes = 165,900,000

So FFO = 533,800,000 + 478,600,000 - 165,900,000 = 846,500,000

But wait, S&P also typically makes adjustments for other items. Let me check if "Cash Flows From Used In Operations Before Changes In Working Capital" is the right starting point.

Actually, 1,202,000,000 includes more than just EBIT + D&A. It includes various other adjustments. 

S&P FFO = Operating cash flow before working capital changes 
          + Cash interest paid 
          + Cash taxes paid 
          - Interest/dividends received (if included in operating CF)

Since "Cash Flows From Used In Operations Before Changes In Working Capital" is before interest, taxes, and dividends, then:

FFO = 1,202,000,000 - 165,900,000 (taxes) - 128,000,000 (interest paid) + 41,800,000 (interest received) + 13,400,000 (dividends)?

Actually no - S&P FFO typically EXCLUDES interest and dividends from financing. Let me reconsider.

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

Or equivalently:
FFO = EBIT × (1 - cash tax rate) + D&A - Cash interest + ... 

Let me try the most common practical approach:
FFO = Cash flow from operating activities 
    + Changes in working capital (if working capital increased, add the use)
    + Cash taxes paid
    + Cash interest paid

= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 
= 1,257,200,000

But this includes dividends and interest received, which S&P may exclude.

Actually, let me check: 35,700,000 + 927,600,000 = 963,300,000 (this is CFO before working capital but after dividends/interest/taxes)

Hmm, I need to be more careful. Let me reconstruct:

Start: Cash Flows From Used In Operations Before Changes In Working Capital = 1,202,000,000
Less: Increase Decrease In Working Capital = -927,600,000 (so minus a negative = plus)
= 1,202,000,000 - 927,600,000 = 274,400,000? No wait...

Actually in cash flow statements:
CFO before WC changes: 1,202,000,000
+/- Working capital changes: -927,600,000
+ Dividends received: 13,400,000
+ Finance income received: 41,800,000
- Finance costs paid: -128,000,000
- Income taxes paid: -165,900,000
= 35,700,000

So: 1,202,000,000 - 927,600,000 + 13,400,000 + 41,800,000 - 128,000,000 - 165,900,000 = 35,700,000

For S&P FFO, we want to get back to something like:
FFO = EBIT + D&A - Cash taxes

Or from the cash flow perspective:
FFO = CFO + Working capital changes + Cash taxes paid + Cash interest paid - Interest received - Dividends received

= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 - 41,800,000 - 13,400,000
= 1,202,000,000

Wait! That's just CFO before working capital changes. But that includes dividends and interest received.

Actually, S&P FFO typically includes interest received in operations but excludes dividends received (which are investing). Let me check if dividends are operating or investing.

The line says "Dividends Received Classified As Operating Activities" - so they are in operating activities.

For S&P methodology, FFO typically:
- Excludes dividends received (treated as investing)
- Includes interest received and paid (as part of operations)

So FFO = CFO before WC changes - Dividends received (reclassify to investing)
= 1,202,000,000 - 13,400,000 = 1,188,600,000

Or from the other direction:
FFO = CFO + WC changes + Cash taxes + Cash interest - Interest received - Dividends received
= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 - 41,800,000 - 13,400,000
= 1,202,000,000 - 13,400,000 = 1,188,600,000? 

Wait: 35,700,000 + 927,600,000 = 963,300,000. Then +165,900,000 + 128,000,000 - 41,800,000 - 13,400,000 = 1,202,000,000. Yes!

So FFO = 1,202,000,000 - 13,400,000 = 1,188,600,000 (excluding dividends)

Or if we include dividends in FFO (some versions do): 1,202,000,000

Actually, looking more carefully at S&P methodology, they typically define FFO as:
FFO = Net cash from operating activities (as reported)
    + Changes in working capital (add back increase, subtract decrease)
    + Cash taxes paid
    + Cash interest paid

This gives you the pre-working capital, pre-tax, pre-interest figure.

But then they adjust for:
- Dividends received: typically excluded from FFO (treated as investing)
- Interest received: typically included in FFO for non-financial companies

So: FFO = 1,202,000,000 - 13,400,000 = 1,188,600,000

Hmm, but let me also consider if finance income received should be excluded. S&P sometimes treats interest received as part of FFO for industrial companies.

Actually, I found a reference: S&P FFO = Funds from operations = Net income + D&A + deferred taxes + other non-cash charges - gain on asset sales + other adjustments.

Let me try: Net income 2022 = 305,300,000
+ D&A = 478,600,000
+ Deferred taxes = Tax expense - Cash taxes = 103,500,000 - 165,900,000 = -62,400,000 (negative, so subtract)
+ Other non-cash = provisions 188,500,000 + equity method -10,000,000 + finance adjustment 135,000,000 + capital gains 41,600,000 - change in provision -27,800,000 - employee benefits -12,700,000 = 313,600,000

Wait, but these are already in the operating profit or in the cash flow reconciliation.

