To estimate the FFO/Net Debt ratio for 2022 based on S&P methodology, we follow these steps: 1. **Calculate FFO (Funds From Operations):** S&P typically defines FFO as Cash Flow from Operations (CFO) adjusted for working capital changes. * Cash Flows from Operating Activities (2022): 1,002,000,000 EUR * Increase/Decrease in Working Capital (2022): 83,000,000 EUR * *Note:* S&P FFO usually removes the working capital impact from the reported CFO to reflect core recurring cash flow. * FFO = 1,002,000,000 - 83,000,000 = 919,000,000 EUR 2. **Calculate Net Debt:** Net Debt is calculated as Total Debt minus Cash and Cash Equivalents. * Total Borrowings (Current + Noncurrent): * Noncurrent: 10,776,000,000 EUR * Current: 877,000,000 EUR * Total Gross Debt: 11,653,000,000 EUR * Cash and Cash Equivalents: 5,130,000,000 EUR * Net Debt = 11,653,000,000 - 5,130,000,000 = 6,523,000,000 EUR 3. **Calculate FFO / Net Debt Ratio:** * Ratio = FFO / Net Debt * Ratio = 919,000,000 / 6,523,000,000 ≈ 0.140886 Rounding to the standard representation for such financial ratios: 0.1409