To estimate the FFO (Funds From Operations) / Net Debt ratio for Fortum Oyj for the year 2022, we need to calculate both the numerator (FFO) and the denominator (Net Debt) based on the provided financial data.

**1. Calculate Funds From Operations (FFO)**

FFO is typically calculated as Net Income from Continuing Operations plus Depreciation and Amortization, and often adjusted for other non-cash items. A common simplified definition for utility/energy companies is:
$$FFO = \text{Profit from Continuing Operations} + \text{Depreciation and Amortization}$$

From the data:
*   "Profit Loss From Continuing Operations" 2022-01-01 - 2023-01-01: 1,011,000,000 EUR
*   "Depreciation And Amortisation Expense" 2022-01-01 - 2023-01-01: 566,000,000 EUR

$$FFO = 1,011,000,000 + 566,000,000 = 1,577,000,000 \text{ EUR}$$

*Note: Some definitions might use EBITDA or Operating Cash Flow. Let's check Operating Cash Flow as an alternative proxy for FFO if the standard definition yields an unusual result, but FFO is distinct. Another common variation adds back interest and tax. Let's stick to the standard REIT/Utility FFO definition first: Net Income + D&A. If we look at "Cash Flows From Used In Operating Activities Continuing Operations", it is 2,104,000,000 EUR. This is higher. However, FFO usually starts from Net Income. Let's use the calculated 1,577,000,000 EUR. Sometimes "Comparable Operating Profit" + D&A is used as a proxy for operating cash generation before working capital changes. Comparable Operating Profit is 1,871,000,000. Adding D&A (566m) gives 2,437,000,000. This is close to "Comparable Ebitda" (2,436,000,000). Let's look at the standard credit rating agency definition for FFO. S&P/Moody's often define FFO as Net Income + Depreciation + Amortization + Deferred Taxes + Other non-cash items.
Let's try a more robust FFO calculation often used in corporate finance for utilities:
FFO = Net Income from Continuing Ops + Depreciation & Amortization.
FFO = 1,011m + 566m = 1,577m EUR.

Let's also consider if "Interest Expense" should be added back (pre-tax FFO). Usually, FFO is post-interest.
Let's consider if we should use "Cash flow from operations" (2,104m). The ratio would be different.
However, the term "FFO" specifically usually refers to the add-back method.
Let's check if there are significant non-cash items in "Items Affecting Comparability". The items are -593m.
Let's stick to the basic: FFO = Net Income (Continuing) + D&A.
FFO = 1,577,000,000 EUR.

**2. Calculate Net Debt**

Net Debt is calculated as Total Interest-Bearing Debt minus Cash and Cash Equivalents.

First, identify Interest-Bearing Debt. This typically includes:
*   Current Borrowings
*   Non-current Borrowings
*   Lease Liabilities (often included in borrowings or separate)
*   Derivative financial liabilities (usually excluded from Net Debt unless specified as hedging debt, but standard Net Debt uses gross debt instruments).

From the Balance Sheet data (2023-01-01 represents the end of 2022):
*   "Other Noncurrent Financial Liabilities": 3,658,000,000 EUR
*   "Noncurrent Derivative Financial Liabilities": 756,000,000 EUR (Usually excluded from Net Debt as they are mark-to-market hedges, not principal debt).
*   "Other Current Financial Liabilities": 4,127,000,000 EUR
*   "Current Derivative Financial Liabilities": 3,973,000,000 EUR (Usually excluded).

We need to distinguish between "Financial Liabilities" that are debt (borrowings) and those that are derivatives or trade payables.
The line items "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" likely contain the bulk of the interest-bearing debt (bonds, loans).
Let's look for explicit "Borrowings". The cash flow statement mentions "Proceeds From Noncurrent Borrowings" and "Repayments Of Non Current Borrowings".
The balance sheet doesn't have a line item explicitly named "Borrowings". It has "Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities".
In Fortum's reporting, "Interest-bearing liabilities" usually comprise loans and bonds. Derivatives are separate.
So, Debt ≈ Other Noncurrent Financial Liabilities + Other Current Financial Liabilities.
Total Debt = 3,658,000,000 + 4,127,000,000 = 7,785,000,000 EUR.

*Wait*, we must check if "Lease Liabilities" are included. The cash flow mentions "Repayments Of Lease Liabilities". These are often part of "Other Financial Liabilities" or separate. Without a specific line, we assume they are embedded in "Other Financial Liabilities" or negligible relative to the total.

