I'll work through this step-by-step for VINCI.

## Step 1: Identify the Relevant Industry

VINCI is a major French infrastructure and construction company. Its key businesses include:
- **Concessions** (highways/motorways - VINCI Autoroutes, airports - VINCI Airports)
- **Contracting** (VINCI Energies, Eurovia, VINCI Construction)

VINCI's concession activities (toll roads, airports) fit the **Transportation Infrastructure** methodology. However, VINCI is a diversified group with significant contracting operations. The concessions segment is the major profit driver. I'll apply the Transportation Infrastructure framework where relevant, with general corporate adjustments.

## Step 2: Estimate Adjusted Debt

**Reported Debt Components:**

From the balance sheet (as of Jan 1, 2023 = Dec 31, 2022):
- Noncurrent bonds issued: €20,425M
- Noncurrent other borrowings: €3,205M
- Short-term borrowings: €6,368M
- Total reported financial debt = 20,425 + 3,205 + 6,368 = **€29,998M**

**Lease Liabilities (S&P treats as debt-like):**
- Noncurrent lease liabilities: €1,580M
- Current lease liabilities: €522M
- Total leases = 1,580 + 522 = **€2,102M**

**Pension Deficit:**
- Noncurrent provisions for employee benefits: **€1,149M**

**Surplus Cash Deduction:**
S&P typically allows netting of some cash. VINCI has:
- Cash and cash equivalents: €12,578M
- Current cash management financial assets: €755M

However, S&P doesn't net all cash. For infrastructure/construction companies with significant working capital needs, S&P typically considers operational cash needs. A conservative approach: S&P might not deduct all cash. For a large construction group, operational cash needs are significant. I'll assume S&P nets a portion. The cash on the balance sheet vs. the cash flow statement differs (€12,578M vs. €11,495M in CF statement, suggesting ~€1,083M is restricted/not readily available).

I'll be conservative and deduct the readily available cash minus an operational buffer. For S&P, typically they might not net all cash for construction companies due to working capital seasonality. A reasonable estimate is to deduct perhaps the CF statement cash equivalent: ~€11,495M, but S&P often restricts this further. For simplicity, I'll deduct a moderate amount. Given VINCI's large operations, I'll assume roughly €5,000M is operational/restricted. Deductible cash ≈ €12,578M - some buffer. S&P often uses a formulaic approach - for large companies they may net most surplus cash. Let me use a more standard approach: net cash and short-term investments minus ~20% of revenue as operating cash needs would be excessive here. S&P typically doesn't haircut this aggressively for investment-grade. I'll deduct most cash but keep some buffer.

Actually, for S&P's standard approach, they typically subtract readily available cash. Let me use the reported cash: **€12,578M** but note that S&P may keep some operational minimum. For a company of VINCI's size, I'll assume approximately €2,000M is needed operationally, leaving ~€10,578M deductible. However, to keep it simpler and aligned with S&P practice for large corporates, I'll net the full cash minus a small operational minimum.

Let me use a simpler standard approach: subtract all cash and equivalents.

**Adjusted Debt** = 29,998 + 2,102 + 1,149 - 12,578 = **€20,671M**

## Step 3: Estimate Adjusted EBITDA

**Base EBITDA:**
- Operating profit (EBIT): €6,489M (profit from operating activities)
- D&A: €3,613M
- EBITDA = 6,489 + 3,613 = **€10,102M**

**S&P Adjustments:**
- Add back lease depreciation component (already in D&A); add lease interest: +€48M (interest on lease liabilities)
- Pension service cost adjustments: typically minor, keep as is
- Share-based payments: already included in operating costs
- Remove non-recurring items: Other non-recurring operating income of €8M (remove gain): -€8M

**Adjusted EBITDA** ≈ 10,102 + 48 - 8 = **€10,142M**

## Step 4: Calculate the Ratio

**Adjusted Debt / Adjusted EBITDA** = 20,671 / 10,142 = **2.04**

<answer>2.04</answer>