I'll work through this step-by-step, analyzing VINCI's financial data and applying the appropriate S&P methodology.

## Step 1: Identify the relevant industry for "VINCI"

VINCI is a French concessions and construction company. Based on the description, VINCI operates in **Transportation Infrastructure** (through its concessions business - airports, roads, etc.) and also has significant contracting activities. The company derives substantial revenue from concession subsidiaries and construction contracts. Given the significant infrastructure/concession component and the detailed Transportation Infrastructure methodology provided, I'll apply this methodology, though VINCI also has significant non-regulated activities. However, looking at the revenue breakdown:
- Revenue from contracts with customers (non-concession work by non-group companies): €49.4B (2021), €61.7B (2022)
- Revenue from concession subsidiaries derived from work by non-group companies: €586M (2021), €590M (2022)
- Other revenue: €248M (2021), €249M (2022)

VINCI is primarily a construction and concessions company. Given the mixed nature, I'll use the general corporate approach with transportation infrastructure influences where applicable. Actually, re-reading: VINCI operates airports (VINCI Airports), roads (VINCI Autoroutes), and construction. The concession activities are significant. However, the methodology notes that for companies with mixed activities, we need to be careful. Given the substantial construction component, I'll primarily use the general corporate baseline but incorporate relevant adjustments.

Let me re-examine: VINCI's core is concessions and contracting. The "Transportation Infrastructure" methodology applies to infrastructure companies. VINCI's concession activities (roughly half of operating income) would fall under this. However, the construction activities are more cyclical and competitive.

Given the mixed nature and that no single methodology perfectly fits, I'll apply the **general corporate baseline formulas** with some consideration of infrastructure characteristics, particularly for debt treatment.

## Step 2: Estimate 2021 Adjusted_EBITDA

First, let me reconstruct EBITDA from the available data.

From 2021 data:
- Profit Loss From Ordinary Operating Activities: €4,723M
- Operating Expense: €45,507M
- Revenue From Contracts With Customers: €49,982M
- Other Revenue: €248M
- Total Revenue = €49,982M + €248M = €50,230M (or we can use Revenue From Contracts With Customers Other Than Revenue From Concession Subsidiaries Derived From Work Carried Out By Non Group Companies + Revenue From Concession Subsidiaries Derived From Work Carried Out By Non Group Companies + Other Revenue = €49,396M + €586M + €248M = €50,230M)

Wait, let me check: "Revenue From Contracts With Customers" = €49,982M for 2021, which should equal the sum of the two revenue components: €49,396M + €586M = €49,982M. Plus Other Revenue €248M = €50,230M total revenue.

EBITDA = Profit Loss From Ordinary Operating Activities + Depreciation & Amortization

From cash flow: Adjustments For Depreciation And Amortisation Expense = €3,219M

So EBITDA (2021) = €4,723M + €3,219M = €7,942M

Now applying the formula:
Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

From the data:
- Other Operating Income Expense Non Recurring (2021): -€26M (this is a non-recurring loss of €26M, so we add back non-recurring losses: actually it's negative, meaning non-recurring expense of €26M)

Wait: "Other Operating Income Expense Non Recurring" 2021: -€26,000,000 EUR. This means non-recurring expense of €26M (negative = expense). So we add back €26M as nonrecurring_losses.

- Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method (2021): €12M - this is equity method income already included in profit. For proportional EBITDA, we might need to consider this differently. Actually, for EBITDA, equity method income is typically below operating profit. Let me check where this falls.

Looking at the structure: Profit Loss From Ordinary Operating Activities includes... actually, let me check if equity method income is included in "Profit Loss From Ordinary Operating Activities" or if it's separate.

The sequence shows:
- Profit Loss From Ordinary Operating Activities: €4,723M
- Then: Expense From Sharebased Payment, Share Of Profit Loss Of Associates, Other Operating Income Expense Recurring, Profit Loss From Operating Activities Recurring, etc.

Actually, looking more carefully at the structure, "Profit Loss From Ordinary Operating Activities" seems to be before some items. Let me trace through:

Profit Loss From Operating Activities Recurring (2021): €4,464M
+ Other Operating Income Expense Non Recurring (2021): -€26M
= Profit Loss From Operating Activities (2021): €4,438M

But wait, there's also:
Profit Loss From Ordinary Operating Activities (2021): €4,723M

This seems to include more items. Let me check: €4,723M - €4,464M = €259M difference. Looking at items between: Expense From Sharebased Payment (€288M), Share Of Profit Loss Of Associates (€12M), Other Operating Income Expense Recurring (€17M).

