I'll estimate the FFO / Net Debt ratio for VERBUND AG for 2022 using S&P methodology.

## Step 1: Calculate FFO (Funds From Operations) - S&P Methodology

S&P's FFO starts with net income attributable to the company, then adds back depreciation/amortization, and makes adjustments for non-cash items, deferred taxes, etc.

**FFO ≈ Net Income + Depreciation & Amortization + Impairment losses (net) + Non-cash items - Gains on asset sales + Deferred tax changes**

Let me work through this:

- **Profit Loss (Net Income):** 1,948,767,000 EUR (2022)
- **Depreciation & Amortization:** 462,694,000 EUR
- **Impairment Loss net of Reversals:** 197,761,000 - 125,973,000 = 71,788,000 EUR
- **Valuation and Realisation of Energy Derivatives (non-cash):** -857,961,000 EUR (this is a loss/negative impact already included in EBITDA, but we need to consider the cash vs non-cash portion)

For S&P FFO, a simpler approach:
- FFO ≈ EBITDA - Interest Expense + Interest Income - Current Tax Expense - Non-controlling interests' share adjustments

**EBITDA:** 3,160,679,000 EUR
- **Less: Cash Interest Paid:** ~36,100,000 (from cash flow statement) or net interest: 101,703,000 - 40,132,000 = 61,571,000
- **Less: Cash Taxes Paid:** 343,100,000 (from cash flow statement)
- **Less: Non-controlling interests portion:** This is sometimes not deducted in S&P FFO

Using S&P approach:
**FFO ≈ EBITDA - Net Cash Interest - Cash Taxes**
FFO ≈ 3,160,679,000 - (36,100,000 - 6,100,000) - 343,100,000
FFO ≈ 3,160,679,000 - 30,000,000 - 343,100,000
FFO ≈ 2,787,579,000 EUR

## Step 2: Calculate Net Debt - S&P Methodology

S&P Net Debt includes total financial debt (including lease liabilities) minus cash and liquid investments.

**Total Financial Debt:**
- Non-current Financial Liabilities: 2,844,559,000
- Current Financial Liabilities: 1,109,297,000
- Total Debt: 3,953,856,000 EUR

**Less Cash & Cash Equivalents:** 409,252,000 EUR

**Net Debt:** 3,953,856,000 - 409,252,000 = 3,544,604,000 EUR

S&P may also include pension adjustments. Non-current provisions include pension-related items:
- Non-current Provisions: 619,486,000 (may include pension obligations partially)

For a rough estimate, let me include a portion of provisions as debt-like. However, without more detail, I'll use the core net debt figure. S&P would also add operating lease obligations, but right-of-use assets suggest these are already capitalized under IFRS 16.

**Net Debt ≈ 3,544,604,000 EUR**

## Step 3: FFO / Net Debt Ratio

FFO / Net Debt = 2,787,579,000 / 3,544,604,000 ≈ 0.786 or ~78.6%

Let me cross-check with a slightly different approach including NCI dividends:
If we subtract NCI dividends (95,421,000): FFO = 2,692,158,000
Ratio = 2,692,158,000 / 3,544,604,000 ≈ 0.76 or ~76%

Given the approximations involved, the FFO/Net Debt ratio is approximately 0.78.

<answer>0.78</answer>