I need to estimate the FFO (Funds From Operations) / Net Debt ratio using S&P methodology.

## S&P FFO Calculation

S&P's FFO is essentially net income from continuing operations, adding back depreciation & amortization, and adjusting for deferred taxes, plus other non-cash items. More specifically, S&P defines FFO as:

**FFO = Net Income + Depreciation & Amortization + Deferred Tax adjustments + Other non-cash items (impairments, etc.) - Gains on asset sales**

However, S&P also makes adjustments for operating leases and other items. Let me work through this step by step.

**Starting with Cash Flow from Operations approach:**

S&P often starts with EBITDA or works from reported cash flows. Let me use the reported figures.

**Key figures for 2022 (period 2022-01-01 to 2023-01-01):**

- Profit/Loss from Continuing Operations: 1,131M EUR
- Depreciation and Amortisation: 2,228M EUR
- Depreciation Right-of-use Assets: 446M EUR
- Impairment/Provision expense: 172M EUR

However, S&P's FFO typically:
1. Starts with net income attributable to the company
2. Adds back D&A
3. Adds back deferred taxes (net change)
4. Removes gains/losses on asset disposals
5. Adjusts for working capital is NOT included (that's CFO, not FFO)

Let me use the cash flow statement approach. S&P's FFO is approximately:

**Cash Flow after cost of net debt, interest on lease obligations, and income taxes paid:** 3,324M EUR

This is essentially FFO before working capital changes but after interest and taxes. However, S&P typically treats operating lease payments differently.

Under S&P methodology:
- FFO = Cash flow from operations before working capital changes
- But S&P reclassifies operating lease depreciation and interest

From the cash flow statement:
- Cash flow after cost of net debt, interest on lease obligations, and taxes paid = 3,324M
- Add back: Cost of net debt and interest on lease obligations = 260M
- This gives us: 3,584M (before interest and lease payments)

But S&P's FFO should be after interest payments. Let me reconsider.

**S&P FFO ≈ Net income + D&A + Deferred taxes + non-cash items**

- Net income (total): 1,131M
- D&A (excluding ROU): 2,228M
- Deferred tax change: Deferred tax assets went from 292 to 489 (+197M increase), Deferred tax liabilities went from 344 to 759 (+415M increase). Net deferred tax liability increase = 415 - 197 = 218M (this is a non-cash tax expense, add back)
- Losses/gains on disposal: -285M (gain, so subtract)
- Undistributed profits of equity method investments: -92M adjustment (add back)

But let me simplify. S&P's FFO is often approximated as:

**FFO ≈ Cash flow from operations - working capital changes**

From the data:
- Cash flows from operating activities = 2,978M
- Working capital decrease = 606M (this was subtracted to get to CFO)
- So FFO ≈ 2,978 + 606 = 3,584M

But S&P also adjusts for lease obligations. Under S&P methodology, operating lease payments are split into interest and debt repayment. The interest portion on lease liabilities (62M) is already included, and lease principal payments (441M) are in financing.

S&P typically adds back lease interest expense to FFO and treats it separately. Since the reported cash flow already deducts lease interest (62M) and the principal repayment (441M) is in financing activities:

**S&P FFO ≈ 3,584M** (this already accounts for lease interest being deducted)

**Net Debt (S&P adjusted):**

Reported Net Debt = 7,440M EUR

S&P adds operating lease liabilities to debt:
- Lease liabilities (non-current): 2,107M
- Lease liabilities (current): 498M
- Total lease liabilities: 2,605M

But these are already IFRS 16 on-balance sheet, so they may already be in reported net debt. Given the reported net debt of 7,440M includes borrowings minus cash, and lease liabilities are separate:

Net debt = (11,586 + 1,361 + 418) - 5,736 = 7,629M... close to 7,440M.

S&P would include lease liabilities: 7,440 + 2,605 = 10,045M

**FFO/Net Debt = 3,584 / 10,045 ≈ 0.357 or ~35.7%**

If using reported net debt: 3,584 / 7,440 ≈ 0.482 or ~48.2%

Given S&P methodology typically includes lease debt: ~35.7%

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