I'll work through this step-by-step for VINCI.

## Step 1: Identify the Relevant Industry

VINCI is a French construction and concessions company. Its major businesses include:
- **Concessions** (motorways/highways via VINCI Autoroutes, airports via VINCI Airports)
- **Contracting** (VINCI Energies, Eurovia, VINCI Construction)

The concessions business (toll roads, airports) falls under **Transportation Infrastructure**. The contracting business is general corporate. Given VINCI's significant concessions segment, I'll apply the Transportation Infrastructure methodology where relevant, with general corporate adjustments.

## Step 2: Estimate Adjusted EBITDA

**Start with EBITDA reconstruction:**

From the income statement:
- Revenue: €62,514M (€62,265M + €249M other revenue)
- Operating Expense: €55,691M
- Profit from ordinary operating activities: €6,824M

From cash flow statement:
- D&A: €3,613M
- Share-based payments: €162M (non-cash)

EBITDA (from cash flow - pre-working capital): €10,215M is "Cash flows from operations before changes in working capital" which already includes add-backs.

Let me reconstruct EBITDA more carefully:
- Operating profit (recurring): €6,481M
- Add back D&A: €3,613M
- Add back share-based payments (non-cash): €162M (already included in the €6,824M operating line but added back in CF)

**EBITDA ≈ Operating profit + D&A = €6,489M + €3,613M = €10,102M**

**Adjustments:**
- **Lease adjustment:** Under S&P methodology, operating leases are already capitalized under IFRS 16. The lease depreciation is in D&A and interest on leases (€48M) is in finance costs. S&P typically adds back IFRS 16 depreciation and interest, then adds the full lease payment. However, since IFRS 16 is already applied, the EBITDA already reflects lease treatment. S&P adds lease depreciation component back into EBITDA (it's already in D&A added back).

- **Non-recurring items:** Other operating income/expense non-recurring: €8M gain. Remove this: -€8M.
- **Fair value gains:** €236M fair value gains (non-cash) - remove from EBITDA: -€236M. But these may be below EBIT line.

Looking at the cash flow more carefully, the €10,215M pre-WC operating cash flow includes adjustments for non-cash items. Let me use a cleaner approach:

**Adjusted EBITDA = Operating profit + D&A + non-cash items**
= €6,489M + €3,613M + €162M (SBC) - €8M (non-recurring gain) + lease interest €48M
= **€10,304M**

Adding lease payments back (S&P approach): Lease payments = €661M (financing) + €48M (interest) = €709M. Under S&P, we add the full lease expense. Since D&A already includes lease depreciation, and we've added lease interest, the EBITDA captures the lease adjustment.

**Adjusted EBITDA ≈ €10,304M**

## Step 3: Estimate FFO

**Cash interest:** Interest paid = €563M (net interest paid from CF) + €48M lease interest = ~€611M. But S&P excludes lease interest from FFO interest. Cash interest paid ≈ €563M.

**Cash taxes:** €1,603M (from cash flow statement)

**FFO = Adjusted EBITDA - cash interest - cash taxes**
= €10,304M - €563M - €1,603M = **€8,138M**

## Step 4: Estimate Adjusted Debt

- **Reported debt:** Bonds NC: €20,425M + Other NC borrowings: €3,205M + ST borrowings: €6,368M = €29,998M
- **Lease liabilities:** NC €1,580M + Current €522M = €2,102M
- **Pension deficit:** €1,149M (net pension liability)
- **Cash management assets:** €755M
- **Cash:** €12,578M; S&P typically nets surplus cash. Eligible cash ≈ min of cash, but conservatively net a portion. Let's use accessible cash: €12,578M - some operating cash reserve. S&P typically allows netting of readily available cash minus ~€1-2B operating needs for a company this size. Estimate eligible cash ≈ €10,000M (conservative).

**Adjusted Debt = €29,998M + €2,102M + €1,149M - €755M - €10,000M = €22,494M**

Being more conservative with cash (net only €8,000M): Adjusted Debt ≈ €24,494M

## Step 5: FFO / Adjusted Debt

Using moderate cash netting (~€9,000M):
Adjusted Debt = €29,998 + €2,102 + €1,149 - €755 - €9,000 = €23,494M

**FFO / Adjusted Debt = €8,138M / €23,494M = 0.3464**

Adjusting slightly for more typical S&P treatment (less aggressive cash netting ~€7,500M):
Adjusted Debt ≈ €25,994M → Ratio = 8,138/25,994 = 0.3131

<answer>0.3131</answer>