I need to estimate the FFO / Net debt ratio for 2022. Let me break this down.

First, I need to understand what FFO (Funds From Operations) and Net debt are.

**FFO** is typically calculated as:
- Net income + Depreciation & Amortization + Deferred taxes + Other non-cash items
- Or more commonly for corporate analysis: Operating Cash Flow before working capital changes, or EBIT + D&A - Taxes

A common approach for FFO in credit analysis is:
FFO = Net Income + Depreciation & Amortization + Other non-cash items

Looking at the data, I can use:
- Profit Loss (Net Income): 4,417,000,000 EUR for 2022
- Adjustments For Depreciation And Amortisation Expense: 3,613,000,000 EUR for 2022

However, a more standard FFO calculation for credit metrics would be:
FFO = Cash Flows From Used In Operations Before Changes In Working Capital + Interest Paid

Or alternatively: EBIT + D&A - Cash Taxes

Let me look at what's available:
- Cash Flows From Used In Operations Before Changes In Working Capital: 10,215,000,000 EUR for 2022
- This already includes adjustments for D&A, share-based payments, etc.

Actually, for FFO in the context of Net Debt/FFO or FFO/Net Debt ratios commonly used by rating agencies:
FFO = Net Income + D&A + Deferred Taxes + Other non-cash items - Gains on sales

Or more practically, from the cash flow statement:
FFO = Cash Flow From Operations Before Working Capital Changes

Looking at the data: "Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215,000,000 EUR

But this might include interest paid. Let me check if we need to add back interest.

Actually, a more standard FFO for leverage calculations is:
FFO = Operating Profit + D&A - Taxes (cash) + Other non-cash items

Or from the statement of cash flows, FFO is often approximated as:
FFO = Net cash from operating activities + Changes in working capital - Interest paid + Interest received (or just before working capital changes)

Let me use a practical approach. FFO is typically:
- Profit Loss + D&A + Other non-cash adjustments

From the cash flow reconciliation:
- Profit Loss: 4,417,000,000 EUR
- Adjustments For Depreciation And Amortisation Expense: 3,613,000,000 EUR
- Adjustments For Sharebased Payments: 162,000,000 EUR
- Adjustments For Net Finance Costs: 614,000,000 EUR
- Adjustments For Income Tax Expense: 1,737,000,000 EUR

Wait, let me reconsider. The "Cash Flows From Used In Operations Before Changes In Working Capital" of 10,215,000,000 EUR already includes all these adjustments.

For FFO, a common definition in credit analysis (especially for infrastructure/construction companies like VINCI) is:

FFO = Funds from Operations = Net Income + D&A + Deferred Taxes + Other non-cash items - Extraordinary items

Or more specifically for VINCI's industry, FFO is often calculated as:
FFO = EBIT + D&A - Cash taxes

But let me look at this more carefully. The standard FFO for credit ratios:

FFO = Net income + Depreciation & Amortization + Deferred income taxes + Other non-cash items

From the data:
- Net Income (Profit Loss): 4,417,000,000 EUR
- D&A: 3,613,000,000 EUR
- Income Tax Expense (not deferred, but total): 1,737,000,000 EUR

Actually, I need to be more careful. Let me look at what deferred tax changes we have.

Looking at balance sheet:
- Deferred Tax Assets: 767,000,000 (2022) to 883,000,000 (2023) = increase of 116,000,000
- Deferred Tax Liabilities: 3,225,000,000 (2022) to 4,162,000,000 (2023) = increase of 937,000,000

Net deferred tax liability increase = 937 - 116 = 821,000,000

This suggests deferred tax expense of about 821,000,000 EUR.

But wait, I need FFO for 2022 (the year 2022-01-01 to 2023-01-01), so I should look at changes from 2022 to 2023 for balance sheet items, but the income statement items are for the period.

Actually, let me reconsider the standard approach. For FFO/Net Debt:

FFO is typically defined as:
FFO = Net cash generated from operating activities before changes in working capital + Interest paid - Interest received

Or: FFO = EBIT + D&A - Cash taxes

From the cash flow data:
- Cash Flows From Used In Operations Before Changes In Working Capital: 10,215,000,000 EUR

This includes:
- Profit Loss: 4,417,000,000
- D&A: 3,613,000,000
- Share-based payments: 162,000,000
- Gains/losses on disposal: -68,000,000
- Fair value gains/losses: -236,000,000
- Undistributed profits of equity method investments: 42,000,000
- Net finance costs: 614,000,000
- Income tax expense: 1,737,000,000

Sum: 4,417 + 3,613 + 162 - 68 - 236 + 42 + 614 + 1,737 = 10,281,000,000

Hmm, this doesn't exactly equal 10,215,000,000. Let me check: 10,281 - 10,215 = 66 difference. Maybe other items or rounding.

Actually, for FFO calculation, a common approach is:

FFO = Cash Flow From Operations Before Working Capital Changes + Interest Paid (if classified as operating) - Interest Received (if classified as operating)

Or more standard for credit analysis:
FFO = Net Income + D&A + Deferred Tax + Other non-cash items

Let me use: FFO = 10,215,000,000 EUR (Cash Flows From Used In Operations Before Changes In Working Capital)

But I need to check if this includes interest. Looking at the cash flow statement, there's "Interest Paid And Interest Received Classified As Operating Activities" of 563,000,000 EUR. This suggests interest is included in operating activities.

Actually, for FFO, we typically want to add back interest paid (gross) because Net Debt/FFO is meant to be compared to gross debt.

Wait, let me reconsider. The standard definition of FFO by S&P is:
FFO = Net Income + D&A + Deferred Income Taxes + Other Non-Cash Items

And for Net Debt/FFO or FFO/Net Debt, FFO is usually pre-interest.

Let me calculate FFO more carefully:

From the indirect method cash flow, starting from Profit Loss:
Profit Loss: 4,417,000,000
+ D&A: 3,613,000,000
+ Share-based payments: 162,000,000 (this is part of "Adjustments For Sharebased Payments" which is 162,000,000 - wait, there's also "Expense From Sharebased Payment Transactions With Employees" of 356,000,000. The adjustment is 162,000,000 which might be the non-cash portion)
+ Net finance costs: 614,000,000
+ Income tax expense: 1,737,000,000
- Gains on disposal: -68,000,000
- Fair value gains: -236,000,000
+ Undistributed profits of equity investments: 42,000,000

= 10,281,000,000 roughly

But the stated "Cash Flows From Used In Operations Before Changes In Working Capital" is 10,215,000,000.

Actually, looking more carefully, there are also:
- Adjustments For Provisions And Adjustments For Impairment Loss: 0 for 2022
- Adjustments For Losses Gains On Disposal: -68,000,000

Let me just use 10,215,000,000 as the starting point for FFO.

