To estimate the S&P-adjusted FFO-to-debt ratio for Ferrovial SA for the fiscal year ended December 31, 2022, we follow the workflow based on the provided facts and industry methodologies.

### Step 1: Identify the Relevant Industry

Ferrovial SA is a global infrastructure company. Its primary business segments include Airports (Heathrow, etc.), Highways (toll roads), and Construction/Services.
*   **Regulated Utilities:** While airports and toll roads have regulatory/concession frameworks, they are distinct from traditional utilities (water, gas, electricity distribution) described in the "Regulated Utilities" section.
*   **Oil And Gas / Unregulated Power:** Not applicable.
*   **Transportation Infrastructure:** The provided text includes a specific section for "Transportation Infrastructure". This section covers Airports, Roads (toll roads), Car parks, Ports, and Mass transit. Ferrovial's core assets (Airports and Highways) fit squarely into this definition. The methodology notes that competitive advantage is assessed based on the regulatory/concession framework and demand risk.

Therefore, we apply the **Transportation Infrastructure** methodology.

**Key Methodology Points for Transportation Infrastructure:**
*   **Core Ratio:** FFO to debt is the preferred measure.
*   **Volatility:** Typically uses the standard or medial volatility table depending on the predictability of cash flows. For calculation purposes, we stick to the standard definitions of FFO and Adjusted Debt unless specific sector adjustments (like lease capitalization which is already in IFRS 16 balance sheets) are noted. The prompt asks to use the baseline formulas modified by industry methodology. The Transportation Infrastructure section does not specify unique *accounting* adjustments for EBITDA or Debt different from the general corporate baseline (e.g., it doesn't explicitly mandate adding back lease interest to EBITDA if leases are already capitalized, but S&P generally adds back lease interest to EBITDA and includes lease liabilities in debt). However, under IFRS 16, "Right-of-use Assets" and "Lease Liabilities" are reported. S&P typically treats operating leases as debt. Since Ferrovial reports "Noncurrent Lease Liabilities" and "Current Lease Liabilities", these should be included in Adjusted Debt.
*   **FFO Definition:** FFO = Adjusted EBITDA - Cash Interest - Cash Taxes.
*   **Adjusted Debt Definition:** Reported Debt + Leases + Other Debt-like items - Eligible Cash.

### Step 2: Estimate Adjusted EBITDA

First, we reconstruct EBITDA from the Income Statement data provided for the period 2022-01-01 to 2023-01-01.

**Reported Data (in EUR):**
*   Revenue: 7,551,000,000
*   Operating Expense: 6,825,000,000
*   Profit Loss From Operating Activities (EBIT): 423,000,000
    *   *Check:* Revenue (7,551) - Operating Expense (6,825) = 726. The difference between 726 and 423 is due to other operating income/expenses not explicitly detailed in the simple subtraction or potentially "Other Income" (2,000,000) and impairment/gains.
    *   Let's use the reported "Profit Loss From Operating Activities" as the starting point for EBIT.
    *   EBIT = 423,000,000.

**Add back Depreciation and Amortization:**
*   Amortisation Expense: 299,000,000
*   Depreciation is not explicitly listed as a separate line item in the provided text, but "Ajustes Al Resultado Por Gastos Por Depreciacion YAmortizacion" (Adjustments to result for Depreciation and Amortization expenses) is listed in the Cash Flow adjustments as 299,000,000. Wait, the line item "Amortisation Expense" is 299,000,000. The cash flow adjustment line "Ajustes Al Resultado Por Gastos Por Depreciacion YAmortizacion" is also 299,000,000. This suggests the total D&A is 299,000,000.
*   *Self-Correction/Refinement:* In many infrastructure companies, depreciation is significant. Let's look at the "Adjustments For Reconcile Profit Loss" section.
    *   Profit Loss From Continuing Operations: 238,000,000
    *   Adjustments:
        *   Adjustments For Finance Income Cost: 320,000,000
        *   Adjustments For Gain Loss On Disposals: 6,000,000
        *   Ajustes Al Resultado Por Gastos Por Depreciacion YAmortizacion: 299,000,000
        *   Adjustments For Income Tax Expense: 30,000,000
        *   Adjustments For Undistributed Profits Of Associates: -165,000,000
        *   Adjustments For Non Controlling Interests: 116,000,000
        *   Adjustment For Net Profit Loss From Discontinued Operations: -64,000,000
        *   Adjustments For Reconcile Profit Loss (Total?): -697,000,000. This line seems to be a summary or a specific adjustment category. Let's calculate EBITDA from the top down or bottom up.

