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 using the provided facts. **1. Calculate FFO (Funds From Operations):** A common standard formula for FFO is: FFO = Profit Loss Attributable To Owners Of Parent + Depreciation, Amortisation And Impairment Loss From the income statement facts for 2022 (the period 2022-01-01 to 2023-01-01): - Profit Loss Attributable To Owners Of Parent = 4,339,000,000 EUR - Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss = 4,774,000,000 EUR FFO = 4,339,000,000 + 4,774,000,000 = 9,113,000,000 EUR **2. Calculate Net Debt:** The formula for Net Debt is: Net Debt = Total Financial Liabilities (Current + Noncurrent) - Cash And Cash Equivalents From the balance sheet facts at the end of 2022 (2023-01-01): - Noncurrent Financial Liabilities = 44,216,000,000 EUR - Current Financial Liabilities = 25,079,000,000 EUR - Cash And Cash Equivalents = 4,608,000,000 EUR Total Financial Liabilities = 44,216,000,000 + 25,079,000,000 = 69,295,000,000 EUR Net Debt = 69,295,000,000 - 4,608,000,000 = 64,687,000,000 EUR **3. Calculate FFO / Net Debt Ratio:** FFO / Net Debt = 9,113,000,000 / 64,687,000,000 ≈ 0.1409 0.14