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

**Step 1: Estimate FFO**

FFO (Funds From Operations) is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Impairment losses + Other non-cash items

From the cash flow statement, I can derive FFO. The "Cash Flows From Used In Operations" (before working capital changes and taxes) gives us a good starting point, but let me reconstruct it.

Starting from Net Income and adding back non-cash items:

- Profit/Loss: 1,169,749,000 EUR
- Depreciation, Amortisation & Impairment: 1,979,007,000 EUR
- Provisions: 14,539,000 EUR
- Adjustments for Joint Ventures and Associates: -208,684,000 EUR (non-cash equity method earnings adjustment)
- Adjustments for Finance Income/Cost: 910,220,000 EUR (net finance costs, non-cash portion)
- Gains/Losses on Disposal: -4,377,000 EUR

However, a simpler approach for FFO is often:
FFO = Cash Flows from Operations before working capital changes

Looking at the cash flow data:
- Cash Flows From Used In Operations (after working capital and taxes): 4,200,324,000 EUR
- But this includes working capital changes. 

Let me compute FFO as: Net Income + D&A + Provisions (a common utility sector definition)
FFO = 1,169,749,000 + 1,979,007,000 + 14,539,000 = 3,163,295,000 EUR

Alternatively, FFO for credit analysis often uses: Operating Cash Flow - Working Capital Changes
= 4,200,324,000 - (405,817,000 + 766,260,000 - 142,137,000 + 502,859,000 - 1,384,104,000)
Working capital adjustments sum = 405,817 + 766,260 - 142,137 + 502,859 - 1,384,104 = 148,695,000

So FFO before WC = 4,200,324,000 - 148,695,000 = 4,051,629,000

But this includes tax paid. Let me add back tax: 4,051,629,000 + 258,849,000 = 4,310,478,000... no, taxes paid should be included in FFO typically.

Let me use a cleaner approach: FFO = Net Income + D&A + Provisions + non-cash adjustments
= 1,169,749 + 1,979,007 + 14,539 = 3,163,295 (thousands)

**Step 2: Calculate Net Debt**

Net Debt = Total Debt - Cash and Cash Equivalents

Total Debt = Long-term Borrowings + Current Borrowings
= 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR

Cash and Cash Equivalents = 4,900,205,000 EUR

Net Debt = 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR

**Step 3: Calculate FFO / Net Debt**

Using FFO = 3,163,295,000:
FFO / Net Debt = 3,163,295,000 / 15,122,268,000 = 0.2091

Alternatively, using the operating cash flow approach (FFO before WC changes minus taxes):
FFO ≈ 4,051,629,000 - but this seems high.

Let me use the simpler and more standard FFO:
FFO = Net Income + D&A = 1,169,749 + 1,979,007 = 3,148,756 (adding provisions: 3,163,295)

FFO / Net Debt = 3,163,295 / 15,122,268 ≈ 0.209

Rounding: approximately 0.21 or 20.9%

<answer>0.21</answer>