**Bottom-Up Calculation of EBITDA:**
*   Profit Loss From Continuing Operations: 238,000,000
*   Add: Income Tax Expense: 30,000,000
*   Add: Finance Income Cost (Net Interest): 320,000,000 (Note: This is an expense, so we add it back to get to Pre-tax/Pre-interest).
*   Add: Depreciation & Amortization: 299,000,000
*   Add/Less: Share of Profit of Associates: The share of profit (165,000,000) is included in the pre-tax profit. FFO usually starts with Consolidated EBITDA. We need to be careful with Associates. S&P often adds back the equity income and subtracts dividends received if they are not in EBITDA, or simply uses Consolidated EBITDA.
    *   Standard S&P FFO starts with Consolidated Net Income + D&A + Interest + Taxes.
    *   Let's calculate Consolidated EBITDA:
        *   EBIT (Profit from Operations): 423,000,000
        *   Add D&A: 299,000,000
        *   **EBITDA = 722,000,000**

Let's verify this EBITDA.
Revenue (7,551) - Operating Expenses (6,825) = 726.
Other Income: 2.
Impairment/Gains: -6.
So, 726 + 2 - 6 = 722.
This matches the EBITDA derived from EBIT + D&A (423 + 299 = 722).
So, **Reported EBITDA = 722,000,000 EUR**.

**Adjustments to EBITDA:**
*   **Leases:** Under IFRS 16, lease interest is in Finance Costs and depreciation of ROU assets is in D&A. S&P typically adds back lease interest to EBITDA (treating it as interest) and includes the lease principal in debt. However, the "EBITDA" calculated above (722M) already has the ROU depreciation added back (as part of D&A). The lease *interest* component is part of the "Finance Income Cost" (320M). To get to an S&P-style Adjusted EBITDA where lease interest is treated as interest (and thus excluded from EBITDA deduction), we don't need to add it back to EBITDA because EBITDA is *before* interest. Wait.
    *   Standard EBITDA = Operating Profit + D&A.
    *   Operating Profit includes deduction for ROU Depreciation.
    *   Adding back D&A adds back ROU Depreciation.
    *   So, the 722M figure is effectively "EBITDA including lease EBITDA".
    *   S&P definition: Adjusted EBITDA usually adds back non-recurring items.
    *   Are there non-recurring items?
        *   "Impairment And Gains Or Losses On Disposal Of Non Current Assets": -6,000,000. This is a loss (negative impact on profit). We add it back.
        *   So, Adjusted EBITDA = 722,000,000 + 6,000,000 = **728,000,000 EUR**.
    *   Are there other adjustments? The text mentions "Fair Value Adjustments". Revenue and Operating Income have "Fair Value Adjustments Member" of 0. So no adjustment needed there.
    *   Joint Ventures/Associates: Ferrovial uses equity accounting for associates. S&P often prefers to include the proportional EBITDA of JVs/Associates rather than just the equity income. However, without detailed JV financials, we often stick to the consolidated reported numbers or make a proxy adjustment. Given the data constraints, we will use the Consolidated Adjusted EBITDA. Note that the "Share Of Profit Loss Of Associates" is 165,000,000. This is included in the Pre-tax profit but *not* in EBITDA (which is operating). To be precise, S&P FFO often adds the equity income back to Net Income, but for the EBITDA start, we are at the Operating level. The 722M EBITDA does *not* include the associate's operating results, only the net equity pick-up is below the EBITDA line.
    *   *Correction on S&P FFO Calculation:*
        S&P FFO = Adjusted EBITDA - Cash Interest - Cash Taxes.
        If we use Consolidated EBITDA, we must ensure Interest and Taxes are consistent.
        
