**Reasoning**

1. **Start with net profit attributable to owners**  
   – Profit Loss Attributable To Owners Of Parent (2022) = **973 M€**  

2. **Add back non‑cash charges**  
   • Depreciation & amortisation (including PP&E and intangibles) = **2 228 M€**  
   • Deferred tax expense (net increase in DTL – DTA) = **218 M€**  
   • Impairment loss reversal (non‑cash) = **172 M€**  
   • Share‑based payment (non‑cash) = **13 M€**  
   • Other non‑cash adjustments (net) = **‑194 M€** (mainly other gains/losses)  

3. **Adjust for items that are not part of operating cash flow**  
   • Gain on disposal of non‑current assets (non‑cash) = **‑285 M€**  
   • Undistributed profit of equity‑method investees = **‑92 M€**  
   • Dividend income from non‑controlling interests (cash received) = **+11 M€**  
   • Dividends paid to non‑controlling interests (cash outflow) = **‑97 M€**  
   • Net change in provisions (cash utilisation) = **‑139 M€**  

4. **Summing all components**  

\[
\begin{aligned}
\text{FFO} &= 973 + 2\,228 + 218 + 172 + 13 \\
           &\quad - 194 - 285 - 92 + 11 - 97 - 139 \\
           &= 2\,808\ \text{M€}
\end{aligned}
\]

5. **Net debt at end‑2022** (2023‑01‑01) = **7 440 M€**  

6. **FFO / Net debt ratio**  

\[
\frac{2\,808}{7\,440} \approx 0.38
\]

**Final answer**

<answer>0.38</answer>