To estimate **FFO / Net debt** for 2022, use a credit-style approximation: **1. Estimate FFO (Funds From Operations)** A common approximation from the available data is: \[ \text{FFO} \approx \text{Cash flow from operating activities} - \text{working capital movement} \] For 2022: - Cash flows from operating activities = **€1,002m** - Increase/decrease in working capital = **€83m** \[ \text{FFO} = 1{,}002 - 83 = 919 \text{ million EUR} \] **2. Estimate net debt** Use borrowings and lease liabilities less cash and cash equivalents: Debt components at 2023-01-01: - Noncurrent borrowings = **€10,776m** - Current borrowings = **€877m** - Noncurrent lease liabilities = **€120m** - Current lease liabilities = **€64m** \[ \text{Gross debt} = 10{,}776 + 877 + 120 + 64 = 11{,}837 \text{ million EUR} \] Cash and cash equivalents: - Cash and cash equivalents = **€5,130m** \[ \text{Net debt} = 11{,}837 - 5{,}130 = 6{,}707 \text{ million EUR} \] **3. Calculate FFO / Net debt** \[ \frac{\text{FFO}}{\text{Net debt}} = \frac{919}{6{,}707} = 0.1370 \] So, the estimated **FFO / Net debt ratio for 2022** is approximately **0.14**. 0.137