I'll work through this step-by-step for Ferrovial SA for fiscal year 2022 (the period 2022-01-01 to 2023-01-01).

## Step 1: Identify the Relevant Industry

Ferrovial SA is a major infrastructure company involved in toll roads, airports, and construction. The **Transportation Infrastructure** methodology is most relevant. However, Ferrovial is a diversified infrastructure/construction conglomerate, so I'll apply the general corporate methodology with transportation infrastructure considerations.

## Step 2: Estimate Adjusted EBITDA

**Reconstructing EBITDA from reported figures:**

From the income statement (2022-01-01 to 2023-01-01):
- Revenue: 7,551M EUR
- Operating Profit (before impairment & disposals): 429M EUR (before fair value: 428M)
- Amortisation/Depreciation: 299M EUR

**EBITDA (continuing operations) = Operating Profit before impairment + D&A**
= 429 + 299 = 728M EUR

This matches the reported Gross Profit of 728M (which here represents EBITDA after their presentation).

**Including discontinued operations:**
- Gross Profit from discontinued operations: 155M EUR
- Total Gross Profit including discontinued: 883M EUR

For S&P purposes, I'll use the consolidated EBITDA including discontinued operations = 883M EUR

**Adjustments:**
- **Lease adjustment:** Add back operating lease depreciation (already in D&A) and add imputed lease interest. Right-of-use assets ~183M, lease liabilities = 120 + 64 = 184M. Cash outflow for leases = 72M. The lease interest portion is already captured. S&P typically adds lease payments back and treats them as financing. The net adjustment is small; lease payments of ~72M are already reflected.
- **Nonrecurring items:** Impairment and gains/losses on disposal = -6M (small loss, add back): +6M
- **Fair value adjustments:** The fair value column shows -1M net impact on EBITDA level - minimal.
- **Equity method associates:** Share of profit = 165M. For S&P, dividends received (284M) may be used instead of equity income. Adjustment = 284 - 165 = +119M (replace equity income with dividends).

**Adjusted EBITDA:**
= 728 (continuing EBITDA) + 155 (discontinued) + 6 (impairment add-back) + 119 (dividend vs equity adjustment)
= ~1,008M EUR

## Step 3: Estimate FFO

**Cash interest paid:** 329M EUR (from cash flow statement)
**Cash taxes paid:** 82M EUR (from cash flow statement)

**FFO = Adjusted EBITDA - cash interest - cash taxes**
= 1,008 - 329 - 82 = 597M EUR

## Step 4: Estimate Adjusted Debt

**Reported debt:**
- Noncurrent borrowings: 10,776M
- Current borrowings: 877M
- Total reported debt = 11,653M EUR

**Lease liabilities:** 120 + 64 = 184M EUR

**Pension deficit:** Noncurrent provisions for employee benefits = 2M EUR (minimal)

**Hybrid debt (perpetual subordinated bonds):** Other Equity Securities = 508M. S&P typically treats ~50% as debt for hybrids = ~254M EUR

**Other noncurrent financial liabilities:** 838M (could include debt-like items)

**Surplus cash deduction:**
- Total cash: 5,130M EUR
- Restricted cash (infrastructure): 38 + 597 = 635M (not freely available)
- Operating cash needs (~3-5% of revenue): ~225M
- Eligible cash to deduct: 5,130 - 635 - 225 = ~4,270M

However, S&P is often conservative with infrastructure project cash. The ex-infrastructure cash = 4,962M. S&P may only deduct a portion. I'll deduct the ex-infrastructure cash minus operating needs: 4,962 - 225 = 4,737M. But S&P is typically more conservative; let's use ~3,000M as eligible surplus cash (keeping buffer for project-level restrictions and conservatism).

**Adjusted Debt:**
= 11,653 + 184 + 2 + 254 + 838 - 3,000
= ~9,931M EUR

## Step 5: Calculate FFO / Adjusted_Debt

FFO / Adjusted_Debt = 597 / 9,931 = 0.0601

Given the complexity and typical S&P conservatism with infrastructure conglomerates, let me refine: using a more conservative cash offset (~2,500M considering S&P's typical approach to project finance entities):

Adjusted Debt = 11,653 + 184 + 2 + 254 - 2,500 = 9,593M

FFO/Debt = 597 / 9,593 = 0.0622

<answer>0.0622</answer>