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

1. **Start with cash flow from operations before working capital**
   - Reported cash flows from operations before changes in working capital (2022): **€2,072.7m**

2. **Adjust for interest and taxes actually paid**
   - Interest received: **€64.2m**
   - Interest paid: **€154.8m**
   - Income taxes paid: **€380.1m**

   Funds from operations can be approximated as:
   \[
   \text{FFO} = 2{,}072.7 + 64.2 - 154.8 - 380.1 = 1{,}602.0\text{m}
   \]

3. **Estimate gross debt**
   - Long-term borrowings: **€8,416.7m**
   - Short-term borrowings: **€444.1m**
   - Current portion of long-term borrowings: **€1,909.3m**

   \[
   \text{Gross debt} = 8{,}416.7 + 444.1 + 1{,}909.3 = 10{,}770.1\text{m}
   \]

4. **Subtract cash and cash equivalents**
   - Cash and cash equivalents: **€2,155.1m**

   \[
   \text{Net debt} = 10{,}770.1 - 2{,}155.1 = 8{,}615.0\text{m}
   \]

5. **Compute FFO / Net debt**
   \[
   \frac{1{,}602.0}{8{,}615.0} = 0.18595 \approx 18.6\%
   \]

<answer>18.6%</answer>