I need to estimate the FFO / Net debt ratio for 2022 based on S&P methodology.

First, let me understand S&P's FFO (Funds From Operations) methodology:
- FFO typically = Net Income + Depreciation/Amortization + Deferred Income Taxes + Other non-cash items - Gains on asset sales + Interest expense

For S&P Global Ratings methodology, FFO is generally calculated as:
- Operating profit + Depreciation & Amortization - Interest paid - Current taxes paid ± Changes in working capital (or more commonly: Net income from continuing operations + D&A + Interest expense + Deferred taxes - Non-recurring items)

Let me use a more standard approach for FFO:
FFO = Profit before tax + Interest expense - Current income tax expense + Depreciation & Amortization - Non-operating gains/losses

Or more practically from cash flow perspective:
FFO = Cash flow from operating activities + Interest paid - Interest received (or using P&L items)

Let me use the standard S&P approach:
FFO = Net income + Interest expense + Deferred taxes + D&A - Non-recurring items + Other non-cash items

Actually, let me use a cleaner S&P methodology:
FFO = Operating profit (EBIT) + D&A - Current tax paid - Interest paid + Interest received... 

More standard S&P FFO formula:
FFO = Net income from continuing operations + Depreciation & amortization + Interest expense + Deferred income taxes + Other non-cash charges - Non-recurring gains

Let me calculate using available data:

From the P&L for 2022 (period 2022-01-01 to 2023-01-01):
- Profit Loss From Continuing Operations: 5,218,000,000 EUR
- Depreciation Amortisation And Impairment Loss: 7,447,000,000 EUR
- Finance Costs: 5,880,000,000 EUR
- Finance Income: 3,430,000,000 EUR
- Income Tax Expense Continuing Operations: 3,523,000,000 EUR

From cash flow:
- Cash Flows From Used In Operating Activities: 8,674,000,000 EUR
- Finance Costs Paid Classified As Operating Activities: 5,016,000,000 EUR
- Finance Income Received Classified As Operating Activities: 2,622,000,000 EUR
- Income Taxes Paid Refund Classified As Operating Activities: 1,934,000,000 EUR

Standard S&P FFO calculation:
FFO = Cash flow from operating activities (before working capital changes) + Interest paid - Interest received

Or from P&L basis:
FFO = Net income + D&A + Interest expense + Deferred taxes - Non-recurring items

Let me use the more common S&P approach:
FFO = Operating cash flow + Interest paid - Interest received (if interest was classified as financing)

Actually, S&P typically calculates FFO as:
FFO = Funds from operations = Net income + D&A + Deferred taxes + Other non-cash items + Interest expense - Capitalized interest - Non-recurring items

Let me try: FFO = Profit before tax + Interest expense + D&A - Current tax paid

Profit Loss Before Tax (2022): 8,741,000,000 EUR
+ Finance Costs: 5,880,000,000 EUR
+ Depreciation Amortisation: 7,447,000,000 EUR
- Income Tax Expense: 3,523,000,000 EUR
= 18,545,000,000 EUR

But this double counts interest if we start from PBT. Let me recalculate:

S&P FFO typically = EBIT + D&A - Current taxes - Interest received + Interest paid (net interest) + Other adjustments

Or: FFO = Net income + D&A + Interest expense + Deferred taxes

Net income (continuing): 5,218,000,000
+ D&A: 7,447,000,000
+ Interest expense (Finance Costs): 5,880,000,000
- Interest income (Finance Income): 3,430,000,000 (but we add back gross interest expense, not net)
+ Deferred taxes: Need to estimate

Actually, let me use: FFO = Operating profit + D&A - Cash taxes + Interest received

Operating profit (Profit Loss From Operating Activities): 11,193,000,000
+ D&A: 7,447,000,000
- Income Taxes Paid: 1,934,000,000 (from cash flow)
= 16,706,000,000

But S&P FFO is more commonly:
FFO = Net income + D&A + Interest expense + Deferred taxes

Net income total: 2,920,000,000
+ D&A: 7,447,000,000
+ Finance Costs: 5,880,000,000
+ Deferred tax change: ?

From balance sheet, Deferred Tax Assets: 11,034,000,000 (2022) to 10,925,000,000 (2023) = decrease of 109,000,000
Deferred Tax Liabilities: 9,259,000,000 (2022) to 9,542,000,000 (2023) = increase of 283,000,000

Deferred tax expense would be roughly: increase in DTL - decrease in DTA = 283,000,000 - (-109,000,000) = 392,000,000? 

