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 + Depreciation & Amortization + other non-cash charges. A common approach:

FFO = Net Income + Depreciation/Amortization

From the data for the period 2022-01-01 to 2023-01-01 (fiscal year 2022):

- Profit Loss (Net Income): 305,300,000 EUR
- Adjustments for Depreciation and Amortisation Expense: 478,600,000 EUR

FFO = 305,300,000 + 478,600,000 = 783,900,000 EUR

Alternatively, some definitions use "Cash Flows From Operations Before Changes in Working Capital" which is 1,202,000,000 EUR minus interest and taxes paid, but the simpler FFO approach (net income + D&A) is more standard for this ratio.

Let me also consider: FFO can be approximated from the cash flow statement as operating cash flow before working capital changes minus interest paid minus taxes paid:

FFO = 1,202,000,000 - 128,000,000 - 165,900,000 = 908,100,000 EUR

But the more common REIT/utility-style FFO = Net Income + D&A is simpler. Let me use the approach: Net Income + D&A + other non-cash items from the income statement.

Actually, a cleaner approach: FFO ≈ EBITDA - net interest paid - taxes paid

EBITDA = Operating Profit + D&A = 533,800,000 + 667,100,000 = 1,200,900,000 EUR

FFO = 1,200,900,000 - (128,000,000) - 165,900,000 = 907,000,000 EUR

**Step 2: Calculate Net Debt**

Net Debt = Total Financial Debt - Cash and Cash Equivalents

At 2023-01-01 (end of fiscal year 2022):

Financial liabilities:
- Noncurrent Financial Liabilities: 5,689,900,000
- Noncurrent Lease Liabilities: 55,100,000
- Current Financial Liabilities: 650,100,000
- Current Lease Liabilities: 21,300,000

Total Debt = 5,689,900,000 + 55,100,000 + 650,100,000 + 21,300,000 = 6,416,400,000 EUR

If excluding lease liabilities:
Total Debt = 5,689,900,000 + 650,100,000 = 6,340,000,000 EUR

Cash: 1,942,400,000 EUR

Net Debt (including leases) = 6,416,400,000 - 1,942,400,000 = 4,474,000,000 EUR

Net Debt (excluding leases) = 6,340,000,000 - 1,942,400,000 = 4,397,600,000 EUR

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

Using FFO ≈ 783,900,000 (simple: NI + D&A) and Net Debt = 4,474,000,000:
Ratio = 783,900,000 / 4,474,000,000 ≈ 0.175

Using FFO ≈ 907,000,000 and Net Debt = 4,474,000,000:
Ratio = 907,000,000 / 4,474,000,000 ≈ 0.203

The more standard FFO for credit analysis purposes is closer to: Net Income + D&A + deferred taxes and other non-cash items. Let me use the simpler NI + D&A approach:

FFO = 305,300,000 + 478,600,000 = 783,900,000

FFO/Net Debt = 783,900,000 / 4,474,000,000 ≈ 0.1752

Rounding: approximately 0.18 or 17.5%

<answer>0.175</answer>