I'll estimate the FFO / Net Debt ratio for Fortum Oyj for 2022 based on S&P methodology.

## Step 1: Estimate Funds From Operations (FFO)

S&P's FFO is generally calculated as:
FFO = Net Income from continuing operations + Depreciation & Amortization + Deferred taxes + Other non-cash items - Gains on asset sales + S&P adjustments

Let me work through this:

**Starting with Comparable Operating Profit (a good starting point):**
- Comparable Operating Profit: €1,871M
- This excludes items affecting comparability of -€593M

**Alternative approach - using cash flow data:**

From the cash flow statement, I can derive FFO:
- Cash flows from operations (continuing): €2,104M
- Add back: Working capital changes: €219M (this was a decrease, so operating CF before WC was higher)
- Cash flows before working capital: €2,322M

But S&P's FFO typically starts from net income and adds back non-cash items, excluding working capital changes.

**S&P FFO approximation:**
- Profit from continuing operations: €1,011M
- Add back: D&A: €566M
- Add back: Impairments (non-cash): €905M
- Subtract: Capital gains and other items: -€785M (these are non-cash/non-recurring gains)
- Add back: Share of losses from associates (non-cash): €629M
- Subtract: Non-cash tax benefit: The income tax was -€556M (a benefit), which likely includes significant deferred tax
- Add back: Changes in fair values of derivatives: -€393M (reversed as non-cash)
- Other non-cash adjustments: €153M

Let me use a simpler S&P approach:
- FFO ≈ Comparable EBITDA - Net interest expense - Cash taxes
- Comparable EBITDA: €2,436M
- Interest paid: €201M, Interest received: €84M → Net interest: €117M
- Cash taxes paid: €167M
- FFO ≈ 2,436 - 117 - 167 = **€2,152M**

## Step 2: Estimate Net Debt

S&P Net Debt = Total debt - Cash and liquid investments + S&P adjustments (operating leases, pension obligations, etc.)

**Financial debt:**
- Non-current financial liabilities: €3,658M
- Current financial liabilities: €4,127M
- Total financial debt: €7,785M

**S&P adjustments:**
- Pension obligations: €13M (post-adjustment, relatively small)
- Operating lease capitalization (already included in IFRS 16 within PP&E/debt)
- Nuclear provisions: €966M (S&P may treat part as debt-like)

**Cash and equivalents:**
- Liquid funds: €3,919M
- S&P typically applies a haircut - let's use ~€3,919M but S&P might net only surplus cash

**Net Debt calculation:**
- Gross debt: €7,785M
- Add: Pension deficit: €13M
- Add: Nuclear provisions (S&P often treats as debt-like): ~€966M
- Less: Cash (S&P may not deduct all): ~€3,919M (let's assume S&P allows most to be netted)

Net Debt ≈ 7,785 + 13 + 966 - 3,919 = **€4,845M**

However, S&P may also add margin liabilities (€352M) or subtract margin receivables. Let me keep it simpler:

Net Debt (core) = 7,785 - 3,919 = €3,866M
With pension + nuclear provisions: 3,866 + 13 + 966 = €4,845M

## Step 3: FFO / Net Debt

FFO / Net Debt = 2,152 / 4,845 = **0.444 or ~44.4%**

If we exclude nuclear provisions (which some analyses treat separately):
FFO / Net Debt = 2,152 / 3,879 = ~55.5%

Given S&P's typical treatment including pension and some provisions:

FFO / Net Debt ≈ 2,152 / 4,845 ≈ 0.444

<answer>0.44</answer>