I need to estimate the FFO / Net Debt ratio for 2022 (i.e., for the period ending 2023-01-01, which represents fiscal year 2022).

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

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Other non-cash items

From the data:
- Profit Loss (Net Income) for 2022: €857,700,000 (or €857.7M)
- Depreciation, Amortisation and Impairment: €725,700,000 (from income statement)
- I should also consider non-cash adjustments

A more precise FFO calculation from the cash flow statement:
FFO = Cash flows from operations before working capital changes - Interest paid - Taxes paid + Interest received

From the cash flow data:
- Cash Flows From Used In Operations Before Changes In Working Capital: €2,072,700,000
- Interest Paid: €154,800,000
- Income Taxes Paid: €380,100,000
- Interest Received: €64,200,000

FFO = 2,072,700,000 - 154,800,000 - 380,100,000 + 64,200,000 = €1,602,000,000

Alternatively, a simpler approach often used by rating agencies:
FFO = Net Income + D&A + Other non-cash charges
FFO ≈ 857,700,000 + 725,700,000 = €1,583,400,000

I'll use the cash flow-based approach: FFO ≈ €1,602,000,000

## Step 2: Calculate Net Debt

Net Debt = Total Borrowings - Cash and Cash Equivalents - Current Financial Assets

From the balance sheet at 2023-01-01:
- Long-term Borrowings: €8,416,700,000
- Short-term Borrowings: €444,100,000
- Current Portion of Long-term Borrowings: €1,909,300,000
- Total Borrowings = 8,416,700,000 + 444,100,000 + 1,909,300,000 = €10,770,100,000

Also consider non-current financial liabilities: €247,200,000 and current financial liabilities: €44,900,000 (these may include lease liabilities or derivatives)

Cash and Cash Equivalents: €2,155,100,000
Current Financial Assets: €255,300,000

Net Debt = 10,770,100,000 - 2,155,100,000 - 255,300,000 = €8,359,700,000

Note: The hybrid bond of €989,000,000 is classified as equity. Some analysts give it 50% equity / 50% debt treatment, but since it's already in equity per the financial statements, I'll keep it as is for the base calculation.

## Step 3: Calculate FFO / Net Debt

FFO / Net Debt = 1,602,000,000 / 8,359,700,000 ≈ 0.1916

So approximately 19.2%.

Let me double-check with the simpler FFO approach:
1,583,400,000 / 8,359,700,000 ≈ 0.1894 ≈ 18.9%

I'll go with the cash flow-based FFO calculation: approximately 0.19.

<answer>0.19</answer>