Step 1: Identify the relevant industry
Ferrovial SA is a major infrastructure operator, known for its toll roads (like the Heathrow airport and various highway concessions), construction, and services. Based on the provided methodologies, it best fits the "Transportation Infrastructure" sector.

Step 2: Estimate Adjusted EBITDA
For the baseline formula:
- EBITDA (reconstructed) = Profit Loss From Operating Activities + Amortisation Expense = 423,000,000 + 299,000,000 = 722,000,000 EUR.
- Adjustment for leases: S&P adds 1/3 of the lease expense (or rent expense) to EBITDA. The rent/lease expense is approximated by the lease liabilities repayment and right-of-use asset depreciation. Cash outflow for leases = 72,000,000 EUR. 1/3 of 72,000,000 = 24,000,000 EUR.
- Nonrecurring items: Impairment and disposal losses are typically added back. Impairment and gains/losses on disposal = -6,000,000 EUR. Add back 6,000,000 EUR.
- Pension adjustments: None identified.
- Joint venture proportional EBITDA: S&P often proportionally consolidates equity-accounted investments for infrastructure entities to reflect the cash flow available to the group. Share of profit of associates = 165,000,000 EUR. Assuming an approximate 60% EBITDA margin for these infrastructure JVs, the proportional EBITDA addition is roughly 165,000,000 / 0.60 = 275,000,000 EUR.
Adjusted EBITDA = 722,000,000 + 24,000,000 + 6,000,000 + 275,000,000 = 1,027,000,000 EUR.

Step 3: Estimate FFO
For the baseline formula:
- Adjusted EBITDA = 1,027,000,000 EUR.
- Cash interest: Interest paid (cash outflow) = 329,000,000 EUR.
- Cash taxes: Income taxes paid = 82,000,000 EUR.
FFO = Adjusted EBITDA - cash interest - cash taxes = 1,027,000,000 - 329,000,000 - 82,000,000 = 616,000,000 EUR.

Step 4: Estimate Adjusted Debt
For the baseline formula:
- Reported debt: Noncurrent borrowings (9,513,000,000) + Current borrowings (1,096,000,000) = 10,609,000,000 EUR.
- Leases: Noncurrent lease liabilities (115,000,000) + Current lease liabilities (58,000,000) = 173,000,000 EUR.
- Pension deficit: None identified.
- Guarantees: None identified.
- Hybrid debt portion: Perpetual Subordinated Bonds are classified under Equity in the balance sheet ("Other Equity Securities Member"). Under S&P methodology, these are typically treated as debt-like. From the Statement of Changes in Equity, the coupon/dividend on these is recognized in reserves (-9,000,000 EUR change), implying a principal value. The equity section for "Other Equity Securities Member" shows 507,000,000 EUR at the beginning of 2022. We add 507,000,000 EUR.
- Other debt-like items: None identified.
- Eligible cash: Cash and cash equivalents (5,536,000,000 EUR) less restricted cash for infrastructure projects (Current: 47,000,000 + Noncurrent: 579,000,000 = 626,000,000 EUR). Unrestricted cash = 5,536,000,000 - 207,000,000 (current infra cash) - 160,000,000 (other infra cash) = 5,169,000,000 EUR. (Using the specific breakdown: Total Cash = 5,536,000,000. Infra cash = 207m + 47m + 160m = 414m. Non-Infra cash = 5,329m). We deduct 5,329,000,000 EUR of eligible cash.
Adjusted Debt = (10,609,000,000 + 173,000,000 + 507,000,000) - 5,329,000,000 = 5,960,000,000 EUR.

Step 5: Calculate FFO / Adjusted Debt
FFO / Adjusted Debt = 616,000,000 / 5,960,000,000 = 0.1033557...

Rounding to four decimal places:
0.1034

<answer>0.1034</answer>