To estimate the FFO / Net Debt ratio for 2022, we need to calculate the Funds From Operations (FFO) and Net Debt for the period ending 2022-12-31 (which corresponds to the 2023-01-01 date in the balance sheet facts). **1. Calculate FFO for 2022:** FFO is typically calculated as Profit/Loss plus Depreciation & Amortization, plus/minus Impairment losses/reversals, and adjusted for net finance costs. - Profit Loss (2022): 1,948,767,000 EUR - Depreciation And Amortisation Expense (2022): 462,694,000 EUR - Impairment Loss (2022): 197,761,000 EUR - Reversal Of Impairment Loss (2022): -125,973,000 EUR (subtracting reversals to find the gross impairment) - Finance Income Cost (2022): -94,077,000 EUR (adding back net interest to get an operating metric before financing) FFO = 1,948,767,000 + 462,694,000 + 197,761,000 - 125,973,000 + 94,077,000 = 2,577,326,000 EUR **2. Calculate Net Debt for 2022 (end of year):** Net Debt = Total Financial Liabilities - Cash and Cash Equivalents - Current Derivative Financial Assets - Noncurrent Derivative Financial Assets (since derivatives act as hedging/financial instruments for an energy company). - Noncurrent Financial Liabilities (2023-01-01): 2,844,559,000 EUR - Current Financial Liabilities (2023-01-01): 1,109,297,000 EUR - Cash And Cash Equivalents (2023-01-01): 409,252,000 EUR - Current Derivative Financial Assets (2023-01-01): 1,833,683,000 EUR - Noncurrent Derivative Financial Assets (2023-01-01): 437,341,000 EUR Net Debt = (2,844,559,000 + 1,109,297,000) - 409,252,000 - 1,833,683,000 - 437,341,000 = 1,273,580,000 EUR **3. Calculate the Ratio:** FFO / Net Debt = 2,577,326,000 / 1,273,580,000 ≈ 2.0244 2.02