To estimate the FFO / Net debt ratio for 2022, I will follow these steps: 1. **Calculate Funds From Operations (FFO)**: * Start with "Cash Flows From Used In Operations Before Changes In Working Capital" for 2022, which is 10,215,000,000 EUR. * Subtract "Finance Costs Paid Classified As Operating Activities" for 2022, which is 29,000,000 EUR. * Subtract "Adjustments For Interest Expense On Lease Liabilities" for 2022, which is 48,000,000 EUR. * Subtract "Income Taxes Paid Classified As Operating Activities" for 2022, which is 1,603,000,000 EUR. * FFO = 10,215,000,000 - 29,000,000 - 48,000,000 - 1,603,000,000 = 8,535,000,000 EUR. 2. **Calculate Net Debt**: * Identify long-term debt items at the end of 2022 (2023-01-01): * "Noncurrent Portion Of Noncurrent Bonds Issued": 20,425,000,000 EUR * "Noncurrent Portion Of Other Noncurrent Borrowings": 3,205,000,000 EUR * "Noncurrent Lease Liabilities": 1,580,000,000 EUR * Identify short-term debt items at the end of 2022 (2023-01-01): * "Shortterm Borrowings": 6,368,000,000 EUR * "Current Lease Liabilities": 522,000,000 EUR * Total Debt = 20,425,000,000 + 3,205,000,000 + 1,580,000,000 + 6,368,000,000 + 522,000,000 = 32,100,000,000 EUR. * Identify cash and cash equivalents at the end of 2022 (2023-01-01): * "Cash And Cash Equivalents": 12,578,000,000 EUR. * I will also include "Current Cash Management Financial Assets": 755,000,000 EUR. * Total Cash = 12,578,000,000 + 755,000,000 = 13,333,000,000 EUR. * Net Debt = Total Debt - Total Cash = 32,100,000,000 - 13,333,000,000 = 18,767,000,000 EUR. 3. **Calculate FFO / Net Debt**: * FFO / Net Debt = 8,535,000,000 / 18,767,000,000 ≈ 0.4548 0.4548