Actually, the P&L shows Income Tax Expense of 3,523,000,000. Cash taxes paid were 1,934,000,000. So deferred tax portion = 3,523,000,000 - 1,934,000,000 = 1,589,000,000

FFO = 2,920,000,000 + 7,447,000,000 + 5,880,000,000 + 1,589,000,000 = 17,836,000,000

But this includes discontinued operations loss. For continuing operations:
FFO = 5,218,000,000 + 7,447,000,000 + 5,880,000,000 + 1,589,000,000 = 20,134,000,000

However, S&P typically adjusts for working capital and uses a more refined approach. Let me use cash flow based:

FFO = Cash flow from operating activities (continuing) + Interest paid - Interest received

Cash Flows From Used In Operating Activities: 8,674,000,000
Less: Cash Flows From Used In Operating Activities Discontinued Operations: -391,000,000
So continuing operating cash flow: 8,674,000,000 - (-391,000,000) = 9,065,000,000? 

Actually, the total includes discontinued. Let me check: 8,674,000,000 is total, and discontinued is -391,000,000, so continuing is 8,674,000,000 - (-391,000,000) = 9,065,000,000? No, if discontinued is negative (used in), then total = continuing + discontinued. So continuing = 8,674,000,000 - (-391,000,000) doesn't make sense. If discontinued used cash of -391,000,000 (negative means used), then continuing generated 8,674,000,000 + 391,000,000 = 9,065,000,000? 

Actually in cash flow terminology, "Cash Flows From Used In" means the value is positive when cash is generated/used appropriately. Let me assume 8,674,000,000 is net from operating (positive = generated), and -391,000,000 for discontinued means cash used. So continuing = 8,674,000,000 + 391,000,000 = 9,065,000,000 if we want gross continuing.

Standard S&P FFO = Operating cash flow before working capital changes + Interest paid

Or more precisely from the cash flow statement adjustments:
FFO = Cash from operations + Interest paid (if classified as operating) - Interest received (if classified as operating)

Looking at the data:
- Finance Income Received Classified As Operating Activities: 2,622,000,000
- Finance Costs Paid Classified As Operating Activities: 5,016,000,000

So in operating cash flow, interest paid of 5,016,000,000 and interest received of 2,622,000,000 are included.

S&P FFO = Cash from operations + Interest paid - Interest received (to get to pre-interest cash flow, then adjust)

Actually, standard S&P FFO formula:
FFO = Net cash from operating activities 
       + Interest paid (financing) 
       + Interest received (investing) 
       - Interest received (operating) 
       + Interest paid (operating, if not already in CFO)

Let me use a simpler and more common approach:
FFO = Operating profit + D&A - Cash taxes ± Working capital changes + Other non-cash items

Or: FFO = EBITDA - Cash taxes - Interest paid + Interest received

EBITDA = Operating profit + D&A = 11,193,000,000 + 7,447,000,000 = 18,640,000,000
- Cash taxes: 1,934,000,000
- Interest paid: 5,016,000,000 (from operating activities, but this is only part)
+ Interest received: 2,622,000,000

But we need total interest paid. Finance Costs P&L is 5,880,000,000. Interest paid in operating is 5,016,000,000. The difference might be capitalized or in other categories.

Let me try: FFO = 18,640,000,000 - 1,934,000,000 - 5,880,000,000 + 3,430,000,000 = 14,256,000,000? No, that's mixing accrual and cash.

Better approach using S&P standard:
FFO = Net income + D&A + Interest expense + Deferred taxes + Other non-cash - Non-recurring

= 2,920,000,000 + 7,447,000,000 + 5,880,000,000 + (3,523,000,000 - 1,934,000,000) + other adjustments

Deferred tax = 1,589,000,000

FFO = 2,920,000,000 + 7,447,000,000 + 5,880,000,000 + 1,589,000,000 = 17,836,000,000

But this includes discontinued. For a cleaner number, use continuing:
= 5,218,000,000 + 7,447,000,000 + 5,880,000,000 + 1,589,000,000 = 20,134,000,000

Less: non-recurring or adjustments for commodity contracts, etc.

