To estimate the FFO / Net Debt ratio for Ferrovial SA for the year 2022 based on S&P methodology, we need to calculate two components: Funds From Operations (FFO) and Net Debt.

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

According to S&P Global Ratings methodology, FFO is generally calculated as:
$$FFO = \text{Net Income} + \text{Depreciation and Amortization} + \text{Other Non-Cash Items} + \text{Changes in Working Capital (sometimes excluded or adjusted, but standard FFO often starts with Net Income + D&A)}$$

However, a more precise S&P definition for industrial companies often starts with Net Income and adds back depreciation, amortization, and non-cash items, but typically *excludes* changes in working capital for the core FFO metric used in leverage ratios, or uses "FFO" as reported/adjusted by the company if available. Let's look at the provided data.

*   **Net Income (Profit Loss):** The "Profit Loss" for the period 2022-01-01 to 2023-01-01 is **302,000,000 EUR**.
*   **Depreciation and Amortization:** The data provides "Amortisation Expense" of **299,000,000 EUR**. It does not explicitly list "Depreciation Expense" separately in the P&L lines provided, but "Property Plant And Equipment" exists. However, looking at the Cash Flow statement adjustments:
    *   "Adjustments For Reconcile Profit Loss": -697,000,000 EUR. This is a net figure.
    *   "Ajustes Al Resultado Por Gastos Por Depreciacion YAmortizacion" (Adjustments to result for Depreciation and Amortization expenses): **299,000,000 EUR**. This line item likely combines both depreciation and amortization added back to net income in the cash flow from operations. Let's assume this is the total D&A add-back.
*   **Other Non-Cash Items/Adjustments:** S&P FFO often adds back deferred taxes and other non-cash items.
    *   Deferred Tax Assets change: $784 - 570 = 214$ million increase (use of cash/non-cash expense?).
    *   Deferred Tax Liabilities change: $924 - 687 = 237$ million increase (source of cash/non-cash benefit?).
    *   Share of profit of associates: 165,000,000 EUR. This is included in Net Income but is a non-cash equity pickup. S&P usually subtracts the equity income from associates and adds back dividends received from associates if they are considered part of operating cash flow, or simply adjusts FFO to exclude undistributed equity income.
    *   Standard S&P FFO Calculation approximation:
        $$FFO \approx \text{Net Income} + \text{D\&A} + \text{Deferred Taxes} + \text{Other Non-Cash Charges} - \text{Non-Cash Gains}$$
        
    Let's try a simpler approach often used when detailed breakdowns are missing: **FFO = Net Income + Depreciation & Amortization**.
    $$FFO_{basic} = 302,000,000 + 299,000,000 = 601,000,000 \text{ EUR}$$

    However, S&P methodology is more specific. It often defines FFO as Net Income plus depreciation, amortization, and other non-cash items, *excluding* changes in working capital.
    Let's look at "Cash Flows From Used In Operating Activities": **1,002,000,000 EUR**.
    S&P sometimes uses "Operating Cash Flow" before working capital changes as a proxy for FFO if FFO isn't explicitly stated.
    
    Let's refine the FFO calculation using the components:
    Net Income: 302,000,000
    Add: Amortization/Depreciation: 299,000,000
    Add: Deferred Tax Expense (Non-cash): The income tax expense is 30,000,000. The current tax paid/refund is 82,000,000. The difference suggests deferred tax movements.
    Add: Share of losses/profits from associates (equity method): The share of profit is 165,000,000. This is a non-cash gain included in Net Income. We should subtract it.
    Add: Dividends received from associates: 284,000,000 (classified as operating). S&P often adds this back if it was excluded from Net Income, but here the equity income *is* in Net Income. The standard adjustment is: Subtract Equity Income, Add Dividends Received.
    Adjustment: $-165,000,000 + 284,000,000 = +119,000,000$.
    
    Let's check for other significant non-cash items.
    "Impairment And Gains Or Losses On Disposal Of Non Current Assets": -6,000,000 EUR (Loss). Add back loss: +6,000,000.
    "Financial Result": -320,000,000. Interest is a financing item, not operating, so it stays in Net Income for FFO (FFO is pre-interest).
    
