To find the Funds From Operations (FFO) to Net Debt ratio for Ferrovial SA for the year 2022, we can use the standard consolidated financial metrics provided in the annual report. 1. **Funds From Operations (FFO)** A widely used standard proxy for FFO is Net Income plus Depreciation & Amortization (D&A). * Net Income ("Profit Loss" 2022-01-01 to 2023-01-01) = 302,000,000 EUR * Depreciation & Amortization ("Amortisation Expense" / "Ajustes Al Resultado Por Gastos Por Depreciacion Y Amortizacion") = 299,000,000 EUR * FFO = 302,000,000 EUR + 299,000,000 EUR = 601,000,000 EUR *(Note: FFO can alternatively be estimated as Operating Cash Flow adjusted for Working Capital changes, but Net Income + D&A is the most direct standard accounting derivation from the income statement).* 2. **Net Debt** Net Debt is calculated as Total Borrowings minus Cash and Cash Equivalents. * Long-Term Debt ("Noncurrent Portion Of Other Noncurrent Borrowings") = 10,776,000,000 EUR * Short-Term Debt ("Current Borrowings And Current Portion Of Noncurrent Borrowings") = 877,000,000 EUR * Total Borrowings = 10,776,000,000 EUR + 877,000,000 EUR = 11,653,000,000 EUR * Cash and Cash Equivalents = 5,130,000,000 EUR * Net Debt = 11,653,000,000 EUR - 5,130,000,000 EUR = 6,523,000,000 EUR 3. **FFO / Net Debt Ratio** * Ratio = FFO / Net Debt * Ratio = 601,000,000 EUR / 6,523,000,000 EUR ≈ 0.092135... 0.092