Actually, let me check if there's a better way. S&P also calculates FFO as:
FFO = Cash flow from operating activities + Interest paid (if in financing) - Interest received (if in investing) + Working capital adjustments

From the cash flow:
Cash from operating: 8,674,000,000
This includes: Interest paid 5,016,000,000 and Interest received 2,622,000,000 (both in operating)

So if we want to add back interest paid and subtract interest received to get to "funds before interest":
8,674,000,000 + 5,016,000,000 - 2,622,000,000 = 11,068,000,000

But this seems low compared to P&L based FFO.

Actually, I think the issue is that operating cash flow already includes working capital changes and other adjustments. Let me look at the adjustments:

Increase Decrease In Working Capital: 3,961,000,000 (positive = source of cash)

So cash flow before working capital = 8,674,000,000 - 3,961,000,000 = 4,713,000,000? That seems wrong direction.

Actually, in cash flow statements, working capital increase is usually subtracted. Let me check: "Increase Decrease In Working Capital" 3,961,000,000. If this is positive in the adjustments section, it means it's added back (source of cash).

Looking at detailed working capital:
- Inventories: -2,166,000,000 (increase, use of cash)
- Trade receivables: -2,783,000,000 (increase, use of cash)
- Trade payables: 1,333,000,000 (increase, source of cash)
- Contract assets: 15,000,000
- Contract liabilities: 254,000,000
- Other: 614,000,000

Sum: -2,166 - 2,783 + 1,333 + 15 + 254 + 614 = -2,733,000,000? But reported as +3,961,000,000. 

Wait, the signs might be opposite. "Adjustments For Decrease Increase In Inventories" = -2,166,000,000 means cash decreased (increase in inventory). But in cash flow, this would be subtracted from net income. 

Actually, looking more carefully: "Increase Decrease In Working Capital" 3,961,000,000 is the total. The components have "Adjustments For..." prefix. If inventory increased, cash flow decreases, so adjustment is negative. 

Let me recalculate: -2,166 + (-2,783) + 1,333 + 15 + 254 + 614 + other items (accruals, etc.) = ?

Other working capital items:
- Contract assets: 15
- Contract liabilities: 254
- Other assets/liabilities: 614
- Accruals to provisions: 803
- Utilization from provisions: -1,521

Sum of detailed: -2,166 - 2,783 + 1,333 + 15 + 254 + 614 - 2,425 + 803 - 1,521 = -5,876,000,000? 

Hmm, this doesn't match 3,961,000,000. There might be other items or different sign conventions.

Let me just use the reported 3,961,000,000 as the working capital change.

Going back to FFO calculation. Let me use the most standard S&P approach:

FFO = Net income + Depreciation & Amortization + Interest expense + Deferred income taxes - Non-recurring gains + Other non-cash items

Net income (total): 2,920,000,000
+ D&A: 7,447,000,000
+ Interest expense (Finance Costs): 5,880,000,000
+ Deferred taxes: 1,589,000,000 (3,523 - 1,934)
= 17,836,000,000

But we need to adjust for discontinued operations if we want continuing FFO, or use total. S&P typically uses total FFO.

Actually, for debt ratios, S&P uses "FFO" which includes discontinued if not separated, or focuses on continuing. Let me use continuing operations FFO as it's more representative:

FFO (continuing) = 5,218,000,000 + 7,447,000,000 + 5,880,000,000 + 1,589,000,000 = 20,134,000,000

But wait, Finance Costs includes more than just interest. And we need to check if there are capitalized interest or other items.

Also, I should verify: is 5,880,000,000 the right interest expense? Finance Costs = 5,880,000,000. Finance Income = 3,430,000,000. Net finance cost = 2,450,000,000.

From P&L: Profit before tax = Operating profit + Finance income - Finance costs + Other items
8,741 = 11,193 + 3,430 - 5,880 + 290 + other? 
11,193 - 5,880 + 3,430 + 290 + 4 = 9,037? Not exactly 8,741. 

Let me check: 11,193 + 290 (gains on net monetary) - 5,880 + 3,430 + 400 (share of profit) = 9,433? 

Actually: Operating profit 11,193 + Finance income 3,430 - Finance costs 5,880 + Gains 290 + Share of profit 400 - ... = 8,741?

11,193 + 3,430 - 5,880 + 290 + 400 = 9,433. Difference is 692. Maybe there are other finance items or the share of profit is not in PBT.