Actually, let me just use: FFO = Cash flow from operating activities before changes in working capital - Dividends received

= 1,202,000,000 - 13,400,000 = 1,188,600,000

Or if S&P includes dividends: 1,202,000,000

I think the more standard S&P approach is to use:
FFO = Operating cash flow before working capital changes, adjusted for dividends received

Actually, looking at various S&P rating methodologies, they often calculate:
FFO = Net cash from operating activities + Increase in working capital - Decrease in working capital + Cash taxes + Cash interest

And then they may or may not adjust for dividends depending on classification.

Let me use a cleaner approach. S&P's published methodology for corporate ratings:

FFO = Profit before tax + Interest expense + Depreciation & Amortization - Cash taxes - Interest received

Or from cash flow:
FFO = Cash flow from operating activities before working capital changes - Dividends received

= 1,202,000,000 - 13,400,000 = 1,188,600,000

I'll go with FFO = 1,188,600,000 EUR (excluding dividends received, which S&P typically treats as investment income)

Actually, let me reconsider one more time. Some S&P methodologies define FFO as:

FFO = Net income + D&A + Deferred taxes + Other non-cash items

= 305,300,000 + 478,600,000 + (-62,400,000) + other items

The "other items" would include the various non-cash adjustments in the cash flow statement that aren't D&A or deferred taxes.

From the cash flow reconciliation:
- Allocation to provisions: 188,500,000
- Undistributed profits equity method: -10,000,000
- Finance income/cost adjustment: 135,000,000 (this is non-cash finance items)
- Capital gains losses: 41,600,000
- Change in provision for risks: -27,800,000
- Employee benefits: -12,700,000

Sum of these other items: 188,500,000 - 10,000,000 + 135,000,000 + 41,600,000 - 27,800,000 - 12,700,000 = 314,600,000

So FFO = 305,300,000 + 478,600,000 - 62,400,000 + 314,600,000 = 1,036,100,000

Hmm, this doesn't match 1,202,000,000. What's the difference?

1,202,000,000 - 1,036,100,000 = 165,900,000 = Cash taxes paid!

Ah I see. The "Cash Flows From Used In Operations Before Changes In Working Capital" starts from Operating profit (533,800,000), not Net income.

Operating profit 533,800,000
+ D&A and other adjustments (478,600,000 + 188,500,000 - 10,000,000 + 135,000,000 + 41,600,000 - 27,800,000 - 12,700,000) = 793,200,000
= 1,327,000,000... 

Hmm, that's not 1,202,000,000 either. Let me recheck.

533,800,000 + 478,600,000 = 1,012,400,000
+ 188,500,000 = 1,200,900,000
- 10,000,000 = 1,190,900,000
+ 135,000,000 = 1,325,900,000
+ 41,600,000 = 1,367,500,000
- 27,800,000 = 1,339,700,000
- 12,700,000 = 1,327,000,000

But reported is 1,202,000,000. Difference is 125,000,000.

Wait - "Finance Income Cost" in P&L is -125,000,000. And "Adjustments For Finance Income Cost" is 135,000,000. 

Hmm, let me check if operating profit already includes some finance items. "Profit Loss From Operating Activities" should be before finance costs.

Actually, looking at the P&L structure:
- Profit Loss From Operating Activities: 533,800,000
- Share Of Profit Loss Of Associates: 10,000,000
- Finance Income: 82,200,000
- Finance Costs: 217,200,000
- Finance Income Cost: -125,000,000 (this is net)
- Profit Loss Before Tax: 408,800,000

Check: 533,800,000 + 10,000,000 - 125,000,000 = 418,800,000... not 408,800,000.

Wait: 533,800,000 + 10,000,000 + 82,200,000 - 217,200,000 = 408,800,000 ✓

So Finance Income Cost = -125,000,000 = 82,200,000 - 217,200,000? No, 82.2 - 217.2 = -135, not -125.

Hmm, 82,200,000 - 217,200,000 = -135,000,000. But reported is -125,000,000. Difference of 10,000,000.

Actually: 533,800,000 + 10,000,000 + 82,200,000 - 217,200,000 = 408,800,000. And 533,800,000 + 10,000,000 - 125,000,000 = 418,800,000 ≠ 408,800,000.

So "Finance Income Cost" of -125,000,000 is not simply Finance Income - Finance Costs. There may be other items.

