To estimate **FFO / Net debt** using an S&P-style approach:

**1. Estimate FFO**

A common approximation for S&P-style FFO is:

\[
\text{FFO} \approx \text{CFO} + \text{working capital outflow} + \text{cash interest paid} - \text{interest expense adjustment}
\]

From the 2022 cash flow data:

- Cash flows from operating activities = **€17,460m**
- Increase/decrease in working capital = **€1,279m**
- Interest paid = **€851m**
- Interest expense = **€1,033m**

So:

\[
\text{FFO} = 17{,}460 + 1{,}279 + 851 - 1{,}033 = 18{,}557 \text{ million EUR}
\]

So estimated **FFO = €18.557bn**.

**2. Estimate gross debt**

Use reported financial debt items at 2022 year-end / 2023-01-01:

- Short-term borrowings = **€4,446m**
- Current portion of long-term borrowings = **€3,097m**
- Current lease liabilities = **€884m**
- Long-term borrowings = **€19,374m**
- Noncurrent lease liabilities = **€4,067m**

\[
\text{Gross debt} = 4{,}446 + 3{,}097 + 884 + 19{,}374 + 4{,}067 = 31{,}868 \text{ million EUR}
\]

**3. Estimate surplus cash and net debt**

Cash and cash equivalents at 2022 year-end:

- Cash and cash equivalents = **€10,155m**

\[
\text{Net debt} = 31{,}868 - 10{,}155 = 21{,}713 \text{ million EUR}
\]

**4. Calculate FFO / Net debt**

\[
\frac{\text{FFO}}{\text{Net debt}} = \frac{18{,}557}{21{,}713} = 0.8546
\]

So the estimated **FFO / Net debt ratio for 2022** is about **85.5%**.

<answer>85.5%</answer>