Actually: €4,723M - €288M + €12M + €17M = €4,464M? No: €4,723 - €288 + €12 + €17 = €4,464. Yes! So:
Profit Loss From Operating Activities Recurring = Profit Loss From Ordinary Operating Activities - Sharebased Payments + Equity method income + Other Operating Income Expense Recurring

So €4,723 - €288 + €12 + €17 = €4,464. ✓

For EBITDA reconstruction from operating profit:
We need to add D&A to operating profit. But which operating profit? Typically EBITDA is based on operating profit before depreciation and amortization.

From cash flow: "Adjustments For Depreciation And Amortisation Expense" = €3,219M

This suggests we add this back to get to EBITDA from some profit measure.

Starting from Profit Loss From Operating Activities (€4,438M) or Profit Loss From Ordinary Operating Activities (€4,723M)?

Typically, EBITDA = Operating Profit + D&A. "Profit Loss From Operating Activities" at €4,438M seems to be the final operating profit. But we need to check if D&A is already deducted to get there.

Given that D&A adjustment in cash flow is €3,219M, and this is added back to get to cash from operations, let's reconstruct:

Cash Flows From Used In Operations Before Changes In Working Capital (2021): €7,884M

This equals: Profit Loss (net income) + adjustments = €2,195M + various adjustments.

Actually, let's use: EBITDA = Profit Loss From Operating Activities + D&A = €4,438M + €3,219M = €7,657M? 

Or from Profit Loss From Ordinary Operating Activities: €4,723M + €3,219M = €7,942M?

I need to determine which operating profit measure to use. "Profit Loss From Operating Activities" (€4,438M) includes non-recurring items, while "Profit Loss From Ordinary Operating Activities" (€4,723M) seems to be before some adjustments.

Actually, looking at standard IFRS, operating profit typically includes all operating items. The "Profit Loss From Operating Activities" at €4,438M appears to be the final operating profit. But then adding back D&A: we need to know if D&A was deducted to arrive at this number.

Given that "Adjustments For Depreciation And Amortisation Expense" is a positive adjustment in cash flow (€3,219M), this means D&A was deducted to arrive at profit. So:

EBITDA = Profit Loss From Operating Activities + D&A = €4,438M + €3,219M = €7,657M

But wait, we also need to check if other items were deducted. Looking at cash flow adjustments from net income to operating cash flow before working capital:

Starting from Profit Loss: €2,195M
+ D&A: €3,219M
+ Impairment: €206M
+ Sharebased payments: €84M (wait, this is different from €288M expense... let me check: "Adjustments For Sharebased Payments" = €84M, but "Expense From Sharebased Payment Transactions With Employees" = €288M. The difference might be non-cash vs cash, or the adjustment is net of tax?)

Actually, let me look more carefully. The cash flow starts from Profit Loss (net income) and adds back non-cash items.

Profit Loss (2021): €2,195M
+ D&A: €3,219M
+ Impairment/adjustments for provisions: €206M
+ Sharebased payments: €84M
- Gains on disposal: -€27M
- Fair value gains: -€54M
+ Undistributed profits of equity method: €18M
+ Net finance costs: €658M
+ Other adjustments...

This gets to Cash Flows From Used In Operations Before Changes In Working Capital: €7,884M

But wait, this starts from net income, not operating profit. Let me verify: €2,195 + €3,219 + €206 + €84 - €27 - €54 + €18 + €658 = €6,299M. Not €7,884M. So I'm missing items.

Looking again: "Adjustments For Net Finance Costs" = €658M, but there's also "Finance Costs Paid Classified As Operating Activities" = €47M and "Interest Income On Cash And Cash Equivalents" = €17M, etc.

Actually, the cash flow reconciliation is more complex. Let me just use the direct approach:

EBITDA can also be computed as: Revenue - Cash Operating Costs (excluding D&A)

Or: Total Revenue - Operating Expense + D&A (since Operating Expense includes D&A)

Wait, "Operating Expense" = €45,507M. Is this total operating costs? 

Total Revenue (2021) = €49,982M + €248M = €50,230M? Or is "Revenue From Contracts With Customers" the total revenue?

Actually, "Revenue From Contracts With Customers" €49,982M + "Other Revenue" €248M = €50,230M total revenue.

Operating Expense = €45,507M

So gross operating margin = €50,230M - €45,507M = €4,723M = Profit Loss From Ordinary Operating Activities!

This confirms: Profit Loss From Ordinary Operating Activities = Total Revenue - Operating Expense (where Operating Expense includes all operating costs including D&A).

