To estimate **FFO / Net debt** for 2022, use a common funds-from-operations approximation:

**FFO ≈ Cash flow from operating activities + net financial expenses disbursed + income taxes paid/refund**

From the 2022 cash flow data:

- Cash flows from operating activities = **-€7.425bn**
- Net financial expenses disbursed including dividends received = **€1.003bn**
- Income taxes paid/refund = **€1.282bn**

So:

**FFO = -7.425 + 1.003 + 1.282 = -5.140bn**

This matches the reported subtotal:

- Net cash flow from operations before net financial expenses disbursed and income taxes paid/refund = **-€5.140bn**

Now estimate **net debt** using financial liabilities less cash and financial assets.

At 2022 year-end:

- Other noncurrent financial liabilities = **€71.058bn**
- Other current financial liabilities = **€71.844bn**
- Cash and cash equivalents = **€10.948bn**
- Other noncurrent financial assets = **€48.512bn**
- Other current financial assets = **€58.033bn**

Estimated net debt:

**Net debt = 71.058 + 71.844 - 10.948 - 48.512 - 58.033 = €25.409bn**

Then:

**FFO / Net debt = -5.140 / 25.409 = -0.2023**, or about **-20.2%**.

<answer>-20.2%</answer>