# FFO / Net Debt Ratio Calculation for ACEA SpA (2022)

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

FFO is typically calculated as:
**FFO = Net Income + Depreciation & Amortization + Impairments - Gains/Losses on asset disposals**

From the data for 2022-01-01 to 2023-01-01:
- Profit Loss (Net Income): 311,160,000 EUR
- Adjustments for Depreciation and Amortisation: 594,636,000 EUR
- Impairment Loss adjustments: 67,680,000 EUR
- Adjustments for Gain/Loss on Disposals: 0 EUR

**FFO = 311,160,000 + 594,636,000 + 67,680,000 - 0 = 973,476,000 EUR**

## Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt (as of 2023-01-01):**
- Noncurrent Financial Liabilities: 4,722,263,000 EUR
- Current Financial Liabilities: 619,418,000 EUR
- Total Debt = 5,341,681,000 EUR

**Cash and Cash Equivalents (as of 2023-01-01):**
- 559,908,000 EUR

**Net Debt = 5,341,681,000 - 559,908,000 = 4,781,773,000 EUR**

## Step 3: Calculate FFO / Net Debt Ratio

FFO / Net Debt = 973,476,000 / 4,781,773,000 = 0.2036

<answer>0.20</answer>