Therefore: EBITDA = Profit Loss From Ordinary Operating Activities + D&A = €4,723M + €3,219M = €7,942M

Now for Adjusted_EBITDA (2021):
- EBITDA: €7,942M
- adjustment_leases: Need to add back operating lease expense or capitalize leases. Under IFRS 16, leases are capitalized. Looking at liabilities: "Noncurrent Lease Liabilities" = €1,574M, "Current Lease Liabilities" = €524M. Total lease liabilities = €2,098M. But under IFRS 16, these are already on balance sheet. For S&P adjustments, we typically add back lease expense and capitalize. But wait - under IFRS 16, there's no operating lease expense in operating profit; it's depreciation + interest. Let me check if D&A includes lease depreciation.

Actually, for IFRS 16, the "Operating Expense" may or may not include lease costs. Looking at the structure, since lease liabilities are reported separately, the company is using IFRS 16. Under IFRS 16, lease depreciation is included in D&A, and lease interest in finance costs. So EBITDA already includes the add-back of lease depreciation.

For S&P purposes, we typically adjust by adding back the lease expense (depreciation + interest) and capitalizing. But this is complex. Given the data, let me check if there's explicit lease expense.

Actually, looking at "Payments Of Lease Liabilities Classified As Financing Activities" = €631M, this is principal repayment. The interest portion would be in finance costs.

For S&P Adjusted_EBITDA with IFRS 16: typically we add back the full lease expense (which was replaced by depreciation + interest). But since EBITDA already adds back depreciation, and interest is below the line, we need to think carefully.

Standard S&P approach for IFRS 16: Adjusted_EBITDA includes add-back of lease depreciation and lease interest, or equivalently, we can use a "pre-IFRS 16" EBITDA by adding back what would have been operating lease expense.

However, given complexity and data limitations, let me check if lease adjustments are material. Total lease liabilities ~€2.1B. Annual lease expense pre-IFRS 16 would be roughly €400-500M. This is material.

But actually, for S&P credit analysis with IFRS 16, a common approach is:
- Reported EBITDA (under IFRS 16) already excludes lease expense (since it's depreciation + interest)
- To get "S&P Adjusted_EBITDA" comparable to pre-IFRS 16, we'd need to add back lease depreciation and subtract... actually, this gets complicated.

S&P's standard approach now with IFRS 16: They typically accept IFRS 16 EBITDA but adjust debt by adding lease liabilities. For EBITDA, they may make minimal adjustments if the company already reports IFRS 16 EBITDA.

Given the complexity and that VINCI is likely reporting under IFRS 16 (evidenced by lease liabilities on balance sheet), I'll use reported EBITDA with minimal lease adjustment, but add lease liabilities to debt.

Actually, re-reading S&P methodology: For general corporate, "adjustment_leases" in the EBITDA formula typically means adding back operating lease expense. Under IFRS 16, there's no operating lease expense in the traditional sense. 

Let me proceed with: Adjusted_EBITDA ≈ EBITDA as reported, with consideration that IFRS 16 already capitalizes leases.

For nonrecurring items:
- Other Operating Income Expense Non Recurring (2021): -€26M (expense, so loss)
- Other Operating Income Expense Recurring (2021): €17M

We add back nonrecurring losses: +€26M

For joint ventures: "Share Of Profit Loss Of Associates And Joint Ventures" = €12M. This is equity method income, already included in profit before operating profit. For proportional EBITDA, if we want to include JVs proportionally, we'd need their EBITDA. But we don't have this data. The €12M is net income share, not EBITDA. I'll leave this as is (no adjustment given data limitations).

For pensions: No explicit pension data. "Noncurrent Provisions For Employee Benefits" = €1,459M, but this may include more than pensions. Without specific pension deficit data, no adjustment.

**Adjusted_EBITDA (2021) = €7,942M + €26M = €7,968M**

Let me also consider if we should add back share-based payments: €288M expense. This is non-cash. S&P typically adds back stock-based compensation to EBITDA. So:

Adjusted_EBITDA (2021) = €7,942M + €26M + €288M = €8,254M

Actually, standard EBITDA already adds back D&A, but share-based compensation is typically in operating expenses. If it's included in operating expenses and not in D&A, then EBITDA (Revenue - OpEx + D&A) would not add it back. Let me verify: Operating Expense €45,507M includes share-based compensation? Likely yes. So EBITDA = Revenue - OpEx + D&A would not add back share-based comp.

For S&P Adjusted_EBITDA, adding back non-cash share-based compensation is standard.

**Adjusted_EBITDA (2021) = €7,942M + €26M + €288M = €8,256M**

Wait, let me double-check. The €288M is "Expense From Sharebased Payment Transactions With Employees". This is a non-cash expense. In IFRS, this is typically included in operating expenses. So yes, add back.

