The FFO can be approximated by the cash generated from operating activities (CFO) of €1,566,829 k. Net debt is calculated as total interest‑bearing debt (non‑current and current financial liabilities) minus cash and cash equivalents: - Total financial liabilities (non‑current + current) = €7,249,032 k - Cash and cash equivalents = €794,824 k - Net debt = €7,249,032 k − €794,824 k = €6,454,208 k FFO / Net debt = 1,566,829 / 6,454,208 ≈ 0.2428 0.2428