To estimate the FFO (Funds From Operations) to Net Debt ratio for VINCI at the end of 2022, we typically use the standard corporate finance definitions for these metrics. 1. **Funds From Operations (FFO):** FFO is most commonly approximated as Net Income plus non-cash expenses (primarily Depreciation and Amortization). - Net Income ("Profit Loss") = 4,417,000,000 EUR - D&A ("Adjustments For Depreciation And Amortisation Expense") = 3,613,000,000 EUR FFO = 4,417,000,000 + 3,613,000,000 = 8,030,000,000 EUR 2. **Net Debt:** Net Debt is generally calculated as Total Borrowings minus Cash and Cash Equivalents. - Short-term Borrowings = 6,368,000,000 EUR - Long-term Bonds ("Noncurrent Portion Of Noncurrent Bonds Issued") = 20,425,000,000 EUR - Other Long-term Borrowings ("Noncurrent Portion Of Other Noncurrent Borrowings") = 3,205,000,000 EUR Total Borrowings = 6,368,000,000 + 20,425,000,000 + 3,205,000,000 = 29,998,000,000 EUR - Cash And Cash Equivalents = 12,578,000,000 EUR Net Debt = 29,998,000,000 - 12,578,000,000 = 17,420,000,000 EUR 3. **FFO / Net Debt Ratio:** Ratio = 8,030,000,000 / 17,420,000,000 ≈ 0.461 0.46