For FFO, we typically add back interest paid (to get pre-interest FFO):
- Gross Finance Costs: 750,000,000 EUR
- Interest Income: 136,000,000 EUR
- Net Finance Costs: 614,000,000 EUR

If we want FFO before interest, we should add back net finance costs or gross interest.

Actually, standard FFO for leverage ratios:
FFO = Net cash from operating activities before working capital changes + Interest paid - Interest received

Or if we start from EBIT:
FFO = EBIT + D&A - Cash taxes

From the data:
- Profit Loss From Operating Activities: 6,489,000,000 EUR (this is EBIT essentially)
+ D&A: 3,613,000,000
- Cash taxes paid: 1,603,000,000 (from "Income Taxes Paid Classified As Operating Activities")

FFO = 6,489 + 3,613 - 1,603 = 8,499,000,000? 

Wait, that's not right. Let me check: EBIT + D&A - Cash taxes = 6,489 + 3,613 - 1,603 = 8,499

But Cash Flows From Used In Operations Before Changes In Working Capital is 10,215, which includes net finance costs of 614 and income tax expense of 1,737 (not cash taxes of 1,603).

Let me recalculate: 
Profit Loss: 4,417
+ Net finance costs: 614
+ Income tax expense: 1,737
= EBIT? No, Profit Loss is after tax and after finance costs.

Actually: Profit Loss + Net finance costs + Income tax expense = 4,417 + 614 + 1,737 = 6,768

But "Profit Loss From Operating Activities" is 6,489. Hmm, difference of 279.

Wait, there's "Other Finance Income Cost" of 279,000,000. This might be the difference.

Actually, Profit Loss From Operating Activities (6,489) + Other Finance Income Cost (279) - Net Finance Costs (614)? 

Let me check: Profit Loss From Ordinary Operating Activities is 6,824. Then "Other Operating Income Expense Recurring" is -9, and "Profit Loss From Operating Activities Recurring" is 6,481. Then "Other Operating Income Expense Non Recurring" is 8, and "Profit Loss From Operating Activities" is 6,489.

Then "Gross Finance Costs" 750 - "Interest Income" 136 = 614 Net Finance Costs. But there's also "Other Finance Income Cost" of 279.

So total finance items = -614 + 279 = -335? Or is Other Finance Income Cost included in Net Finance Costs?

Looking at the naming: "Net Finance Costs" is 614. Then "Other Finance Income Cost" is 279. This 279 might be additional finance income.

So Profit Loss = Profit Loss From Operating Activities - Net Finance Costs + Other Finance Income Cost - Income Tax Expense?

6,489 - 614 + 279 - 1,737 = 4,417. Yes! That checks out.

So EBIT (Profit Loss From Operating Activities) = 6,489,000,000

Now for FFO, standard calculation:
FFO = Net Income + D&A + Deferred taxes + Other non-cash items

Or: FFO = Cash Flow From Operations before working capital changes

The 10,215,000,000 includes:
- Net income: 4,417
- D&A: 3,613
- Share-based payments: 162
- Gains/losses on disposal: -68
- Fair value gains/losses: -236
- Undistributed profits of equity method: 42
- Net finance costs: 614
- Income tax expense: 1,737

Sum with adjustments for provisions (0) = 10,281, but actual is 10,215. There's a difference of 66. Maybe I missed something or there's rounding.

Actually, let me check: "Adjustments For Sharebased Payments" is 162,000,000, but "Expense From Sharebased Payment Transactions With Employees" is 356,000,000. The difference might be cash settled vs equity settled.

Anyway, let me use 10,215,000,000 as the base for FFO before working capital changes.

For FFO used in credit analysis, we typically want to add back interest paid to make it comparable to gross debt. But actually, for FFO/Net Debt, we usually use FFO after interest but before working capital changes, or sometimes pre-interest FFO.

Standard S&P FFO definition:
FFO = Net cash from operating activities before changes in working capital + Interest paid

Wait, no. Let me think again.

Actually, for the ratio FFO/Net Debt or Net Debt/FFO:
- FFO is typically Funds From Operations = Net Income + D&A + Deferred Taxes + Other non-cash items
- This is AFTER interest expense

But when comparing to Net Debt, some analysts use pre-interest FFO.

Let me look at what VINCI's industry standard is. For construction/infrastructure companies, FFO is typically:

FFO = EBIT + D&A - Cash taxes

Or from cash flow: Operating cash flow before working capital changes + Interest paid

Actually, I think the most standard definition for FFO/Net Debt is:

FFO = Net cash from operating activities before changes in working capital

This is 10,215,000,000 EUR.

But wait - this includes interest received and excludes interest paid if interest is classified as financing. Let me check: "Interest Paid And Interest Received Classified As Operating Activities" is 563,000,000. This is net interest paid in operating activities? Or interest paid minus interest received?

Actually, looking at the cash flow statement structure, "Interest Paid And Interest Received Classified As Operating Activities" of 563,000,000 is likely the net amount. And there's also "Finance Costs Paid Classified As Operating Activities" of 29,000,000.

Hmm, this is getting complicated. Let me look at this differently.

For Net Debt calculation:
Net Debt = Total Debt - Cash and Cash Equivalents

Total Debt includes:
- Short-term borrowings: 6,368,000,000 (2023)
- Current portion of long-term debt? Not explicitly stated
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000 (2023)
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000 (2023)

Wait, I need 2022 year-end debt, not 2023. The period 2022-01-01 to 2023-01-01 means end of 2022 is 2023-01-01.

So for 2022 year-end (which is 2023-01-01 in the data):
- Shortterm Borrowings: 6,368,000,000
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000
- Current Lease Liabilities: 522,000,000
- Noncurrent Lease Liabilities: 1,580,000,000

Total Debt = 6,368 + 20,425 + 3,205 + 522 + 1,580 = 32,100,000,000? 

Wait, should I include lease liabilities? In modern credit analysis, sometimes yes, sometimes no. Let me check both.

Actually, for Net Debt, standard definition:
Net Debt = Short-term borrowings + Long-term borrowings + Current portion of long-term debt - Cash and Cash Equivalents

From 2023-01-01 (end of 2022):
- Shortterm Borrowings: 6,368,000,000
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000

Total borrowings = 29,998,000,000 ≈ 30,000,000,000

Cash and Cash Equivalents: 12,578,000,000

Net Debt = 29,998 - 12,578 = 17,420,000,000

But wait, I should also check if there are other debt-like items. Looking at current liabilities, there's also derivative financial liabilities, but those are hedging items.

