To estimate the Funds From Operations (FFO) to Net Debt ratio for Fortum Oyj at the end of 2022, we first extract the relevant FFO and Net Debt figures from the provided annual report data. 1. **Funds From Operations (FFO)**: FFO is most commonly aligned with the "Cash Flows From (Used In) Operations Before Changes In Working Capital" metric from the cash flow statement. * FFO = 2,322,000,000 EUR 2. **Net Debt**: Net debt is calculated as short-term and long-term interest-bearing financial liabilities minus liquid funds (cash and cash equivalents). From the balance sheet data as of 2023-01-01 (which represents the end of the 2022 financial year): * Other Noncurrent Financial Liabilities = 3,658,000,000 EUR * Other Current Financial Liabilities = 4,127,000,000 EUR * Liquid Funds = 3,919,000,000 EUR * Total Financial Debt = 3,658,000,000 EUR + 4,127,000,000 EUR = 7,785,000,000 EUR * Net Debt = 7,785,000,000 EUR - 3,919,000,000 EUR = 3,866,000,000 EUR 3. **FFO / Net Debt Ratio**: * Ratio = FFO / Net Debt * Ratio = 2,322,000,000 / 3,866,000,000 ≈ 0.6006 0.60