    Revised FFO Estimate:
    Net Income: 302,000,000
    + D&A: 299,000,000
    - Equity Income from Associates: (165,000,000)
    + Dividends from Associates: 284,000,000
    + Loss on disposal/impairment: 6,000,000
    + Deferred Taxes (approx): The tax expense is 30M. If we assume most is current, the deferred portion is small. Let's look at the balance sheet changes. DTA increased by 214M, DTL increased by 237M. Net Deferred Tax Liability increase = 23M. This is a non-cash tax benefit (reduced tax expense without cash outflow). So we add back the non-cash portion? Actually, if Tax Expense is 30M and Cash Tax is different, we adjust. But usually, FFO adds back deferred tax *expense*. If deferred tax is a benefit (negative expense), we subtract it. Here, the net change in deferred tax balances suggests a net deferred tax benefit/liability increase. Let's stick to the major items.
    
    $FFO \approx 302 + 299 - 165 + 284 + 6 = 726 \text{ million EUR}$.
    
    Another common S&P shortcut for infrastructure/utilities is using EBITDA - Capex - Taxes - Interest? No, FFO is closer to Net Income + D&A.
    Let's consider "Cash Flows From Used In Operating Activities" (CFO) = 1,002,000,000.
    CFO includes working capital changes. S&P FFO excludes working capital changes.
    "Increase Decrease In Working Capital" = 83,000,000 EUR.
    If we remove the working capital impact from CFO:
    $FFO \approx CFO - \text{Working Capital Changes} = 1,002 - 83 = 919 \text{ million EUR}$.
    Wait, the sign of working capital change in cash flow statements: An *increase* in working capital is a use of cash (negative). A *decrease* is a source. The line item says "Increase Decrease In Working Capital ... 83,000,000". In the context of the cash flow reconciliation:
    Net Income (302) + Adjustments (-697) + Working Capital (83) + Other... = CFO (1002)?
    Let's check the sum: $302 - 697 + 83 = -312$. This doesn't match 1002.
    The "Adjustments For Reconcile Profit Loss" is -697M. This likely includes the D&A (positive) and other large negatives (like gains on disposals or equity income adjustments not shown individually).
    
    Let's rely on the standard definition: **FFO = Net Income + Depreciation & Amortization + Non-cash items**.
    Using the CFO approach is often more robust if we assume "Working Capital" adjustment is the only difference between CFO and FFO (which is an approximation).
    However, S&P explicitly defines FFO. For many industrial firms, FFO is roughly Net Income + D&A.
    Let's use the calculated **726 million EUR** as a conservative FFO, or the **919 million EUR** if we assume the working capital adjustment is the main differentiator from CFO. Given Ferrovial is an infrastructure company, S&P might treat it similarly to utilities.
    
    Let's look at a third option: **EBITDA - Capex - Taxes - Interest**? No.
    
    Let's recalculate FFO using the indirect method components provided more carefully.
    Net Income: 302
    + D&A: 299
    + Deferred Tax: (Change in DTL - Change in DTA) = $(924-687) - (784-570) = 237 - 214 = 23$ million. This is a net deferred tax liability increase, which is a non-cash add-back to Net Income? No, an increase in DTL means Tax Expense > Cash Tax. So Tax Expense includes a non-cash component. We add back non-cash tax expense. So +23.
    - Equity Income: 165
    + Dividends from Associates: 284
    + Loss on Disposal: 6
    + Minority Interest in Net Income? Net Income is total. FFO is usually pre-minority interest? S&P FFO is generally attributable to the parent? Or consolidated? S&P ratios usually use Consolidated Net Income. The "Profit Loss" of 302M is consolidated.
    
    $FFO = 302 + 299 + 23 - 165 + 284 + 6 = 749 \text{ million EUR}$.
    
