FFO (funds from operations) can be estimated as operating cash flow before working-capital movements: - Cash flows from operations before changes in working capital, 2022: €1,062.464 million - Net debt estimate at year-end 2022: - Noncurrent financial liabilities: €4,722.263 million - Current financial liabilities: €619.418 million - Cash and cash equivalents / net cash: €559.908 million - Net debt = 4,722.263 + 619.418 − 559.908 = €4,781.773 million FFO / Net debt: \[ \frac{1{,}062.464}{4{,}781.773} = 0.2222 \] So the estimated FFO / Net debt ratio for 2022 is about 22.2%. 0.222