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 (2022-01-01 - 2023-01-01). **1. Calculate Funds From Operations (FFO):** FFO is typically defined as Profit Loss plus Depreciation, Amortisation, and Impairment. - Profit Loss (2022-01-01 - 2023-01-01): 305,300,000 EUR - Adjustments For Depreciation And Amortisation Expense And Impairment Loss (2022-01-01 - 2023-01-01): 478,600,000 EUR FFO = 305,300,000 + 478,600,000 = 783,900,000 EUR **2. Calculate Net Debt:** Net Debt is typically calculated as Total Financial Liabilities minus Cash and Cash Equivalents. - Noncurrent Financial Liabilities (2023-01-01): 5,689,900,000 EUR - Current Financial Liabilities (2023-01-01): 650,100,000 EUR - Cash And Cash Equivalents (2023-01-01): 1,942,400,000 EUR Total Financial Liabilities = 5,689,900,000 + 650,100,000 = 6,340,000,000 EUR Net Debt = 6,340,000,000 - 1,942,400,000 = 4,397,600,000 EUR *(Note: Derivative financial liabilities are often excluded from standard financial debt in credit metrics, but even if included, they would change the ratio slightly. Standard practice uses interest-bearing borrowings.)* **3. Calculate FFO / Net Debt Ratio:** FFO / Net Debt = 783,900,000 / 4,397,600,000 ≈ 0.178268... Rounded to three decimal places, the ratio is 0.178. 0.178