First, we compute FFO using S&P’s definition: net cash from operating activities (CFO) plus the increase in working capital. For FY 2022, CFO = €548,169,000 and the increase in working capital = €336,750,000, giving FFO = €884,919,000. Net debt is total financial liabilities (short‑term + long‑term + other financial liabilities) minus cash. Total debt = €6,383,468,000 and cash = €1,391,763,000, so net debt = €4,991,705,000. The ratio FFO / Net debt = 884,919,000 / 4,991,705,000 ≈ 0.1773. 0.1773