To calculate the FFO (Funds From Operations) to Net Debt ratio based on standard S&P methodology, we first determine the FFO and the Adjusted Net Debt using the provided data for 2022. **1. Funds From Operations (FFO)** Under S&P methodology, FFO is calculated as the Operating Cash Flow excluding changes in working capital. A reported "Increase Decrease In Working Capital" of -392,000,000 EUR represents a decrease in the working capital balance, which corresponds to a positive cash inflow of 392,000,000 EUR in the cash flow statement. - Cash Flows From Used In Operating Activities (OCF) = 9,387,000,000 EUR - Cash flow from Working Capital = 392,000,000 EUR FFO = OCF - Cash flow from Working Capital FFO = 9,387,000,000 - 392,000,000 = 8,995,000,000 EUR **2. Net Debt** S&P Adjusted Net Debt includes all reported interest-bearing debt and lease liabilities, minus highly liquid assets (cash, cash equivalents, and cash management financial assets). *Gross Debt:* - Noncurrent Portion Of Noncurrent Bonds Issued = 20,425,000,000 EUR - Noncurrent Portion Of Other Noncurrent Borrowings = 3,205,000,000 EUR - Shortterm Borrowings = 6,368,000,000 EUR - Noncurrent Lease Liabilities = 1,580,000,000 EUR - Current Lease Liabilities = 522,000,000 EUR Total Gross Debt = 20,425 + 3,205 + 6,368 + 1,580 + 522 = 32,100,000,000 EUR *Cash & Liquid Assets:* - Cash And Cash Equivalents = 12,578,000,000 EUR - Current Cash Management Financial Assets = 755,000,000 EUR Total Cash = 12,578 + 755 = 13,333,000,000 EUR *Net Debt Calculation:* Net Debt = Total Gross Debt - Total Cash Net Debt = 32,100,000,000 - 13,333,000,000 = 18,767,000,000 EUR **3. FFO / Net Debt Ratio** FFO / Net Debt = 8,995,000,000 / 18,767,000,000 = 0.479298... 0.479