But actually, looking at cash flow: "Adjustments For Sharebased Payments" = €84M, not €288M. This suggests only €84M is the non-cash add-back, or there's a difference between expense and cash flow adjustment. Hmm, this is confusing.

Actually, the €84M "Adjustments For Sharebased Payments" in cash flow might be the actual add-back from net income. The €288M expense might include both cash and non-cash, or there might be tax effects.

Given uncertainty, I'll be conservative and use the cash flow adjustment figure of €84M, or just use the expense figure. Let me use €288M as the full non-cash expense to add back.

Actually, rethinking: In S&P methodology, share-based payments are typically added back to EBITDA as they're non-cash. I'll use €288M.

**Adjusted_EBITDA (2021) = €7,942M + €26M + €288M = €8,256M**

## Step 3: Estimate 2021 FFO

FFO = Adjusted_EBITDA - cash_interest - cash_taxes

Cash interest: From "Gross Finance Costs" = €674M, but this includes non-cash items. "Net Finance Costs" = €658M. "Interest Income On Cash And Cash Equivalents" = €17M.

For cash interest paid: "Finance Costs Paid Classified As Operating Activities" = €47M. But this seems low. Also "Adjustments For Interest Expense On Lease Liabilities" = €43M.

Actually, looking more carefully: "Net Finance Costs" = €658M. This is the total finance cost net of interest income. For cash interest, we need actual cash paid.

From cash flow: "Interest Paid And Interest Received Classified As Operating Activities" = €557M. This is net interest paid in operating activities. But "Finance Costs Paid Classified As Operating Activities" = €47M - this might be a subset.

Actually, "Interest Paid And Interest Received Classified As Operating Activities" = €557M likely includes all interest cash flows in operating activities. But we need gross interest paid, not net.

Also: "Gross Finance Costs" = €674M, "Interest Income On Cash And Cash Equivalents" = €17M, so net = €657M ≈ €658M (rounding).

For FFO, S&P typically uses: Cash interest paid = gross interest expense less capitalized interest (if any). Assuming no capitalized interest, cash interest ≈ €674M. But some may be lease interest.

Actually, with IFRS 16, lease interest is part of finance costs. "Adjustments For Interest Expense On Lease Liabilities" = €43M. So non-lease interest = €674M - €43M = €631M? Or is lease interest already in the €674M?

Given "Adjustments For Interest Expense On Lease Liabilities" is a separate cash flow adjustment, this suggests lease interest was deducted in arriving at profit. So gross finance costs of €674M likely include lease interest of €43M, making non-lease interest = €631M.

For S&P FFO, we typically use cash interest paid. From cash flow: "Interest Paid And Interest Received Classified As Operating Activities" = €557M. This is net of interest received. Interest received would be the €17M "Interest Income On Cash And Cash Equivalents" plus possibly other interest.

So interest paid ≈ €557M + €17M = €574M? Or is the €557M already the net?

Looking at the label: "Interest Paid And Interest Received Classified As Operating Activities" - this suggests it's the net amount. If interest received is €17M, then interest paid = €557M + €17M = €574M? But that would mean net interest paid is €557M, which seems high as a net number.

Actually, re-reading: this is classified as operating activities. Under IFRS, interest paid can be classified as operating or financing. Here, €557M is the net in operating activities. There might also be interest in financing activities.

For conservatism and standardization, I'll use "Gross Finance Costs" = €674M as the interest expense, and assume this is mostly cash interest (or use the cash flow figure).

Actually, S&P FFO formula: FFO = Adjusted_EBITDA - cash interest - cash taxes. 

Cash taxes: "Income Tax Expense Continuing Operations" = €1,625M (accrual). "Income Taxes Paid Classified As Operating Activities" = €1,213M (cash).

For cash interest, let me use: "Interest Paid And Interest Received Classified As Operating Activities" = €557M as net interest paid. But we need gross interest. Or we can use the accrual-based finance costs adjusted for non-cash items.

Simplified approach: Use Net Finance Costs €658M as proxy for cash interest (assuming non-cash items are minimal, or use gross finance costs €674M).

Actually, "Other Finance Income Cost" = €40M. This might include non-cash items. Gross Finance Costs €674M + Other Finance Income Cost €40M - Interest Income €17M = €697M total finance cost? No wait, Net Finance Costs = €658M = €674M - €17M + ? Let me check: €674M (gross costs) - €17M (interest income) = €657M ≈ €658M. So Other Finance Income Cost of €40M must be elsewhere or included differently.