Also, should I include lease liabilities? In IFRS 16, lease liabilities are debt-like. Including them:
+ Current Lease Liabilities: 522,000,000
+ Noncurrent Lease Liabilities: 1,580,000,000
= 2,102,000,000

Total debt with leases = 32,100,000,000
Net Debt with leases = 32,100 - 12,578 = 19,522,000,000

For FFO, let me use the standard approach. I'll calculate FFO as:

FFO = Cash Flows From Used In Operations Before Changes In Working Capital
= 10,215,000,000 EUR

But I need to check if this is the right FFO. Actually, looking at standard credit metrics, FFO is often defined as:

FFO = Net Income + D&A + Deferred Income Taxes + Other Non-Cash Items

Let me calculate this:
- Net Income: 4,417,000,000
- D&A: 3,613,000,000
- Deferred taxes: Need to calculate from balance sheet

Deferred tax assets change: 883 - 767 = 116 (increase, use of 116)
Deferred tax liabilities change: 4,162 - 3,225 = 937 (increase, source of 937)
Net deferred tax = 937 - 116 = 821 (source, positive for cash flow)

But wait, the income statement has "Income Tax Expense Continuing Operations" of 1,737,000,000. This includes current and deferred. Cash taxes paid were 1,603,000,000.

So deferred tax expense = 1,737 - 1,603 = 134,000,000? 

Actually, that's the change in deferred tax on the income statement. The balance sheet change in net deferred tax liability is 821,000,000. These might differ due to acquisitions, currency translation, etc.

For FFO, using the cash flow approach is more reliable: 10,215,000,000.

But actually, I need to think about whether to use gross or net interest. For FFO/Net Debt ratio, the standard is to use FFO after interest expense (since Net Debt is compared to the cash flow available to service debt after interest).

Wait, actually no. For Net Debt/FFO or FFO/Net Debt, we want to see coverage. If FFO is after interest, then FFO/Net Debt shows how many years of post-interest cash flow it takes to pay off net debt.

But some analysts prefer pre-interest FFO for this. Let me check standard practice.

Actually, S&P defines FFO as:
FFO = Net cash from operating activities before changes in working capital

This is after interest and after taxes. So 10,215,000,000 is after interest.

But wait, I need to check if 10,215 includes interest paid or not. Looking at the cash flow statement:

"Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215,000,000

Then there are separate lines:
- "Finance Costs Paid Classified As Operating Activities": 29,000,000
- "Interest Paid And Interest Received Classified As Operating Activities": 563,000,000

These are part of the operating cash flow after the "before changes in working capital" line.

So 10,215 is BEFORE these interest payments? Let me check the structure.

Actually, looking at the standard cash flow statement format:
1. Profit before tax and interest
2. Adjustments for non-cash items
3. = Cash generated from operations before changes in working capital and before interest/tax
4. Changes in working capital
5. Interest paid/received
6. Taxes paid
7. = Net cash from operating activities

But in this data, "Cash Flows From Used In Operations Before Changes In Working Capital" is 10,215, and then there are separate lines for interest, taxes, etc.

Let me trace through:
- Cash Flows From Used In Operations Before Changes In Working Capital: 10,215
- Increase Decrease In Working Capital: -392
- Income Taxes Paid: -1,603
- Interest Paid And Interest Received: -563? Or +563?
- Dividends Received From Equity Investments: +92
- Other Inflows Outflows: +854

Total: 10,215 - 392 - 1,603 + ?563? + 92 + 854 = 9,387 (which matches "Cash Flows From Used In Operating Activities")

Wait: 10,215 - 392 - 1,603 - 563 + 92 + 854 = 8,603? That doesn't equal 9,387.

Let me try: 10,215 - 392 - 1,603 + 563 + 92 + 854 = 9,729? Still not 9,387.

Hmm, let me check if "Interest Paid And Interest Received" is positive or negative. The value is 563,000,000. In cash flow statements, this is usually shown as a negative (outflow) if it's interest paid, or the net amount.

Actually, looking at 2021: Interest Paid And Interest Received = 557,000,000. And Cash Flows From Used In Operating Activities = 7,806.

10,150 - 1,579 - 1,213 - 557 + 112 + 0 = 6,913? Doesn't match 7,806.

Wait, let me recheck 2021: Cash Flows From Used In Operations Before Changes In Working Capital = 7,884 (not 10,150).

7,884 - 1,579 - 1,213 + ? + 112 + 0 = 7,806? 

If interest is negative: 7,884 - 1,579 - 1,213 - 557 + 112 + 0 = 4,647. No.

If interest is positive (received): 7,884 - 1,579 - 1,213 + 557 + 112 + 0 = 6,761. No.

Hmm, maybe working capital is positive? "Increase Decrease In Working Capital" = -1,579. If this is negative, it means increase in working capital (use of cash). So subtract: 7,884 - 1,579 = 6,305. Then -1,213 = 5,092. Then +557 = 5,649. Then +112 = 5,761. Not 7,806.

Wait, maybe "Increase Decrease In Working Capital" of -1,579 means decrease in working capital (source of cash)? Then +1,579: 7,884 + 1,579 = 9,463. Then -1,213 = 8,250. Then +557 = 8,807. Then +112 = 8,919. Still not 7,806.

Hmm, let me re-read. "Increase Decrease In Working Capital" - if it's negative, in standard format this might already indicate direction.

Actually, looking at 2022: 10,215 - 392 - 1,603 + 563 + 92 + 854 = 9,729. But actual is 9,387. Difference of 342.

Wait, maybe "Other Inflows Outflows Of Cash Classified As Operating Activities" of 854 is negative? No, it's positive.

Let me try with interest as negative: 10,215 - 392 - 1,603 - 563 + 92 + 854 = 8,603. Not 9,387.

Hmm, maybe "Finance Costs Paid Classified As Operating Activities" of 29 is also in there? 10,215 - 392 - 1,603 - 563 - 29 + 92 + 854 = 8,574. No.

Actually, I think I need to re-look. The "Cash Flows From Used In Operating Activities" = 9,387. 

Let me check: 10,215 - 392 = 9,823. Then 9,823 - 1,603 = 8,220. Then 8,220 + 92 = 8,312. Then 8,312 + 854 = 9,166. Then need 9,387 - 9,166 = 221 more. 

Hmm, or maybe interest is 563 received (positive): 9,166 + 563 = 9,729. Too much.

Or maybe working capital is +392 (decrease): 10,215 + 392 = 10,607. Then -1,603 = 9,004. Then +92 = 9,096. Then +854 = 9,950. Then -563 = 9,387! 

Yes! So "Increase Decrease In Working Capital" of -392 means it's a decrease (positive for cash flow), and "Interest Paid And Interest Received" of 563 is paid (negative for cash flow).

Wait, but then 10,215 + 392 - 1,603 - 563 + 92 + 854 = 9,387. Let me verify: 10,215 + 392 = 10,607. 10,607 - 1,603 = 9,004. 9,004 - 563 = 8,441. 8,441 + 92 = 8,533. 8,533 + 854 = 9,387. Yes!

So interest paid (net) is 563,000,000.

And working capital change is +392,000,000 (decrease in working capital, source of cash).

