To estimate **FFO / Net debt** under a simplified S&P-style approach:

1. **Start with reported cash flow from operations (CFO)** for 2022:  
   CFO = 613,466,000

2. **Add back working-capital outflow/inflow effects** to approximate FFO.  
   Using the balance sheet:
   - Current operating receivables decreased: 448,171,000 − 327,764,000 = +120,407,000 cash inflow
   - Inventories decreased: 8,545,000 − 5,134,000 = +3,411,000 cash inflow
   - Current operating payables increased: 885,416,000 − 644,701,000 = +240,715,000 cash inflow

   Net working-capital cash inflow ≈ 120,407,000 + 3,411,000 + 240,715,000 = 364,533,000

   Since CFO includes this inflow, remove it to estimate FFO:  
   FFO ≈ 613,466,000 − 364,533,000 = 248,933,000

3. **Estimate net debt**:
   - Long-term borrowings = 1,695,362,000
   - Current borrowings = 638,944,000
   - Gross debt = 2,334,306,000
   - Cash and cash equivalents = 365,292,000

   Net debt ≈ 2,334,306,000 − 365,292,000 = 1,969,014,000

4. **Calculate FFO / Net debt**:  
   248,933,000 / 1,969,014,000 = 0.1264, or about **12.6%**

<answer>12.6%</answer>