Actually, looking at the structure: "Gross Finance Costs" €674M, "Interest Income On Cash And Cash Equivalents" €17M, "Net Finance Costs" €658M. The difference: €674M - €17M = €657M, but Net Finance Costs is €658M. Close enough for rounding. The "Other Finance Income Cost" €40M might be below the line or part of a different calculation.

For simplicity, I'll use Net Finance Costs €658M as the interest-related deduction, or better yet, use cash interest paid.

From cash flow: total interest-related outflows. "Finance Costs Paid Classified As Operating Activities" €47M seems too low. "Interest Paid And Interest Received Classified As Operating Activities" €557M seems more comprehensive. But this includes interest received.

If interest income is €17M + possibly other, and total net is €557M paid out, then gross interest paid = €557M + interest received. If interest received is €17M + €136M (from 2022? No, 2021 is €17M). 

Actually for 2021: "Interest Income On Cash And Cash Equivalents" = €17M. So if net interest paid is €557M, then gross interest paid = €574M. But this seems inconsistent with €674M gross finance costs.

I think the €557M "Interest Paid And Interest Received" might be classified differently. Let me use a simpler approach: cash interest ≈ Gross Finance Costs €674M minus non-cash items. Without clear non-cash breakdown, I'll use €674M.

But wait - lease interest of €43M is part of this. For S&P, when capitalizing leases, we might want to exclude lease interest from FFO calculation or handle it differently.

Given complexity, let me use: **Cash interest = €674M - €43M (lease interest) = €631M** for non-lease debt, or just use total €674M.

Actually, for FFO with IFRS 16, S&P typically still deducts total cash interest including lease interest. Let me use **€631M** as a proxy (excluding lease interest, or €674M total).

I'll use **cash interest = €631M** (non-lease interest, being conservative by excluding lease interest which might be handled separately) or better, let me check cash flow more carefully.

From cash flow statement: "Adjustments For Net Finance Costs" = €658M. This is added back to net income. Then "Finance Costs Paid Classified As Operating Activities" = €47M is deducted. This suggests only €47M of finance costs were paid in operating activities, with rest possibly in financing or not cash.

This is confusing. Let me use a different approach: S&P FFO is often calculated from operating cash flow before working capital changes.

"Cash Flows From Used In Operations Before Changes In Working Capital" = €7,884M

This is essentially: Net Income + D&A + other non-cash items -/+ other adjustments. This is close to EBITDA - cash interest - cash taxes + other items.

Actually, this equals: EBITDA - cash interest - cash taxes + other working capital related items (but before working capital changes).

Let me verify: €7,884M = €2,195M (net income) + €3,219M (D&A) + €206M (impairment) + €84M (share-based) - €27M (gains) - €54M (fair value) + €18M (undistributed JV) + €658M (net finance costs) + ... = €6,299M + other items. Missing €1,585M.

Other items include: "Adjustments For Interest Expense On Lease Liabilities" €43M, "Adjustments For Income Tax Expense" €1,625M, etc. Adding: €6,299M + €43M + €1,625M = €7,967M. Still not €7,884M. Difference of -€83M.

Hmm, let me try: €2,195 + €3,219 + €206 + €84 - €27 - €54 + €18 + €658 + €43 + €1,625 = €7,967M. But reported is €7,884M. Difference €83M.

Looking at other adjustments: maybe "Finance Costs Paid Classified As Operating Activities" €47M is an adjustment? Or other items.

Actually, I think "Cash Flows From Used In Operations Before Changes In Working Capital" might be calculated differently. Let me just use this as a proxy for FFO-like measure, or calculate FFO directly.

Standard FFO calculation from S&P:
FFO = Net Income + D&A + deferred taxes + other non-cash items - gains on asset sales + after-tax interest expense

Or: FFO = Adjusted_EBITDA - cash interest - cash taxes

Using: Adjusted_EBITDA = €8,256M
Cash interest: I'll use €557M (net interest paid from operating activities, but this is net). Or use €674M gross.

Let me use **cash interest = €631M** (approximating from gross finance costs less lease interest, or about 90% of gross).

Cash taxes = €1,213M (taxes paid in operating activities)

FFO = €8,256M - €631M - €1,213M = **€6,412M**

Or if using total interest €674M: FFO = €8,256M - €674M - €1,213M = €6,369M

Or using net finance costs €658M: FFO = €8,256M - €658M - €1,213M = €6,385M

I'll use **FFO (2021) = €6,400M** approximately, or more precisely with €631M interest: **€6,412M**. Let me use **€6,412M** or round to **€6,400M**.

Actually, let me recalculate more carefully. Using "Cash Flows From Used In Operations Before Changes In Working Capital" = €7,884M as a check. This includes: Net income + D&A + other non-cash - cash interest - cash taxes + other items? No, it's before working capital but includes various adjustments.

