I'll estimate the FFO/Net Debt ratio for Ferrovial SA for 2022 based on S&P methodology.

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

S&P's FFO typically starts with net income from continuing operations, adds back depreciation/amortization, and adjusts for non-cash items and deferred taxes.

**Starting with Cash Flows from Operations (CFO):** 1,002M EUR (2022-2023 period)

However, S&P's FFO is typically:
- Net Income from continuing operations + D&A + Deferred tax adjustments + other non-cash items - gains on disposals

Let me work from the operating cash flow approach:

**CFO:** 1,002M EUR

S&P FFO adjustments from CFO:
- Remove working capital changes: -83M EUR (subtract the positive working capital increase)
- CFO before working capital = 1,002 - 83 = 919M EUR (approximately the "gross profit loss including discontinued operations" concept)

Actually, let me recalculate more carefully:

**S&P FFO ≈ CFO - Working Capital Changes**

FFO = CFO - Increase in Working Capital = 1,002 - 83 = 919M EUR

But S&P also typically excludes capex-related items from FFO. Let me also consider lease payments are already in CFO.

S&P FFO ≈ 919M EUR (roughly)

## Step 2: Calculate Net Debt (S&P methodology)

S&P Net Debt includes:
- Short-term borrowings: 877M
- Long-term borrowings: 10,776M
- Lease liabilities (current + noncurrent): 64 + 120 = 184M
- Less: Cash and cash equivalents: 5,130M
- Less: Restricted cash (some portion may not be deducted)

**Gross Debt:**
- Noncurrent borrowings: 10,776M
- Current borrowings: 877M
- Lease liabilities: 184M
- Other noncurrent financial liabilities: 838M (S&P may include some of this)
- Total gross debt ≈ 10,776 + 877 + 184 + 838 = 12,675M

**Cash deductions:**
- Cash & equivalents: 5,130M
- However, S&P may not give full credit for infrastructure project restricted cash
- Accessible cash (excluding infrastructure project cash): 4,962M
- S&P typically uses readily available cash: ~4,962M

**Net Debt ≈ 12,675 - 4,962 = 7,713M EUR**

If we exclude the "Other noncurrent financial liabilities" (which may include derivatives or contingent items):
Net Debt = 10,776 + 877 + 184 - 5,130 = 6,707M EUR

S&P would likely include lease liabilities and may include surplus cash adjustments. A reasonable middle estimate:

**Net Debt ≈ 11,837 - 5,130 = 6,707M EUR** (without other financial liabilities)

Or with other financial liabilities: ~7,545M EUR

## Step 3: FFO/Net Debt Ratio

Using FFO ≈ 919M and Net Debt ≈ 6,707M:
FFO/Net Debt = 919/6,707 = 13.7%

Using the broader debt definition (~7,545M):
FFO/Net Debt = 919/7,545 = 12.2%

A reasonable central estimate is approximately 12-14%.

Given S&P's typical conservative approach (including lease liabilities, potentially some restricted cash adjustments), I'll estimate:

FFO/Net Debt ≈ 13%

<answer>0.13</answer>