To determine the Funds From Operations (FFO) to Net Debt ratio based on Standard & Poor's (S&P) methodology, we extract the core components from the provided data. S&P generally evaluates FFO based on operating cash flow before changes in working capital, and standard Net Debt is assessed as interest-bearing liabilities (inclusive of leases and debt-like obligations, net of dedicated accessible cash) minus cash and cash equivalents. 1. **Funds From Operations (FFO)** For S&P, FFO typically equates to the cash flows from operating activities before changes in working capital. * Cash Flows From Operations Before Changes In Working Capital = EUR 2,322 million. 2. **Net Debt Calculation** S&P defines Gross Debt primarily by summing current and non-current financial obligations and typical debt-like items, minus available liquid funds (accessible cash). Margin receivables are generally not deducted from debt by S&P as they are not classified as accessible surplus cash, but margin liabilities could be treated as short-term obligations depending on specific counterparty netting (here we stick to the core financial liabilities for the standard assessment). * Other Noncurrent Financial Liabilities = EUR 3,658 million * Other Current Financial Liabilities = EUR 4,127 million * Gross Interest-Bearing Debt = 3,658 + 4,127 = EUR 7,785 million * (Note: Pension liabilities are EUR 13M, and Nuclear AROs are exactly offset by the State Nuclear Waste Management Fund EUR 966M - EUR 966M = 0). * Less: Cash and Cash Equivalents (Liquid Funds) = EUR 3,919 million * Net Debt = 7,785 - 3,919 = EUR 3,866 million 3. **FFO / Net Debt Ratio** * FFO / Net Debt = 2,322 / 3,866 ≈ 0.6006 (or roughly 60%) 0.60