Actually, I realize that "Cash Flows From Used In Operations Before Changes In Working Capital" is essentially: EBITDA - cash interest - cash taxes + other non-operating adjustments. Or it's funds from operations before working capital.

Let me use this as FFO proxy: €7,884M. But this includes items that S&P might exclude.

Looking at adjustments from net income to this figure:
€2,195M + €3,219M + €206M + €84M - €27M - €54M + €18M + €658M + €43M + €1,625M + other = €7,967M + other = €7,884M. So other = -€83M.

The -€83M might be the "Finance Costs Paid Classified As Operating Activities" €47M and other items, or some netting.

Given uncertainty, I'll use **FFO (2021) ≈ €7,884M** from the cash flow statement (Cash Flows From Used In Operations Before Changes In Working Capital), as this is a standard S&P FFO proxy. But wait, this includes dividends received and other items that might not be in core FFO.

Actually, "Dividends Received From Investments Accounted For Using Equity Method Classified As Operating Activities" = €112M. If we exclude this, FFO ≈ €7,772M.

And "Other Inflows Outflows Of Cash Classified As Operating Activities" = €0 for 2021.

So core FFO ≈ €7,884M - €112M = €7,772M? Or is the €112M already included in the €7,884M? Looking at structure, the €7,884M is before these items, and then we subtract taxes paid, interest paid, etc. to get to final operating cash flow.

Actually, re-reading: "Cash Flows From Used In Operations Before Changes In Working Capital" is a subtotal. Then we have: Increase Decrease In Working Capital, Income Taxes Paid, Interest Paid And Interest Received, Dividends Received, Other Inflows Outflows. These are all adjustments to get to final "Cash Flows From Used In Operating Activities" = €7,806M.

So €7,884M - €1,579M (working capital) - €1,213M (taxes) - €557M (interest) + €112M (dividends) + €0 (other) = €4,647M? That doesn't equal €7,806M.

Wait, let me check: €7,884M - €1,579M = €6,305M. Then €6,305M - €1,213M = €5,092M. Then €5,092M - €557M = €4,535M. Then €4,535M + €112M = €4,647M. Then + €0 = €4,647M. But "Cash Flows From Used In Operating Activities" = €7,806M. 

This doesn't match! I must be misunderstanding the structure. Perhaps "Cash Flows From Used In Operations Before Changes In Working Capital" already includes some items, or the signs are different.

Looking at signs: "Increase Decrease In Working Capital" = -€1,579M (negative means cash outflow/increase in working capital). So subtract: €7,884M - €1,579M = €6,305M.

"Income Taxes Paid" = -€1,213M (outflow). €6,305M - €1,213M = €5,092M.

"Interest Paid And Interest Received" = -€557M (net outflow). €5,092M - €557M = €4,535M.

"Dividends Received" = +€112M. €4,535M + €112M = €4,647M.

But final is €7,806M. Huge difference!

I think I misread the signs. Let me re-check: "Cash Flows From Used In Operating Activities" = €7,806M. The label says "From Used In" which might mean positive is inflow, negative is outflow.

Actually, looking at 2022: "Cash Flows From Used In Operations Before Changes In Working Capital" = €10,215M, and final "Cash Flows From Used In Operating Activities" = €9,387M. The difference is €828M.

For 2021: €7,884M to €7,806M, difference only €78M. This suggests the intermediate items mostly net out.

So perhaps "Increase Decrease In Working Capital" = -€1,579M means working capital increased (cash outflow), but then other items offset.

Actually, I think the issue is that "Cash Flows From Used In Operations Before Changes In Working Capital" might already be after some adjustments, and the listed items are additional details, not sequential subtractions.

Given the complexity, let me just calculate FFO directly from the formula:

FFO = Adjusted_EBITDA - cash interest - cash taxes

Adjusted_EBITDA (2021) = €8,256M

Cash interest: Using "Gross Finance Costs" €674M as proxy for cash interest (conservative, assuming all cash)

Cash taxes: "Income Taxes Paid Classified As Operating Activities" = €1,213M

FFO (2021) = €8,256M - €674M - €1,213M = **€6,369M**

Or if we use a lower cash interest figure: FFO = €8,256M - €631M - €1,213M = **€6,412M**

I'll use **FFO (2021) = €6,400M** as a rounded figure, or more precisely **€6,369M** with full interest.

Let me use **€6,369M** for precision.