Back to FFO. The standard S&P definition I should use is:

FFO = Net cash from operating activities 
    + Changes in working capital (add if used cash, subtract if generated)
    + Cash taxes paid
    + Cash interest paid

= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 
= 1,257,200,000

But this includes dividends and interest received. For pure FFO, S&P might want:
= 1,257,200,000 - 41,800,000 - 13,400,000 = 1,202,000,000

Which gets us back to "Cash Flows From Used In Operations Before Changes In Working Capital"

Actually, I think the most standard S&P FFO is:
FFO = Cash flow from operating activities before working capital changes
    - Dividends received (reclassified to investing)
    + Interest received (kept in operations for non-financials)
    - Interest paid (this is already excluded from the starting point)

Wait, "Cash Flows From Used In Operations Before Changes In Working Capital" already excludes interest paid and taxes paid (they come later in the cash flow).

Let me re-read the cash flow structure:
1. Cash Flows From Used In Operations Before Changes In Working Capital: 1,202,000,000
2. Increase Decrease In Working Capital: -927,600,000
3. Dividends Received: 13,400,000
4. Finance Income Received: 41,800,000
5. Finance Costs Paid: -128,000,000
6. Income Taxes Paid: -165,900,000
7. Cash Flows From Used In Operating Activities: 35,700,000

So items 3-6 are after the "before working capital" figure. This means "before working capital" is before these items too.

For S&P FFO, starting from item 1:
- This is essentially: EBIT + D&A + other non-cash items - non-cash finance items + other adjustments
- It does NOT include cash taxes, cash interest, or dividends/interest received

S&P FFO = Item 1 + Cash taxes effect + Cash interest effect - Dividends received + Interest received...

Actually, the simplest approach is:
FFO = Cash flow from operating activities + Increase in working capital - Decrease in working capital + Cash taxes paid + Cash interest paid

= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000
= 1,257,200,000

This represents the cash generated from operations before working capital changes, taxes, and interest. But it includes dividends and interest received.

For a cleaner FFO, S&P sometimes uses:
FFO = 1,257,200,000 - 13,400,000 (dividends) - 41,800,000 (interest) = 1,202,000,000

Or keeping interest received:
FFO = 1,257,200,000 - 13,400,000 = 1,243,800,000

I think the most common S&P practice for non-financial corporates is to include interest received in FFO but exclude dividends received. So:

FFO = 1,202,000,000 - 13,400,000 + 41,800,000? No wait, item 1 already excludes these.

Let me recalculate from scratch:
FFO = CFO + WC changes + Cash taxes + Cash interest - Dividends received - Interest received (if excluding)

= 35,700,000 + 927,600,000 + 165,900,000 + 128,000,000 - 13,400,000 - 41,800,000
= 1,202,000,000

Hmm, that's just item 1. So if we exclude both dividends and interest received, FFO = item 1 = 1,202,000,000.

If we include interest received but exclude dividends:
FFO = 1,202,000,000 + 41,800,000 = 1,243,800,000? No, item 1 doesn't include interest received.

Actually wait - I need to check if item 1 includes interest received or not. Looking at the structure, item 1 is "before changes in working capital" and items 3-6 come after. So item 1 does NOT include interest received, dividends, interest paid, or taxes paid.

So to get FFO from item 1, we need to add back the cash outflows and subtract cash inflows that S&P wants to treat differently.

Standard S&P FFO = item 1 - Cash taxes paid + Cash interest paid - Interest received + ... 

Actually no. Let me think of this differently.

Item 1 = EBIT + D&A - non-cash items adjustments. This is essentially "cash operating profit before working capital changes, taxes, and interest."

To get to FFO, S&P typically wants:
FFO = Cash generated from operations after taxes but before interest and working capital changes

Or: FFO = item 1 - Cash taxes paid

= 1,202,000,000 - 165,900,000 = 1,036,100,000

Hmm, but this doesn't match my earlier calculation from net income.

Let me try yet another approach. S&P sometimes defines FFO as:
FFO = Net income + D&A + Deferred taxes + Other non-cash items

= 305,300,000 + 478,600,000 + (-62,400,000) + 314,600,000
= 1,036,100,000

This matches: item 1 - cash taxes = 1,202,000,000 - 165,900,000 = 1,036,100,000

So FFO = 1,036,100,000 EUR

But wait, this includes interest paid and interest received. Let me check:

From P&L: Finance Income Cost = -125,000,000 (net expense)
Cash: Finance income received = 41,800,000, Finance costs paid = 128,000,000, net = -86,200,000

Non-cash finance items in adjustments: 135,000,000

So total finance cost in P&L = cash finance cost + non-cash finance adjustment
= -86,200,000 + 135,000,000? No, 135,000,000 is an add-back, meaning it was a non-cash expense.

Actually: Finance income cost in P&L = -125,000,000
Cash finance items = 41,800,000 - 128,000,000 = -86,200,000
Non-cash finance items = -125,000,000 - (-86,200,000) = -38,800,000? 

But adjustment is +135,000,000. Hmm, this doesn't match.

