# FFO / Net Debt Ratio Calculation for 2022

## Step 1: Calculate Funds From Operations (FFO) for 2022

FFO is typically calculated as Net Income plus non-cash charges minus working capital changes.

**Net Income for 2022:** 13,961 million EUR

**Add back non-cash items:**
- Depreciation and Amortisation: 7,205 million EUR
- Impairment Loss: 1,140 million EUR
- Write-off of assets: 599 million EUR
- Undistributed profits (equity method): 1,841 million EUR

**Less:**
- Gains on disposal of assets: -524 million EUR
- Dividend income: 351 million EUR
- Interest income: 159 million EUR

**Working capital adjustment for 2022:** 1,279 million EUR

**FFO Calculation:**
FFO = 13,961 + 7,205 + 1,140 + 599 + 1,841 - 524 - 351 - 159 + 1,279
FFO = 24,991 million EUR

Alternatively, using cash flow from operations:
Cash flows from operating activities 2022: 17,460 million EUR

A more conservative FFO would be closer to the operating cash flow. Let me use: **FFO ≈ 17,460 million EUR** (or approximately 24,991 if we want to include all adjustments back to net income)

## Step 2: Calculate Net Debt as of January 1, 2023 (end of 2022)

**Total Debt:**
- Short-term Borrowings: 4,446 million EUR
- Current Portion of Long-term Borrowings: 3,097 million EUR
- Long-term Borrowings: 19,374 million EUR
- Current Lease Liabilities: 884 million EUR
- Noncurrent Lease Liabilities: 4,067 million EUR
- **Total Debt = 32,268 million EUR**

**Less: Cash and Cash Equivalents:**
- Cash and Cash Equivalents: 10,155 million EUR

**Net Debt = 32,268 - 10,155 = 22,113 million EUR**

## Step 3: Calculate FFO / Net Debt Ratio

Using operating cash flow as FFO:
**Ratio = 17,460 / 22,113 = 0.79**

Using comprehensive FFO calculation:
**Ratio = 24,991 / 22,113 = 1.13**

The more standard approach for FFO/Net Debt uses operating cash flow, so the ratio would be approximately **0.79**.

<answer>0.79</answer>