## Step 4: Estimate 2021 Adjusted_Debt

Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items - eligible_cash

Reported debt components from 2022-01-01 (end of 2021):
- Noncurrent Portion Of Noncurrent Bonds Issued: €22,212M
- Noncurrent Portion Of Other Noncurrent Borrowings: €2,757M
- Shortterm Borrowings: €5,769M

Total reported debt = €22,212M + €2,757M + €5,769M = €30,738M

Leases: Already capitalized under IFRS 16. "Noncurrent Lease Liabilities" = €1,574M, "Current Lease Liabilities" = €524M. Total = €2,098M. But these are already in debt? Or separate?

Under IFRS 16, lease liabilities are part of total debt. The "Noncurrent Portion Of Other Noncurrent Borrowings" might include lease debt. Actually, looking at structure, lease liabilities are reported separately from borrowings. So total debt-like liabilities = €30,738M + €2,098M = €32,836M.

But wait - "Other Noncurrent Borrowings" might include lease debt. The separate reporting of "Noncurrent Lease Liabilities" suggests it's separate from borrowings.

For S&P Adjusted_Debt, we add lease liabilities (if not already in reported debt) and subtract eligible cash.

Pension deficit: "Noncurrent Provisions For Employee Benefits" = €1,459M. This may include pension deficit. Without more detail, I'll include this as pension-like obligation.

Actually, S&P typically adds pension deficit (funded status, not provision). The provision amount may overstate or understate. Given data limitations, I'll use €1,459M as a proxy, or more conservatively, note that this is a provision not necessarily a deficit.

For simplicity: Adjusted_Debt = reported debt + lease liabilities (if not already included) - eligible cash + pension provisions

Reported debt: €30,738M
+ Lease liabilities: €2,098M (if not in borrowings)
+ Pension/employee benefits: €1,459M
- Eligible cash: "Cash And Cash Equivalents" = €11,065M; "Current Cash Management Financial Assets" = €200M. Total cash-like = €11,265M.

But S&P typically only subtracts "excess cash" or a portion. Standard is to subtract all cash and cash equivalents, sometimes with a haircut.

Adjusted_Debt (2021) = €30,738M + €2,098M + €1,459M - €11,265M = **€23,030M**

Wait, but this seems low. Let me reconsider if lease liabilities are already in the borrowings figure.

Looking more carefully: "Noncurrent Portion Of Other Noncurrent Borrowings" = €2,757M and "Shortterm Borrowings" = €5,769M. These seem to be financial debt. Lease liabilities are separate: €1,574M + €524M = €2,098M.

Total debt and debt-like = €30,738M + €2,098M = €32,836M before pensions and cash.

Actually, I should also check "Current Derivative Financial Liabilities" €513M and "Noncurrent Derivative Financial Liabilities" €422M - these might be debt-like but are typically hedging, not debt.

And "Other Current Financial Assets" €100M, "Noncurrent Derivative Financial Assets" €575M - these are assets.

Let me recalculate:
Financial debt: €22,212M + €2,757M + €5,769M = €30,738M
+ Lease liabilities: €2,098M
+ Pension/employee benefit provisions: €1,459M
+ Other long-term provisions: €1,137M (maybe debt-like?)
- Cash and cash equivalents: €11,065M
- Cash management assets: €200M

Adjusted_Debt = €30,738M + €2,098M + €1,459M - €11,265M = €23,030M

Or if we include other provisions: €30,738M + €2,098M + €1,459M + €1,137M - €11,265M = €24,167M

I'll use **Adjusted_Debt (2021) = €23,030M** as base, or **€24,167M** with other provisions. Let me use **€23,500M** as a conservative rounded figure, or more precisely **€23,030M**.

Actually, let me reconsider: S&P typically doesn't subtract all cash, especially if it's needed for operations. They might use "excess cash" = cash - minimum operating cash. Or they might subtract 100% for simplicity.

Also, for infrastructure companies, cash might be restricted. Let me use 100% subtraction for now.

**Adjusted_Debt (2021) = €23,030M**

## Step 5: Calculate 2021 Adjusted_Debt / Adjusted_EBITDA

= €23,030M / €8,256M = **2.79x**

Or with €24,167M debt: 2.93x

Let me use **2.79x** or round to **2.8x**

## Step 6: Calculate 2021 FFO / Adjusted_Debt

= €6,369M / €23,030M = **0.277** or **27.7%**

Or with €6,400M FFO: 27.8%

## Now repeat for 2022

## Step 7: Estimate 2022 Adjusted_EBITDA

Profit Loss From Ordinary Operating Activities (2022): €6,824M
+ D&A (2022): €3,613M
= EBITDA = €10,437M

Add back non-recurring: Other Operating Income Expense Non Recurring (2022): €8M (positive, so gain of €8M). We subtract nonrecurring gains: -€8M

Add back share-based payments: €356M

Adjusted_EBITDA (2022) = €10,437M - €8M + €356M = **€10,785M**

Wait, nonrecurring is +€8M (income), so we subtract this gain: €10,437M - €8M = €10,429M, then +€356M = €10,785M.

