Let’s reason through the S&P-style FFO / Net debt calculation for 2022.

**Step 1: Determine Funds From Operations (FFO)**  
S&P typically starts from EBITDA or Operating Profit and adjusts for taxes paid, interest paid/received, and working capital changes — or uses cash flow from operations (CFO) before working capital changes.  
A simpler approach: start from **Profit (Loss) from Continuing Operations**, add back depreciation/amortisation, deferred taxes, and other non-cash items  
- Profit from continuing operations (2022): 878,000,000 EUR  
- Add Depreciation, Amortisation & Impairment: 725,700,000 EUR  
- Adjust for gains on disposals (−6,900,000 EUR), provisions (+51,700,000 EUR), other non-cash movements (−24,100,000 EUR), finance costs net (−101,500,000 EUR) and share of loss of associates (+1,000,000 EUR)  

But S&P methodology often uses **CFO before WC changes** minus certain items. We see “Cash flows from used in operations before changes in working capital” = 2,072,700,000 EUR.  
We adjust: subtract interest paid (−154,800,000 EUR), add interest received (+64,200,000 EUR), subtract income taxes paid (−380,100,000 EUR).  

**FFO ≈ 2,072,700,000 − 154,800,000 + 64,200,000 − 380,100,000 = 1,601,000,000 EUR** (approx).

**Step 2: Net Debt**  
S&P net debt = short- and long-term borrowings + lease liabilities (if included in borrowings or separate) – cash and equivalents – certain current financial assets.  

From balance sheet (2023-01-01):  
- Long-term borrowings: 8,416,700,000  
- Short-term borrowings: 444,100,000  
- Current portion of long-term: 1,909,300,000  
- Cash and cash equivalents: 2,155,100,000  
- Current financial assets (likely liquid): 255,300,000  

**Gross debt** = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR  
**Net debt** = 10,770,100,000 − 2,155,100,000 − 255,300,000 ≈ 8,359,700,000 EUR  

**Step 3: Ratio**  
FFO / Net debt ≈ 1,601,000,000 / 8,359,700,000 ≈ 0.1915 (~19.15%).

So the estimate is:

<answer>0.1915</answer>