To estimate the FFO / Net Debt ratio for 2022, we first determine the Funds From Operations (FFO) and the Net Debt from the provided facts. 1. **Funds From Operations (FFO)**: The closest standard representation of FFO is the cash flow from operations before working capital requirements. FFO = "Cash Flows From Used In Operations Before Changes In Working Capital" for the 2022 period. FFO = 4,804,300,000 EUR. 2. **Net Debt**: Net debt is generally calculated as the sum of short-term and long-term financial debt minus cash and cash equivalents. - Long-term Debt = "Noncurrent Financial Liabilities Excluding Concession Liabilities" = 19,692,100,000 EUR - Short-term Debt = "Current Financial Liabilities Excluding Concession Liabilities" = 6,521,400,000 EUR - Cash and Cash Equivalents = "Cash And Cash Equivalents" = 9,012,200,000 EUR Gross Financial Debt = 19,692,100,000 + 6,521,400,000 = 26,213,500,000 EUR. Net Debt = Gross Financial Debt - Cash and Cash Equivalents Net Debt = 26,213,500,000 - 9,012,200,000 = 17,201,300,000 EUR. 3. **FFO / Net Debt Ratio**: FFO / Net Debt = 4,804,300,000 / 17,201,300,000 ≈ 0.2793 (or 27.93%). 0.279