Actually looking again: "Share Of Profit Loss Of Associates" = 4,000,000. This is usually after finance costs or part of operating.

Let me just use: FFO = Operating profit + D&A - Cash taxes + Interest received - Interest paid (approximation)

Or better: FFO = EBITDA - Interest paid - Cash taxes + Interest received

EBITDA = 11,193 + 7,447 = 18,640
- Cash interest paid: need to estimate
- Cash taxes: 1,934

From cash flow, interest paid in operating is 5,016, and interest received is 2,622.

But total finance costs are 5,880. The difference 864 might be capitalized, non-cash (accretion), or paid in financing.

If we use cash basis: FFO ≈ Cash from operations + Cash interest paid - Cash interest received (to get to pre-interest)

= 8,674 + 5,016 - 2,622 = 11,068? No, that gives a lower number.

Actually, the standard adjustment is: FFO = Operating cash flow + Interest paid (if deducted in financing) - Interest received (if included in investing). But here both are in operating activities.

Let me try different approach: S&P FFO from cash flow = Cash generated from operations before interest and tax

= Cash from operating activities + Income taxes paid + Interest paid - Interest received
= 8,674 + 1,934 + 5,016 - 2,622 = 13,002,000,000

Or using P&L: FFO = EBIT + D&A - Current taxes = 11,193 + 7,447 - 1,934 = 16,706,000,000? But EBIT already includes interest.

Wait, EBIT = Earnings Before Interest and Taxes. In this case, "Profit Loss From Operating Activities" = EBIT = 11,193.

So EBIT + D&A = EBITDA = 18,640
- Cash taxes = 18,640 - 1,934 = 16,706

But this is before interest. To get FFO, we need to subtract interest paid and add interest received:
FFO = EBITDA - Cash taxes - Interest paid + Interest received? No, that's wrong.

FFO should be after interest if we're adding back interest. Actually S&P FFO is typically:
FFO = Net income + D&A + Interest + Deferred taxes

Let me verify with: 2,920 + 7,447 + 5,880 + 1,589 = 17,836

Or using continuing: 5,218 + 7,447 + 5,880 + 1,589 = 20,134

I think for S&P methodology, a common approach is:
FFO = Funds from operations = Operating cash flow before working capital changes ± some items

Or: FFO = Net income + Non-cash charges - Non-cash gains + Interest expense + Deferred taxes

Let me use: FFO = 5,218 (continuing) + 7,447 + 5,880 + 1,589 = 20,134

But I need to check if this is too high. Let me also consider: S&P sometimes uses "Adjusted FFO" which subtracts capital gains, etc.

Looking at cash flow adjustments for non-cash items:
- Impairment/reversal: -1,278 (reversal, so subtract)
- D&A: 7,447 (but this is already in P&L)
- Other adjustments: various

Actually, from cash flow statement, the starting point is profit, then adjustments are made. Let me see if I can reconstruct:

Cash from operating activities 8,674 = 
Starting from net income (which?) + adjustments

The adjustments listed include:
- Impairment: -1,278 (actually 1,278 reversal, so negative adjustment)
- D&A: 8,809 (wait, "Adjustments For Depreciation And Amortisation" = 8,809, not 7,447)

Ah! Important difference: "Depreciation Amortisation And Impairment Loss" in P&L is 7,447, but "Adjustments For Depreciation And Amortisation Expense And Impairment Loss" in cash flow is 8,809.

This 8,809 includes impairment of trade receivables (1,278) and other items. Let me check: 7,447 + 1,278 (impairment reversal? no, reversal would reduce) = ?

Actually: "Adjustments For Impairment Loss Reversal" = 1,288 (positive, meaning added back? But it's a reversal, which increased profit, so should be subtracted)

Wait: "Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss Trade And Other Receivables" = 1,288,000,000

If there was a reversal of 1,278 in P&L, this increased profit. In cash flow, we need to subtract it (not a cash item). So adjustment would be negative or we subtract it.

But the value is shown as positive 1,288. This might mean it's presented as a positive number to be subtracted, or the sign convention is different.

Let me look at D&A adjustment: 8,809. This is positive, meaning added back (expense was subtracted in P&L, add back for cash flow).

Total adjustments for non-cash: 8,809 + 1,288 - 2,499 (finance income/cost) + 23 (undistributed profits) + 3,470 (income tax) + ... 

