To estimate the FFO (Funds From Operations) / Net Debt ratio for ENGIE for the fiscal year 2022, we must first calculate the components based on the provided data. **1. Estimating FFO (Funds From Operations):** While there are various ways to define FFO, a common approach for utilities is to look at cash flow from operations before working capital changes. * "Cash Flows From Used In Operations Before Changes In Working Capital" 2022-01-01 - 2023-01-01: **12,415,000,000 EUR**. **2. Calculating Net Debt at the end of 2022:** Net Debt is typically calculated as: (Long-term Borrowings + Current Borrowings) - (Cash and Cash Equivalents). Note: Other financial assets are usually excluded unless specified, but for a standard utility ratio: * "Longterm Borrowings" (2022-01-01): 30,458,000,000 EUR * "Current Borrowings And Current Portion Of Noncurrent Borrowings" (2022-01-01): 10,590,000,000 EUR * "Cash And Cash Equivalents" (2022-01-01): 13,890,000,000 EUR * Calculation: (30,458,000,000 + 10,590,000,000) - 13,890,000,000 = **27,158,000,000 EUR**. *(Note: Data provided for the start of 2022 is the end of 2021, and the end of 2022 is represented by the 2023-01-01 figures. Calculating Net Debt for 2022-12-31):* * Longterm Borrowings: 28,083,000,000 EUR * Current Borrowings: 12,508,000,000 EUR * Cash: 15,570,000,000 EUR * Net Debt: (28,083,000,000 + 12,508,000,000) - 15,570,000,000 = **25,021,000,000 EUR**. **3. Ratio Calculation:** * FFO / Net Debt = 12,415,000,000 / 25,021,000,000 ≈ 0.49618 0.49618