# FFO / Net Debt Ratio Calculation for REN (2022)

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

FFO is typically calculated as:
**FFO = Net Income + Depreciation & Amortization + Non-cash items**

From the data for 2022 (2021-01-01 to 2022-01-01):
- Net Income (Profit Loss): 97,153,000 EUR
- Depreciation and Amortization Expense: 241,940,000 EUR
- Changes in Other Provisions: (365,000) EUR (small adjustment)

**FFO = 97,153,000 + 241,940,000 = 339,093,000 EUR**

## Step 2: Calculate Net Debt at End of 2022 (2022-01-01)

Net Debt = Total Borrowings - Cash and Cash Equivalents

**Total Borrowings:**
- Long-term Borrowings: 2,390,852,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 375,221,000 EUR
- Total Borrowings = 2,390,852,000 + 375,221,000 = 2,766,073,000 EUR

**Cash and Cash Equivalents:** 398,759,000 EUR

**Net Debt = 2,766,073,000 - 398,759,000 = 2,367,314,000 EUR**

## Step 3: Calculate FFO / Net Debt Ratio

FFO / Net Debt = 339,093,000 / 2,367,314,000 = 0.1432

<answer>0.14</answer>