Actually, let me try: Starting profit + adjustments = Cash from operations

If starting from continuing profit 5,218 + discontinued loss (-2,298 adjustment?) = 2,920 total net income.

Then adjustments: 8,809 + 1,288 - 2,499 + 23 + 3,470 + 3,961 (working capital) + other = ?

2,920 + 8,809 + 1,288 - 2,499 + 23 + 3,470 + 3,961 - 5,016 (interest paid?) + 2,622 (interest received?) - 1,934 (taxes) - 927 - 355 + ... 

This is getting complex. Let me just use the standard S&P formula with P&L items.

Standard S&P FFO = Net income from continuing operations + Depreciation & amortization + Interest expense + Deferred income taxes

= 5,218 + 7,447 + 5,880 + 1,589 = 20,134

But I should verify interest expense. Finance Costs = 5,880. Is this all interest? Probably includes other financing costs.

For a more conservative estimate, let me use net interest or cash interest paid.

Actually, looking at S&P methodology documents, FFO is typically:
FFO = Net income + D&A + Interest expense + Deferred taxes + Other non-cash charges - Non-recurring gains

Where Interest expense is gross interest expense (not net of interest income).

Let me also consider: S&P sometimes uses "FFO before working capital changes" or "Adjusted FFO".

For Net Debt:
Net Debt = Long-term borrowings + Short-term borrowings + Current portion of long-term borrowings - Cash and cash equivalents

At 2023-01-01 (end of 2022):
- Longterm Borrowings: 68,191,000,000
- Shortterm Borrowings: 18,392,000,000
- Current Portion Of Longterm Borrowings: 2,835,000,000
- Cash And Cash Equivalents: 11,041,000,000

Gross debt = 68,191 + 18,392 + 2,835 = 89,418,000,000
Net debt = 89,418 - 11,041 = 78,377,000,000

But we also need to check if there are other debt-like items. "Other Current Financial Liabilities" = 853,000,000. "Other Noncurrent Financial Liabilities" = 0.

Also, derivative liabilities might be considered part of debt for some calculations, but S&P typically focuses on borrowings.

Net debt = 78,377,000,000

FFO / Net debt = 20,134 / 78,377 = 0.257 or 25.7%

But let me also try with total FFO (including discontinued):
FFO = 2,920 + 7,447 + 5,880 + 1,589 = 17,836
FFO / Net debt = 17,836 / 78,377 = 0.228 or 22.8%

Or using cash-based FFO:
FFO = Cash from operations + Interest paid - Interest received (if both in operating)
= 8,674 + 5,016 - 2,622 = 11,068? 

Actually no - if interest paid and received are already IN operating cash flow, then:
Cash from operations includes: profit + D&A - working capital changes - interest paid + interest received - taxes paid...

So to get FFO (before interest), we add back interest paid and subtract interest received:
FFO = 8,674 + 5,016 - 2,622 = 11,068

But this seems low. Let me check: 11,068 / 78,377 = 14.1%

Alternatively, if we want FFO before tax and interest:
= 8,674 + 1,934 + 5,016 - 2,622 = 13,002
13,002 / 78,377 = 16.6%

Or using EBITDA - Cash taxes approach:
EBITDA = 18,640
Cash taxes = 1,934
FFO = 18,640 - 1,934 = 16,706? But this is before interest, so not quite FFO.

Actually, I think the most standard S&P FFO is from P&L with add-backs. Let me use:

FFO = Net income (total) + D&A + Interest expense + Deferred taxes
= 2,920 + 7,447 + 5,880 + 1,589 = 17,836

Or with continuing net income:
= 5,218 + 7,447 + 5,880 + 1,589 = 20,134

S&P Global typically uses "FFO to debt" where FFO includes continuing and discontinued if not separately adjusted, or focuses on "Adjusted FFO" from continuing.

Let me also consider if we should use average net debt or year-end net debt. S&P typically uses year-end or average. For 2022, using year-end 2022 (which is 2023-01-01 in the data).

Net debt at 2022-01-01:
- Longterm Borrowings: 54,500
- Shortterm Borrowings: 13,306
- Current Portion Of Longterm Borrowings: 4,031
- Cash And Cash Equivalents: 8,858
Gross = 71,837, Net = 62,979

Average net debt = (78,377 + 62,979) / 2 = 70,678

FFO / Net debt (average) = 20,134 / 70,678 = 28.5% or 17,836 / 70,678 = 25.2%

I think for this exercise, using year-end net debt and continuing FFO is most appropriate, or perhaps total FFO.

