I need to calculate the FFO (Funds From Operations) to Net Debt ratio for 2022. ## Step 1: Identify the relevant components **FFO (Funds From Operations)** is typically calculated as: FFO = Net Income + Depreciation & Amortization - Changes in Working Capital (adjusting for non-cash items) Or more commonly in the context of cash flow analysis: FFO = Operating Cash Flow + Interest Paid - Interest Received **Net Debt** = Total Debt - Cash and Cash Equivalents ## Step 2: Extract data for 2022 (fiscal year 2021-2022) From the cash flow statement for period 2021-01-01 to 2022-01-01: - Operating Cash Flow: 839,634,000 EUR - Finance Costs Paid: 59,783,000 EUR - Finance Income Received: 3,630,000 EUR **FFO calculation:** FFO = 839,634,000 + 59,783,000 - 3,630,000 = 895,787,000 EUR ## Step 3: Calculate Net Debt as of 2022-01-01 **Total Debt Components:** - Short Term Financial Liabilities: 591,188,000 EUR - Long Term Financial Liabilities: 5,785,707,000 EUR - Total Debt = 591,188,000 + 5,785,707,000 = 6,376,895,000 EUR **Cash:** - Cash and Cash Equivalents as of 2022-01-01: 1,391,763,000 EUR **Net Debt:** Net Debt = 6,376,895,000 - 1,391,763,000 = 4,985,132,000 EUR ## Step 4: Calculate FFO / Net Debt ratio FFO / Net Debt = 895,787,000 / 4,985,132,000 = 0.1797 Rounding to a reasonable precision: 0.18 or approximately 0.1797 0.18