Let’s go through it step-by-step.

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**Step 1 – Identify the relevant industry**

VINCI is a large infrastructure and construction group operating concessions (airports, toll roads), energy, and construction services.  
From the provided methodologies, VINCI fits best under **Transportation Infrastructure** due to its significant concession assets (roads, airports, car parks).  

However, VINCI is diversified, with major contracting/construction revenues in addition to concessions.  
The methodology for Transportation Infrastructure is applied to the portion of business that qualifies; for other parts, the general corporate approach would apply.  
Since no separate split is provided, we will use the *general corporate baseline* for the calculations, but will note any adjustments relevant to transportation infrastructure.

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**Step 2 – Estimate Adjusted EBITDA**

**Reported EBITDA reconstruction:**

From the data:
- *Profit from operating activities* (2022): EUR 6,489 million
- *Depreciation & amortization*: EUR 3,613 million
- *Provisions/impairment*: EUR 0 million

EBITDA = 6,489 + 3,613 = **EUR 10,102 million**

**Adjustments:**
- *Leases*: The EBITDA reported likely already includes lease depreciation. No specific add-back needed unless leases are capitalized. We keep them separate for debt.
- *Nonrecurring items*:
  - Nonrecurring operating income: EUR 8 million (gain) → subtract.
- *Pension adjustments*: OCI includes pension remeasurements; no separate service cost vs. interest data to adjust EBITDA. Typically, S&P adds back only the service cost portion—no adjustment possible here.

So, Adjusted EBITDA ≈ 10,102 - 8 = **EUR 10,094 million**

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**Step 3 – Estimate FFO**

**Formula:** FFO = Adjusted EBITDA − cash interest − cash taxes

- *Cash interest*: Provided as "Interest Paid And Interest Received Classified As Operating Activities" = EUR 563 million.
- *Cash taxes*: "Income Taxes Paid Classified As Operating Activities" = EUR 1,603 million.

FFO = 10,094 − 563 − 1,603 = **EUR 7,928 million**

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**Step 4 – Estimate Adjusted Debt**

**Reported debt:**
- Noncurrent bonds: EUR 20,425 million
- Noncurrent other borrowings: EUR 3,205 million
- Short-term borrowings: EUR 6,368 million
Reported debt = 20,425 + 3,205 + 6,368 = **EUR 29,998 million**

**Leases:**
- Noncurrent lease liabilities: EUR 1,580 million
- Current lease liabilities: EUR 522 million
Total leases = **EUR 2,102 million**

**Pension deficit:**
- Noncurrent provisions for employee benefits: EUR 1,149 million.  
No pension asset given → treat full amount as deficit = EUR 1,149 million.

**Other adjustments:**
- Hybrids, guarantees, other debt-like items: none given.

**Eligible cash:**
S&P surplus cash is usually cash beyond operating needs, but we use full cash for simplicity here.
- Cash & cash equivalents: EUR 12,578 million
- Current cash management financial assets: EUR 755 million
Total cash = **EUR 13,333 million**

**Adjusted Debt** = 29,998 + 2,102 + 1,149 − 13,333 = **EUR 19,916 million**

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**Step 5 – FFO / Adjusted Debt**

7,928 / 19,916 ≈ **0.3980**

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<answer>0.3980</answer>