To estimate the FFO / Net Debt ratio for 2022 based on S&P methodology, we first need to calculate the components: Funds From Operations (FFO) and Net Debt. 1. **FFO Calculation:** Under S&P's methodology, FFO is typically defined as Profit From Continuing Operations (Net Profit) plus non-cash items like Depreciation, Amortization, and Impairments, minus non-cash gains. From the provided data for the period 2022-01-01 to 2023-01-01: - Profit Loss = 4,417,000,000 EUR - Adjustments For Depreciation And Amortisation Expense = 3,613,000,000 EUR - Adjustments For Provisions And Adjustments For Impairment Loss = 0 EUR - Adjustments For Losses Gains On Disposal Of Noncurrent Assets = -68,000,000 EUR (This represents a gain of 68M, which should be subtracted) - Adjustments For Fair Value Gains Losses = -236,000,000 EUR (This represents a gain of 236M, which should be subtracted) - Expense From Sharebased Payment Transactions With Employees = 356,000,000 EUR (Non-cash expense added back) FFO = 4,417 + 3,613 + 0 - 68 - 236 + 356 = 8,082,000,000 EUR. *(Note: S&P sometimes uses Operating Profit + D&A, which would be 6,489 + 3,613 = 10,102M, but the standard Net Income + D&A - Gains approach yields 8,082M. Using the most standard definition: 8,082M)* 2. **Net Debt Calculation:** Net Debt = Total Financial Debt - Cash and Cash Equivalents. From the Balance Sheet at 2023-01-01 (end of 2022): - Noncurrent Portion Of Noncurrent Bonds Issued = 20,425,000,000 EUR - Noncurrent Portion Of Other Noncurrent Borrowings = 3,205,000,000 EUR - Noncurrent Lease Liabilities = 1,580,000,000 EUR - Shortterm Borrowings = 6,368,000,000 EUR - Current Lease Liabilities = 522,000,000 EUR Total Financial Debt = 20,425 + 3,205 + 1,580 + 6,368 + 522 = 32,100,000,000 EUR. - Cash And Cash Equivalents = 12,578,000,000 EUR - Current Cash Management Financial Assets = 755,000,000 EUR (Usually considered highly liquid equivalents) Total Cash & Equivalents = 12,578 + 755 = 13,333,000,000 EUR. Net Debt = 32,100,000,000 - 13,333,000,000 = 18,767,000,000 EUR. 3. **Ratio Calculation:** FFO / Net Debt = 8,082,000,000 / 18,767,000,000 ≈ 0.4307 or 43.1%. If calculated using Operating Profit + D&A for FFO (10,102M): FFO / Net Debt = 10,102 / 18,767 ≈ 53.8%. Using the strict Net Income + D&A - Gains formulation (8,082M), the ratio is 43.1%. Let's provide 0.43. 0.43