So "Cash Flows From Used In Operations Before Changes In Working Capital" of 10,215 is BEFORE interest and BEFORE working capital changes and BEFORE taxes paid, but AFTER income tax expense (as an accrual adjustment).

Actually no - 10,215 includes "Adjustments For Income Tax Expense" of 1,737. So it's after tax expense on the income statement, but before cash taxes paid.

So FFO = 10,215,000,000 is essentially:
EBIT + D&A - Accrual taxes + other non-cash items = Net Income + D&A + Deferred taxes + other non-cash items

This is the standard FFO.

Now, should I adjust for interest? In standard credit analysis, FFO is AFTER interest expense. So 10,215 is correct as is.

But wait - 10,215 includes "Net Finance Costs" of 614 as an add-back. This means we started from Net Income (which is after interest) and added back interest. So 10,215 is PRE-interest in terms of cash flow generation.

Actually, let me trace: 
Profit Loss: 4,417 (after interest, after tax)
+ Net Finance Costs: 614 (add back interest)
+ Income Tax Expense: 1,737 (add back tax)
= 6,768 (approx EBIT)

Then + D&A 3,613 + other adjustments = 10,215.

So 10,215 is EBIT + D&A + other non-cash items = Operating Cash Flow before working capital changes, before interest paid, before taxes paid.

Actually no - we added back accrual taxes, not cash taxes. And we added back interest expense, not interest paid.

So 10,215 = EBIT + D&A + non-cash items - accrual taxes? No wait, we added back tax expense.

Let me think: Net Income + Tax Expense + Interest Expense = EBIT (roughly). Then + D&A and other non-cash items = Cash flow before working capital changes, before interest, before taxes.

Yes! So 10,215 is essentially EBITDA -like but with accrual taxes, not cash taxes. Or more precisely, it's cash generated from operations before working capital changes, which is pre-interest and pre-tax (cash basis).

Actually, for FFO, the standard is:
FFO = Net cash from operating activities before changes in working capital

This 10,215 is exactly that. And it's used as FFO in credit analysis.

Now for Net Debt. Let me calculate more carefully.

At 2023-01-01 (end of 2022):
- Shortterm Borrowings: 6,368,000,000
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000

Total financial debt = 29,998,000,000

Cash and Cash Equivalents: 12,578,000,000

Net Debt = 29,998 - 12,578 = 17,420,000,000

Should I include Current Cash Management Financial Assets? These are likely short-term investments. If they're liquid, they could be deducted. 755,000,000.

Net Debt with cash management assets = 29,998 - 12,578 - 755 = 16,665,000,000

Or if we include only Cash and Cash Equivalents: 17,420,000,000

Also, should I include lease liabilities? In post-IFRS 16 world, many analysts include lease liabilities in debt. But for Net Debt/FFO ratios, sometimes they're excluded because FFO doesn't have the lease depreciation add-back (it has lease payment, not depreciation).

Actually, looking at the cash flow, lease payments are in financing activities: "Payments Of Lease Liabilities Classified As Financing Activities" = 661,000,000.

And there's "Adjustments For Interest Expense On Lease Liabilities" = 48,000,000 in the operating section.

So the 10,215 might include interest on lease liabilities but not principal payments.

For standard credit analysis, let me use financial debt only (excluding lease liabilities) and see.

FFO / Net Debt = 10,215 / 17,420 = 0.586 or 58.6%

Or if we use more standard FFO definition that includes after interest:

Actually, wait. I need to reconsider. Standard FFO by S&P:
FFO = Net income from continuing operations + D&A + Deferred income taxes + Other non-cash items

This is AFTER interest expense. So if 10,215 is before interest (we added back interest), we need to subtract interest to get FFO.

Hmm, but in the cash flow statement, "Cash Flows From Used In Operations Before Changes In Working Capital" is typically used as FFO, and it includes whatever is in operating activities.

Let me check if interest is included in operating activities or financing activities. Looking at IAS 7, interest can be classified as operating or financing. VINCI seems to classify interest as operating (there's "Interest Paid And Interest Received Classified As Operating Activities").

But the 10,215 is BEFORE this interest line. So 10,215 is pre-interest.

For FFO, if we want post-interest FFO, we subtract interest paid: 10,215 - 563 = 9,652? But 563 is net interest paid and received.

Actually, looking more carefully: "Gross Finance Costs" = 750, "Interest Income On Cash And Cash Equivalents" = 136, so net interest expense = 614. But "Interest Paid And Interest Received Classified As Operating Activities" = 563. This 563 is likely net cash interest paid.

And "Finance Costs Paid Classified As Operating Activities" = 29. This might be other finance costs.

So total cash outflow for interest and finance costs = 563 + 29 = 592? Or is 563 the total including the 29?

Actually, looking at the naming: "Finance Costs Paid Classified As Operating Activities" is separate from "Interest Paid And Interest Received". So total might be 592.

But wait, in the cash flow reconciliation, "Adjustments For Net Finance Costs" is 614, and "Adjustments For Interest Expense On Lease Liabilities" is 48. So total finance cost add-back = 614 + 48 = 662? Or is lease interest included in 614?

"Net Finance Costs" = 614. "Interest Expense On Lease Liabilities" = 48. These are separate lines. So total interest/finance expense = 614 + 48 = 662.

But "Gross Finance Costs" = 750. So 750 - 136 (interest income) = 614. Then + 48 lease interest = 662 total.

For cash flow, "Interest Paid And Interest Received" = 563, and "Finance Costs Paid" = 29. Total 592. Plus lease interest paid? Lease payments are 661 in financing activities, which includes principal and interest.

This is getting complicated. Let me use a simpler approach.

Standard FFO for the FFO/Net Debt ratio in European corporate credit analysis:

FFO = EBITDA - Cash Taxes

Or: FFO = Operating Cash Flow before working capital changes

I'll use 10,215,000,000 as FFO (this is the standard "Funds From Operations" before working capital changes).

For Net Debt, I'll use:
Financial Debt - Cash and Cash Equivalents

Financial Debt at 2022 year-end (2023-01-01):
- Shortterm Borrowings: 6,368
- Noncurrent Bonds: 20,425
- Noncurrent Other Borrowings: 3,205
Total: 29,998

Less: Cash and Cash Equivalents: 12,578
Net Debt: 17,420

FFO / Net Debt = 10,215 / 17,420 = 0.5864 or about 58.6%

But wait, I should double check if this is the right direction. FFO/Net Debt > 1 would mean FFO can pay off net debt in less than a year. For a construction company, 0.6 seems reasonable.

Actually, I want to verify my Net Debt calculation. Let me check if there are other debt items.

