To estimate the FFO (Funds From Operations) / Net Debt ratio for VERBUND AG for the year 2022 (reporting period ending 2022-12-31, effectively the 2022 calendar year), we perform the following calculations based on the provided data: **1. Estimating FFO (Funds From Operations):** FFO is typically calculated as Cash Flow from Operating Activities adjusted for non-cash items, though it is often approximated by EBITDA minus Interest Paid and Income Taxes Paid. * EBITDA (2022): 3,160,679,000 EUR * Interest Paid (Operating Activities, 2022): 36,100,000 EUR * Income Taxes Paid (Operating Activities, 2022): 343,100,000 EUR * FFO = 3,160,679,000 - 36,100,000 - 343,100,000 = 2,781,479,000 EUR **2. Estimating Net Debt (as of 2022-12-31 / 2023-01-01):** Net Debt = (Current Financial Liabilities + Noncurrent Financial Liabilities) - Cash and Cash Equivalents * Current Financial Liabilities (2022-12-31): 1,109,297,000 EUR * Noncurrent Financial Liabilities (2022-12-31): 2,844,559,000 EUR * Cash and Cash Equivalents (2022-12-31): 409,252,000 EUR * Net Debt = (1,109,297,000 + 2,844,559,000) - 409,252,000 * Net Debt = 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR **3. FFO / Net Debt Ratio:** * Ratio = 2,781,479,000 / 3,544,604,000 * Ratio ≈ 0.7847 (Note: Using the reported "Cash Flows From Used In Operating Activities" of 2,019,859,000 EUR would result in a lower ratio of approximately 0.57. Standard practice for FFO in utilities often leans toward the EBITDA-based calculation provided above.) 0.7847