FFO (funds from operations) can be estimated from the cash flow statement before working-capital movements:

- Cash flows from operations before changes in working capital: €10,215m  
- This figure includes deductions for taxes paid, net interest paid/received, etc. A common practical estimate for FFO is therefore this operating cash flow before working-capital change.

Net debt can be estimated from financial debt less cash and cash-management financial assets at year-end 2022:

Debt items:
- Noncurrent bonds issued: €20,425m
- Noncurrent other borrowings: €3,205m
- Noncurrent lease liabilities: €1,580m
- Current lease liabilities: €522m
- Short-term borrowings: €6,368m

Total debt = 20,425 + 3,205 + 1,580 + 522 + 6,368 = €32,100m

Cash / liquid financial assets:
- Cash and cash equivalents: €12,578m
- Current cash management financial assets: €755m

Cash and equivalents = 12,578 + 755 = €13,333m

Net debt = 32,100 - 13,333 = €18,767m

FFO / Net debt = 10,215 / 18,767 = 0.5443, or about 54.4%.

<answer>54.4%</answer>