I need to calculate the FFO (Funds From Operations) / Net Debt ratio for 2022. ## Step 1: Calculate FFO (Funds From Operations) FFO typically starts with net income and adds back non-cash charges like depreciation and amortization. From the data for 2022-01-01 to 2023-01-01: - Profit Loss (net income): 2,920,000,000 EUR - Add back: Depreciation, Amortisation and Impairment Loss Reversal: 7,447,000,000 EUR - Add back: Impairment Loss Reversal on Trade Receivables: 1,278,000,000 EUR However, a more standard approach is to use operating cash flow: - Cash Flows From Operating Activities: 8,674,000,000 EUR Let me use the operating cash flow as a proxy for FFO, which is a common approach: **FFO = 8,674,000,000 EUR** ## Step 2: Calculate Net Debt Net Debt = Total Debt - Cash and Cash Equivalents **Total Debt consists of:** - Longterm Borrowings: 68,191,000,000 EUR - Shortterm Borrowings: 18,392,000,000 EUR - Current Portion of Longterm Borrowings: 2,835,000,000 EUR Total Debt = 68,191 + 18,392 + 2,835 = 89,418,000,000 EUR **Cash and Cash Equivalents (as of 2023-01-01):** - Cash And Cash Equivalents: 11,041,000,000 EUR **Net Debt = 89,418,000,000 - 11,041,000,000 = 78,377,000,000 EUR** ## Step 3: Calculate FFO / Net Debt Ratio FFO / Net Debt = 8,674,000,000 / 78,377,000,000 = 0.1107 Rounding to two decimal places: **0.11** 0.11