To calculate the Funds From Operations (FFO) to Net Debt ratio based on S&P methodology, we determine the normalized cash flow before changes in working capital and divide it by the total net financial debt. **1. Calculate Funds From Operations (FFO):** S&P generally defines FFO as Cash Flow from Operations (CFO) adjusted to exclude the cash flow impact from changes in working capital. * Cash Flows From Used In Operations (CFO) for 2022: €548,169,000 * Increase (Decrease) In Working Capital: -€336,750,000 (A negative figure in the cash flow statement implies a cash outflow due to a build-up in working capital). To find the cash flow generated by core operations before this working capital drag: FFO = CFO - Changes in Working Capital FFO = €548,169,000 - (-€336,750,000) = €884,919,000 **2. Calculate Net Debt:** Net Debt is calculated as Total Short-Term and Long-Term Financial Debt minus Cash and Cash Equivalents. * Short-Term Financial Liabilities Excluding Other: €142,437,000 * Long-Term Financial Liabilities Excluding Other: €6,402,913,000 * Gross Financial Debt = €142,437,000 + €6,402,913,000 = €6,545,350,000 * Cash and Cash Equivalents: €451,946,000 Net Debt = €6,545,350,000 - €451,946,000 = €6,093,404,000 *(Note: Minor "Other" financial liabilities amounts of €290k and €34k do not materially move the denominator, remaining strictly around ~€6,093.7M)* **3. FFO to Net Debt Ratio:** FFO / Net Debt = €884,919,000 / €6,093,404,000 = 0.145225 (or 14.52%) 0.1452