Let’s break this down step-by-step using S&P Global Ratings’ methodology for **Funds From Operations (FFO)** and **Net Debt**.

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**1. FFO Calculation**

S&P defines FFO as:  
**FFO = Operating profit before tax + Depreciation & Amortization – Taxes paid – Interest paid + Dividends received from associates/JVs (if classified in operating) + other adjustments.**

From the data:

- **Profit from operating activities (2022)** = €6,489M  
- **Depreciation & Amortization (2022)** = €3,613M  
- **Income taxes paid (2022)** = €1,603M  
- **Interest paid/received (net) in operating activities (2022)** = €563M (this is a net outflow)  
- **Dividends from equity-accounted entities (operating)** = €92M

FFO = 6,489 + 3,613 − 1,603 − 563 + 92  
FFO = **€8,028M**

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**2. Net Debt Calculation**

**Debt includes:**
- Non-current bonds: €20,425M  
- Other non-current borrowings: €3,205M  
- Non-current lease liabilities: €1,580M  
- Current lease liabilities: €522M  
- Short-term borrowings: €6,368M  

Total debt = 20,425 + 3,205 + 1,580 + 522 + 6,368 = **€32,100M**

**Cash & equivalents:**
- Cash and cash equivalents (balance sheet): €12,578M  
- Current cash management financial assets: €755M  

Total cash = 12,578 + 755 = **€13,333M**

**Net Debt** = 32,100 − 13,333 = **€18,767M**

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**3. Ratio**

FFO / Net Debt = 8,028 / 18,767 ≈ **0.4278**

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<answer>0.428</answer>