Actually, the "Adjustments For Finance Income Cost" of 135,000,000 in the cash flow statement suggests that the finance cost in P&L includes 135,000,000 of non-cash items that are added back.

Let me check: P&L Finance Income Cost = -125,000,000. Cash flow adjustment = +135,000,000. This means the cash amount was -125,000,000 - 135,000,000? No, add-backs are for expenses.

If finance cost was 125,000,000 expense in P&L, and 135,000,000 was non-cash, then cash finance cost was 125,000,000 - 135,000,000 = -10,000,000? That doesn't make sense.

Actually, looking at the cash flow: "Adjustments For Finance Income Cost" = 135,000,000. This is added back to profit, meaning it was an expense in P&L but not a cash outflow. So the P&L finance cost of 125,000,000 includes 135,000,000 of non-cash items? That would mean cash finance cost was -10,000,000 (i.e., net income).

But actual cash was: +41,800,000 received, -128,000,000 paid = -86,200,000 net paid.

Hmm, I'm getting confused. Let me just use the standard formula.

Actually, I recall now: S&P FFO for corporate issuers is typically:

FFO = Funds from operations = Operating cash flow before working capital changes - Cash taxes

Or more precisely:
FFO = EBIT + Depreciation and amortization - Cash taxes

Where EBIT = Profit Loss From Operating Activities + Share of profit of associates (sometimes) + Dividends received (sometimes)

Let me use: EBIT = 533,800,000 + 10,000,000 = 543,800,000 (including equity method)
+ D&A = 478,600,000
= 1,022,400,000
- Cash taxes = 165,900,000
= 856,500,000

But this excludes the other non-cash adjustments.

Actually, the comprehensive S&P approach includes all non-cash items:
FFO = Operating profit before working capital changes (item 1) - Cash taxes paid
= 1,202,000,000 - 165,900,000 = 1,036,100,000

Or including equity method dividends:
= 1,036,100,000 + 13,400,000 = 1,049,500,000

I think the most accurate S&P FFO is approximately 1,036,100,000 to 1,202,000,000 depending on treatment.

Let me check S&P's exact definition from their corporate methodology:

"FFO: Funds from operations. We calculate FFO as net cash generated from operating activities minus changes in working capital, minus realized gains or losses from the sale of assets, plus dividends from unconsolidated affiliates, plus depreciation and amortization."

Wait, that would be: CFO - WC changes + D&A + dividends from affiliates - gains on sales

= 35,700,000 - (-927,600,000) + 478,600,000 + 13,400,000 - ?

Hmm, that gives 1,455,300,000 which seems high.

Another S&P definition: "FFO is net cash from operating activities less changes in working capital, less realized gains (plus losses) from sales of property, plus depreciation and amortization."

This is circular because D&A is already in CFO.

Let me try the most practical and widely used S&P formula:
FFO = Net income + Depreciation & Amortization + Deferred taxes + Other non-cash items

From cash flow statement, this equals:
= Cash Flows From Used In Operations Before Changes In Working Capital - Cash taxes paid
= 1,202,000,000 - 165,900,000 = 1,036,100,000

I'll use FFO = 1,036,100,000 EUR

**Step 3: Calculate Net Debt**

Net Debt = Total Debt - Cash and Cash Equivalents

Debt components:
- Noncurrent Financial Liabilities: 5,689,900,000
- Noncurrent Lease Liabilities: 55,100,000
- Current Financial Liabilities: 650,100,000
- Current Lease Liabilities: 21,300,000

Total Debt = 5,689,900,000 + 55,100,000 + 650,100,000 + 21,300,000 = 6,416,400,000

Some methodologies exclude lease liabilities from net debt for the ratio calculation, but S&P typically includes them.

Cash and Cash Equivalents: 1,942,400,000

Net Debt = 6,416,400,000 - 1,942,400,000 = 4,474,000,000

Wait, let me also check if there are other debt-like items. Looking at the balance sheet:

Noncurrent Derivative Financial Liabilities: 6,300,000
Current Derivative Financial Liabilities: 1,347,600,000

These are typically not "debt" in the traditional sense but hedging instruments. S&P may or may not include them. Usually, derivative liabilities that are hedges are excluded from debt.

Also, I should check if there are any bank overdrafts or other borrowings included in cash.

Let me recalculate with standard S&P net debt:
Gross debt = Noncurrent financial liabilities + Current financial liabilities + Lease liabilities
= 5,689,900,000 + 650,100,000 + 55,100,000 + 21,300,000 = 6,416,400,000

Less: Cash and cash equivalents = 1,942,400,000
Net debt = 4,474,000,000

Some S&P methodologies also subtract liquid financial assets:
Current Financial Assets: 77,700,000
Noncurrent Financial Assets: 151,800,000

If these are liquid and readily convertible to cash, S&P may subtract them too. But "financial assets" could include various instruments. Let me check if they're cash-like.

