To estimate the FFO (Funds From Operations) to Net Debt ratio based on standard S&P methodology, we first calculate the FFO and Net Debt from the provided facts for 2022. **1. Funds From Operations (FFO)** S&P defines FFO as Cash Flow from Operations (CFO) adjusted to exclude changes in operating working capital. It reflects the cash flow generated by operations before working capital movements, and subtracts cash interest and cash taxes paid. Using the cash flow line items: * **Cash Flows From Operating Activities (CFO):** 2,019,859,000 EUR * **Changes in Operating Working Capital:** * Adjustments For Decrease/Increase In Inventories: -73,079,000 EUR * Adjustments For Decrease/Increase In Trade And Other Receivables: -192,271,000 EUR * Adjustments For Increase/Decrease In Trade And Other Payables: 339,687,000 EUR * Adjustments For Decrease/Increase In Derivative Financial Assets: 548,678,000 EUR * Adjustments For Increase/Decrease In Derivative Financial Liabilities: -1,360,527,000 EUR * *Total Operating Working Capital Cash Flows:* (-73,079,000) + (-192,271,000) + 339,687,000 + 548,678,000 - 1,360,527,000 = -737,512,000 EUR *(Note: Change in tax liabilities is excluded from S&P's working capital adjustment so that FFO correctly reflects cash taxes paid rather than tax expenses).* FFO = CFO - Changes in Operating Working Capital FFO = 2,019,859,000 - (-737,512,000) = **2,757,371,000 EUR** *(Alternatively, FFO ≈ EBITDA [3,160.7M] - Cash Net Interest Paid [30.0M] - Cash Taxes Paid [343.1M] = 2,787.6M. The slight variance stems from minor non-cash equity income adjustments, firmly placing FFO around ~2.76B - 2.79B EUR).* **2. Net Debt** S&P defines Net Debt as Short-Term Debt plus Long-Term Debt minus Cash and Cash Equivalents (and highly liquid short-term investments, if isolated). * **Noncurrent Financial Liabilities:** 2,844,559,000 EUR * **Current Financial Liabilities:** 1,109,297,000 EUR * *Total Gross Debt:* 3,953,856,000 EUR * **Cash and Cash Equivalents:** 409,252,000 EUR Net Debt = Total Gross Debt - Cash and Cash Equivalents Net Debt = 3,953,856,000 - 409,252,000 = **3,544,604,000 EUR** *(Any commercial paper rollovers appearing as money market transactions within financing cash flows are intrinsically already captured inside these financial liabilities).* **3. FFO / Net Debt Ratio** Ratio = FFO / Net Debt Ratio = 2,757,371,000 / 3,544,604,000 = 0.7779 (or ~77.8%) 0.78