FFO / Net debt is typically estimated as:

- **FFO** ≈ Cash flow from operating activities before working-capital movements  
- **Net debt** ≈ Financial borrowings minus cash and cash equivalents, sometimes adjusted for financial assets and derivatives depending on methodology.

Using the available 2022 figures:

**1. Estimate FFO**

Cash flows from operating activities in 2022:  
= €8.674 billion

Increase/decrease in working capital in 2022:  
= €3.961 billion

Since operating cash flow includes the working-capital movement, an FFO-style estimate before working capital is:

FFO ≈ 8.674 − 3.961  
= **€4.713 billion**

**2. Estimate net debt**

Borrowings at 2022 year-end:
- Long-term borrowings: €68.191 billion
- Short-term borrowings: €18.392 billion
- Current portion of long-term borrowings: €2.835 billion

Gross debt ≈ 68.191 + 18.392 + 2.835  
= **€89.418 billion**

Cash and cash equivalents:  
= €11.041 billion

Net debt ≈ 89.418 − 11.041  
= **€78.377 billion**

**3. FFO / Net debt**

FFO / Net debt ≈ 4.713 / 78.377  
= **0.0601**, or about **6.0%**

<answer>0.0601</answer>