Step 1 — Relevant industry VINCI is a diversified group with large concessions and transport infrastructure activities, notably toll roads and airports, plus construction/energy contracting businesses. Among the provided methodologies, the closest relevant framework is Transportation Infrastructure, where FFO-to-debt is the preferred core ratio. Because VINCI is not a pure transportation infrastructure concession company, I use the baseline S&P-style corporate adjustments with available reported data. Step 2 — Estimate Adjusted EBITDA Start from operating profit and add depreciation/amortisation. - Profit from operating activities: €6.489bn - Depreciation and amortisation: €3.613bn Reconstructed EBITDA: \[ EBITDA = 6.489 + 3.613 = 10.102 \] Nonrecurring operating income was a gain of €0.008bn, so subtract it for normalization: \[ Adjusted\ EBITDA = 10.102 - 0.008 = 10.094 \] Estimated Adjusted EBITDA = €10.094bn. Step 3 — Estimate FFO Use: \[ FFO = Adjusted\ EBITDA - cash\ interest - cash\ taxes \] Available cash flow data: - Interest paid and received classified as operating activities: €0.563bn - Income taxes paid: €1.603bn \[ FFO = 10.094 - 0.563 - 1.603 = 7.928 \] Estimated FFO = €7.928bn. Step 4 — Estimate Adjusted Debt Reported financial debt components at 2022 year-end / 2023-01-01: - Noncurrent bonds issued: €20.425bn - Other noncurrent borrowings: €3.205bn - Short-term borrowings: €6.368bn - Noncurrent lease liabilities: €1.580bn - Current lease liabilities: €0.522bn Reported debt including leases: \[ Debt = 20.425 + 3.205 + 6.368 + 1.580 + 0.522 = 32.100 \] Pension deficit / employee benefit provisions: - Noncurrent provisions for employee benefits: €1.149bn Gross debt-like total: \[ 32.100 + 1.149 = 33.249 \] Eligible cash: - Cash and cash equivalents: €12.578bn - Current cash management financial assets: €0.755bn \[ Eligible\ cash = 12.578 + 0.755 = 13.333 \] Adjusted debt: \[ Adjusted\ Debt = 33.249 - 13.333 = 19.916 \] Estimated Adjusted Debt = €19.916bn. Step 5 — Calculate FFO / Adjusted Debt \[ FFO / Adjusted\ Debt = 7.928 / 19.916 = 0.3980739 \] Rounded to four decimals: 0.3981