Let me also check if there's a more precise S&P formula. S&P's "Funds From Operations" (FFO) is typically:

FFO = Net income + Depreciation & amortization + Interest expense + Deferred income taxes - Non-recurring items

For utilities/energy companies, S&P might also add back certain regulatory adjustments.

Given the data, let me use:
FFO = 5,218 (continuing) + 7,447 + 5,880 + 1,589 = 20,134

But wait - I need to check if the 7,447 D&A is already included in operating profit. Yes, operating profit is after D&A. So we add it back.

Actually, let me verify: Operating profit 11,193 + Finance income 3,430 - Finance costs 5,880 + Gains 290 + Share of profit 4 = 9,037? Not 8,741.

Hmm, 11,193 + 3,430 - 5,880 + 290 = 9,033. Plus share of profit 4 = 9,037. But PBT is 8,741. Difference of 296.

Maybe there are other items between operating profit and PBT. "Net Results From Commodity Contracts" = 2,365. This might be in operating profit already or below it.

Looking at the structure: Revenue 140,517 - Operating Expense 131,689 = 8,828? But operating profit is 11,193. So there are other income items.

Revenue 140,517 + Other Income 4,864 = 145,381 total income
- Operating expenses of various types = 11,193 operating profit

Actually, "Operating Expense" is given as 131,689. But 145,381 - 131,689 = 13,692, not 11,193. So "Operating Expense" might not include all costs, or there are other adjustments.

Let me not get bogged down. The key is that "Profit Loss From Operating Activities" = 11,193 is given, which is EBIT.

For FFO, I'll use: EBIT + D&A - Cash taxes + Interest received - Interest paid? No, that's messy.

Standard formula: FFO = Net income + D&A + Interest + Deferred taxes

= 2,920 + 7,447 + 5,880 + 1,589 = 17,836 (total)
or 5,218 + 7,447 + 5,880 + 1,589 = 20,134 (continuing)

I think for S&P ratios, they typically want the total FFO unless specified otherwise. But continuing is more meaningful for ongoing operations.

Actually, let me reconsider. S&P's FFO definition from their corporate methodology:
"FFO: Funds from operations. We define FFO as net income plus depreciation and amortization, deferred income taxes, and other non-cash items."

For the interest add-back, S&P says:
"For entities with significant finance lease obligations or significant securitization programs, we may make additional adjustments to FFO."

And for the ratio: "FFO to debt" or "Debt to FFO".

Importantly, S&P sometimes calculates FFO as:
FFO = Cash flow from operating activities before changes in working capital + Interest paid - Interest received

Or from the cash flow: 
Cash from operations 8,674
+ Working capital changes -3,961 (if positive was source, subtract to get before WC)
+ Interest paid (in financing, not operating) 
- Interest received (in investing, not operating)

But here interest is in operating activities. So:
Cash from operations before WC = 8,674 - 3,961 = 4,713? 

This seems wrong direction. Let me check: if working capital was a source of 3,961, then before WC, cash flow would be lower: 8,674 - 3,961 = 4,713.

Then add back interest paid 5,016, subtract interest received 2,622:
4,713 + 5,016 - 2,622 = 7,107? Still seems low.

Actually, I think the sign on working capital might be opposite. Let me check components:
- Inventories increased (use of cash): -2,166
- Receivables increased (use): -2,783  
- Payables increased (source): 1,333
- Other items: various

Net working capital change seems to be negative (use of cash), but reported as +3,961. This is confusing.

Let me just use the P&L-based FFO as it's more standard and less sensitive to working capital timing.

FFO = 17,836 (total) or 20,134 (continuing)

For Net Debt, I'll use year-end 2022:
78,377

FFO/Net debt = 17,836 / 78,377 = 22.8% or 20,134 / 78,377 = 25.7%

Let me also calculate using 2021 net debt for comparison:
2021: Longterm 54,500 + Shortterm 13,306 + Current portion 4,031 - Cash 8,858 = 62,979

Average: (78,377 + 62,979) / 2 = 70,678

With continuing FFO and average debt: 20,134 / 70,678 = 28.5%

I think for S&P methodology, using year-end debt is common for point-in-time ratios, or average for trend analysis. Let me use year-end with continuing FFO as my best estimate.

