To estimate the FFO/Net debt ratio for 2022 using S&P’s methodology, we first define FFO as net cash from operating activities (CFO) plus net cash interest paid and net cash taxes paid.  
- CFO (cash flows from used in operating activities) for 2022 = 613,466,000 EUR  
- Interest paid (classified as financing activities) = 40,545,000 EUR  
- Income taxes paid (operating activities) = 77,970,000 EUR  

Thus, FFO = 613,466,000 + 40,545,000 + 77,970,000 = 731,981,000 EUR.

Net debt is total debt minus cash and cash equivalents:  
- Long‑term borrowings at end of 2022 = 1,695,362,000 EUR  
- Current borrowings (including current portion of non‑current borrowings) = 638,944,000 EUR  
- Total debt = 2,334,306,000 EUR  
- Cash and cash equivalents at end of 2022 = 365,292,000 EUR  

Net debt = 2,334,306,000 − 365,292,000 = 1,969,014,000 EUR.

The FFO/Net debt ratio = 731,981,000 / 1,969,014,000 ≈ 0.3718, which we round to 0.37.

<answer>0.37</answer>