We calculate FFO as operating cash flow before changes in working capital: cash flow from operating activities (17,460 M€) minus the increase in working capital (1,279 M€) = 16,181 M€.  
Net debt is total debt (short‑term borrowings 4,446 M€ + current portion of long‑term borrowings 3,097 M€ + long‑term borrowings 19,374 M€ + current lease liabilities 884 M€ + non‑current lease liabilities 4,067 M€ = 31,868 M€) less cash and cash equivalents (10,155 M€) and short‑term financial assets at fair value (8,251 M€) = 13,462 M€.  
Thus the FFO/Net‑debt ratio = 16,181 / 13,462 ≈ 1.20.  

<answer>1.20</answer>