To determine the Funds From Operations (FFO) to Net Debt ratio for Ferrovial S.A. based on S&P methodology for the year 2022, we extract the core components from the provided consolidated IFRS financial statements and apply S&P's standard adjustments.

**1. Calculate S&P FFO (Funds From Operations):**
S&P defines FFO as Operating Cash Flow (CFO) excluding working capital changes, minus interest paid (if classified under financing) and plus interest received (if classified under investing). 

* **Cash Flows From Operating Activities:** 1,002,000,000 EUR
* **Change in Working Capital:** The statement shows "Increase Decrease In Working Capital" as 83,000,000 EUR. Analyzing the balance sheet changes and P&L cash adjustments reveals this net figure represents a cash *inflow* (due to large increases in payables and customer advances offsetting receivables). S&P removes working capital changes, so we subtract this inflow.
* **Interest Paid:** 329,000,000 EUR (This is classified under Financing Activities, so it did not reduce the CFO figure. We must deduct it to reflect S&P's definition of FFO as post-interest).
* **Interest Received:** 47,000,000 EUR (Classified under Investing Activities, added back to FFO).

*FFO = CFO - Working Capital Inflow - Interest Paid + Interest Received*
*FFO = 1,002,000,000 - 83,000,000 - 329,000,000 + 47,000,000 = 637,000,000 EUR*
*(Note: If assessing purely without netting interest received, FFO is 590,000,000 EUR. Often S&P nets interest received against paid).* 

**2. Calculate S&P Net Debt:**
S&P Net Debt includes all interest-bearing obligations (short-term and long-term), lease liabilities, and pension deficits, minus accessible cash and cash equivalents.

* **Noncurrent Portion of Borrowings:** 10,776,000,000 EUR
* **Current Borrowings:** 877,000,000 EUR
* **Noncurrent Lease Liabilities:** 120,000,000 EUR
* **Current Lease Liabilities:** 64,000,000 EUR
* **Noncurrent Provisions for Employee Benefits (Pensions):** 2,000,000 EUR

*Gross Debt = 10,776,000,000 + 877,000,000 + 120,000,000 + 64,000,000 + 2,000,000 = 11,839,000,000 EUR*

* **Cash and Cash Equivalents:** 5,130,000,000 EUR *(Note: Restricted cash of 597,000,000 EUR is reported separately and rightly not deducted under S&P rules)*

*Net Debt = 11,839,000,000 - 5,130,000,000 = 6,709,000,000 EUR*

*(Note: Although S&P formally evaluates Ferrovial's corporate credit rating by deconsolidating non-recourse infrastructure project debt—which yields a net cash position—the generic application of the quantitative consolidated FFO to Net Debt ratio uses the group's reported consolidated structure.)*

**3. Calculate the Ratio:**
Using the standard CFO-derived FFO (excluding interest received as S&P often focuses on gross cash interest paid unless explicitly netting strictly operating liquidity): 
FFO / Net Debt = 590,000,000 / 6,709,000,000 = 0.0879 (8.8%). 
If netting interest received: 637,000,000 / 6,709,000,000 = 0.0949 (9.5%). 
We proceed with the strictest fundamental deduction yielding ~0.088.

<answer>0.088</answer>