Actually, looking at the balance sheet structure, "Cash And Cash Equivalents" is separate from "Current Financial Assets" and "Noncurrent Financial Assets". The latter are likely investments, not cash equivalents.

So Net Debt = 4,474,000,000 EUR

**Step 4: Calculate FFO / Net Debt ratio**

FFO / Net Debt = 1,036,100,000 / 4,474,000,000 = 0.2316 or 23.16%

Or if using FFO = 1,202,000,000 (before taxes):
= 1,202,000,000 / 4,474,000,000 = 0.2687 or 26.87%

Let me reconsider which FFO to use. S&P's most common definition for the FFO/Net Debt ratio is:

FFO = Net cash from operating activities + Changes in working capital + Cash taxes paid + Cash interest paid

This gives 1,257,200,000, but then we need to decide about dividends and interest received.

Actually, for the FFO/Net Debt ratio specifically, S&P Global Ratings typically uses:

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

This is equivalent to: Cash flow from operating activities before changes in working capital - Cash taxes paid

= 1,202,000,000 - 165,900,000 = 1,036,100,000

But wait - I want to double check. Some S&P methodologies include interest received in FFO but exclude dividends received. 

Actually, let me look at this from the cash flow perspective one more time. The "Cash Flows From Used In Operations Before Changes In Working Capital" of 1,202,000,000 includes:
- Operating profit adjustments (including non-cash items)
- But excludes: working capital changes, dividends, interest received, interest paid, taxes paid

If I want FFO as "cash flow from operations available to pay debt holders and shareholders before working capital changes", I should:
- Start from 1,202,000,000
- Subtract cash taxes (165,900,000) - taxes are a cost of operations
- Keep interest separate (it's a financing cost, not operating)

So FFO = 1,202,000,000 - 165,900,000 = 1,036,100,000

This represents the operating cash flow available after taxes but before interest and working capital changes.

Alternatively, some S&P analysts use:
FFO = 1,202,000,000 (without subtracting taxes, treating FFO as pre-tax)

But the standard is post-tax FFO.

Let me verify with another approach. From net income:
Net income = 305,300,000
+ D&A = 478,600,000
+ Other non-cash items in operating profit = 314,600,000 (provisions, equity method adj, etc.)
+ Finance cost non-cash = 135,000,000? 
= 305,300,000 + 478,600,000 + 314,600,000 = 1,098,500,000

Plus deferred tax -62,400,000 = 1,036,100,000. Yes! Matches.

So FFO = 1,036,100,000 EUR

Net Debt = 4,474,000,000 EUR

FFO / Net Debt = 1,036,100,000 / 4,474,000,000 = 0.23158...

Let me also consider if S&P includes lease liabilities in debt. Sometimes they do, sometimes they don't for certain ratios. For FFO/Net Debt, they typically include all debt-like obligations.

Actually, let me recheck if I should include current derivative liabilities. The "Current Derivative Financial Liabilities" of 1,347,600,000 - this is quite large. Are these hedging derivatives or something else?

In the context of energy/utilities companies (Hera is a multi-utility), these are likely hedging derivatives for commodity prices. S&P typically does not include derivative liabilities in gross debt unless they are clearly debt-like.

However, looking at the assets side: "Current Derivative Financial Assets" = 1,622,200,000. These largely offset.

For conservative net debt, I could include net derivative liabilities: 1,347,600,000 - 1,622,200,000 = -274,600,000 (net asset position)

So derivatives actually reduce net debt if included on a net basis.

But standard S&P practice is to exclude derivatives from debt unless specified otherwise.

Let me also check if there are other debt items I missed. Looking at liabilities:
- Noncurrent Financial Liabilities: 5,689,900,000
- Current Financial Liabilities: 650,100,000

These are the pure debt items. Plus leases.

Total gross debt = 6,416,400,000
Less cash = 1,942,400,000
Net debt = 4,474,000,000

FFO / Net Debt = 1,036,100,000 / 4,474,000,000 = 0.2316

As a percentage: 23.16%

Or expressed as a multiple (times): 0.23x

Wait, I need to check if S&P expresses this as a ratio (0.23x) or percentage (23%). Typically they use percentage or "x" notation.

Actually, looking at S&P rating reports, they typically express FFO/Net Debt as a percentage: 23.2% or as "0.23x".

Hmm, but let me reconsider my FFO calculation once more. I want to make sure about the dividends received.

S&P Corporate Methodology (2014): "FFO: Funds from operations. We calculate FFO as net cash generated from operating activities minus changes in working capital, minus realized gains or losses from the sale of assets, plus dividends from unconsolidated affiliates, plus depreciation and amortization."

Wait, this says "plus dividends from unconsolidated affiliates". So dividends received should be ADDED back if they were subtracted earlier.

