To compute the FFO/Net debt ratio for Fortum in 2022, we first estimate Funds from Operations (FFO) using S&P’s approach of cash generation before changes in working capital (i.e., operating cash flow before working‑capital movements). The annual report provides:

- Cash flows from operating activities before changes in working capital (continuing operations): **2,322 million EUR**.

Next, we calculate Net Debt. Interest‑bearing liabilities (including short‑term borrowings) are taken from the statement of financial position at year‑end 2022 (2023‑01‑01):

- Other non‑current financial liabilities: **3,658 million EUR**  
- Other current financial liabilities: **4,127 million EUR**  
- Margin liabilities (short‑term borrowings): **352 million EUR**  

Total debt = 3,658 + 4,127 + 352 = **8,137 million EUR**.

Cash and cash equivalents (liquid funds) at the same date: **3,919 million EUR**.

Net Debt = Total debt – Cash = 8,137 – 3,919 = **4,218 million EUR**.

FFO / Net Debt = 2,322 / 4,218 ≈ **0.55**.

<answer>0.55</answer>