Looking at current liabilities:
- Shortterm Borrowings: 6,368
- Current Derivative Financial Liabilities: 440
- Current Lease Liabilities: 522
- Current Tax Liabilities: 607
- Trade payables: 13,088
- Other current liabilities: 20,315
- Current Provisions: 6,599

Noncurrent liabilities:
- Noncurrent Bonds: 20,425
- Noncurrent Other Borrowings: 3,205
- Noncurrent Derivative Financial Liabilities: 1,939
- Noncurrent Lease Liabilities: 1,580
- Deferred Tax Liabilities: 4,162
- Other Longterm Provisions: 961
- Noncurrent Provisions For Employee Benefits: 1,149
- Other Noncurrent Liabilities: 894

For financial debt, standard items are:
- Shortterm Borrowings: 6,368
- Noncurrent Bonds: 20,425
- Noncurrent Other Borrowings: 3,205
- Maybe Current Derivative Financial Liabilities if negative mark-to-market? But these are hedging.
- Maybe bank overdrafts?

Total standard financial debt = 29,998

Some analysts also include:
- Current Cash Management Financial Assets as negative debt? No, that's an asset.

Actually, let me also check if "Other Current Financial Assets" or "Current Cash Management Financial Assets" should be netted.

Current Cash Management Financial Assets: 755 (2023)
Other Current Financial Assets: 84 (2023)

These are liquid assets but not quite cash. If we include them:
Net Debt = 29,998 - 12,578 - 755 - 84 = 16,581

FFO/Net Debt = 10,215 / 16,581 = 0.616

But standard is usually just Cash and Cash Equivalents.

Now, should I include lease liabilities? In IFRS 16, operating leases are on balance sheet. For credit analysis, including them is more conservative:

Total debt with leases = 29,998 + 522 + 1,580 = 32,100
Net Debt with leases = 32,100 - 12,578 = 19,522

FFO/Net Debt with leases = 10,215 / 19,522 = 0.523

I think for VINCI, which is an infrastructure company with significant concessions and thus lease-like arrangements, the standard approach might include or exclude leases depending on the analyst.

But actually, VINCI's concession arrangements might be structured differently. Let me check if the lease liabilities are significant.

Looking at the data, lease liabilities total about 2.1 billion out of 32 billion total liabilities, so about 6.5%. Not huge.

For a standard calculation, I'll use financial debt excluding lease liabilities, as is common when using EBITDA or operating cash flow measures (since lease expenses are not in operating cash flow in the same way).

Actually, wait. With IFRS 16, lease payments are split: interest in operating cash flow (or financing) and principal in financing cash flow. The 10,215 FFO includes "Adjustments For Interest Expense On Lease Liabilities" of 48, so it includes lease interest as part of operating activities.

Hmm, this is tricky. Let me think about what FFO/Net Debt ratio is trying to measure. It's the ability to generate cash to pay down debt. If we include lease liabilities in debt, we should arguably have a FFO that can pay all debt including leases.

But standard practice varies. Let me look for what VINCI might report or what rating agencies use.

For simplicity and standardization, I'll use:
- FFO = 10,215,000,000 (Cash Flows From Used In Operations Before Changes In Working Capital)
- Net Debt = Total Financial Debt - Cash and Cash Equivalents = 29,998 - 12,578 = 17,420,000,000

FFO / Net Debt = 10,215 / 17,420 = 0.5864

Or as a percentage: 58.6%

But the question asks for FFO / Net Debt ratio, which could be expressed as a decimal or percentage. Usually it's expressed as a multiple (e.g., 0.6x or 60%).

Wait, I should double-check my FFO definition. Let me see if there's a more standard approach for FFO.

Actually, looking at some references, FFO is sometimes calculated as:
FFO = Net Income + D&A + Deferred Taxes + Other non-cash items - Gain on asset sales

Using this:
- Net Income: 4,417
- D&A: 3,613
- Deferred taxes: Let me estimate. Income tax expense 1,737. Cash taxes paid 1,603. So deferred tax expense = 134. But this is just the accrual vs cash difference.
- Other non-cash: Share-based payments 356 (expense) or 162 (cash flow adjustment)?

Actually, from cash flow adjustments:
- Share-based payments adjustment: 162
- Undistributed profits of equity method: 42
- Gains/losses on disposal: -68 (negative means gains, so subtract)
- Fair value gains/losses: -236 (negative means gains, so subtract)

So FFO = 4,417 + 3,613 + 162 + 42 - 68 - 236 + ... deferred taxes?

The 10,215 already includes all these. So 10,215 is the comprehensive FFO.

But wait, 10,215 also includes "Adjustments For Net Finance Costs" of 614 and "Adjustments For Income Tax Expense" of 1,737. So it's starting from net income and adding back to get to a pre-interest, pre-tax measure.

Actually, I realize now: 10,215 is NOT FFO in the traditional sense. It's "Cash generated from operations before changes in working capital" which is more like EBITDA adjusted for non-cash items and accrual taxes.

Traditional FFO (as used by REITs and later by corporate credit) is closer to:
FFO = Net Income + D&A + Deferred Taxes

Which would be: 4,417 + 3,613 + deferred taxes + other non-cash items.

If deferred tax expense is 134 (1,737 - 1,603), then:
FFO = 4,417 + 3,613 + 134 + 162 + 42 - 68 - 236 + ... 

Hmm, but the 10,215 includes the 1,737 tax expense add-back, not the deferred portion only.

Let me think about this differently. The cash flow statement starts with Net Income and reconciles to operating cash flow. The line "Cash Flows From Used In Operations Before Changes In Working Capital" is the subtotal before working capital, interest, and taxes paid.

This subtotal is commonly used as "FFO" in European credit analysis, particularly for corporate issuers. It's essentially:
Net Income + D&A + Other non-cash items + Interest added back + Accrual taxes added back

= EBIT + D&A + Other non-cash items - Accrual taxes? No wait, we added back taxes.

Actually: Net Income + Taxes + Interest = EBIT. Then + D&A = EBITDA. Then + other non-cash items = "Cash EBITDA" or "Funds From Operations before working capital".

So 10,215 ≈ EBITDA + other non-cash adjustments.

For the FFO/Net Debt ratio, this 10,215 is commonly used as the numerator.

Let me verify with VINCI's actual credit metrics if possible. Since I don't have external data, I'll proceed with 10,215 as FFO.

Now for Net Debt, I want to make sure I have the right figure.

At 2022 year-end (2023-01-01):
- Total equity: 29,409
- Total liabilities: 82,582 (111,991 - 29,409)

Looking at debt specifically:
- Shortterm Borrowings: 6,368
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205

Are there other debt-like items?
- Current Derivative Financial Liabilities: 440 (these are hedging, not debt)
- Noncurrent Derivative Financial Liabilities: 1,939 (hedging)
- Current Lease Liabilities: 522
- Noncurrent Lease Liabilities: 1,580

If we include all interest-bearing liabilities:
6,368 + 20,425 + 3,205 + 522 + 1,580 = 32,100

Less cash and equivalents: 12,578
Net Debt (all interest-bearing): 19,522

Or if we exclude leases:
Net Debt: 17,420

I think for a standard FFO/Net Debt calculation, I'll use financial debt excluding leases but including all borrowings. This is because FFO (as operating cash flow before working capital) is generated before lease principal payments, which are financing activities.

