To estimate the FFO / Net debt ratio for 2022, I need to calculate: 1. **Funds From Operations (FFO)**: Typically FFO = Net Income + Depreciation & Amortization + Impairment Losses (and other non-cash items) - Gains on Sale of Assets (and other adjustments). Based on available data, a simplified approach is to start from a cash flow proxy. Looking at the cash flow statement data: - "Cash Flows From Used In Operations Before Changes In Working Capital" for 2022: 12,415,000,000 EUR - This already adjusts for many non-cash items and includes income from equity method entities, etc. However, FFO is generally before working capital changes, so this figure can serve as a proxy, often termed "Funds from Operations" in some reporting contexts. Alternatively, a bottom-up approach from the P&L: - Profit Loss (2022): 390,000,000 EUR - Add: Depreciation Amortization And Provisions (2022): 5,187,000,000 EUR - Add: Impairment Loss (2022): 2,774,000,000 EUR - Less: Gains on Discontinued Operations? The "Profit Loss From Discontinued Operations" was 2,183,000,000 EUR (which inflated net income; FFO often excludes gains from discontinued ops to some extent, but typically FFO from continuing operations is preferred). - From continuing operations: Profit Loss From Continuing Operations = -1,793,000,000 EUR. - Add back non-cash charges to continuing income: -1,793M + 5,187M + 2,774M = 6,168,000,000 EUR. - Also subtract income from equity method if not cash, etc., but the "Cash Flows From Used In Operations Before Changes In Working Capital" is 12,415,000,000 EUR. Given the complexity and data given, using "Cash Flows From Used In Operations Before Changes In Working Capital" is a standard accepted proxy for FFO in ratio calculations. Let’s use FFO = 12,415,000,000 EUR. 2. **Net Debt**: Net Debt = Total Borrowings - Cash and Cash Equivalents. - Total Borrowings: - Longterm Borrowings 2023-01-01: 28,083,000,000 EUR - Current Borrowings And Current Portion Of Noncurrent Borrowings 2023-01-01: 12,508,000,000 EUR Total Borrowings = 28,083M + 12,508M = 40,591,000,000 EUR - Cash and Cash Equivalents 2023-01-01: 15,570,000,000 EUR Net Debt = 40,591,000,000 - 15,570,000,000 = 25,021,000,000 EUR. 3. **FFO / Net Debt**: Ratio = 12,415,000,000 / 25,021,000,000 ≈ 0.4962. 0.4962