# FFO / Net Debt Ratio Analysis for VINCI 2022

## Reasoning:

### Step 1: Calculate FFO (Funds From Operations) for 2022
FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Other non-cash items

From the data for 2022-01-01 to 2023-01-01:
- Profit Loss Attributable To Owners Of Parent: €4,259 million
- Adjustments For Depreciation And Amortisation Expense: €3,613 million
- Adjustments For Sharebased Payments: €162 million
- Adjustments For Fair Value Gains Losses: -€236 million
- Adjustments For Undistributed Profits (equity method): €42 million

FFO = 4,259 + 3,613 + 162 - 236 + 42 = €7,840 million

Alternatively, using the cash flow statement more directly:
Operating Cash Flow (2022): €9,387 million

However, the pure FFO calculation from P&L adjustments yields approximately €7,840 million.

### Step 2: Calculate Net Debt for 2022
Net Debt = Total Debt - Cash

**Total Debt (as of 2022-01-01):**
- Noncurrent Portion of Noncurrent Bonds Issued: €22,212 million
- Noncurrent Portion of Other Noncurrent Borrowings: €2,757 million
- Current Lease Liabilities: €524 million
- Shortterm Borrowings: €5,769 million
- Noncurrent Lease Liabilities: €1,574 million

Total Debt = 22,212 + 2,757 + 524 + 5,769 + 1,574 = €32,836 million

**Cash (as of 2022-01-01):**
- Cash And Cash Equivalents: €11,065 million

**Net Debt = €32,836 - €11,065 = €21,771 million**

### Step 3: Calculate FFO / Net Debt Ratio
FFO / Net Debt = €7,840 / €21,771 = 0.360

<answer>0.36</answer>