Actually, let me reconsider. In modern financial analysis post-IFRS 16, EBITDA includes lease depreciation (or rather, excludes lease payments). So FFO of 10,215 includes the add-back of lease depreciation? Let me check.

Looking at D&A of 3,613 - this likely includes depreciation of PPE and amortization of intangibles, and possibly lease depreciation.

Actually, "Adjustments For Depreciation And Amortisation Expense" = 3,613. Under IFRS 16, there is no lease depreciation as such - there's depreciation of right-of-use assets. This would be included in D&A.

So 10,215 includes the add-back of ROU asset depreciation. But lease payments are in financing activities. This means 10,215 is available to pay lease principal.

For Net Debt, if we include lease liabilities, the ratio FFO/Net Debt would be more comprehensive.

Let me check what VINCI might report. As a French company, they might report "Net Debt" or "Net Cash" including or excluding leases.

Actually, looking at the data, there's no explicit "Net Debt" line. I need to calculate it.

For a conservative approach, I'll include lease liabilities in debt:
Net Debt = 32,100 - 12,578 = 19,522

FFO/Net Debt = 10,215 / 19,522 = 0.523

But I want to check if this makes sense. Let me also calculate with the narrower definition.

Actually, I recall that in many European credit analyses, "Net Debt" for leverage calculations excludes lease liabilities if the corresponding EBITDA excludes lease effects. But with IFRS 16, EBITDA includes the depreciation, not the lease payment.

Hmm, actually under IFRS 16, operating profit includes depreciation of ROU assets, not lease expenses. So EBIT and EBITDA include lease depreciation. The cash lease payment is split into interest (in operating or financing CF) and principal (in financing CF).

Looking at VINCI's cash flow:
- "Adjustments For Interest Expense On Lease Liabilities" = 48 (added back in operating section)
- "Payments Of Lease Liabilities Classified As Financing Activities" = 661

So total lease payment = 48 + 661 = 709? Or is 661 the total payment including interest?

Actually, 661 is the total lease liability payment. The interest portion is 48, which is added back in the operating section (as part of the reconciliation from net income to operating cash flow before working capital).

Wait, the 48 is an "Adjustment" in the indirect method. So it was subtracted as expense in net income, and we add it back. Then the actual cash payment of 661 is in financing activities.

So in the 10,215, we have added back 48 of lease interest. But we haven't subtracted the 661 principal payment (it's in financing, not operating).

So 10,215 is before lease principal payments.

For FFO/Net Debt, if Net Debt includes lease liabilities, we should arguably have FFO that can pay all debt including leases. But 10,215 is before lease principal payments.

A more refined FFO might be: 10,215 - lease principal payments = 10,215 - (661 - 48) = 10,215 - 613 = 9,602? Or 10,215 - 661 = 9,554 if we consider the full payment?

Actually, the standard approach is to use the unadjusted FFO and include leases in debt. The ratio then shows coverage before lease payments.

I think I'll go with the more standard approach: financial debt excluding operating lease liabilities, as these are treated differently.

Net Debt = 17,420
FFO = 10,215
FFO/Net Debt = 0.586

But let me also consider: should I use average net debt or year-end net debt? Usually year-end is used for simplicity, though average is more accurate for the period.

For 2022 year-end vs 2021 year-end:
2021 year-end (2022-01-01):
- Shortterm Borrowings: 5,769
- Noncurrent Bonds: 22,212
- Noncurrent Other Borrowings: 2,757
- Current Lease: 524
- Noncurrent Lease: 1,574
Total debt = 32,836
Cash = 11,065
Net Debt = 21,771 (with leases) or 19,673 (without leases)

Average net debt without leases = (17,420 + 19,673) / 2 = 18,546.5
FFO/Average Net Debt = 10,215 / 18,547 = 0.551

But the question asks for 2022 ratio, so year-end is standard.

Let me finalize my calculation:
FFO = 10,215,000,000 EUR
Net Debt = 17,420,000,000 EUR (financial debt excluding leases)
FFO/Net Debt = 0.5864 or 58.6%

Or if including leases:
FFO/Net Debt = 10,215 / 19,522 = 0.5232 or 52.3%

I need to decide which is more appropriate. Given that VINCI is a construction and concessions company with significant infrastructure assets, and looking at standard industry practice, I think excluding leases is more common for the "Net Debt" figure in FFO/Net Debt, as lease liabilities are often considered separately.

However, I want to double-check by looking at what might be VINCI's own definition. French companies often report "Net Cash/Net Debt" which includes all financial debt minus cash.

Actually, let me look more carefully at the balance sheet. "Noncurrent Portion Of Noncurrent Bonds Issued" and "Noncurrent Portion Of Other Noncurrent Borrowings" - these are explicitly debt. "Shortterm Borrowings" is also debt.

Are there current portions of noncurrent debt? Looking at current liabilities, I don't see "Current Portion Of Noncurrent Borrowings" explicitly. So maybe the shortterm borrowings includes this, or it's already classified.

Actually, looking at 2022-01-01 vs 2023-01-01:
- Noncurrent Bonds: 22,212 to 20,425 (decrease of 1,787)
- Noncurrent Other Borrowings: 2,757 to 3,205 (increase of 448)
- Shortterm Borrowings: 5,769 to 6,368 (increase of 599)

Total change: -1,787 + 448 + 599 = -740 decrease in total debt.

Cash increased from 11,065 to 12,578, by 1,513.

So Net Debt decreased by 740 + 1,513 = 2,253.

From cash flow: Financing activities include proceeds from noncurrent borrowings 2,786 and repayments 3,653, net -867. Plus short-term changes of 599. Total debt change about -268? Hmm, doesn't match -740. There might be reclassifications or other items.

Anyway, I think my debt calculation is reasonable.

Let me also consider if FFO should be after some adjustments. Looking at the cash flow, there's "Other Inflows Outflows Of Cash Classified As Operating Activities" of 854,000,000. This is after the "before working capital" line. So 10,215 excludes this.

Is this 854 part of FFO? It's in operating activities, so yes, but it's after working capital and other items. For "before working capital" FFO, we exclude it.

Actually, looking at the structure again, the 854 is part of operating cash flow but after working capital changes. So for "FFO" defined as before working capital, it's excluded.

I think 10,215 is the right FFO figure.

One more check: should I use "Profit Loss From Operating Activities" + D&A as FFO? This would be 6,489 + 3,613 = 10,102. Close to 10,215. The difference is other non-cash items.

Or EBIT + D&A - Cash Taxes = 6,489 + 3,613 - 1,603 = 8,499. This is lower.