In my calculation: item 1 (1,202,000,000) excludes dividends. Then we subtract cash taxes to get 1,036,100,000. But S&P says add dividends from unconsolidated affiliates.

So FFO = 1,036,100,000 + 13,400,000 = 1,049,500,000

Or if starting from the other formula:
FFO = Net income + D&A + deferred taxes + other non-cash + dividends from unconsolidated affiliates

= 305,300,000 + 478,600,000 + (-62,400,000) + 314,600,000 + 13,400,000
= 1,049,500,000

Yes! So FFO = 1,049,500,000 EUR

Let me recalculate:
FFO / Net Debt = 1,049,500,000 / 4,474,000,000 = 0.2346 or 23.46%

Hmm, but wait. Does "dividends from unconsolidated affiliates" mean we should include the 13,400,000? The cash flow says "Dividends Received Classified As Operating Activities" = 13,400,000. These could be from affiliates or investments.

Actually, looking more carefully, the 10,000,000 "Share Of Profit Loss Of Associates And Joint Ventures" suggests there are associates. The dividends received from them would be 13,400,000.

But in the cash flow, the "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method" = -10,000,000. This means we subtracted the equity method profit (since it's non-cash) and presumably the dividends received are separate.

Actually, I think the 13,400,000 dividends are already EXCLUDED from item 1, and S&P wants to INCLUDE them in FFO.

So FFO = item 1 - cash taxes + dividends from affiliates
= 1,202,000,000 - 165,900,000 + 13,400,000
= 1,049,500,000

Or: FFO = 1,202,000,000 - 165,900,000 + 13,400,000 = 1,049,500,000

Wait, but are these dividends from "unconsolidated affiliates"? The equity investments are 190,300,000 (2023) and 198,500,000 (2022). These could be associates or other investments.

Given the "Share Of Profit Loss Of Associates And Joint Ventures" line, yes, there are associates. So dividends from them should be added.

Final FFO = 1,049,500,000 EUR

But let me also consider: should I include interest received? S&P sometimes includes it for non-financial corporates. The formula says "dividends from unconsolidated affiliates" specifically, not interest received.

If we include interest received: 1,049,500,000 + 41,800,000 = 1,091,300,000
FFO/Net Debt = 1,091,300,000 / 4,474,000,000 = 0.2439 or 24.4%

I think the more standard is to exclude interest received from FFO (it's financing income). So I'll stick with 1,049,500,000.

Actually, let me re-read the S&P definition more carefully. "net cash generated from operating activities minus changes in working capital" = item 1 = 1,202,000,000. Then "minus realized gains or losses from the sale of assets" - I don't see these separately. "plus dividends from unconsolidated affiliates" = +13,400,000. "plus depreciation and amortization" - but D&A is already in item 1.

Hmm, this definition seems circular or perhaps applies to a different starting point. Let me interpret it as: start from CFO, add back working capital changes, add back D&A (but D&A is already added back in CFO), etc.

I think the practical interpretation is:
FFO = CFO before working capital changes + dividends from affiliates - gains on asset sales
= 1,202,000,000 + 13,400,000 - 0 (no gains mentioned)
= 1,215,400,000

Then subtract cash taxes? The definition doesn't say to subtract taxes. Hmm.

Actually, "net cash generated from operating activities" is after taxes. So "net cash generated from operating activities minus changes in working capital" = after-tax, pre-working capital.

So FFO = 1,202,000,000 + 13,400,000 = 1,215,400,000? But this includes interest received and paid, and taxes.

Let me try: "net cash generated from operating activities" = 35,700,000. "minus changes in working capital" = -(-927,600,000) = +927,600,000. So 963,300,000. Then plus D&A 478,600,000 = 1,441,900,000. Plus dividends 13,400,000 = 1,455,300,000.

That can't be right because D&A is already added back in the 963,300,000.

I think the S&P definition is poorly worded or I'm misinterpreting it. Let me stick with the most widely accepted practical formula:

FFO = Net income + D&A + Deferred taxes + Other non-cash items - Gain on sales + Dividends from affiliates

= 305,300,000 + 478,600,000 + (-62,400,000) + 314,600,000 + 13,400,000
= 1,049,500,000

Or simpler: FFO = Cash flow from operating activities before working capital changes - Cash taxes paid + Dividends from affiliates

= 1,202,000,000 - 165,900,000 + 13,400,000
= 1,049,500,000

Wait, I need to check if item 1 includes or excludes dividends. Looking at the cash flow structure, item 1 is BEFORE dividends (item 3). So item 1 excludes dividends.

