To estimate the FFO (Funds From Operations) / Net Debt ratio for VINCI in 2022, we need to calculate both the numerator (FFO) and the denominator (Net Debt) based on the provided financial data.

**1. Calculate Funds From Operations (FFO)**

FFO is typically defined as Net Income (Profit Loss) plus Depreciation and Amortization, and often adjusted for other non-cash items or specific industry standards. A common definition for industrial/concession groups like VINCI is:
$$FFO = \text{Profit from Operating Activities} + \text{Depreciation and Amortization} - \text{Tax Paid} - \text{Change in Working Capital}$$
However, a more standard and robust definition often used in credit analysis is:
$$FFO = \text{Net Income} + \text{Depreciation \& Amortization} + \text{Deferred Taxes} + \text{Other Non-Cash Adjustments}$$

Let's look at the Cash Flow from Operations provided, which is a close proxy, but FFO is usually an earnings-based metric adjusted for D&A.
A very common simplified formula for FFO in this context is:
$$FFO = \text{Profit Loss} + \text{Depreciation and Amortization}$$

Let's extract the relevant values for the period 2022-01-01 to 2023-01-01 (Fiscal Year 2022):
*   **Profit Loss**: 4,417,000,000 EUR
*   **Adjustments For Depreciation And Amortisation Expense**: 3,613,000,000 EUR

Using the basic definition:
$$FFO = 4,417,000,000 + 3,613,000,000 = 8,030,000,000 \text{ EUR}$$

Sometimes, FFO is defined as Operating Cash Flow before changes in working capital and taxes, or similar variations. Let's check the "Cash Flows From Used In Operations Before Changes In Working Capital": 10,215,000,000 EUR. This is essentially EBITDA adjusted for some items.
Another common definition for rated companies is:
$$FFO = \text{Net Income} + \text{D\&A} + \text{Deferred Tax} + \text{Share of Loss/Profit of Associates (if non-cash)}$$
Let's stick to the standard $Net Income + D\&A$ as a baseline, but note that rating agencies often add back deferred taxes and subtract maintenance capex (not available here) or use Operating Cash Flow.
Let's try using the **Operating Cash Flow** as a proxy for funds generated, but FFO is distinct.
Standard S&P/Moody's definition: $FFO = \text{Net Income} + \text{D\&A} + \text{Deferred Taxes} + \text{Other Non-Cash Items}$.
Deferred tax expense is part of the tax line. The cash tax paid is 1,603,000,000. The tax expense is 1,737,000,000. The difference is roughly the change in deferred taxes/current tax liabilities.
Let's use the widely accepted approximation:
$$FFO \approx \text{Profit from Operating Activities} + \text{Depreciation \& Amortization} - \text{Taxes Paid}$$
Wait, FFO is a pre-working capital change metric usually.
Let's use the definition: $FFO = \text{Net Income} + \text{Depreciation and Amortization}$.
$FFO = 4,417 \text{ m} + 3,613 \text{ m} = 8,030 \text{ m EUR}$.

Let's consider if "Profit Loss From Operating Activities" (6,489 m) is a better starting point.
$FFO = \text{Operating Profit} + \text{D\&A} - \text{Cash Taxes} - \text{Cash Interest}$? No, that's Free Cash Flow.
FFO is generally: Net Income + D&A.
Let's assume **FFO = 8,030,000,000 EUR**.

**2. Calculate Net Debt**

Net Debt is typically defined as Total Financial Debt minus Cash and Cash Equivalents.
We need to identify Financial Debt components from the Balance Sheet at 2022-01-01 (Start of year) or 2023-01-01 (End of year). Ratios are often calculated using year-end figures or average. Let's use year-end 2022 (which is 2023-01-01 in the data labels).

**Financial Debt Components at 2023-01-01:**
*   Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000 EUR
*   Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000 EUR
*   Shortterm Borrowings: 6,368,000,000 EUR
*   Current Lease Liabilities: 522,000,000 EUR
*   Noncurrent Lease Liabilities: 1,580,000,000 EUR
*   Current Derivative Financial Liabilities: 440,000,000 EUR (Often excluded from Net Debt unless hedging debt, but let's check standard practice. Usually, derivatives are excluded from Gross Debt for Net Debt calculations unless they are integral. Let's exclude derivatives for a standard Net Debt calc, or include if "Total Debt" is required. Standard Net Debt usually includes interest-bearing borrowings and leases.)
*   Noncurrent Derivative Financial Liabilities: 1,939,000,000 EUR (Exclude)

Let's sum the interest-bearing debt (Bonds, Borrowings, Leases):
Gross Debt = (Noncurrent Bonds) + (Noncurrent Other Borrowings) + (Short-term Borrowings) + (Current Lease Liab) + (Noncurrent Lease Liab)
Gross Debt = $20,425 + 3,205 + 6,368 + 522 + 1,580$ (all in millions)
Gross Debt = $32,100 \text{ million EUR}$

**Cash and Cash Equivalents at 2023-01-01:**
*   Cash And Cash Equivalents: 12,578,000,000 EUR
*   Current Cash Management Financial Assets: 755,000,000 EUR (These are often considered cash equivalents for net debt purposes).
*   Other Current Financial Assets: 84,000,000 EUR (Likely not cash equiv).

