To estimate the Funds From Operations (FFO) to Net Debt ratio for VINCI for the year 2022 using S&P methodology, we use the following definitions based on the provided data: **1. Funds From Operations (FFO):** S&P typically defines FFO as Cash Flow from Operating Activities (CFO) adjusted for non-cash items and changes in working capital. In the provided data, we have "Cash Flows From Used In Operations Before Changes In Working Capital," which is the core metric for FFO before working capital adjustments. * "Cash Flows From Used In Operations Before Changes In Working Capital" (2022-01-01 - 2023-01-01): 10,215,000,000 EUR * S&P methodology generally subtracts "Finance Costs Paid Classified As Operating Activities" if they were not already excluded from the operating cash flow, but they are already categorized separately. * Adjusted FFO = 10,215,000,000 EUR. **2. Net Debt:** Net Debt is typically calculated as Total Debt minus Cash and Cash Equivalents. * Total Liabilities (Interest Bearing): * Noncurrent portion of noncurrent bonds issued: 22,212,000,000 EUR (2022 start balance, for 2022 reporting) * Noncurrent portion of other noncurrent borrowings: 2,757,000,000 EUR * Short-term borrowings: 5,769,000,000 EUR * *Note: S&P usually includes lease liabilities in debt.* * Noncurrent lease liabilities: 1,574,000,000 EUR * Current lease liabilities: 524,000,000 EUR * Gross Debt (2022) = 22,212 + 2,757 + 5,769 + 1,574 + 524 = 32,836,000,000 EUR. * Cash and Cash Equivalents (2022): 11,065,000,000 EUR. * Net Debt = 32,836,000,000 - 11,065,000,000 = 21,771,000,000 EUR. **3. Calculation:** * FFO / Net Debt = 10,215,000,000 / 21,771,000,000 ≈ 0.4692. Rounding to the standard presentation for such ratios, the value is approximately 0.469. 0.469