To estimate the Funds From Operations (FFO) / Net Debt ratio for Ferrovial S.A. for the year 2022, we must identify the relevant components from the provided data. **1. Funds From Operations (FFO) Estimation:** FFO is typically calculated as the Cash Flow from Operating Activities, adjusted for changes in working capital and non-cash items. Based on the provided cash flow statement: * "Cash Flows From Used In Operating Activities" (2022-01-01 to 2023-01-01): 1,002,000,000 EUR * "Increase Decrease In Working Capital" (2022-01-01 to 2023-01-01): 83,000,000 EUR Common practice is to adjust the cash flow from operations by subtracting the change in working capital to isolate the core operating cash flow: FFO ≈ 1,002,000,000 - 83,000,000 = 919,000,000 EUR. **2. Net Debt Estimation:** Net Debt is calculated as Total Debt (Current + Noncurrent) minus Cash and Cash Equivalents. * Noncurrent Borrowings ("Noncurrent Portion Of Other Noncurrent Borrowings"): 10,776,000,000 EUR * Current Borrowings ("Current Borrowings And Current Portion Of Noncurrent Borrowings"): 877,000,000 EUR * Total Gross Debt = 10,776,000,000 + 877,000,000 = 11,653,000,000 EUR * Cash and Cash Equivalents ("Cash And Cash Equivalents" 2023-01-01): 5,130,000,000 EUR * Net Debt = 11,653,000,000 - 5,130,000,000 = 6,523,000,000 EUR **3. Ratio Calculation:** FFO / Net Debt = 919,000,000 / 6,523,000,000 ≈ 0.140886 Note: The data provided covers the period ending 2023-01-01 (the end of 2022). Using these values: FFO ≈ 919 million Net Debt ≈ 6,523 million Ratio ≈ 0.1409 0.1409