To estimate the Funds From Operations (FFO) / Net Debt ratio for Iberdrola S.A. for the year 2022 (reporting period ending 2023-01-01), we first need to determine the FFO and Net Debt based on the provided financial data. 1. **Funds From Operations (FFO):** A common proxy for FFO in the utilities sector is the "Cash Flows From Used In Operating Activities" adjusted for significant non-cash working capital fluctuations. However, since the prompt provides the "Cash Flows From Used In Operating Activities" (10,443,000,000 EUR), we use this as the primary baseline for cash generation. - Cash Flows From Used In Operating Activities: 10,443,000,000 EUR 2. **Net Debt:** Net Debt is calculated as Total Financial Liabilities minus Cash and Cash Equivalents. - Noncurrent Financial Liabilities: 44,216,000,000 EUR - Current Financial Liabilities: 25,079,000,000 EUR - Total Financial Liabilities = 44,216,000,000 + 25,079,000,000 = 69,295,000,000 EUR - Cash And Cash Equivalents (2023-01-01): 4,608,000,000 EUR - Net Debt = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR *Note on Net Debt Calculation:* In some accounting treatments for utilities, items like "Current Derivative Financial Liabilities" or "Current Lease Liabilities" might be excluded from strict financial debt. However, using the standard consolidated financial liabilities provided in the report: Total Financial Liabilities (sum of "Noncurrent Financial Liabilities" and "Current Financial Liabilities") = 69,295,000,000. Net Debt = 64,687,000,000. 3. **FFO / Net Debt Ratio:** Ratio = FFO / Net Debt Ratio = 10,443,000,000 / 64,687,000,000 Ratio ≈ 0.161438 Calculating to four decimal places: 0.1614. 0.1614