To estimate the FFO / Net Debt ratio for 2022 based on standard S&P methodology, we first calculate the Funds From Operations (FFO) and then the Net Debt. **1. Funds From Operations (FFO)** S&P generally calculates FFO as Cash Flow from Operations (CFO) excluding the changes in working capital, as working capital changes are temporary and can distort the view of recurring cash generation. * **Cash Flows From Operating Activities (CFO):** 1,566,829,000 EUR * **Increase/Decrease in Working Capital:** 574,568,000 EUR (This represents a cash inflow, so it must be subtracted to normalize the operating cash flow) * **FFO** = 1,566,829,000 - 574,568,000 = 992,261,000 EUR **2. Net Debt** S&P defines Net Debt as total interest-bearing and financial liabilities minus accessible cash and short-term liquid investments. Based on standard reported lines: * **Noncurrent Financial Liabilities:** 5,543,755,000 EUR * **Current Financial Liabilities:** 1,705,277,000 EUR * *Total Gross Debt* = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR * **Cash And Cash Equivalents:** 794,824,000 EUR * **Other Current Financial Assets** (Highly liquid investments held at amortized cost): 752,505,000 EUR * *Net Debt* = 7,249,032,000 - 794,824,000 - 752,505,000 = 5,701,703,000 EUR **3. FFO / Net Debt Ratio** * **FFO / Net Debt** = 992,261,000 EUR / 5,701,703,000 EUR = 0.174028... (approx. 17.4%) 0.174