So FFO = item 1 - cash taxes + dividends from affiliates = 1,202,000,000 - 165,900,000 + 13,400,000 = 1,049,500,000

But does item 1 include interest received and paid? Looking at the structure:
- Item 1: Cash Flows From Used In Operations Before Changes In Working Capital
- Item 3: Dividends Received
- Item 4: Finance Income Received
- Item 5: Finance Costs Paid
- Item 6: Income Taxes Paid

So item 1 excludes all of these. It's a "clean" operating cash flow before financing and tax items.

For FFO, S&P wants to add back the cash taxes (to get pre-tax FFO) and add dividends from affiliates, but keep interest as part of financing.

Actually no - standard FFO is AFTER tax. Let me reconsider.

S&P's FFO is typically post-tax, pre-interest, pre-working capital:
FFO = EBIT + D&A - Cash taxes

Or from cash flows:
FFO = CFO before WC changes - Cash taxes + Cash interest paid - Interest received + Dividends from affiliates

Hmm, this is getting complicated. Let me use the simplest and most common interpretation:

FFO = Net income + D&A + Deferred taxes + Other non-cash items + Dividends from affiliates
= 1,049,500,000

Net Debt = 4,474,000,000

Ratio = 1,049,500,000 / 4,474,000,000 = 0.2346

Let me also try an alternative FFO calculation to see the range:
If FFO = item 1 - cash taxes = 1,202,000,000 - 165,900,000 = 1,036,100,000 (no dividends)
Ratio = 1,036,100,000 / 4,474,000,000 = 0.2316

If FFO includes interest received: 1,036,100,000 + 41,800,000 = 1,077,900,000
Ratio = 0.2409

The range is 23.2% to 24.1% depending on treatment.

Given S&P's specific mention of "dividends from unconsolidated affiliates", I'll include them:
FFO = 1,049,500,000
Ratio = 0.2346 or 23.5%

Actually, I want to double-check my net debt calculation. Let me see if there are any other debt-like items.

Looking at "Other Current Liabilities" = 1,720,000,000 and "Other Longterm Provisions" = 565,600,000. These are not debt.

"Trade And Other Current Payables To Trade Suppliers" = 3,093,100,000 - this is trade payables, not debt.

So debt is just financial liabilities + leases = 6,416,400,000.

Cash = 1,942,400,000.

Net debt = 4,474,000,000.

Wait, I should check if there are any restricted cash items. Not specified, so assume all cash is available.

Final calculation:
FFO = 1,049,500,000
Net Debt = 4,474,000,000
FFO / Net Debt = 0.2346

Expressed as a percentage: 23.46%
Or as a ratio: 0.23x

S&P typically reports this as "23.5%" or "0.23x" or "23.46%" depending on precision.

Actually, looking at S&P rating reports, they often express FFO/Net Debt as a percentage with one decimal place: 23.5%.

But sometimes they use the "x" format: 0.2x.

For the answer, I'll provide the decimal ratio: 0.2346 or approximately 0.23.

Hmm, but let me reconsider one more time if I should use a different FFO. 

Some practitioners calculate FFO as simply: Cash flow from operating activities + Cash interest paid + Cash taxes paid - Dividends received

= 35,700,000 + 128,000,000 + 165,900,000 - 13,400,000 = 316,200,000

Then add back working capital: 316,200,000 + 927,600,000 = 1,243,800,000

This is item 1 + cash interest - dividends = 1,202,000,000 + 128,000,000 - 13,400,000 = 1,316,600,000? No wait.

Actually: CFO 35,700,000 + WC 927,600,000 = 963,300,000 (CFO before WC)
Then + cash taxes 165,900,000 + cash interest 128,000,000 = 1,257,200,000
Then - dividends 13,400,000 - interest received 41,800,000 = 1,202,000,000 (back to item 1)

So item 1 = CFO before WC changes, excluding dividends, interest received, interest paid, and taxes.

For FFO, if we want post-tax, pre-interest:
= item 1 - cash taxes = 1,036,100,000

Or post-tax, after interest (but interest is financing, not operating):
S&P typically uses post-tax, pre-interest FFO for the FFO/Net Debt ratio.

So FFO = EBIT + D&A - Cash taxes = 1,036,100,000 (approximately, with various adjustments)

I'll finalize with FFO = 1,049,500,000 (including dividends from affiliates, post-tax, pre-interest)

Actually, I realize I should double-check one thing. Is "Cash Flows From Used In Operations Before Changes In Working Capital" the same as EBIT + D&A + other non-cash items?

From the reconciliation:
Operating profit: 533,800,000
+ D&A adjustment: 478,600,000
+ Provisions: 188,500,000
- Equity method undistributed: -10,000,000
+ Finance adjustment: 135,000,000
+ Capital gains: 41,600,000
- Change in risk provision: -27,800,000
- Employee benefits: -12,700,000
= 1,327,000,000

But reported is 1,202,000,000. Difference is 125,000,000.

Hmm, 125,000,000 = Finance Income Cost in P&L. 

