To estimate the FFO/Net debt ratio for 2022, FFO (Funds from Operations) is approximated using the operating cash flow from the cash flow statement, as it reflects cash generated from normal operating activities after interest and taxes. The operating cash flow for 2022 is €9,387 million. Net debt is calculated as total debt minus cash and cash equivalents. Total debt includes short-term borrowings, non-current bonds, other non-current borrowings, and lease liabilities, totaling €32,100 million. Cash and cash equivalents are €12,578 million, resulting in net debt of €19,522 million. The ratio is therefore 9,387 / 19,522 ≈ 0.48.

<answer>0.48</answer>