To estimate the FFO/Net debt ratio for 2022, I first computed the Funds From Operations (FFO) using S&P’s methodology, which starts with net profit after tax and adds back non‑cash charges (depreciation, amortization, provisions, losses on asset disposals, undistributed earnings of equity‑method investments, and other non‑cash items) while adjusting for the after‑tax net interest expense.  

Net profit after tax (2022) = 681,187,000 EUR  
Add: Depreciation & amortization = 544,992,000 EUR  
Add: Provisions = 35,046,000 EUR  
Add: Loss on disposal of non‑current assets = 708,000 EUR  
Add: Undistributed profits of equity‑method investees = 50,405,000 EUR  
Add: Other non‑cash adjustments = 47,579,000 EUR  
Less: Non‑cash grant income = 24,996,000 EUR  
Less: Other operating income (non‑cash) = 4,665,000 EUR  

Sum of non‑cash items = 649,069,000 EUR  

After‑tax net interest expense = (Finance costs – Finance income) × (1 – tax rate)  
Finance costs = 116,468,000 EUR; Finance income = 23,161,000 EUR  
Tax rate = Income tax expense / Profit before tax = 188,330,000 / 869,517,000 ≈ 21.66 %  
After‑tax factor = 1 – 0.2166 = 0.7834  

Net interest after tax = (116,468,000 – 23,161,000) × 0.7834 ≈ 73,099,000 EUR  

FFO = Net profit after tax + Net interest after tax + Non‑cash items  
FFO ≈ 681,187,000 + 73,099,000 + 649,069,000 = 1,403,355,000 EUR  

Next, Net debt was calculated as total financial liabilities minus cash and short‑term liquid assets:  

Total financial liabilities (current + non‑current) = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR  
Cash and cash equivalents = 794,824,000 EUR  
Short‑term financial assets (amortised cost) = 752,505,000 EUR  
Net cash = 794,824,000 + 752,505,000 = 1,547,329,000 EUR  

Net debt = 7,249,032,000 – 1,547,329,000 = 5,701,703,000 EUR  

Finally, the FFO/Net debt ratio = 1,403,355,000 / 5,701,703,000 ≈ 0.246.  

<answer>0.246</answer>