Total Cash & Equivalents = $12,578 + 755 = 13,333 \text{ million EUR}$.

**Net Debt** = Gross Debt - Cash & Equivalents
Net Debt = $32,100 - 13,333 = 18,767 \text{ million EUR}$.

*Alternative Check using 2022-01-01 (Start of year) figures:*
Gross Debt 2022-01-01:
*   Noncurrent Bonds: 22,212
*   Noncurrent Other Borrowings: 2,757
*   Short-term Borrowings: 5,769
*   Current Lease: 524
*   Noncurrent Lease: 1,574
Total Gross Debt = $22,212 + 2,757 + 5,769 + 524 + 1,574 = 32,836 \text{ million EUR}$.

Cash 2022-01-01:
*   Cash And Cash Equivalents: 11,065
*   Current Cash Management: 200
Total Cash = $11,265 \text{ million EUR}$.

Net Debt 2022-01-01 = $32,836 - 11,265 = 21,571 \text{ million EUR}$.

Average Net Debt = $(18,767 + 21,571) / 2 = 20,169 \text{ million EUR}$.

**3. Calculate Ratio**

Using Year-End Net Debt (common for snapshot ratios):
Ratio = $FFO / \text{Net Debt}$
Ratio = $8,030 / 18,767 \approx 0.428$

Using Average Net Debt:
Ratio = $8,030 / 20,169 \approx 0.398$

Let's refine the FFO definition. VINCI's specific reporting might define FFO differently. In many European infrastructure contexts, FFO is closer to Operating Cash Flow.
Operating Cash Flow (2022) = 9,387,000,000 EUR.
If we use OCF as the numerator (sometimes called Funds From Operations in loose terms, though technically distinct):
Ratio (OCF / Net Debt) = $9,387 / 18,767 \approx 0.50$.

However, standard credit rating FFO is Net Income + D&A.
Let's check if there are other adjustments.
Share of profit of associates (equity method) is 22m. This is included in Net Income.
Minority interests: Net income includes 157m attributable to NCI. FFO is usually calculated on a consolidated basis before NCI or after? Usually, FFO is attributable to the group.
Net Income Attributable to Owners = 4,259,000,000.
If we use Net Income Attributable to Owners:
FFO = $4,259 + 3,613 = 7,872 \text{ million EUR}$.
Ratio = $7,872 / 18,767 \approx 0.419$.

Let's look at the "Cash Flows From Used In Operations Before Changes In Working Capital" = 10,215 million.
This is effectively EBITDA - Tax Paid? No, it's after tax?
The statement says "Cash Flows From Used In Operations Before Changes In Working Capital".
Usually: $OCF = \text{Net Income} + \text{D\&A} + \dots - \Delta WC$.
The line item 10,215 is before WC changes.
If we treat this 10,215 as the cash generation proxy (often called Gross Cash Flow from Operations):
Ratio = $10,215 / 18,767 \approx 0.54$.

However, the term "FFO" specifically usually refers to the earnings-based metric.
Let's consider the source. VINCI is a French company. French analysts often use "CAF" (Capacité d'Autofinancement) which is close to OCF before tax and interest? No, CAF is usually Net Income + D&A.
VINCI's annual report typically defines "Net Debt" and "FFO" in their credit metrics.
According to VINCI's 2022 Annual Report (public knowledge check to verify methodology if possible, otherwise stick to standard):
VINCI defines **FFO** as: Consolidated net income + share of non-controlling interests + depreciation, amortization and impairment + deferred taxes + other non-cash items.
Essentially, it is very close to **Operating Cash Flow before changes in working capital** but adjusted for taxes paid?
Actually, rating agencies (S&P) define FFO for VINCI.
S&P FFO for VINCI 2022 was approximately 8.5 - 9 billion EUR?
Let's recalculate carefully.
Net Income: 4,417
D&A: 3,613
Deferred Tax: The difference between Tax Expense (1,737) and Tax Paid (1,603) is 134. Also changes in tax liabilities.
Let's assume FFO ~ 8,030 million (Net Income + D&A).

Let's refine Net Debt.
Does Net Debt include Derivatives? Usually no.
Does it include Lease Liabilities? Yes, under IFRS 16, leases are debt.
My Gross Debt calculation: 32,100 million.
Cash: 13,333 million.
Net Debt: 18,767 million.

Ratio: $8,030 / 18,767 = 0.4278$.

Let's try using the "Cash flow from operating activities" (9,387) as a proxy for funds available? No, FFO is specific.
If we use the "Cash Flows From Used In Operations Before Changes In Working Capital" (10,215), this is often called "Gross Cash Flow".
Some definitions of FFO include the change in working capital? No, that's OCF.

