Step 1: Identify the relevant industry BOUYGUES operates in construction, telecom, and media. It does not fit into the specific regulated utilities, oil & gas, unregulated power & gas, or transportation infrastructure sectors described. Therefore, we apply the general corporate baseline formulas. Step 2: Estimate Adjusted EBITDA We start with the reported operating profit and add back depreciation, amortization, and right-of-use depreciation. We adjust for non-recurring items. - Reported Operating Profit (Profit Loss From Operating Activities): 1,872,000,000 EUR - Depreciation And Amortisation Expense: 2,228,000,000 EUR - Depreciation Right-ofuse Assets: 446,000,000 EUR - Non-recurring gains (Other Operating Income Non Recurring): 93,000,000 EUR - Non-recurring losses (Other Operating Expense Non Recurring): 183,000,000 EUR Adjusted_EBITDA = Operating Profit + D&A + RoU Depreciation + Non-recurring Losses - Non-recurring Gains Adjusted_EBITDA = 1,872,000,000 + 2,228,000,000 + 446,000,000 + 183,000,000 - 93,000,000 Adjusted_EBITDA = 4,636,000,000 EUR Step 3: Estimate FFO We subtract cash interest and cash taxes from Adjusted EBITDA. - Cash interest: According to the cash flow statement, Interest Paid Classified As Financing Activities is 260,000,000 EUR. - Cash taxes: According to the cash flow statement, Income Taxes Paid Classified As Operating Activities is 518,000,000 EUR. FFO = Adjusted_EBITDA - Cash Interest - Cash Taxes FFO = 4,636,000,000 - 260,000,000 - 518,000,000 FFO = 3,858,000,000 EUR Step 4: Estimate Adjusted Debt We sum reported debt, lease liabilities, and subtract eligible cash. - Reported debt (Longterm Borrowings + Current Borrowings And Current Portion Of Noncurrent Borrowings + Current Overdrafts And Short Term Borrowings From Banks): 5,805,000,000 + 1,324,000,000 + 351,000,000 = 7,480,000,000 EUR - Lease liabilities (Noncurrent Lease Liabilities + Current Lease Liabilities): 1,473,000,000 + 362,000,000 = 1,835,000,000 EUR - Eligible cash (Cash And Cash Equivalents): 6,501,000,000 EUR Adjusted_Debt = (Reported Debt + Lease Liabilities) - Eligible Cash Adjusted_Debt = (7,480,000,000 + 1,835,000,000) - 6,501,000,000 Adjusted_Debt = 9,315,000,000 - 6,501,000,000 Adjusted_Debt = 2,814,000,000 EUR Step 5: Calculate FFO / Adjusted_Debt ratio FFO / Adjusted_Debt = 3,858,000,000 / 2,814,000,000 FFO / Adjusted_Debt = 1.37086... Rounding to four decimal places gives 1.3709. 1.3709