        Let's refine Adjusted EBITDA.
        Reported EBITDA: 722,000,000.
        Add back Impairment/Loss on disposal: 6,000,000.
        **Adjusted EBITDA = 728,000,000 EUR.**

### Step 3: Estimate FFO

Formula: FFO = Adjusted EBITDA - Cash Interest - Cash Taxes

**1. Cash Interest:**
*   Reported "Finance Income Cost": -320,000,000 EUR.
*   This includes interest on debt, lease interest, and other financial results.
*   We need "Cash Interest".
*   The Cash Flow statement provides:
    *   "Interest Paid Classified As Financing Activities": 329,000,000 EUR.
    *   "Interest Received Classified As Investing Activities": 47,000,000 EUR.
    *   Net Cash Interest Paid = 329,000,000 - 47,000,000 = 282,000,000 EUR?
    *   Or does S&P use Gross Interest Paid? S&P typically uses **Net Cash Interest Paid** (Interest Paid - Interest Received) or just Interest Paid if received is operating. Here, Interest Received is Investing.
    *   Standard S&P adjustment: Use cash interest paid.
    *   Let's check the composition of the 320M finance cost.
        *   Financial Result Of Infrastructure Projects: -365,000,000.
        *   Financial Result Excluding Infrastructure Projects: 45,000,000.
        *   Total: -320,000,000.
    *   The "Interest Paid" in financing activities is 329,000,000. This is likely the gross cash outflow for interest.
    *   S&P FFO definition usually subtracts **cash interest paid**.
    *   Let's use **329,000,000 EUR** as the cash interest expense. (Note: Some methodologies net interest received, but typically for leverage ratios, gross interest burden is considered, or net if received is from cash equivalents. Given the "Interest Received" is from investing, it might be from loans to associates etc. We will stick to Interest Paid as the primary cost).
    *   *Alternative:* If we use the P&L finance cost of 320M, it includes non-cash items (amortization of debt issuance costs, fair value changes, etc.). The Cash Flow "Interest Paid" is 329M. The difference is small. We will use the Cash Flow figure for "Cash Interest".
    *   **Cash Interest = 329,000,000 EUR.**

**2. Cash Taxes:**
*   Reported "Income Tax Expense Continuing Operations": 30,000,000 EUR.
*   Cash Flow Statement: "Income Taxes Paid Refund Classified As Operating Activities": 82,000,000 EUR.
*   This is a net outflow of 82,000,000.
*   S&P uses **Cash Taxes Paid**.
*   **Cash Taxes = 82,000,000 EUR.**

**Calculation of FFO:**
FFO = Adjusted EBITDA - Cash Interest - Cash Taxes
FFO = 728,000,000 - 329,000,000 - 82,000,000
FFO = 728,000,000 - 411,000,000
**FFO = 317,000,000 EUR.**

*Note on Associates:* The Share of Profit from Associates (165M) is not in EBITDA. It is in Pre-tax profit. FFO is a cash-flow-like metric. Dividends received from associates are often added back if they are not in EBITDA.
*   "Dividends Received Classified As Operating Activities": 284,000,000 EUR.
*   S&P FFO definition: Starts with Adjusted EBITDA. Then subtracts Cash Interest and Cash Taxes.
*   Does it include dividends from associates?
    *   Standard S&P Corporate Methodology: FFO = Adjusted EBITDA - Cash Interest - Cash Taxes.
    *   However, if the company relies on dividends from associates, S&P may add "Dividends Received from Unconsolidated Affiliates" to FFO.
    *   Ferrovial has significant investments in associates (1,892,000,000 EUR).
    *   Dividends received (operating) = 284,000,000 EUR.
    *   Should we add this?
    *   The baseline formula provided in the prompt is: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.
    *   The prompt asks to modify "as required by the industry methodology".
    *   Transportation Infrastructure methodology does not explicitly change the FFO formula to include associate dividends, but general S&P practice for companies with significant equity investments is to include cash dividends received from them in FFO, as they are a source of cash flow available to service debt.
    *   Without adding dividends, FFO is 317M. With dividends, FFO is 317M + 284M = 601M.
    *   Let's look at the "Profit Loss" vs "Cash Flow".
    *   Net Income is 302M.
    *   FFO (317M) is close to Net Income.
    *   If we exclude associate dividends, we ignore a major cash inflow (284M).
    *   However, the "Dividends Received" line in Cash Flow from Operations often *includes* dividends from associates.
    *   In the indirect cash flow, "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method" is -165,000,000. This removes the non-cash equity income.
    *   The actual cash received is 284,000,000.
    *   Since the starting point is Adjusted EBITDA (which excludes associate income entirely), we **must** add the cash dividends received from associates to arrive at a representative FFO, otherwise we are ignoring a significant cash inflow that is available for debt service.
    *   Revised FFO = 317,000,000 + 284,000,000 = **601,000,000 EUR**.

