Let me work through the S&P methodology for Funds From Operations (FFO) and Net Debt.

**Step 1 – FFO Calculation (S&P definition)**

Start with:  
Profit (Loss) From Operating Activities = €1,127M (2022)

Then adjust for:

- Depreciation, Amortization and Provisions (add back): €5,187M  
- Impairment Loss / Reversal (add back): €2,774M  
- Other Non-Recurring Items (add back, since it’s an expense): €1,328M  
- Expense of Restructuring Activities (add back): €230M  
- Other Income/Expense from Subsidiaries/Jointly Controlled Entities/Associates (remove income): –€91M  
- Current Operating Income MTM (exclude); but given the data, starting from operating profit and adjusting non-cash items should give a proxy.

Also, Share of profit of associates (€1,059M) less dividends received from associates (–€713M) = €346M adjustment.  

FFO (approximate):  
= Operating profit  
\+ Depreciation, Amortization & Provisions  
\+ Impairment  
\+ Restructuring  
\+ Other Non-Recurring  
– Other Income from Subsidiaries  
\+ Difference between equity income and dividends from associates  

= 1,127  
+ 5,187  
+ 2,774  
+ 230  
+ 1,328  
– 91  
+ (1,059 – 713)  
= 1,127 + 5,187 + 2,774 + 230 + 1,328 – 91 + 346  
= €10,901M (approx.)

**Step 2 – Net Debt Calculation**

Long-term borrowings: €28,083M  
Current borrowings: €12,508M  

Less:  
Cash and cash equivalents: €15,570M  

Net Debt = 28,083 + 12,508 – 15,570 = €25,021M

**Step 3 – Ratio**

FFO / Net Debt = 10,901 / 25,021 ≈ 0.4356

Expressed in S&P style, this is around 43.6%.

<answer>0.4356</answer>