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 2022 (ending on 2023-01-01). 1. **Funds From Operations (FFO):** FFO is typically defined as Net Profit/Loss plus Depreciation, Amortization, and Impairment losses, minus the Share of Profit/Loss of Associates and Joint Ventures accounted for using the equity method (since this is a non-cash item that does not belong to the company's own operations). - Net Profit (Profit Loss) for 2022: 436,126,000 EUR - Depreciation, Amortization and Impairment for 2022: 479,186,000 EUR - Share of Profit of Associates and Joint Ventures for 2022: 3,432,000 EUR FFO = 436,126,000 + 479,186,000 - 3,432,000 = 911,880,000 EUR 2. **Net Debt:** Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents (and often current financial assets). - Short Term Financial Liabilities: 142,437,000 EUR - Other Current Financial Liabilities: 290,000 EUR - Long Term Financial Liabilities: 6,402,913,000 EUR - Other Noncurrent Financial Liabilities: 34,000 EUR Total Financial Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 EUR - Cash And Cash Equivalents: 451,946,000 EUR - Current Financial Assets Excluding Other Current Financial Assets: 5,770,000 EUR - Other Current Financial Assets: 17,455,000 EUR Total Cash and Financial Assets = 451,946,000 + 5,770,000 + 17,455,000 = 475,171,000 EUR Net Debt = Total Financial Debt - Total Cash and Financial Assets = 6,545,674,000 - 475,171,000 = 6,070,503,000 EUR *(Note: If Net Debt is calculated simply as Financial Debt - Cash & Cash Equivalents, it would be 6,545,674,000 - 451,946,000 = 6,093,728,000 EUR)* 3. **FFO / Net Debt Ratio:** Using the more comprehensive Net Debt: FFO / Net Debt = 911,880,000 / 6,070,503,000 ≈ 0.1502 Using the simpler Net Debt (Financial Debt - Cash): FFO / Net Debt = 911,880,000 / 6,093,728,000 ≈ 0.1496 Rounding to two decimal places gives approximately 0.15. 0.15