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 other non-cash charges, adjusted for changes in working capital (though some definitions exclude working capital changes). A common definition of FFO for utility companies: FFO = Net Income + Depreciation & Amortization + Deferred Taxes + Other Non-Cash Items Alternatively, FFO can be approximated from the cash flow statement. Looking at the cash flow data, I can use: For the period 2022-01-01 - 2023-01-01 (which represents fiscal year 2022): Cash Flows From Operations = 548,169,000 EUR But FFO typically excludes working capital changes: FFO = Cash Flows from Operations - Changes in Working Capital Working capital change ("Increase Decrease In Working Capital") for 2022-01-01 - 2023-01-01 = -336,750,000 EUR FFO = Cash Flows from Operations - (Increase/Decrease in Working Capital) FFO = 548,169,000 - (-336,750,000) = 884,919,000 EUR Wait, let me reconsider. The cash flow statement shows that working capital changes are already included in Cash Flows From Operations. If working capital decreased by 336,750,000 (negative means it was a use of cash/drag on operating cash flow), then to get FFO we add back this negative impact: FFO = 548,169,000 + 336,750,000 = 884,919,000 EUR **Step 2: Calculate Net Debt** Net Debt = Total Financial Debt - Cash and Cash Equivalents At 2023-01-01 (end of 2022): - Short-term financial liabilities: 142,437,000 - Other current financial liabilities: 290,000 - Long-term financial liabilities: 6,402,913,000 - Other noncurrent financial liabilities: 34,000 - Total Financial Debt = 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 - Cash and Cash Equivalents: 451,946,000 - Current financial assets (excluding other): 5,770,000 - Other current financial assets: 17,455,000 Net Debt = 6,545,674,000 - 451,946,000 - 5,770,000 - 17,455,000 = 6,070,503,000 EUR **Step 3: Calculate FFO / Net Debt** FFO / Net Debt = 884,919,000 / 6,070,503,000 = 0.1458 So approximately 14.6%. 0.146