I need to estimate the FFO (Funds From Operations) / Net Debt ratio for 2022.

**Step 1: Estimate FFO**

FFO is typically calculated as net income plus depreciation/amortization plus other non-cash items. A common approach:

FFO = Net Income + Depreciation & Amortization + Other non-cash adjustments

From the cash flow statement, I can see "Cash Flows From Used In Operations Before Changes In Working Capital" which is essentially FFO before working capital changes. This is a good proxy for FFO.

For 2022 (period 2022-01-01 to 2023-01-01):
- Cash Flows From Operations Before Changes In Working Capital = 10,215,000,000 EUR

However, FFO typically starts from net income and adds back D&A and other non-cash items, but excludes gains/losses on disposals. Let me use the components:

Profit Loss = 4,417,000,000
+ Depreciation & Amortization = 3,613,000,000
+ Share-based payments = 162,000,000
+ Provisions/Impairment = 0
- Gains on disposal = -68,000,000 (add back the negative, so +68M)
- Fair value gains = -236,000,000 (add back, so +236M)
+ Undistributed profits of equity method = 42,000,000
+ Net finance costs adjustment = 614,000,000
+ Interest on lease liabilities = 48,000,000
+ Income tax = 1,737,000,000
- Finance costs paid = 29,000,000

This gives the 10,215M figure. But FFO is more simply: Net Income + D&A + non-cash items (excluding working capital).

A simpler FFO = Net Income + D&A = 4,417 + 3,613 = 8,030M

But a more standard real estate/infrastructure FFO: Profit + D&A = approximately 8,030M. However, for infrastructure companies, FFO is often closer to operating cash flow before working capital minus interest and taxes paid.

FFO = Cash from operations before WC changes - Interest paid - Taxes paid
= 10,215 - 563 - 1,603 = 8,049M

**Step 2: Estimate Net Debt**

Net Debt = Total borrowings (bonds + other borrowings + short-term) + Lease liabilities - Cash & equivalents - Current cash management financial assets

At end of 2022 (2023-01-01):
- Non-current bonds = 20,425M
- Non-current other borrowings = 3,205M
- Short-term borrowings = 6,368M
- Non-current lease liabilities = 1,580M
- Current lease liabilities = 522M
- Total debt = 20,425 + 3,205 + 6,368 + 1,580 + 522 = 32,100M

Cash & equivalents = 12,578M
Current cash management financial assets = 755M
Total liquid assets = 13,333M

Net debt (including leases) = 32,100 - 13,333 = 18,767M

If excluding lease liabilities (which is common for net debt):
Net debt = (20,425 + 3,205 + 6,368) - 13,333 = 29,998 - 13,333 = 16,665M

Note: The cash flow statement shows "Cash And Cash Equivalents If Different From Statement Of Financial Position" at 2023-01-01 = 11,495M (vs balance sheet 12,578M), suggesting some restricted cash. Using balance sheet figures for consistency.

**Step 3: Calculate ratio**

Using net debt excluding leases:
FFO / Net Debt = 8,049 / 16,665 ≈ 0.483

Using net debt including leases:
FFO / Net Debt = 8,049 / 18,767 ≈ 0.429

A standard approach for infrastructure companies typically excludes lease liabilities from net debt or includes them. Let me use the more common net debt (excluding leases):

FFO / Net Debt ≈ 8,049 / 16,665 ≈ 0.483

Rounding: approximately 0.48

<answer>0.48</answer>