**Reasoning**

1. **Funds from Operations (FFO)**  
   – In the cash‑flow statement the “Subtotal” (2 516 130 000 EUR for 2022) represents operating cash flow before working‑capital changes.  
   – This subtotal equals net profit after tax plus all non‑cash adjustments (depreciation & amortisation, impairment net of reversals, changes in provisions, gains/losses on disposals, etc.) and therefore matches S&P’s definition of FFO.  

2. **Net debt**  
   – Total financial liabilities (short‑ and long‑term borrowings) =  
     • Non‑current financial liabilities: 1 834 155 000 EUR  
     • Current financial liabilities: 1 462 453 000 EUR  
   – Sum = 3 296 608 000 EUR.  
   – Subtract cash and cash equivalents at year‑end 2022: 318 562 000 EUR.  
   – Net debt = 3 296 608 000 – 318 562 000 = 2 978 046 000 EUR.  

3. **FFO / Net debt ratio**  
   – Ratio = FFO / Net debt = 2 516 130 000 / 2 978 046 000 ≈ 0.845.  

**Result**

<answer>0.845</answer>