Actually, re-reading S&P methodology, they often use "adjusted FFO" which might include:
- Add back interest expense (gross, not net)
- Use normalized taxes

Let me try with EBIT + D&A approach:
EBITDA = 18,640
Less: Cash taxes = 1,934
Less: Interest paid (cash) = 5,016
Plus: Interest received (cash) = 2,622
= 14,312

This is closer to cash flow before working capital. Then add back working capital or not?

Actually, this gives "cash flow from operations before working capital" ≈ 14,312, which is different from 4,713 or 11,068 calculated earlier.

Hmm, 14,312 + working capital 3,961 = 18,273, not 8,674. So my sign on working capital is wrong.

Let me try: EBITDA 18,640 - Cash taxes 1,934 - Interest paid 5,016 + Interest received 2,622 - Working capital ??? = Cash from operations 8,674

18,640 - 1,934 - 5,016 + 2,622 - WC = 8,674
14,312 - WC = 8,674
WC = 5,638? 

But reported working capital change is 3,961. Doesn't match. There are other items.

Let me try with accrual interest: 18,640 - 1,934 - 5,880 + 3,430 - WC = 14,256 - WC = 8,674, so WC = 5,582. Still not 3,961.

There are clearly other items in the reconciliation. Let me not pursue this further and use P&L-based FFO.

Final calculation:
FFO = Net income (continuing) + D&A + Interest expense + Deferred taxes
= 5,218 + 7,447 + 5,880 + 1,589 
= 20,134

Net debt = 78,377

FFO / Net debt = 20,134 / 78,377 = 0.2569 or 25.69%

Or if using total net income:
= 2,920 + 7,447 + 5,880 + 1,589 = 17,836
17,836 / 78,377 = 0.2276 or 22.76%

Given that S&P typically focuses on sustainable/continuing operations, and the discontinued operations loss is one-time, I'll use continuing FFO. But actually, for credit ratios, total FFO might be more conservative and appropriate.

Let me check S&P guidance again. They typically use "Funds from operations (FFO)" as:
- Net income from continuing operations
- Plus depreciation and amortization
- Plus interest expense
- Plus deferred income taxes

But if discontinued operations are material, they might adjust. Here discontinued is a loss of 2,298, which is material.

Actually, I realize I should check if the 5,880 finance costs includes interest on hybrid bonds or other equity-like instruments. The "Coupon Paid Hybrid Bonds" is 123,000,000, classified as financing activities. This might be part of finance costs or not.

Also, "Finance Income" 3,430 includes "Financial Income From Derivatives" 3,118. This might not be typical interest income.

For a cleaner FFO, let me use:
FFO = Operating profit + D&A - Cash taxes + Interest received - Interest paid (cash basis)?

No, let's stick with standard: FFO = Net income + D&A + Interest + Deferred taxes.

I'll use continuing operations as the base since discontinued is non-recurring:
FFO = 5,218 + 7,447 + 5,880 + 1,589 = 20,134

But I want to double-check the deferred tax. The cash flow shows "Adjustments For Income Tax Expense" of 3,470 (positive, added back). This means tax expense was 3,470 in the P&L? But P&L shows 3,523. Close but not exact.

Cash taxes paid: 1,934. So deferred tax = 3,470 - 1,934 = 1,536? Or 3,523 - 1,934 = 1,589.

Using 1,589 from P&L vs cash.

Actually, let me verify with cash flow: Starting profit + 3,470 (tax expense added back) - 1,934 (taxes paid) = tax is non-cash adjustment of 1,536, then cash paid of 1,934.

So deferred tax portion = 1,536 (from cash flow perspective) or 1,589 (from P&L). Small difference, likely due to FX or other items.

I'll use 1,589.

Final FFO = 20,134
Net debt = 78,377
Ratio = 20,134 / 78,377 = 0.2569

Expressed as percentage or decimal? S&P typically expresses FFO/debt as a percentage, but sometimes as a ratio (e.g., 0.25x or 25%). The question asks for "ratio" which could be decimal or percentage.

Looking at typical S&P presentation: "FFO to debt" is often shown as percentage (e.g., "FFO to debt: 25%") or as "debt to FFO" in years (e.g., "Debt/FFO: 3.9x").

If FFO/debt = 0.257, then debt/FFO = 3.89x.