Now, subtract Cash and Cash Equivalents.
*   "Cash And Cash Equivalents" 2023-01-01: 3,919,000,000 EUR.
*   Note: "Liquid Funds" is also 3,919,000,000 EUR.

Net Debt = Total Debt - Cash
Net Debt = 7,785,000,000 - 3,919,000,000 = 3,866,000,000 EUR.

*Refinement on Debt*:
Are there other interest-bearing items?
"Margin Liabilities" (352m) and "Margin Receivables" (2,607m) are related to derivative trading and are typically netted or excluded from core Net Debt calculations for credit ratios, or treated as working capital. Standard Net Debt focuses on funded debt (bonds/loans).
"Trade And Other Current Payables" (1,657m) are non-interest bearing.

So, Net Debt ≈ 3,866,000,000 EUR.

**3. Calculate the Ratio**

$$ \text{FFO / Net Debt} = \frac{1,577,000,000}{3,866,000,000} $$

$$ \text{Ratio} \approx 0.4079 $$

Let's double-check the FFO definition. If we use **Cash Flow from Operations (CFO)** instead of FFO, the ratio would be:
$$ \frac{2,104,000,000}{3,866,000,000} \approx 0.54 $$

However, the question asks for **FFO**. In the context of European utilities, FFO is often defined by rating agencies (S&P/Fitch) as:
Net Income + Depreciation + Amortization + Deferred Tax + Other Non-Cash Items.
Let's look at "Other Adjustments For Noncash Items": 153,000,000 EUR.
Deferred Tax: The tax expense was -556m (benefit). The cash tax paid was 167m. The difference is substantial.
Usually, FFO adds back deferred tax.
Change in Deferred Tax Assets: 2,149m - 933m = 1,216m decrease in asset (source of cash/added back).
Change in Deferred Tax Liabilities: 827m - 152m = 675m decrease in liability (use of cash/subtracted).
Net Deferred Tax impact is complex.

Let's stick to the most standard, simple FFO approximation: **Net Income + D&A**.
FFO = 1,577m.
Net Debt = 3,866m.
Ratio = 0.41.

Let's consider if "Net Debt" should include derivatives. If we include derivative liabilities (756m + 3,973m = 4,729m) and exclude derivative assets (1,486m + 343m = 1,829m)?
Gross Debt including derivatives = 7,785m + 4,729m = 12,514m.
Cash = 3,919m.
Net Debt (broad) = 12,514m - 3,919m = 8,595m.
Ratio = 1,577 / 8,595 = 0.18.

However, standard "Net Debt" for leverage ratios excludes derivatives because their values fluctuate with market rates and don't represent principal owed. The "Financial Liabilities" lines "Other..." are the core debt.

Let's check if there is a more precise "Interest Bearing Debt" figure.
In Fortum's 2022 report, Interest-bearing liabilities were approx:
Non-current: 3,658m (Other non-current financial liabilities)
Current: 4,127m (Other current financial liabilities)
Total: 7,785m.
Cash: 3,919m.
Net Debt: 3,866m.

FFO:
Profit from continuing ops: 1,011m.
D&A: 566m.
FFO: 1,577m.

Ratio: 1,577 / 3,866 = 0.4079.

Let's try one alternative FFO definition: **EBITDA - Tax Paid - Interest Paid - Change in Working Capital?** No, that's CFO.
What if FFO is defined as **CFO**?
CFO (Continuing) = 2,104m.
Ratio = 2,104 / 3,866 = 0.544.

In many automated financial contexts, "FFO" is strictly Net Income + D&A.
Let's check the magnitude. A ratio of 0.41x is a reasonable leverage metric (Net Debt / FFO would be ~2.45x, which is a common rating agency metric). The question asks for FFO / Net Debt.
So 0.41 is the inverse of 2.45.

Let's verify the Net Debt calculation again.
Did we miss any debt?
"Noncurrent Derivative Financial Liabilities" and "Current Derivative Financial Liabilities" are marked as derivatives.
"Other Noncurrent Financial Liabilities" and "Other Current Financial Liabilities" are the catch-alls for debt.
Are there any "Borrowings" listed separately? No.
So 7,785m is the best estimate for Gross Debt.
Cash is 3,919m.
Net Debt is 3,866m.

FFO = 1,577m.

Result: 0.4079...

Rounding to two decimal places: 0.41.

<answer>0.41</answer>