### Step 4: Estimate Adjusted Debt

Formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

**1. Reported Debt:**
We need to sum interest-bearing debt.
From the Balance Sheet (2023-01-01, which is the end of 2022):
*   Noncurrent Portion Of Other Noncurrent Borrowings: 10,776,000,000
    *   Breakdown:
        *   Noncurrent Debt Securities And Bank Borrowings Of Infrastructure Projects: 7,893,000,000
        *   Noncurrent Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 2,883,000,000
        *   (Sum: 10,776,000,000). Matches.
*   Current Borrowings And Current Portion Of Noncurrent Borrowings: 877,000,000
    *   Breakdown:
        *   Current Debt Securities And Bank Borrowings Of Infrastructure Projects: 74,000,000
        *   Current Debt Securities And Bank Borrowings Excluding Infrastructure Projects: 803,000,000
        *   (Sum: 877,000,000). Matches.
*   **Total Reported Interest-Bearing Debt = 10,776,000,000 + 877,000,000 = 11,653,000,000 EUR.**

**2. Leases:**
*   Noncurrent Lease Liabilities: 120,000,000
*   Current Lease Liabilities: 64,000,000
*   **Total Leases = 184,000,000 EUR.**
*   *Note:* These are already included in the "Noncurrent Liabilities" and "Current Liabilities" but are separate from "Borrowings". We must add them to Debt.

**3. Other Debt-like Items:**
*   "Other Noncurrent Financial Liabilities": 838,000,000.
    *   We need to determine if this is debt-like. In infrastructure, this can include put options on non-controlling interests (NCI) or other financial obligations. S&P typically treats put options on NCI as debt if they are mandatory or likely to be exercised. Without specific detail, we might exclude it or include it. Given the magnitude, it's significant. However, "Financial Liabilities" often includes derivatives.
    *   "Noncurrent Derivative Financial Liabilities": 66,000,000.
    *   "Current Derivative Financial Liabilities": 47,000,000.
    *   Derivatives are generally not included in Adjusted Debt unless they are in a liability position representing a financing cost, but usually marked-to-market. S&P excludes derivatives from debt.
    *   The "Other Noncurrent Financial Liabilities" (838M) is large. Let's look at the change from 2021 (72M). This huge increase suggests a specific transaction, possibly the classification of NCI puts or similar. In the absence of explicit "Hybrid Debt" or "Guarantees" lines, and knowing Ferrovial has complex structures, we should be cautious. However, standard "Adjusted Debt" usually focuses on Borrowings + Leases. If "Other Financial Liabilities" are not explicitly identified as debt-like (e.g., mandatory redeemable shares), we might exclude them to be conservative or include them if they are financing.
    *   Let's check "Perpetual Subordinated Bonds". The equity section shows "Perpetual Subordinated Bonds" with a value of roughly 508M in "Other Equity Securities". These are classified as Equity. S&P typically treats perpetuals as 50% debt and 50% equity, or 100% debt if they are not true equity. The prompt facts list them under Equity. We should add 50% or 100% to debt. Let's assume 50% adjustment for hybrid nature, or check if they are "Other Equity Securities". The line "Other Equity Securities" is 508,000,000.
    *   Let's stick to the clear Debt + Leases first.
    *   Debt = 11,653,000,000.
    *   Leases = 184,000,000.
    *   Subtotal = 11,837,000,000.

**4. Eligible Cash:**
*   Cash And Cash Equivalents: 5,130,000,000.
*   Restricted Cash Relating To Infrastructure Projects (Noncurrent): 597,000,000.
*   Current Restricted Cash And Cash Equivalents Infrastructure Projects: 38,000,000.
*   Total Cash = 5,130 + 597 + 38 = 5,765,000,000?
    *   Wait, the "Cash And Cash Equivalents" line (5,130M) likely includes the unrestricted cash.
    *   The breakdown shows:
        *   Cash And Cash Equivalents Infrastructure Projects: 168,000,000 (Noncurrent? No, this is likely part of the 5,130 or separate?).
        *   Let's look at the Asset side.
        *   Current Assets: 7,419,000,000.
        *   Cash And Cash Equivalents: 5,130,000,000.
        *   Restricted Cash (Noncurrent): 597,000,000.
        *   Current Restricted Cash: 38,000,000.
        *   Usually, "Cash and Cash Equivalents" in the balance sheet includes all cash. The notes break it down.
        *   "Cash And Cash Equivalents Excluding Infrastructure Projects": 4,962,000,000.
        *   "Cash And Cash Equivalents Infrastructure Projects": 168,000,000.
        *   Sum = 5,130,000,000. This matches the total CCE.
        *   So, Total CCE = 5,130,000,000.
        *   Plus Noncurrent Restricted Cash: 597,000,000.
        *   Plus Current Restricted Cash: 38,000,000.
        *   Total Cash Resources = 5,130 + 597 + 38 = 5,765,000,000 EUR.

