# FFO / Net Debt Ratio Calculation for 2022

## Understanding FFO and Net Debt

**Funds From Operations (FFO)** is typically calculated as:
- Net Income + Depreciation & Amortisation + Impairment losses - Gains on disposal of assets

**Net Debt** is calculated as:
- Total Debt - Cash and Cash Equivalents

## Data Extraction for 2022 (fiscal year 2022-01-01 to 2023-01-01)

### FFO Components:
- Profit from Continuing Operations: -€18,231M
- Depreciation and Amortisation Expense: €11,079M
- Impairment Loss Reversal: €1,762M (positive impact)
- Gains on Disposal of Noncurrent Assets: -€143M (negative impact, reduces FFO)

**FFO = -18,231 + 11,079 + 1,762 - (-143) = -5,247M**

### Net Debt Components:

**Total Debt:**
- Other Noncurrent Financial Liabilities: €71,058M
- Other Current Financial Liabilities: €71,844M
- **Total Debt ≈ €142,902M**

**Less: Cash and Cash Equivalents (as of 2023-01-01):**
- €10,948M

**Net Debt = 142,902 - 10,948 = €131,954M**

## FFO / Net Debt Ratio

FFO / Net Debt = -5,247 / 131,954 = **-0.0398**

This negative ratio reflects EDF's significant operating loss in 2022 (driven by the energy crisis and fuel costs surge), despite substantial depreciation charges. The company had positive net debt of approximately €132 billion.

<answer>-0.040</answer>