To estimate the FFO/Net debt ratio for 2022 using S&P’s methodology, we first need to identify the appropriate figures for “Funds from Operations” (FFO) and “Net Debt”.

**Step 1 – Determine FFO**  
In S&P’s approach, FFO is approximated by net cash generated from operating activities (CFO). The cash‑flow statement for 2022 shows:

- Cash Flows from Operating Activities (CFO): **€4,242 million**  

This figure already includes interest paid, taxes paid and working‑capital changes, which aligns with S&P’s definition of FFO.

**Step 2 – Compute Net Debt**  
Net debt is total interest‑bearing debt minus cash and cash equivalents. Using the balance‑sheet data at the end of 2022 (i.e., 2023‑01‑01):

- Long‑term borrowings: €12,689 M  
- Current portion of non‑current borrowings: €2,110 M  
- Non‑current lease liabilities: €1,309 M  
- Current lease liabilities: €177 M  

**Total debt** = 12,689 + 2,110 + 1,309 + 177 = **€16,285 M**  

- Cash and cash equivalents: €3,985 M  

**Net debt** = 16,285 – 3,985 = **€12,300 M**  

**Step 3 – Calculate the ratio**  

\[
\text{FFO / Net debt} = \frac{4,242}{12,300} \approx 0.345
\]

Rounded to three decimal places, the ratio is **0.345**.

<answer>0.345</answer>