    Let's check if there are other large non-cash items. "Adjustments For Reconcile Profit Loss" is -697M.
    Sum of known adjustments:
    D&A: +299
    Equity Income (subtracted in adj?): The adjustment line "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method" is -165M. This confirms we subtract the equity income.
    Finance Income Cost: +320M. This adds back interest expense (non-operating). FFO is pre-interest, so interest expense should *not* be added back to Net Income to get FFO? Wait. Net Income is *after* interest. FFO is a measure of operating cash generation *before* interest? No, FFO is Net Income + D&A. It is *after* interest. S&P uses FFO to cover interest. So we do NOT add back interest. Why is it in the reconciliation? Because the reconciliation is for *Cash Flow from Operations* (CFO), which is also after interest (under IFRS, interest paid can be operating or financing; here "Interest Paid Classified As Financing Activities" is 329M, but "Finance Income Cost" is an P&L item).
    Under IFRS, if interest paid is financing, it is excluded from CFO. But Net Income includes interest expense. To get to CFO, you add back interest expense (if it was deducted to get NI) and subtract cash interest paid? Or simply, the adjustment "Adjustments For Finance Income Cost" of +320M suggests that the 320M expense in P&L is added back. This implies the CFO calculation starts with Net Income and adds back non-cash or non-operating items.
    
    If we want FFO, we stick to: **Net Income + D&A + Non-cash operating items**.
    Interest is a financing cost, not an operating non-cash item. So we leave it deducted in Net Income.
    
    So, $FFO \approx 749 \text{ million EUR}$.

**2. Calculate Net Debt**

S&P Net Debt = Total Debt - Cash and Cash Equivalents.
Sometimes it includes other liquid assets or excludes certain cash types (like restricted cash). S&P typically deducts "Cash and short-term investments" but may exclude "Restricted Cash" if it's not available for debt service.

*   **Total Debt:**
    *   Noncurrent Portion Of Other Noncurrent Borrowings: 10,776,000,000
    *   Noncurrent Debt Securities And Bank Borrowings Of Infrastructure Projects: 7,893,000,000
    *   Noncurrent Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 2,883,000,000
        *   Note: The sum of the two "Excluding/Including" lines ($7,893 + 2,883 = 10,776$) matches the "Noncurrent Portion Of Other Noncurrent Borrowings" line? No, $7,893 + 2,883 = 10,776$. It seems the line "Noncurrent Portion Of Other Noncurrent Borrowings" is the *total* of the subsequent two lines. We should not double count.
        *   So, Noncurrent Debt = **10,776,000,000 EUR**.
    *   Current Borrowings And Current Portion Of Noncurrent Borrowings: 877,000,000
        *   Breakdown: Current Debt Infra (74) + Current Debt Excl Infra (803) = 877. Matches.
    *   Total Gross Debt = $10,776 + 877 = \mathbf{11,653,000,000 \text{ EUR}}$.
    *   Are there other debt-like items? "Noncurrent Lease Liabilities" (120M) and "Current Lease Liabilities" (64M). S&P often treats leases as debt. Let's include them.
    *   Lease Debt = $120 + 64 = 184 \text{ million EUR}$.
    *   "Other Noncurrent Financial Liabilities": 838,000,000. This might contain debt-like instruments. Without detail, it's safer to check if it's derivative or other. "Noncurrent Derivative Financial Liabilities" is 66M. The remaining 772M could be debt. However, standard "Net Debt" usually focuses on interest-bearing borrowings. Let's stick to explicit Borrowings and Leases for now, as "Other Financial Liabilities" can be ambiguous. If we look at S&P adjustments, they often add "Other debt-like items". Given the magnitude, excluding 838M might understate debt. However, "Noncurrent Portion Of Other Noncurrent Borrowings" is a very specific line. Let's assume the 11,653M covers the main interest-bearing debt. Let's add Leases: $11,653 + 184 = 11,837 \text{ million EUR}$.

