The 2022 FFO is taken as the operating cash flow before changes in working capital (4,804,300,000 EUR). Net debt at end‑2022 includes all interest‑bearing liabilities (financial debts, lease liabilities, concession liabilities and bank overdrafts) minus cash and cash equivalents, giving a net debt of about 21,491,300,000 EUR. Dividing FFO by net debt yields a ratio of roughly 0.22.

<answer>0.22</answer>