*   **Eligible Cash Adjustment:**
    *   S&P allows deduction of unrestricted cash and sometimes restricted cash if it is not legally restricted from serving debt.
    *   Cash relating to Infrastructure Projects (597M + 38M + 168M included in the 5,130?)
    *   The 5,130 includes 168M of Infrastructure Cash.
    *   So Unrestricted/General Cash = 4,962,000,000.
    *   Restricted Cash (Noncurrent) = 597,000,000.
    *   Restricted Cash (Current) = 38,000,000.
    *   Infrastructure project cash is often ring-fenced and *not* eligible for deduction against corporate debt, or only against project debt.
    *   Ferrovial has "Debt Securities And Bank Borrowings Of Infrastructure Projects" (7,893 + 74 = 7,967,000,000).
    *   It is appropriate to net Infrastructure Cash against Infrastructure Debt.
    *   Infrastructure Debt = 7,967,000,000.
    *   Infrastructure Cash = 168 (current CCE) + 38 (current restricted) + 597 (noncurrent restricted) = 803,000,000.
    *   Net Infrastructure Debt = 7,967 - 803 = 7,164,000,000.
    *   Non-Infrastructure Debt = 2,883 + 803 = 3,686,000,000.
    *   Non-Infrastructure Cash = 4,962,000,000.
    *   Net Non-Infrastructure Debt = 3,686 - 4,962 = -1,276,000,000 (Net Cash Position).
    *   Leases = 184,000,000. (Usually not netted with cash).
    *   Total Adjusted Debt = Net Infrastructure Debt + Net Non-Infrastructure Debt (if positive, else 0?) + Leases.
    *   S&P typically nets cash against debt on a consolidated basis unless there are ring-fencing restrictions. For infrastructure projects, cash is often restricted.
    *   If we net globally:
        *   Total Debt (Borrowings) = 11,653,000,000.
        *   Total Leases = 184,000,000.
        *   Total Gross Debt = 11,837,000,000.
        *   Total Cash = 5,765,000,000.
        *   If all cash is eligible: Adjusted Debt = 11,837 - 5,765 = 6,072,000,000.
    *   However, restricted cash (597+38=635M) and project cash (168M) might not be fully eligible to offset non-project debt. But since we have a net cash position in the non-project side, the constraint is less binding.
    *   Let's assume **Eligible Cash** is the unrestricted cash (4,962M) plus any unrestricted project cash. The 168M is "Cash And Cash Equivalents Infrastructure Projects". It is likely restricted to the project.
    *   Conservative Approach: Only deduct Unrestricted Cash (4,962M).
    *   Adjusted Debt = 11,837,000,000 - 4,962,000,000 = **6,875,000,000 EUR**.
    *   Aggressive Approach (Netting all cash): 11,837 - 5,765 = 6,072,000,000 EUR.
    *   Given S&P's tendency to be conservative with restricted cash in project finance structures, we will use the **Eligible Cash = 4,962,000,000** (Excluding Infrastructure Projects Cash and Restricted Cash).
    *   Wait, is the "Noncurrent Restricted Cash" eligible? Usually no.
    *   So, Adjusted Debt = Gross Debt (11,653) + Leases (184) - Unrestricted Cash (4,962).
    *   Adjusted Debt = 11,837 - 4,962 = **6,875,000,000 EUR**.

    *Let's check if "Other Noncurrent Financial Liabilities" (838M) should be added.*
    If we add 838M: Debt = 12,675 + 184 - 4,962 = 7,897M.
    Given the ambiguity, and that "Borrowings" are explicitly identified, we will stick to Borrowings + Leases.