*   **Cash and Cash Equivalents:**
    *   Cash And Cash Equivalents: 5,130,000,000 EUR.
    *   S&P often excludes "Restricted Cash" from the cash deduction if it's not available to service general corporate debt.
    *   "Restricted Cash Relating To Infrastructure Projects And Other Financial Assets" (Noncurrent): 597,000,000 EUR.
    *   "Current Restricted Cash And Cash Equivalents Infrastructure Projects": 38,000,000 EUR.
    *   Total Restricted Cash = $597 + 38 = 635 \text{ million EUR}$.
    *   Unrestricted Cash = $5,130 - 635 = 4,495 \text{ million EUR}$?
    *   Wait, the line "Cash And Cash Equivalents" (5,130M) usually includes all cash. The breakdown shows "Cash And Cash Equivalents Infrastructure Projects" (168M) and "Excluding" (4,962M). Sum = 5,130M.
    *   The "Restricted Cash" lines are separate assets?
        *   "Restricted Cash Relating To Infrastructure Projects..." is listed under Noncurrent Assets (597M).
        *   "Current Restricted Cash..." is likely part of Current Assets but not in the "Cash And Cash Equivalents" line? Or is it?
        *   Usually, "Cash and Cash Equivalents" on the balance sheet includes restricted cash if it meets the definition. However, there is a separate line item "Restricted Cash Relating To Infrastructure Projects And Other Financial Assets" under Noncurrent Assets. This suggests it is *not* in the 5,130M line.
        *   Let's check the Current Assets total: 7,419M.
        *   Components of Current Assets:
            *   Inventories: 475
            *   Current Tax Assets: 19
            *   Trade/Other Receivables: 1,609
            *   Other Current Financial Assets: 0
            *   Cash And Cash Equivalents: 5,130
            *   Current Derivative Financial Assets: 184
            *   Sum: $475 + 19 + 1609 + 5130 + 184 = 7,417$. Close to 7,419 (2M difference, likely "Noncurrent Assets... Held For Sale" 2M is current? No, that's noncurrent. Maybe "Current Restricted Cash" is included in the 5,130 or separate?).
            *   If "Current Restricted Cash" (38M) is separate, the sum would be higher. It's likely included in the 5,130M or in "Other Current Financial Assets" (which is 0).
            *   Actually, looking at the Noncurrent side:
                *   Noncurrent Assets: 18,865M.
                *   Sum of components:
                    *   Goodwill: 480
                    *   Intangibles: 137
                    *   Infra Investments: 13,667
                    *   Prop Plant Equip: 479
                    *   ROU Assets: 183
                    *   Inv Associates: 1,892
                    *   Noncurrent Fin Assets: 1,095
                    *   Long Term Loans Associates: 246
                    *   Restricted Cash (Noncurrent): 597
                    *   Other Noncurrent Receivables: 252
                    *   Deferred Tax Assets: 784
                    *   Noncurrent Derivatives: 148
                    *   Held for Sale: 2
                    *   Sum: $480+137+13667+479+183+1892+1095+246+597+252+784+148+2 = 19,962$. This is higher than 18,865.
                    *   There is likely overlap. "Investments In Infrastructure Projects Subtotal" (13,667) likely includes the Intangible/Financial models.
                    *   "Noncurrent Financial Assets" (1,095) might include "Long Term Loans To Associates" (246) and "Restricted Cash" (597)? $246 + 597 = 843$. Remaining 252? "Other Noncurrent Receivables" is 252. $843 + 252 = 1,095$. Yes!
                    *   So, "Noncurrent Financial Assets" (1,095) is composed of Loans (246), Restricted Cash (597), and Other Receivables (252).
                    *   Therefore, the 597M Restricted Cash is *inside* the Noncurrent Financial Assets line, and *not* in the "Cash And Cash Equivalents" line (5,130M).
                    *   Similarly, on the current side: "Current Restricted Cash" (38M) is likely inside "Cash And Cash Equivalents" or "Other Current Financial Assets". Since Other Current Fin Assets is 0, it's likely in Cash.
                    *   So, Total Cash available for deduction:
                        *   Reported Cash & Cash Equivalents: 5,130M.
                        *   Less: Current Restricted Cash (if not available): 38M.
                        *   Noncurrent Restricted Cash (597M) is not in this line, so we don't deduct it from this line. It's an asset, but not cash.
                        *   S&P Net Debt = Gross Debt - Unrestricted Cash.
                        *   Unrestricted Cash $\approx 5,130 - 38 = 5,092 \text{ million EUR}$.
                        *   Alternatively, S&P might deduct *all* cash and cash equivalents if they consider the restricted cash as part of the project finance structure which is netted against project debt.
                        *   Ferrovial has "Infrastructure Projects" debt and "Excluding Infrastructure Projects" debt.
                        *   Project Debt (Noncurrent 7,893 + Current 74) = 7,967M.
                        *   Project Cash (Infra Cash 168 + Current Restricted 38 + Noncurrent Restricted 597?) = 803M?
                        *   Non-Project Debt (Noncurrent 2,883 + Current 803) = 3,686M.
                        *   Non-Project Cash (Excl Infra Cash 4,962) = 4,962M.
                        
