# FFO / Net Debt Ratio Calculation (S&P Methodology)

## Reasoning

**Step 1: Calculate FFO (Funds From Operations)**

Using S&P methodology, FFO is calculated as:
FFO = Net Income + Depreciation & Amortization + Deferred Taxes - Changes in Working Capital

From the 2022 data (2021-01-01 to 2022-01-01):
- Net Income (Profit Loss): €97,153,000
- Depreciation & Amortization: €241,940,000
- Deferred Tax Assets change: €96,673,000 (2022-01-01) - €69,803,000 (2023-01-01) = €26,870,000 (benefit in 2022)
- Changes in Working Capital: I'll estimate from operating cash flow components

Working capital adjustment from cash flow statement:
- Operating cash flow: €700,037,000
- Less: Net Income: €97,153,000
- Less: D&A: €241,940,000
- This gives us approximately: €360,944,000 in working capital impact

Actually, a simpler S&P approach:
**FFO = Operating Cash Flow + Interest Paid (after-tax adjustment)**

Operating Cash Flow (2021-2022): €700,037,000
Interest Paid (2021-2022): €39,725,000
Tax rate ≈ 52,081 / 176,275 ≈ 29.5%

FFO = €700,037,000 + €39,725,000 × (1 - 0.295)
FFO = €700,037,000 + €27,975,625 ≈ €728,013,000

**Step 2: Calculate Net Debt (as of 2022-01-01)**

Total Debt = Long-term Borrowings + Current Portion of Borrowings
- Long-term Borrowings: €2,390,852,000
- Current Borrowings: €375,221,000
- Total Debt: €2,766,073,000

Less: Cash and Cash Equivalents: €398,759,000

**Net Debt = €2,766,073,000 - €398,759,000 = €2,367,314,000**

**Step 3: Calculate FFO / Net Debt Ratio**

FFO / Net Debt = €728,013,000 / €2,367,314,000 = 0.3075

<answer>0.31</answer>