Actually, "Funds From Operations" in the strict sense (as used by Moody's and S&P) is:
FFO = Net Income + D&A + Deferred Taxes + Other non-cash items

This is closer to 10,215 than to 8,499. The 10,215 includes add-back of accrual taxes (not cash taxes), so it's higher.

I think for this question, using 10,215 as FFO is appropriate.

Final calculation:
FFO = 10,215,000,000
Net Debt = 17,420,000,000
FFO / Net Debt = 0.5864

Let me round to a reasonable precision: 0.59 or 58.6% or 0.586.

Actually, I'll provide it as a decimal ratio: 0.59

Wait, let me reconsider if I should include leases. In many modern credit analyses, especially post-IFRS 16, lease liabilities are included in Net Debt. Let me see if this makes more sense for VINCI.

VINCI has significant concessions. Looking at "Service Concession Rights" of 28,224,000,000 - these are intangible assets from concession arrangements. The corresponding liabilities might be structured as debt or as provisions.

Actually, service concessions under IFRIC 12 don't necessarily create lease liabilities. They're accounted for differently.

Looking at lease liabilities of about 2.1 billion vs total debt of 30 billion, leases are about 7% of debt. Not huge.

For a more conservative and modern approach, I'll include leases:
Net Debt = 19,522
FFO/Net Debt = 0.523

But I think the standard "Net Debt" figure for VINCI and similar companies typically excludes operating lease liabilities, as these are considered operating in nature for infrastructure companies.

Hmm, but IFRS 16 blurs this distinction. Let me check if there's any guidance in the data.

Actually, I notice the data has "Current Lease Liabilities" and "Noncurrent Lease Liabilities" as separate line items, suggesting they're broken out. This allows analysts to include or exclude them.

Given the ambiguity, let me provide the calculation with financial debt only (excluding leases), as this is more commonly used in FFO/Net Debt ratios for corporate issuers.

FFO / Net Debt = 10,215 / 17,420 = 0.5864

I'll round to 0.59 or provide more precision. Let me see what makes sense.

Actually, looking at this again, I want to verify my FFO one more time. Is 10,215 really the right number?

"Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215,000,000

This is the standard line item for "Funds From Operations" in many credit analyses. It's also called "Operating Cash Flow Before Working Capital Changes" or "EBITDA adjusted for non-cash items and taxes".

Yes, I'll use 10,215.

For Net Debt, let me also verify by checking if "Other Current Financial Assets" or derivatives should be included.

"Current Cash Management Financial Assets" = 755 - this is short-term investments, could be considered cash-like.
"Other Current Financial Assets" = 84 - likely receivables or other, not as liquid.
"Current Derivative Financial Assets" = 115 - hedging assets, not cash-like.

If we include cash management assets as liquid:
Net Debt = 29,998 - 12,578 - 755 = 16,665
FFO/Net Debt = 10,215 / 16,665 = 0.613

But standard is usually just "Cash and Cash Equivalents". The 755 is "Current Cash Management Financial Assets" which might be money market funds or short-term bonds. Some analysts include these in "Cash", others don't.

For conservatism, I'll exclude the 755 from cash.

Final answer: FFO / Net Debt = 0.59 (rounded) or 0.586 (more precise).

Let me provide 0.59 as a clean number, or perhaps calculate more precisely.

10,215 / 17,420 = 0.586439...

I'll provide this as 0.59 or 58.6%. Since the question asks for a ratio, decimal form is appropriate.

Actually, I want to do one more sanity check. Let me see if FFO/Net Debt of about 0.6 is reasonable for VINCI.

VINCI is a large infrastructure company. Typical Net Debt/EBITDA for such companies might be around 2-3x. If EBITDA is about 10,215 + taxes + interest ≈ 10,215 + 1,737 + 614 = 12,566, then Net Debt/EBITDA = 17,420 / 12,566 = 1.39x. This seems quite low (conservative).

If we look at it as FFO/Net Debt = 0.59, this implies Net Debt/FFO = 1.7x. This is reasonable for a company with strong cash generation.

Actually, I realize I should double-check: is 10,215 comparable to EBITDA?

Profit Loss From Operating Activities (EBIT) = 6,489
+ D&A = 3,613
= 10,102 EBITDA (approx)

But 10,215 includes other adjustments. So yes, 10,215 ≈ EBITDA + other non-cash items.

Net Debt / EBITDA ≈ 17,420 / 10,102 = 1.72x. This is quite conservative for a construction company.

Actually, VINCI has a strong balance sheet. Looking at their equity of 29,409 vs total assets of 111,991, equity ratio is 26%. Not super high, but reasonable for capital-intensive business.

I think my calculation is in the right ballpark.

One more thing: should I use 2022 year-end or average? The question asks for "2022", which typically means the year or year-end. For ratios involving flow and stock variables, year-end stock is common though average is theoretically better.

Using year-end Net Debt: 17,420
FFO for the year 2022: 10,215
FFO/Net Debt = 0.586

I'll go with 0.59 as a rounded figure, or provide 0.586 for more precision.

Actually, let me see if I should express this as a percentage or multiple. "FFO / Net debt ratio" is typically expressed as a multiple (e.g., 0.6x) or just the decimal.

I'll provide the decimal: 0.59

Wait, I want to check one more thing. Is there any "Current Portion Of Noncurrent Borrowings" that I missed?

Looking at current liabilities:
- Shortterm Borrowings: 6,368
- Current Lease Liabilities: 522
- Current Derivative Financial Liabilities: 440
- Current Tax Liabilities: 607
- Trade And Other Current Payables To Trade Suppliers: 13,088
- Other Current Liabilities: 20,315
- Current Provisions: 6,599

I don't see "Current Portion Of Long-Term Debt" explicitly. It might be included in "Shortterm Borrowings" or there might not be any reclassification.

Looking at noncurrent liabilities:
- Noncurrent Portion Of Noncurrent Bonds Issued: 20,425
- Noncurrent Portion Of Other Noncurrent Borrowings: 3,205

These are explicitly the noncurrent portions. So the current portions would be... not shown separately? Or perhaps the bonds are all noncurrent at year-end.

Actually, looking at 2022-01-01: Noncurrent Bonds were 22,212. Now 20,425. The decrease might be due to repayments or reclassification to current.

But there's no "Current Portion Of Noncurrent Bonds" line. So either:
1. The current portion is included in "Shortterm Borrowings"
2. There is no current portion at year-end
3. The classification is different

Given the data structure, I'll assume "Shortterm Borrowings" includes any current portion of long-term debt, or there simply isn't any current portion at year-end.

My debt calculation stands: 29,998 financial debt excluding leases.

Final answer: FFO / Net Debt = 10,215 / 17,420 = 0.586

I'll round to 0.59 for simplicity, or keep 0.586. Given the precision of the inputs, I'll provide 0.59.

Actually, looking at the data precision (all numbers are to the nearest million), I can provide more precision. Let me give 0.59 as the ratio.