    Let's calculate Net Debt using the consolidated gross numbers and total unrestricted cash.
    Gross Debt = 11,653M (Borrowings) + 184M (Leases) = 11,837M.
    Cash to deduct = 5,130M (Total CCE).
    If we deduct all cash: Net Debt = $11,837 - 5,130 = 6,707 \text{ million EUR}$.
    If we exclude restricted cash from deduction (conservative):
    Unrestricted Cash = $5,130 - 38 (\text{current restricted}) = 5,092$. (The 597 is non-current and not in CCE).
    Net Debt = $11,837 - 5,092 = 6,745 \text{ million EUR}$.
    
    Let's check if "Other Noncurrent Financial Liabilities" (838M) should be included. If included, Gross Debt increases by 838M.
    Net Debt = $6,745 + 838 = 7,583 \text{ million EUR}$.
    
    S&P typically includes "Debt-like" items. "Other Noncurrent Financial Liabilities" is significant. Let's assume it's debt-like for a conservative estimate, or check if it's derivatives. Derivatives are listed separately (66M). So 838M is likely other borrowings or obligations. Let's include it.
    Adjusted Gross Debt = $11,653 (\text{Borrowings}) + 184 (\text{Leases}) + 838 (\text{Other Fin Liab}) = 12,675 \text{ million EUR}$.
    Net Debt = $12,675 - 5,092 (\text{Unrestricted Cash}) = 7,583 \text{ million EUR}$.

**3. Calculate Ratio**

$FFO / \text{Net Debt}$

Using FFO = 749M and Net Debt = 7,583M:
Ratio = $749 / 7,583 \approx 0.098$.

Using FFO = 919M (CFO-based) and Net Debt = 7,583M:
Ratio = $919 / 7,583 \approx 0.121$.

Let's refine FFO. S&P FFO for infrastructure often adds back "Deferred Taxes" and "Equity Income adjustments".
Net Income: 302
+ D&A: 299
+ Deferred Tax (Net): 23
- Equity Income: 165
+ Dividends from Associates: 284
+ Loss on Disposal: 6
= 749M.

Is there any other add-back? "Adjustments For Reconcile Profit Loss" was -697M.
Let's see what makes up the -697M.
D&A: +299
Finance Cost: +320
Equity Undistributed: -165
Gain/Loss Disposal: +6 (Wait, line says "Adjustments For Gain Loss On Disposals... 6,000,000". If it's a loss, it's added back. The P&L says "Impairment And Gains... -6,000,000". So it's a loss. Add back 6.)
Sum so far: $299 + 320 - 165 + 6 = 460$.
The total adjustment is -697.
Difference: $-697 - 460 = -1,157$.
Where is the -1,157?
Maybe "Adjustments For Non Controlling Interests"? 116M.
"Adjustment For Net Profit Loss From Discontinued Operations"? -64M.
"Adjustments For Income Tax Expense"? -30M.
"Adjustments For Undistributed Profits..."? -165M (Already included).
"Increase Decrease In Working Capital"? 83M.
This reconciliation is for Cash Flow from Operations, not FFO.
CFO = Net Income (302) + Adjustments (-697) + Working Capital (83) + Taxes Paid/Refund?
$302 - 697 + 83 = -312$.
The reported CFO is 1,002.
There is a discrepancy. The "Adjustments For Reconcile Profit Loss" might not include all items or the signs are tricky.
However, the CFO is explicitly stated as 1,002M.
S&P often uses **FFO = CFO - Changes in Working Capital + Changes in Operating Assets/Liabilities that are non-cash?**
Actually, a very common S&P proxy for FFO when not reported is **CFO + Interest Paid + Taxes Paid**? No.
Let's stick to the constructed FFO of ~750M. It is conservative.

