I need to estimate the FFO / Net Debt ratio for 2022.

**Step 1: Calculate FFO (Funds From Operations)**

FFO is typically calculated as net income plus depreciation & amortization plus impairments, adjusted for non-cash items. A common approach is:

FFO = Net Income + D&A + Impairments + Write-offs - Gains on disposal + other non-cash adjustments

Alternatively, FFO can be approximated from the cash flow statement. Looking at the cash flow reconciliation items, I can reconstruct FFO as:

FFO ≈ Cash flows from operating activities + Changes in working capital + Tax timing differences (approximately)

Actually, let me use a more standard approach. FFO is often defined as:

FFO = Net Income + D&A + Impairments + Write-offs + Non-cash items (excluding working capital changes)

For the period 2022-01-01 to 2023-01-01 (fiscal year 2022):

- Profit/Loss: 13,961M EUR
- D&A: 7,205M EUR
- Impairments: 1,140M EUR
- Write-offs: 599M EUR
- Share of equity method (non-cash portion): The adjustment is -1,841M (they subtract undistributed profits)
- Gains on disposal: +524M (they gained, so subtract)
- Dividend income adjustment: -351M (add back, they're non-cash adjustment)
- Other adjustments: -2,773M

Actually, let me use the simpler approach. FFO from the cash flow statement before working capital changes:

Operating cash flow = 17,460M
Add back working capital changes: The working capital increase was 1,279M (this was already included), so:

Cash from operations before working capital = 17,460 + 1,279 + 8,488 (taxes paid) + 851 (interest paid) - 116 (interest received) - 1,545 (dividends received) = 26,617M

That's getting complicated. Let me use a simpler definition:

FFO ≈ Operating Cash Flow + Interest Paid - Interest Received (to get to a pre-financing measure) ... No.

A common rating agency definition: FFO = Cash from operations before working capital changes minus interest and taxes.

Actually, the simplest approach: **FFO = Cash from operations = 17,460M EUR**

**Step 2: Calculate Net Debt**

Net Debt = Total Borrowings + Lease Liabilities - Cash and Cash Equivalents - Current Financial Assets at FVTPL

At 2023-01-01 (end of 2022):
- Short-term borrowings: 4,446M
- Current portion of long-term borrowings: 3,097M
- Long-term borrowings: 19,374M
- Current lease liabilities: 884M
- Non-current lease liabilities: 4,067M
- Total debt + leases: 31,868M

- Cash and cash equivalents: 10,155M
- Current financial assets at FVTPL: 8,251M
- Total liquid assets: 18,406M

Net Debt (including leases) = 31,868 - 18,406 = 13,462M

If excluding leases:
Net Debt = (4,446 + 3,097 + 19,374) - 18,406 = 26,917 - 18,406 = 8,511M

Let me use net debt including leases as that's more common for this ratio:

**FFO / Net Debt = 17,460 / 13,462 ≈ 1.297**

If excluding leases:
FFO / Net Debt = 17,460 / 8,511 ≈ 2.05

The more standard approach for energy companies typically excludes lease liabilities and may not subtract financial assets:

Net Debt = Short-term borrowings + Current portion LT + LT borrowings - Cash
= 4,446 + 3,097 + 19,374 - 10,155 = 16,762M

FFO / Net Debt = 17,460 / 16,762 ≈ 1.042

Given the typical definition used in energy industry (net financial debt excluding leases, subtracting only cash):

FFO / Net Debt = 17,460 / 16,762 ≈ 1.04

<answer>1.04</answer>