# FFO / Net Debt Ratio Calculation for Ferrovial SA (2022)

## Step 1: Calculate Funds From Operations (FFO)

FFO is typically calculated as:
**FFO = Net Income + Non-cash charges - Changes in working capital**

From the data for 2022-01-01 to 2023-01-01:
- Net Profit: €302 million
- Amortization & Depreciation: €299 million
- Non-controlling interests: €116 million
- Adjustments for reconcile profit loss: €-697 million
- Change in working capital: €83 million
- Income taxes paid: €82 million

A more direct approach using cash flow data:
**Cash Flows From Operating Activities = €1,002 million**

This represents the actual operating cash flow, which is a reasonable proxy for FFO.

## Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

**Total Debt (as of 2023-01-01, for 2022 year-end):**
- Noncurrent borrowings: €10,776 million
- Current borrowings: €877 million
- **Total Debt = €11,653 million**

**Cash and Cash Equivalents (as of 2023-01-01, for 2022 year-end):**
- Total: €5,130 million

**Net Debt = €11,653 - €5,130 = €6,523 million**

## Step 3: Calculate FFO / Net Debt Ratio

**FFO / Net Debt = €1,002 / €6,523 = 0.1536**

Rounded to two decimal places: **0.15**

<answer>0.15</answer>