Let's look at Net Debt again.
Total Assets: 26,284M.
Total Liabilities: Equity (6,354) -> Liabilities = 19,930M.
Debt components:
Noncurrent Liabilities: 13,142M.
Current Liabilities: 5,378M.
Less Non-Debt Liabilities:
Trade Payables: 3,430M.
Provisions: 930M (Current) + 416M (Noncurrent) = 1,346M.
Lease Liabilities: 64M (Current) + 120M (Noncurrent) = 184M.
Deferred Tax Liab: 924M.
Derivative Liab: 47M (Current) + 66M (Noncurrent) = 113M.
Tax Liab: 30M.
Other Payables: 403M.
Customer Advances: 1,364M.
Sum of Non-Debt Current Liabs: $3,430 + 930 + 64 + 47 + 30 + 403 + 1,364 = 6,268M$.
Reported Current Liabs: 5,378M.
Wait, my sum is higher. "Trade And Other Current Payables" (3,430) likely includes "Trade Suppliers" (1,663), "Customer Advances" (1,364), and "Other" (403). $1,663+1,364+403 = 3,430$. Correct.
So Current Non-Debt = $3,430 (\text{Trade/Other}) + 930 (\text{Prov}) + 64 (\text{Lease}) + 47 (\text{Deriv}) + 30 (\text{Tax}) = 4,501M$.
Current Debt = Current Liabs (5,378) - Non-Debt (4,501) = 877M. This matches the "Current Borrowings" line exactly.

Noncurrent Non-Debt Liabs:
Provisions: 416M.
Lease: 120M.
Deferred Tax: 924M.
Derivatives: 66M.
Deferred Income: 1,410M.
Sum: $416 + 120 + 924 + 66 + 1,410 = 2,936M$.
Reported Noncurrent Liabs: 13,142M.
Noncurrent Debt = $13,142 - 2,936 = 10,206M$.
Reported Noncurrent Borrowings: 10,776M.
Difference: $10,776 - 10,206 = 570M$.
This difference corresponds to "Other Noncurrent Financial Liabilities" (838M) minus some overlap? Or maybe "Deferred Income" is not subtracted?
If we use the explicit Borrowings lines:
Noncurrent Borrowings: 10,776M.
Current Borrowings: 877M.
Total Borrowings: 11,653M.
Plus Leases: 184M.
Plus Other Fin Liab: 838M.
Total Debt-like: 12,675M.

Cash: 5,130M.
Restricted Cash (Noncurrent): 597M (Asset, not cash).
Restricted Cash (Current): 38M (Included in 5,130?).
If we deduct only unrestricted cash: $5,130 - 38 = 5,092M$.
Net Debt = $12,675 - 5,092 = 7,583M$.

FFO = 749M.
Ratio = $749 / 7,583 = 0.0987$.

If we use the higher FFO estimate (919M):
Ratio = $919 / 7,583 = 0.121$.

Given S&P's tendency to be conservative with FFO (excluding equity income, adding dividends) and comprehensive with Debt (including leases and other financial liabilities), the 0.10 range seems appropriate.

Let's double check the FFO calculation.
Net Income: 302
D&A: 299
Deferred Tax: 23
Equity Adj: +119 (Net)
Disposal: 6
Total: 749.

Is there any "Minority Interest" add-back? FFO is usually consolidated.
S&P Ratio: FFO / Net Debt.
Value: ~0.10.

<answer>0.10</answer>