To estimate the FFO / Net Debt ratio for 2022 based on S&P methodology, we need to calculate Funds From Operations (FFO) and Net Debt for the period ending 2022-12-31 (reported as of 2023-01-01). **1. Calculating Funds From Operations (FFO):** S&P defines FFO as Profit Before Tax (or Operating Income) adjusted for non-cash items and other specific items, often effectively aligning with the cash generation from operations before working capital changes, interest, and taxes. A common simplified S&P formula is: FFO = Operating Income + Depreciation + Amortization + Impairments + Non-cash Provisions - Non-cash Gains on Disposal From the provided data for the 2022 period: - Profit Loss From Operating Activities (EBIT): 687,000,000 EUR - Depreciation Expense: 491,000,000 EUR - Amortisation Expense: 233,000,000 EUR - Adjustments For Impairment Loss: 10,000,000 EUR - Adjustments For Provisions (non-cash): 92,000,000 EUR - Adjustments For Losses Gains On Disposal Of Noncurrent Assets: -191,000,000 EUR (This is a gain, as it negatively adjusts profit) FFO = 687,000,000 + 491,000,000 + 233,000,000 + 10,000,000 + 92,000,000 - 191,000,000 FFO = 1,322,000,000 EUR *(Note: This equals EBITDA of 1,505,000,000 minus the non-recurring gain of 183,000,000, as S&P typically removes one-off gains from FFO).* **2. Calculating Net Debt:** Net Debt = Total Financial Debt - Cash and Cash Equivalents. Under S&P methodology, total financial debt includes both noncurrent and current financial liabilities. - Other Noncurrent Financial Liabilities: 5,867,000,000 EUR - Other Current Financial Liabilities: 1,022,000,000 EUR - Total Financial Debt = 5,867,000,000 + 1,022,000,000 = 6,889,000,000 EUR - Cash And Cash Equivalents: 2,584,000,000 EUR Net Debt = 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR **3. Calculating the FFO / Net Debt Ratio:** FFO / Net Debt = 1,322,000,000 / 4,305,000,000 = 0.30708... Rounded to two decimal places, the ratio is 0.31. 0.31