To estimate the FFO / Net debt ratio for 2022 based on S&P methodology, I need to calculate the Funds From Operations (FFO) and Net Debt, then compute the ratio.

**1. Calculate Funds From Operations (FFO):**
S&P’s FFO is typically based on:
*   Operating Profit (EBIT) or Comparable EBITDA
*   Less interest expense (net of interest income)
*   Less current income tax
*   Adjustments for non-operating items.

Alternatively, a common formula starts from Profit/Loss from Operating Activities and adds back Depreciation & Amortization, adjustments for equity-accounted investees, and impairments, but removes gains on asset sales.
Given the data, the calculation is:
Profit/Loss from operating activities: 1,277M
+ Depreciation and amortisation: 566M
- Share of profit of associates/JV: (-629M) -> add back 629M
- Capital gains: (785M) -> subtract 785M
- Impairment reversal: (905M) -> subtract 905M
- Other IAC: Items affecting comparability include changes in derivatives, but S&P adjusts for gains on asset sales and impairments.
FFO = 1,277 + 566 + 629 - 785 - 905 = 782M EUR. Let's verify.
Comparable EBITDA is 2,436M EUR.
Adjustments: Interest expense (179M) + Interest income (87M) + Other finance (101M) + Tax (556M).
But for net debt ratio, S&P adjusts FFO from operations.
Let's use Comparable EBITDA 2,436M.
Less: Interest paid (201M)
Less: Income taxes paid (167M)
FFO = 2,436 - 201 - 167 = 2,068M EUR.

Wait, the S&P FFO formula:
FFO = Comparable EBITDA - Interest Expense (cash) - Current income tax expense.
From the cash flow statement:
Comparable EBITDA: 2,436M
Interest paid: (201M)
Income taxes paid: (167M)
FFO = 2,436 - 201 - 167 = 2,068M EUR.

**2. Calculate Net Debt:**
Net Debt = Total Debt - Cash and cash equivalents.
Total Debt = Current + Non-Current borrowings.
From the balance sheet data:
Other Noncurrent Financial Liabilities: 3,658M
Other Current Financial Liabilities: 4,127M
Total Debt = 3,658 + 4,127 = 7,785M EUR.
Cash and cash equivalents (Liquid Funds): 3,919M EUR.
Net Debt = 7,785 - 3,919 = 3,866M EUR.

**3. Calculate Ratio:**
FFO / Net Debt = 2,068 / 3,866 = 0.535

However, S&P often excludes lease liabilities and certain derivative liabilities from debt, and adjusts for surplus cash.
Given only the provided line items:
Other Noncurrent Financial Liabilities = 3,658M
Other Current Financial Liabilities = 4,127M
Sum = 7,785M
Liquid Funds = 3,919M
If we just use these: 2,068 / (7,785 - 3,919) = 2,068 / 3,866 = 0.535.

Let's check if margin liabilities/posted collateral should be netted from cash.
Margin liabilities: 352M
Margin receivables: 2,607M
Often netted.
Net Debt (adjusted) = (3,658 + 4,127) - (3,919 + 2,607 - 352) = 7,785 - 6,174 = 1,611M
Then FFO / Net Debt = 2,068 / 1,611 = 1.28.

Standard S&P definition: Net Debt = Debt (short-term + long-term) - Cash & equivalents. Surplus cash reduces debt.
Ratio = 2,068 / (7,785 - 3,919) = 2,068 / 3,866 = 0.5349.

Final answer: 0.535 (rounded).

<answer>0.535</answer>