Let's look at the "Profit Loss From Operating Activities" (6,489).
Add D&A (3,613) = 10,102. This is roughly EBITDA.
EBITDA / Net Debt = $10,102 / 18,767 = 0.538$.

Standard FFO (Net Income + D&A) = 8,030.
Ratio = 0.43.

Let's check if "Net Debt" should be calculated at the beginning of the year (2022-01-01) for a return ratio? Or average?
If Average Net Debt (20,169):
$8,030 / 20,169 = 0.398$.

If we use the End of Year Net Debt (18,767):
$8,030 / 18,767 = 0.428$.

Let's consider if "Other Current Financial Assets" (84) and "Noncurrent Derivative Financial Assets" (376) should be netted against debt? Usually only cash and cash equivalents are netted.

Let's try to find a more precise FFO definition for VINCI.
VINCI reports "Net debt / EBITDA" and "Net debt / FFO".
In their 2022 report, they state:
FFO is defined as net income excluding non-controlling interests, plus depreciation, amortization and impairment, plus deferred taxes, plus/minus other non-cash items.
Net Income attributable to owners: 4,259.
Add D&A: 3,613.
Add Deferred Taxes: The tax expense is 1,737. Cash tax paid is 1,603. The balance sheet change in Current Tax Liabilities is $607 - 360 = 247$ increase. Deferred Tax Liabilities change: $4,162 - 3,225 = 937$ increase. Deferred Tax Assets change: $883 - 767 = 116$ increase.
Net Deferred Tax Expense approx = Change in DTL - Change in DTA = $937 - 116 = 821$?
Actually, Tax Expense = Current Tax + Deferred Tax.
Current Tax Expense approx = Tax Paid + Change in Current Tax Liab = $1,603 + 247 = 1,850$.
Deferred Tax Expense = Total Tax (1,737) - Current Tax (1,850) = -113 (Benefit).
So we add back Deferred Tax Benefit? No, we add back Deferred Tax Expense. If it's a benefit, we subtract?
FFO = Net Income + D&A + Deferred Tax Expense.
If Deferred Tax is negative (benefit), it reduced Net Income, so we subtract it? No, D&A is added back because it was subtracted. Deferred Tax is a non-cash item. If it's an expense (positive), it reduced NI, so add back. If it's a benefit (negative), it increased NI, so subtract.
Here, Deferred Tax seems to be a benefit (liability increased more than asset? Wait. Increase in Liability is a source of cash/benefit in P&L? No. Increase in DTL means Deferred Tax Expense > Deferred Tax Paid.
Let's just use the simplified $NI + D\&A$.
$4,259 + 3,613 = 7,872$.

Net Debt (End 2022): 18,767.
Ratio: $7,872 / 18,767 = 0.419$.

Let's check if the denominator should be Average Net Debt.
Average Net Debt: 20,169.
Ratio: $7,872 / 20,169 = 0.390$.

Often, these ratios are presented with one decimal place. 0.4 or 0.42.

Let's double check the Net Debt calculation.
VINCI Net Debt 2022 in their actual report was 18.8 billion EUR.
My calculation: 18.767 billion EUR. This matches very well.
VINCI FFO 2022 in their actual report:
They report FFO of approximately 8.5 billion?
Let's check the components again.
Net Income (Group share): 4,259.
D&A: 3,613.
Sum: 7,872.
Other adjustments:
Share of profit of associates (equity): 22. (Non-cash? No, it's equity pick-up. Cash is dividends received. Dividends received from associates: 92. So we subtract the 22 profit and add 92 dividends? Or just add back the 22 and ignore dividends if they are in investing? FFO usually adds back equity income and subtracts dividends received if classified in investing.
Adjustment: Subtract Share of Profit (22) + Add Dividends Received (92) = +70.
FFO = $7,872 + 70 = 7,942$.
Deferred Tax: Add back Deferred Tax Expense.
Change in Deferred Tax Liab: +937. Change in Deferred Tax Asset: +116.
Net Deferred Tax Liability Increase: 821. This implies a Deferred Tax Expense of roughly 821?
Wait, Tax Expense (1,737) = Current Tax Expense + Deferred Tax Expense.
Current Tax Expense = Tax Paid (1,603) + Increase in Current Tax Liab (247) - Increase in Current Tax Asset (21) = 1,829.
Deferred Tax Expense = 1,737 - 1,829 = -92.
So Deferred Tax is a benefit of 92. We subtract this from FFO?
FFO = Net Income + D&A - Deferred Tax Benefit.
$7,942 - 92 = 7,850$.

Other non-cash items:
Share-based payments: 356 expense (non-cash). Add back 356.
FFO = $7,850 + 356 = 8,206$.

Impairment/Provisions adjustments: 0.
Fair value gains/losses: -236 (Gain). Subtract gain? It's in Net Income. If it's a gain, it increased NI. It's non-cash (or investing). Subtract it.
FFO = $8,206 - 236 = 7,970$.

So FFO is approx 8,000 million EUR.

Ratio = $8,000 / 18,767 = 0.426$.

Rounding to two decimal places: 0.43.

<answer>0.43</answer>