To estimate the FFO/Net debt ratio for 2022, we start with the cash generated from operating activities (CFO) and adjust for net interest paid. 1. **CFO (cash from operating activities)** – from the data: Cash Flows From Used In Operating Activities = €1,196 million. 2. **Net interest paid** – interest paid (€202 million) minus interest received (€45 million) = €157 million. Adding this to CFO gives the Funds From Operations (FFO) used by S&P: FFO = €1,196 million + €157 million = €1,353 million. 3. **Net debt** – total debt at year‑end includes long‑term borrowings (€19,006 million), short‑term borrowings (€709 million), non‑current lease liabilities (€574 million) and current lease liabilities (€155 million). Total debt = €20,444 million. Subtract cash and cash equivalents (€6,547 million): Net debt = €20,444 million – €6,547 million = €13,897 million. Using the beginning‑of‑year figures for an average net debt approach gives an average net debt of €12,901 million, which is more representative for the full year. 4. **FFO / Net debt ratio** = €1,353 million / €12,901 million ≈ 0.105 (≈10.5 %). Rounded to two decimals, the ratio is about **0.10**. 0.10