I'll estimate the FFO/Net Debt ratio for VINCI at end of 2022 using S&P methodology.

## Step 1: Estimate Funds From Operations (FFO) - S&P Methodology

S&P's FFO starts with net income attributable to the company, then adds back depreciation/amortization, and makes various adjustments.

**Starting with Net Income (Profit/Loss):**
- Profit/Loss = €4,417M (2022)

**Add back: Depreciation & Amortization:**
- D&A = €3,613M

**Deduct: Gains on disposal of non-current assets:**
- Already included in profit, adjustment = -€68M (gain), so we'd add back the negative adjustment = -€68M

**S&P FFO adjustments typically include:**
- Add back: Share-based payment expense (non-cash): €162M (from cash flow adjustments)
- Add back: Fair value adjustments: -€236M (this was a gain, so subtract)
- Add back: Undistributed profits of equity method investments: €42M
- Deduct: Interest income on cash equivalents (sometimes)

**S&P simplified FFO:**
FFO ≈ Net Income + D&A + Non-cash adjustments from operating CF

From the cash flow statement, Cash Flows from Operations before WC changes = €10,215M
This already includes adjustments for D&A, provisions, share-based payments, fair value, equity method, finance costs, and tax.

**S&P FFO ≈ Cash from Operations before Working Capital - Net Finance Costs paid - Taxes paid**
= €10,215M - €563M (interest paid/received net) - €1,603M (taxes paid)
= €8,049M

But S&P typically uses: FFO = CFO + WC changes back (i.e., before WC) - interest paid - taxes paid. Actually, CFO already includes interest and taxes. Let me reconsider.

**CFO = €9,387M** (this already deducts interest, taxes, and includes WC changes)

S&P FFO = CFO + WC changes = €9,387M + €392M = €9,779M (approximately, before working capital)

Wait - S&P FFO = CFO adjusted to remove working capital changes. Since WC decreased by €392M (negative = cash outflow), adding it back:
FFO ≈ €9,387M + €392M = €9,779M

But we should also remove the "Other inflows" of €854M if it's one-time:
FFO ≈ €9,779M - €854M = €8,925M (conservative)

Let me use the simpler approach: **FFO ≈ €9,779M**

## Step 2: Calculate Net Debt - S&P Methodology

**Gross Debt:**
- Non-current bonds: €20,425M
- Other non-current borrowings: €3,205M
- Short-term borrowings: €6,368M
- Lease liabilities (non-current + current): €1,580M + €522M = €2,102M
- Total Gross Debt = €20,425M + €3,205M + €6,368M + €2,102M = €32,100M

**Cash & Equivalents:**
- Cash and cash equivalents: €12,578M
- Current cash management financial assets: €755M
- S&P typically haircuts cash; using accessible cash ≈ €12,578M + €755M = €13,333M

But S&P may not credit all cash. Let's use a conservative approach and credit most of it.

**Net Debt = €32,100M - €13,333M = €18,767M**

S&P might also add pension obligations (€1,149M) and adjust for operating leases (already included above), and net derivative positions.

**Adjusted Net Debt ≈ €18,767M + €1,149M = €19,916M**

## Step 3: FFO/Net Debt Ratio

FFO/Net Debt = €9,779M / €19,916M ≈ 0.49

Or with more conservative FFO (~€8,925M):
€8,925M / €19,916M ≈ 0.45

A reasonable mid-point estimate: ~0.47

<answer>0.47</answer>