Let’s reason through this. **Step 1 – Estimate FFO (Funds From Operations)** FFO is generally defined as **Cash Flow from Operations before changes in working capital**. From the data: - **Cash Flows From Operating Activities (2022)**: 17,460,000,000 EUR - We have an explicit line: **Increase Decrease in Working Capital (2022)** = 1,279,000,000 EUR So: FFO = Cash from Operations − Changes in Working Capital FFO = 17,460,000,000 − 1,279,000,000 = **16,181,000,000 EUR** --- **Step 2 – Calculate Net Debt** Net debt = Total debt − Cash and cash equivalents Debt components at **2023-01-01** (end of 2022): - Short-term borrowings = 4,446,000,000 - Current portion of long-term borrowings = 3,097,000,000 - Current lease liabilities = 884,000,000 - Long-term borrowings = 19,374,000,000 - Noncurrent lease liabilities = 4,067,000,000 Total debt = 4,446 + 3,097 + 884 + 19,374 + 4,067 = **31,868,000,000 EUR** Cash and cash equivalents at end of 2022 (from the statement of financial position) = **10,155,000,000 EUR** (the "If Different" figure is only for cash flow statement purpose, so I use the balance sheet one). Net debt = 31,868,000,000 − 10,155,000,000 = **21,713,000,000 EUR** --- **Step 3 – FFO / Net Debt** Ratio = 16,181,000,000 / 21,713,000,000 ≈ **0.745** --- 0.745