Wait, let me check: Operating profit 533,800,000 includes operating items. The finance adjustment of 135,000,000 is non-cash finance cost. But operating profit already excludes finance costs.

Actually, I think the reconciliation works differently. The "Adjustments For Finance Income Cost" of 135,000,000 is added back because the finance cost was deducted to get to profit before tax, but we want operating cash flow before finance items.

Let me try: Start from Profit Before Tax = 408,800,000
+ Finance costs (non-cash portion) = 135,000,000? 
+ Other non-cash items = 314,600,000 (provisions, etc.)
= 858,400,000... not matching.

Actually, start from Operating profit = 533,800,000. This is before associates and finance items.
+ Share of associates 10,000,000 (non-cash, so add back? No, it's already in operating profit... wait)

"Profit Loss From Operating Activities" = 533,800,000. Then:
+ Share of profit of associates = 10,000,000
= subtotal 543,800,000
+ Finance income = 82,200,000
- Finance costs = -217,200,000
= Profit before tax 408,800,000

So "Profit Loss From Operating Activities" is before associates and finance items. It's essentially EBIT.

To get to "Cash Flows From Used In Operations Before Changes In Working Capital":
Start from Profit Before Tax? Or Operating Profit?

Looking at cash flow statement structure, it typically starts from Profit Before Tax and adds back all non-cash items and adjustments.

Start: Profit Before Tax = 408,800,000
+ Finance costs (interest expense) = 217,200,000? Or just non-cash portion?
+ D&A = 478,600,000
+ Other non-cash = 314,600,000
- Finance income (non-cash portion) = ?

Hmm, this is getting messy with the finance items. Let me just trust the reported figure of 1,202,000,000.

Given all my analysis, I'll use:
FFO = 1,049,500,000 EUR (post-tax, pre-interest, including dividends from affiliates)
Net Debt = 4,474,000,000 EUR
FFO/Net Debt = 0.2346 or 23.46%

Let me round to 0.23 or 23.5%. 

Actually, for more precision: 1,049,500,000 / 4,474,000,000 = 0.23458...

I'll provide 0.235 or 23.5%. But since S&P often uses decimal format for this ratio (e.g., "FFO/net debt was 0.2x"), I'll use 0.23.

Wait, I want to check one more thing. Should I include the finance income received in FFO? For a utility company, interest received might be part of normal operations (customer deposits, etc.). 

If FFO includes interest received:
FFO = 1,049,500,000 + 41,800,000 = 1,091,300,000
Ratio = 1,091,300,000 / 4,474,000,000 = 0.2439

I think for consistency with S&P, I'll exclude interest received (it's financing, not operating). So 0.235.

But actually, looking at the cash flow classification, "Finance Income Received Classified As Operating Activities" - it's classified as operating, so perhaps it should be in FFO.

Hmm, but S&P's FFO formula specifically mentions "dividends from unconsolidated affiliates" not "interest received". This suggests interest received is treated differently.

I'll stick with FFO = 1,049,500,000 and ratio = 0.235.

Final answer: 0.235 or 23.5%. Let me express as decimal for the ratio format: 0.23.

Actually, rethinking - S&P typically reports this as a percentage in their credit ratios. Let me provide 0.235.

Hmm, but the question asks for "FFO / Net debt ratio" which is typically expressed as a percentage or decimal. I'll provide 0.235.

Wait, I want to do one more verification of net debt. Let me check if there are any current portion of noncurrent borrowings that might be double-counted or missed.

The balance sheet shows:
- Noncurrent Financial Liabilities: 5,689,900,000
- Current Financial Liabilities: 650,100,000

These are separate line items, so no double counting.

Total financial debt = 6,340,000,000
Plus lease liabilities = 76,400,000
Total gross debt = 6,416,400,000

Less cash = 1,942,400,000
Net debt = 4,474,000,000

This seems correct.

One final check: should I include "Current Derivative Financial Liabilities" of 1,347,600,000? For energy companies, these are typically hedging derivatives and are excluded from net debt. But they could be significant.

If included (net of derivative assets):
Derivative liabilities = 1,347,600,000 + 6,300,000 = 1,353,900,000
Derivative assets = 1,622,200,000 + 1,000,000 = 1,623,200,000
Net derivative position = -269,300,000 (asset)

If we add net derivative liabilities to debt: 6,416,400,000 - 269,300,000 = 6,147,100,000
Net debt = 6,147,100,000 - 1,942,400,000 = 4,204,700,000

FFO/Net Debt = 1,049,500,000 / 4,204,700,000 = 0.2496 or 25.0%

But standard S&P practice is to exclude derivatives from net debt unless they are clearly debt-like. So I'll stick with 4,474,000,000.

My final answer: FFO / Net Debt = 0.235 or 23.5%

Let me express this as 0.235.

<answer>0.235</answer>