The question asks for "FFO / Net debt ratio", so I should provide the decimal or percentage. Given "ratio" typically means the result of division, I'll provide as decimal: 0.257 or 25.7%.

But let me also consider if I should use a different FFO. Some methodologies use:
FFO = Cash flow from operating activities + Interest paid (if in financing) - Interest received (if in investing)

Since both interest paid and received are in operating activities here, the cash flow already includes them. So FFO from cash flow basis would need to adjust.

Actually, let me try: FFO = Cash from operations (continuing) + Interest paid - Interest received + Taxes paid (to get pre-tax)

Continuing cash from operations: Total 8,674 - discontinued (-391) = 9,065? Or is discontinued included in the 8,674 as a negative contribution?

If total is 8,674 and discontinued used 391, then continuing generated 9,065.

FFO = 9,065 + 5,016 - 2,622 + 1,934 = 13,393? 

This is lower than P&L based. The difference is working capital and other non-cash items.

I think P&L-based FFO is more appropriate for S&P methodology as it normalizes working capital.

Let me finalize with:
FFO = 20,134 (continuing) or 17,836 (total)
Net debt = 78,377

Using continuing: 20,134 / 78,377 = 0.2569

I'll round to 0.257 or 25.7%. But let me see if I should express as percentage or decimal. The question says "ratio", so decimal 0.257 seems appropriate, or perhaps 25.7 if percentage.

Actually, looking at typical financial ratios, "FFO/debt ratio" of 0.257 means FFO covers 25.7% of debt. Sometimes it's expressed as 25.7%.

Let me provide as decimal: 0.257

Wait, I want to double-check my net debt calculation. Are there any other debt-like items?

Longterm Borrowings: 68,191
Shortterm Borrowings: 18,392
Current Portion Of Longterm Borrowings: 2,835
Total borrowings: 89,418

Less: Cash and cash equivalents: 11,041
Net debt: 78,377

Should I include "Other Current Financial Liabilities" of 853? These might be debt-like. And "Other Noncurrent Financial Liabilities" is 0.

Also, "Current Derivative Financial Liabilities" 16,141 and "Noncurrent Derivative Financial Liabilities" 5,895 - these are typically not included in net debt as they're hedging-related.

"Trade And Other Payables" are operating liabilities, not debt.

So 78,377 seems correct for net debt.

One more check: Should I use gross debt instead? No, the ratio is FFO/Net debt.

Final answer: 0.257 or about 25.7%. 

Actually, I want to reconsider if I should use FFO from total operations. The loss from discontinued operations of 2,298 is non-recurring. But S&P might want to see the actual FFO generated in the year, which includes discontinued.

Total FFO = 2,920 + 7,447 + 5,880 + 1,589 = 17,836
17,836 / 78,377 = 0.228

This is more conservative. For credit analysis, conservative is often preferred.

However, the question asks for 2022 FFO. If discontinued operations were part of 2022 operations (until disposed), then total FFO might be appropriate. But for forward-looking credit analysis, continuing FFO is more relevant.

I'll use continuing FFO as it's more representative of ongoing cash generation: 0.257

Let me also try a slightly different formula that S&P sometimes uses:
FFO = EBIT + D&A - Cash taxes
= 11,193 + 7,447 - 1,934 = 16,706

This is "cash flow from operations before interest and working capital changes" or roughly "EBITDA - Cash taxes". 

16,706 / 78,377 = 0.213

But this is before interest, so it's not really FFO (which should be after interest, or with interest added back if starting from net income).

Actually, wait. If EBIT is 11,193, and we add D&A 7,447, we get EBITDA 18,640. Then subtract cash taxes 1,934 gives 16,706. This is "funds from operations before interest" or "operating cash flow before working capital and interest".

To get to FFO, we need to subtract interest paid: 16,706 - 5,016 = 11,690 (if using cash interest) or 16,706 - 5,880 + 3,430 = 14,256 (if using net interest accrual).

This is getting confusing with different definitions. Let me stick with the most standard S&P definition:

FFO = Net income + D&A + Interest expense + Deferred taxes

= 5,218 + 7,447 + 5,880 + 1,589 = 20,134

Or with total net income: 17,836

I'll use 20,134 / 78,377 = 0.257

Final check: Should I use average or year-end debt? For point-in-time ratios, year-end is standard. For coverage ratios over a period, average might be better. I'll use year-end as it's more common for annual report analysis.

<answer>0.257</answer>