To estimate the FFO / Net Debt ratio for 2022, we need to calculate both the Funds From Operations (FFO) and the Net Debt for the year ending 2022 (period 2022-01-01 to 2023-01-01). **Step 1: Calculate Funds From Operations (FFO)** A standard definition of FFO in credit analysis is: FFO = Profit Before Tax + Depreciation, Amortisation & Impairment + Finance Costs - Finance Income From the given facts for 2022: - Profit Loss Before Tax = 8,741,000,000 EUR - Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss = 7,447,000,000 EUR - Finance Costs = 5,880,000,000 EUR - Finance Income = 3,430,000,000 EUR FFO = 8,741,000,000 + 7,447,000,000 + 5,880,000,000 - 3,430,000,000 FFO = 18,638,000,000 EUR **Step 2: Calculate Net Debt** Net Debt is calculated as Total Financial Debt minus Cash and Cash Equivalents. Total Financial Debt includes both long-term and short-term borrowings: - Longterm Borrowings (2023-01-01) = 68,191,000,000 EUR - Shortterm Borrowings (2023-01-01) = 18,392,000,000 EUR - Current Portion Of Longterm Borrowings (2023-01-01) = 2,835,000,000 EUR Total Debt = 68,191,000,000 + 18,392,000,000 + 2,835,000,000 = 89,418,000,000 EUR Cash and Cash Equivalents: - Cash And Cash Equivalents (2023-01-01) = 11,041,000,000 EUR Net Debt = Total Debt - Cash & Cash Equivalents Net Debt = 89,418,000,000 - 11,041,000,000 = 78,377,000,000 EUR **Step 3: Calculate FFO / Net Debt Ratio** FFO / Net Debt = 18,638,000,000 / 78,377,000,000 ≈ 0.2378 0.2378