To determine the FFO (Funds From Operations) to Net Debt ratio for Bouygues for the year 2022, we first need to identify the values for both FFO and Net Debt from the provided data. 1. **Funds From Operations (FFO):** In French corporate accounting, FFO is equivalent to the "Capacité d'autofinancement" (CAF), which translates to operating cash flow before working capital changes. In the given data, this is explicitly reported as: * "Cash Flow After Cost Of Net Debt Interest Expense On Lease Obligations And Income Taxes Paid" for 2022 = 3,324,000,000 EUR. 2. **Net Debt:** The net financial debt at the end of the 2022 reporting period (listed as 2023-01-01 in the provided facts) is directly given as: * "Net Debt" = 7,440,000,000 EUR. 3. **FFO / Net Debt Ratio:** Now, we calculate the ratio by dividing FFO by Net Debt: FFO / Net Debt = 3,324,000,000 EUR / 7,440,000,000 EUR ≈ 0.44677... Rounding to two decimal places, we get 0.45. 0.45