To estimate the S&P-adjusted FFO-to-debt ratio for VINCI for the fiscal year ended December 31, 2022, we follow the S&P Global Ratings Corporate Methodology. VINCI operates primarily in construction and concessions (transportation infrastructure). The FFO and Debt metrics are calculated using standard S&P adjustments.

**1. Adjusted EBITDA Calculation:**
We start by finding the recurring operating profit and adding back depreciation and amortization, then applying standard S&P normalizations (e.g., stripping out non-recurring items, gains on asset sales, and adjusting for equity investments).
* **Reported Recurring Operating Profit (EBIT):** €6,481 million
* **Depreciation & Amortization:** +€3,613 million
* **EBITDA before adjustments:** €10,094 million
* **Gain on Disposal of Noncurrent Assets:** S&P removes gains from asset sales. The cash flow statement shows a non-cash gain adjustment of €68 million (recorded as a negative €68 million adjustment to operating cash flow). We subtract this.
* **Equity Method Investments:** S&P replaces the share of profit from joint ventures with actual cash dividends received.
  * Share of profit of associates = -€22 million
  * Dividends received from associates = +€92 million
  * Net adjustment = +€70 million

*Adjusted EBITDA = €10,094m - €68m (gains) + €70m (JV adjustments) = €10,096 million*

**2. Funds From Operations (FFO) Calculation:**
FFO is calculated by taking Adjusted EBITDA and subtracting cash interest and cash taxes paid.
* **Adjusted EBITDA:** €10,096 million
* **Cash Interest Paid:** We use the net cash interest paid/received classified as operating activities, which is €563 million.
* **Cash Taxes Paid:** Income taxes paid classified as operating activities is €1,603 million.

*FFO = €10,096m - €563m - €1,603m = €7,930 million*

**3. Adjusted Debt Calculation:**
We sum the reported debt and S&P’s standard debt-like adjustments (leases and pensions), then deduct accessible eligible cash.
* **Reported Gross Debt:**
  * Noncurrent portion of bonds: €20,425 million
  * Noncurrent portion of other borrowings: €3,205 million
  * Short-term borrowings: €6,368 million
  * *Reported Debt = €29,998 million*
* **Lease Liabilities (IFRS 16):** Noncurrent (€1,580m) + Current (€522m) = €2,102 million
* **Pension Deficit:** Noncurrent provisions for employee benefits = €1,149 million
* *Total Adjusted Gross Debt = €29,998m + €2,102m + €1,149m = €33,249 million*

* **Eligible Cash & Cash Equivalents:**
  * Cash and cash equivalents: €12,578 million
  * Current cash management financial assets (liquid investments): €755 million
  * *Total Eligible Cash = €13,333 million*

*Adjusted Debt = €33,249m - €13,333m = €19,916 million*

**4. FFO-to-Adjusted Debt Ratio:**
*FFO / Adjusted Debt = €7,930 million / €19,916 million = 0.39817...*

<answer>0.3982</answer>