Actually, let me recheck: "Other Operating Income Expense Non Recurring" = €8M (positive number, so income/gain). The formula says "- nonrecurring_gains", so subtract €8M.

**Adjusted_EBITDA (2022) = €10,785M**

## Step 8: Estimate 2022 FFO

Cash interest: Gross Finance Costs = €750M. Lease interest portion: "Adjustments For Interest Expense On Lease Liabilities" = €48M. Non-lease interest = €702M.

Cash taxes: "Income Taxes Paid Classified As Operating Activities" = €1,603M

FFO (2022) = €10,785M - €750M - €1,603M = **€8,432M**

Or with non-lease interest only: €10,785M - €702M - €1,603M = €8,480M

I'll use **€8,432M** with full interest.

## Step 9: Estimate 2022 Adjusted_Debt

Financial debt (2023-01-01, end of 2022):
- Noncurrent Portion Of Noncurrent Bonds Issued: €20,425M
- Noncurrent Portion Of Other Noncurrent Borrowings: €3,205M
- Shortterm Borrowings: €6,368M

Total reported debt = €20,425M + €3,205M + €6,368M = €29,998M

Lease liabilities: €1,580M + €522M = €2,102M

Pension/employee benefits: €1,149M

Cash and equivalents: €12,578M
Cash management assets: €755M
Total cash-like: €13,333M

Adjusted_Debt (2022) = €29,998M + €2,102M + €1,149M - €13,333M = **€19,916M**

Or with other long-term provisions €961M: €29,998M + €2,102M + €1,149M + €961M - €13,333M = €20,877M

I'll use **€19,916M** as base, or round to **€20,000M**. Let me use **€19,916M**.

## Step 10: Calculate 2022 Adjusted_Debt / Adjusted_EBITDA

= €19,916M / €10,785M = **1.85x**

## Step 11: Calculate 2022 FFO / Adjusted_Debt

= €8,432M / €19,916M = **0.423** or **42.3%**

## Step 12: Classify year-on-year credit trend

**Signal 1: Leverage (Adjusted_Debt / Adjusted_EBITDA)**
- 2021: 2.79x
- 2022: 1.85x
- Change: 1.85 - 2.79 = **-0.94x**

Threshold: ≤ -0.2x is Improving
-0.94x < -0.2x, so **Improving**

**Signal 2: Cash-flow coverage (FFO / Adjusted_Debt)**
- 2021: 0.277 (27.7%)
- 2022: 0.423 (42.3%)
- Change: 0.423 - 0.277 = **+0.146**

Threshold: ≥ +0.03 is Improving
+0.146 > +0.03, so **Improving**

**Both signals agree: Improving**

Let me verify my calculations are reasonable:

Revenue grew from €50.2B to €62.5B (+24.5%)
Operating profit grew from €4.4B to €6.5M (+47%)
Net income grew from €2.2B to €4.4B (+100%)

This is strong performance, likely driven by post-COVID recovery in infrastructure and construction.

Debt decreased in absolute terms while EBITDA increased significantly, leading to much lower leverage.

FFO improved significantly due to higher EBITDA and lower taxes relative to income.

The improvement is very strong on both metrics. Even if my exact numbers have some uncertainty due to lease treatment and other adjustments, the direction is clearly and strongly positive.

Let me double-check the 2022 debt calculation. Total assets grew from €100.8B to €112.0B, but debt decreased? 

Actually, looking at equity: grew from €24.8B to €29.4B. Liabilities: total equity + liabilities = €112.0B, equity €29.4B, so liabilities €82.6B. In 2021: €100.8B - €24.8B = €76.0B liabilities.

Total liabilities increased, but financial debt decreased? Let me check: bonds decreased from €22.1B to €20.4B, other borrowings increased from €2.8B to €3.2B, short-term borrowings increased from €5.8B to €6.4B. Net financial debt: €30.7B to €30.0B. Slight decrease.

But with much higher EBITDA, leverage ratio drops significantly.

Also cash increased from €11.3B to €13.3B, so net debt drops more.

The trend is clearly improving.

Final verification of signal magnitudes:
- Leverage improved by 0.94x vs threshold of 0.2x → 4.7x the threshold
- Coverage improved by 14.6pp vs threshold of 3pp → 4.9x the threshold

Both are strongly positive and well beyond thresholds.

<answer>Improving</answer>