To find the Funds From Operations (FFO) to Net Debt ratio for ENGIE at the end of 2022, we first determine the FFO and the Net Debt from the provided facts. 1. **Funds From Operations (FFO)** is typically represented by the cash flows from operating activities before changes in working capital. From the data: "Cash Flows From Used In Operations Before Changes In Working Capital" (2022) = 12,415,000,000 EUR 2. **Net Debt** is calculated as the sum of short-term and long-term borrowings minus cash and cash equivalents. From the balance sheet as of 2023-01-01 (end of 2022): - "Longterm Borrowings" = 28,083,000,000 EUR - "Current Borrowings And Current Portion Of Noncurrent Borrowings" = 12,508,000,000 EUR - "Cash And Cash Equivalents" = 15,570,000,000 EUR Gross Debt = 28,083,000,000 + 12,508,000,000 = 40,591,000,000 EUR Net Debt = Gross Debt - Cash And Cash Equivalents = 40,591,000,000 - 15,570,000,000 = 25,021,000,000 EUR 3. **FFO / Net Debt Ratio**: Ratio = 12,415,000,000 / 25,021,000,000 ≈ 0.49618 0.4962