To find the FFO / Net Debt ratio, we first need to calculate the Funds From Operations (FFO) and the Net Debt for 2022. **1. Funds From Operations (FFO)** A standard and precise way to calculate FFO from the Cash Flow Statement is to take the Net Cash Flows from Operating Activities and back out the changes in working capital (which are typically volatile and excluded from FFO). - Cash Flows From Used In Operations (2022): 548,169,000 EUR - Increase Decrease In Working Capital (2022): -336,750,000 EUR (A negative value here indicates a cash outflow due to an increase in working capital). FFO = Cash Flows From Operations - Change in Working Capital FFO = 548,169,000 - (-336,750,000) = 884,919,000 EUR *(Note: Alternatively, calculating FFO as Net Profit [436,126,000 EUR] + D&A [479,186,000 EUR] gives a closely aligned 915,312,000 EUR, but adjusting directly from the Cash Flow statement covers all non-cash operational adjustments).* **2. Net Debt** Net debt is calculated as total short-term and long-term financial liabilities minus cash and cash equivalents. - Short Term Financial Liabilities Excluding Other Current Financial Liabilities: 142,437,000 EUR - Long Term Financial Liabilities Excluding Other Non Current Financial Liabilities: 6,402,913,000 EUR - Cash And Cash Equivalents: 451,946,000 EUR Total Financial Debt = 142,437,000 + 6,402,913,000 = 6,545,350,000 EUR Net Debt = 6,545,350,000 - 451,946,000 = 6,093,404,000 EUR **3. FFO / Net Debt Ratio** Ratio = FFO / Net Debt Ratio = 884,919,000 / 6,093,404,000 = 0.145225 0.1452