To estimate the FFO / Net Debt ratio for 2022, we need to calculate the Funds From Operations (FFO) and the Net Debt for the year ending 2022 (which corresponds to the period 2022-01-01 to 2023-01-01 in the provided data). **1. Calculate Funds From Operations (FFO):** FFO is typically defined as Profit/Loss from continuing operations adjusted for non-cash items such as depreciation, amortization, impairment, and share-based payments. From the cash flow statement adjustments, we have: - Profit Loss (Continuing Operations, which is the same as total Profit Loss here): 4,417,000,000 EUR - Adjustments for Depreciation And Amortisation Expense: 3,613,000,000 EUR - Adjustments for Provisions and Impairment: 0 EUR - Adjustments for Share-based Payments: 162,000,000 EUR - Adjustments for Fair Value Gains/Losses: -236,000,000 EUR (adding this back effectively neutralizes the non-cash fair value changes in profit) FFO = 4,417,000,000 + 3,613,000,000 + 0 + 162,000,000 - (-236,000,000) = 8,428,000,000 EUR. *(Note: Even if adjusted for other minor non-cash items like disposal of noncurrent assets or equity method undistributed profits, the cash flow from operations before working capital changes (10,215,000,000 EUR) minus net finance costs (614,000,000 EUR) and tax (1,737,000,000 EUR) yields 7,864,000,000 EUR, closely corroborating the FFO magnitude. We proceed with the explicit non-cash adjustments to net income).* **2. Calculate Net Debt:** Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. From the Balance Sheet as of 2023-01-01 (end of 2022): - 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 - Short-term Borrowings: 6,368,000,000 EUR - Current Lease Liabilities: 522,000,000 EUR Total Financial 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. - Cash And Cash Equivalents: 12,578,000,000 EUR Net Debt = 32,100,000,000 - 12,578,000,000 = 19,522,000,000 EUR. **3. Calculate the Ratio:** FFO / Net Debt = 8,428,000,000 / 19,522,000,000 ≈ 0.43164. 0.43