Hmm, but 0.586 is closer to 0.59 than 0.58. Let me provide 0.59.

Or I could express it as 58.6% but the question asks for a ratio, so decimal is better.

Let me reconsider one more time if I should include leases. For many European companies now, "Net Debt" includes lease liabilities. Let me check this by considering what VINCI might report.

Actually, I recall that VINCI reports "Net cash" or "Net debt" in their financial communications. Without access to their exact definition, I'll use the broader definition including leases, as this is becoming standard.

Net Debt with leases = 19,522
FFO/Net Debt = 10,215 / 19,522 = 0.523

This is about 0.52.

Hmm, but looking at the cash flow statement, lease payments are 661 in financing activities. If we consider FFO available to pay all debt including leases, we might want to subtract lease payments from FFO.

Adjusted FFO = 10,215 - 661 = 9,554
Net Debt with leases = 19,522
Ratio = 9,554 / 19,522 = 0.489

Or if we only subtract lease principal (excluding interest):
Lease interest = 48 (from adjustment)
Lease principal = 661 - 48 = 613? Or is 661 the total payment?

Looking at "Payments Of Lease Liabilities Classified As Financing Activities" = 661. Under IFRS 16, this is the total lease payment, which includes principal and interest. The interest portion is already in the operating section as an adjustment.

Actually, in the cash flow statement under IFRS 16, lease payments can be split:
- Interest portion: can be operating or financing
- Principal portion: financing

VINCI seems to put the entire 661 in financing. And the 48 is an "adjustment" in the indirect method (added back as non-cash or to reconcile).

So total lease-related cash outflow = 661 (financing) + possibly part of the 563 interest (operating).

Actually, the 563 is "Interest Paid And Interest Received Classified As Operating Activities". This likely includes interest on borrowings and possibly lease interest.

If lease interest is included in the 563, then total cash outflow for leases = lease interest (part of 563) + lease principal (part of 661, or the whole 661 if interest is separate).

This is getting too complicated. Let me stick with the simpler approach.

For standard FFO/Net Debt:
- FFO = 10,215 (standard definition, before working capital changes, after interest and taxes as per cash flow presentation)
- Net Debt = financial debt - cash = 17,420

FFO/Net Debt = 0.586 ≈ 0.59

I'll provide 0.59 as my final answer.

Actually, one last check. Let me see if "Cash Flows From Used In Operations Before Changes In Working Capital" of 10,215 is indeed after interest.

Looking at the adjustments:
- "Adjustments For Net Finance Costs" = 614 (added back)

This means we started with Net Income (after interest expense) and added back interest expense. So 10,215 is BEFORE interest expense (i.e., at the EBIT level plus D&A).

Wait, but then "Interest Paid And Interest Received Classified As Operating Activities" is subtracted later to get to operating cash flow. So 10,215 is before interest PAID.

For FFO, which is typically defined as cash flow from operations before working capital changes, this 10,215 is the right number. And it's BEFORE interest paid.

But in standard credit analysis, FFO is often AFTER interest expense (since we want to see cash available after servicing debt). However, the common "Cash Flow From Operations Before Working Capital Changes" is used as FFO, and it's before interest paid in the cash flow statement (because interest paid is a separate line).

Actually, looking at this more carefully: the 10,215 includes the add-back of interest expense (614), so it's at the pre-interest level. But then when we calculate operating cash flow, we subtract interest paid (563).

So 10,215 is pre-interest, pre-tax (accrual), and pre-working capital.

For FFO/Net Debt, if we use pre-interest FFO and compare to Net Debt, this is like an EBITDA-based measure. If we use post-interest FFO, it's more like a cash flow available measure.

Standard FFO in credit analysis (S&P definition) is:
FFO = Net cash from operating activities before changes in working capital

This 10,215 is exactly that. And it's commonly used as is, without adjusting for interest.

So FFO/Net Debt = 10,215 / 17,420 = 0.586

I'll provide this as my final answer: 0.59 (rounded) or 0.586 (more precise).

Given that I should provide a single value, I'll use 0.59.

Actually, let me reconsider rounding. 0.586 is closer to 0.59, but if I want to be more precise, I can use 0.586 or 58.6%.

I think for this question, providing 0.59 is reasonable.

Wait, I want to do one more verification of Net Debt. Let me check if there are any other borrowings I missed.

Looking at "Other Current Liabilities" = 20,315. This is a large amount. What does it include? It might include accrued expenses, deferred revenue, etc. Not necessarily debt.

Looking at "Other Noncurrent Liabilities" = 894. Also not necessarily debt.

I think my debt figure is correct.

Final calculation:
FFO = 10,215,000,000
Net Debt = 17,420,000,000
Ratio = 0.5864

<answer>0.59</answer> or more precisely <answer>0.586</answer>

I'll go with 0.59 for a clean answer, or perhaps 58.6 if percentage. But the question says "ratio", so decimal.

Actually, re-reading the question, it says "estimate the FFO / Net debt ratio". This suggests some estimation is expected. Let me provide 0.59.

Hmm, but I want to be more accurate. Let me provide 0.586.

Or I could calculate with leases included and see if that makes more sense. 

Actually, I realize I should check one more thing. Is "Cash And Cash Equivalents" at 2023-01-01 (12,578) the right number to use, or should I use the "Cash And Cash Equivalents If Different From Statement Of Financial Position"?

Looking at this line:
"Cash And Cash Equivalents If Different From Statement Of Financial Position" 2023-01-01: 11,495,000,000

This is different from "Cash And Cash Equivalents" of 12,578,000,000.

The "If Different" line suggests there might be a reconciliation difference. Perhaps 11,495 is the cash flow statement figure, while 12,578 is the balance sheet figure.

For Net Debt, we typically use balance sheet cash: 12,578.

But let me check: the cash flow statement shows "Increase Decrease In Cash And Cash Equivalents" = 1,306 for 2022.

2022 starting cash (2022-01-01): 11,065 (from "Cash And Cash Equivalents")
2022 ending cash (2023-01-01): 12,578
Increase: 12,578 - 11,065 = 1,513

But the cash flow says 1,306. Difference of 207.

The "Cash And Cash Equivalents If Different From Statement Of Financial Position" shows:
2022-01-01: 10,188
2023-01-01: 11,495
Increase: 1,307 ≈ 1,306 (matches!)

So the cash flow statement uses 10,188 and 11,495, while the balance sheet uses 11,065 and 12,578.

This difference might be due to cash held for sale, restricted cash, or other adjustments.

For Net Debt calculation, standard practice is to use the balance sheet cash figure (12,578), as this is what's available to pay debt. The cash flow figure (11,495) might exclude certain items.

So I'll stick with 12,578.

Net Debt = 29,998 - 12,578 = 17,420
FFO/Net Debt = 10,215 / 17,420 = 0.586

Final answer: 0.59

<answer>0.59</answer>