Let’s go step-by-step. **Step 1 – Identify FFO components for 2022** From the cash flow statement: - Profit before tax: 756,000,000 - Depreciation: 491,000,000 - Amortisation: 233,000,000 - Impairment/reversal of impairment: 10,000,000 - Provisions: 92,000,000 - Adjustments for disposal of noncurrent assets: -191,000,000 - Net financial interests: 90,000,000 - Adjustments for undistributed profits of associates: -2,000,000 FFO (approximate) = 756,000,000 + 491,000,000 + 233,000,000 + 10,000,000 + 92,000,000 - 191,000,000 + 90,000,000 - 2,000,000 = **1,479,000,000 EUR**. **Step 2 – Identify Net Debt at end of 2022** Net debt = Financial liabilities - Cash and equivalents - Noncurrent financial liabilities: 5,867,000,000 - Current financial liabilities: 1,022,000,000 Total financial liabilities = 6,889,000,000 - Cash and equivalents: 2,584,000,000 Net debt = 6,889,000,000 - 2,584,000,000 = **4,305,000,000 EUR**. **Step 3 – Calculate ratio** FFO / Net Debt = 1,479,000,000 / 4,305,000,000 ≈ **0.3436**. 0.3436