    **Adjusted Debt = 6,875,000,000 EUR.**

### Step 5: Calculate FFO / Adjusted Debt

*   FFO = 601,000,000 EUR (Including dividends from associates).
    *   *Alternative Check:* If we do NOT include dividends: FFO = 317,000,000.
    *   Ratio (with divs) = 601 / 6,875 = 0.0874.
    *   Ratio (without divs) = 317 / 6,875 = 0.0461.
    *   S&P FFO *does* typically include dividends from unconsolidated affiliates in the FFO calculation for industrial/corporate entities, as it represents cash flow available to the parent. For Ferrovial, these dividends are a key component of cash flow.
    *   Let's verify the "Dividends Received" classification. It is in Operating Activities.
    *   Therefore, FFO = 601,000,000 is the more accurate S&P-aligned metric.

*   Adjusted Debt = 6,875,000,000 EUR.

Ratio = 601,000,000 / 6,875,000,000
Ratio = 0.087418...

Let's double check the Debt calculation.
Noncurrent Borrowings: 10,776
Current Borrowings: 877
Total Borrowings: 11,653
Leases: 120 + 64 = 184
Gross Debt: 11,837
Cash: 5,130 (Total CCE).
If we deduct *all* cash (S&P often deducts all cash unless strictly restricted from debt service):
Adjusted Debt = 11,837 - 5,765 (Total Cash including restricted) = 6,072.
Ratio = 601 / 6,072 = 0.0990.

Which cash deduction is correct?
S&P "Corporate Methodology: Ratios And Adjustments":
"We deduct cash and short-term investments from debt... We generally do not deduct cash that is restricted... or held in jurisdictions where repatriation is restricted."
Infrastructure project cash is often restricted to the project.
However, Ferrovial's non-infrastructure business has a net cash position (Debt 3,686 vs Cash 4,962).
The Infrastructure business has Debt 7,967 vs Cash 803.
If we calculate on a consolidated basis, the unrestricted cash (4,962) can service the non-infrastructure debt (3,686) and part of the infrastructure debt? No, infrastructure debt is ring-fenced.
So, Consolidated Adjusted Debt should arguably be:
(Infra Debt - Infra Cash) + (Non-Infra Debt - Non-Infra Cash) + Leases
= (7,967 - 803) + (3,686 - 4,962) + 184
= 7,164 + (-1,276) + 184
Since the non-infra part is net cash, it contributes 0 to debt (or reduces the total).
Total Adjusted Debt = 7,164 + 184 = 7,348?
Or do we allow the net cash from non-infra to offset infra debt? Generally no, due to ring-fencing.
So, Adjusted Debt = Net Infra Debt + Leases = 7,164 + 184 = 7,348,000,000.

Let's use **7,348,000,000** as the Adjusted Debt.

FFO = 601,000,000.

Ratio = 601,000,000 / 7,348,000,000 = 0.08179...

Let's reconsider the FFO.
Is the 284M dividends *all* from associates? "Dividends Received Classified As Operating Activities". Yes.
Is the 165M equity income the only source? The equity income is 165M. The dividends are 284M. This implies dividends > income, which is possible (drawing down retained earnings).
Adding the full 284M to FFO is standard.

Recalculating with Adjusted Debt = 7,348,000,000.
Ratio = 0.0818.

If we used the simpler "Global Netting" (which S&P sometimes does for diversified industrials if not strictly ring-fenced, but Infra is usually ring-fenced):
Debt = 6,072. Ratio = 0.0990.

Given Ferrovial is a holding company for infrastructure assets, ring-fencing is a key credit feature. The "Transportation Infrastructure" methodology emphasizes the concession structure. Ring-fencing is likely.
Therefore, the sum-of-the-parts debt calculation (7,348M) is more appropriate.

However, there is a third option: The prompt provides a generic baseline.
Baseline: Adjusted_Debt = (reported_debt + leases ...) - eligible_cash.
If we interpret "eligible_cash" as just the unrestricted cash (4,962), and reported debt as total borrowings (11,653):
Adj Debt = 11,653 + 184 - 4,962 = 6,875.
Ratio = 601 / 6,875 = 0.0874.

Let's look at the "Noncurrent Restricted Cash" (597). Is it eligible? Usually no.
Is the "Infrastructure Cash" (168) eligible? Usually no.
So Eligible Cash = 4,962.
This leads to 6,875.

Let's check the FFO again.
EBITDA 728.
Interest 329.
Tax 82.
FFO before divs = 317.
Divs 284.
FFO = 601.

Ratio = 601 / 6875 = 0.087418.

Rounding to four decimal places: 0.0874.

<answer>0.0874</answer>