# FFO / Net Debt Ratio Calculation for 2022

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

FFO is typically calculated as:
**FFO = Net Income + Depreciation & Amortization - Changes in Working Capital**

From the data for 2021-01-01 to 2022-01-01:
- Profit Loss (Net Income): 1,556,000,000 EUR
- Amortization and Impairment: 1,462,000,000 EUR
- Adjustments for Reconcile Profit Loss: 1,520,000,000 EUR
- Increase/Decrease in Working Capital: -1,117,000,000 EUR

**FFO 2022 = 1,556,000,000 + 1,462,000,000 - 1,117,000,000 = 1,901,000,000 EUR**

Alternatively, using Cash Flows from Operating Activities directly:
**FFO 2022 = 1,001,000,000 EUR** (from cash flow statement)

The more conservative and direct measure is the operating cash flow: **1,001,000,000 EUR**

## Step 2: Calculate Net Debt for 2022 (as of 2022-01-01)

Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt at 2022-01-01:**
- Long-term Borrowings: 13,786,000,000 EUR
- Current Borrowings and Current Portion: 1,493,000,000 EUR
- Noncurrent Lease Liabilities: 1,325,000,000 EUR
- Current Lease Liabilities: 196,000,000 EUR
- **Total Debt = 13,786,000,000 + 1,493,000,000 + 1,325,000,000 + 196,000,000 = 16,800,000,000 EUR**

**Cash and Cash Equivalents at 2022-01-01: 3,965,000,000 EUR**

**Net Debt 2022 = 16,800,000,000 - 3,965,000,000 = 12,835,000,000 EUR**

## Step 3: Calculate FFO / Net Debt Ratio

**FFO / Net Debt = 1,001,000,000 / 12,835,000,000 = 0.0779**

Or approximately **0.078** or **7.8%**

<answer>0.078</answer>