To estimate the FFO / Net Debt ratio for 2022 based on S&P's methodology, we start by identifying the components of FFO (Funds From Operations) and Net Debt from the provided financial data for the period ending 2023-01-01 (which represents the full year 2022). **1. Calculate Funds From Operations (FFO)** According to S&P's methodology, FFO is generally calculated as: FFO = Profit Loss From Continuing Operations + Depreciation, Amortisation, and Impairment + Other Non-Cash Items (adjustments to reconcile profit loss) The provided data directly gives a reconciliation line: - "Profit Loss From Continuing Operations" (2022-01-01 - 2023-01-01): 1,849,000,000 EUR - "Adjustments For Reconcile Profit Loss" (2022-01-01 - 2023-01-01): 3,057,000,000 EUR (We can verify this: Adjustments include Depreciation & Amortisation of 1,532,000,000 EUR and Other Adjustments of 1,525,000,000 EUR, which sum to 3,057,000,000 EUR). FFO = 1,849,000,000 + 3,057,000,000 = 4,906,000,000 EUR. **2. Calculate Net Debt** S&P defines Net Debt as Total Financial Debt minus Cash, Cash Equivalents, and Short-term Investments. - Total Financial Debt = Long-term Borrowings + Current Borrowings + Noncurrent Lease Liabilities + Current Lease Liabilities + Other Noncurrent Financial Liabilities + Other Current Financial Liabilities - "Longterm Borrowings" (2023-01-01): 12,689,000,000 EUR - "Current Borrowings And Current Portion Of Noncurrent Borrowings" (2023-01-01): 2,110,000,000 EUR - "Noncurrent Lease Liabilities" (2023-01-01): 1,309,000,000 EUR - "Current Lease Liabilities" (2023-01-01): 177,000,000 EUR - "Other Noncurrent Financial Liabilities" (2023-01-01): 1,000,000 EUR - "Other Current Financial Liabilities" (2023-01-01): 15,000,000 EUR Total Financial Debt = 12,689 + 2,110 + 1,309 + 177 + 1 + 15 = 16,301,000,000 EUR. - Cash and Cash Equivalents (2023-01-01): 3,985,000,000 EUR. Net Debt = Total Financial Debt - Cash & Cash Equivalents Net Debt = 16,301,000,000 - 3,985,000,000 = 12,316,000,000 EUR. **3. Calculate the FFO / Net Debt Ratio** FFO / Net Debt = 4,906,000,000 / 12,316,000,000 ≈ 0.3983 Expressed as a percentage (as standard in S&P metrics), this is approximately 39.8%. As a decimal, it is 0.398. 0.398