To estimate the S&P-adjusted FFO-to-debt ratio for VINCI for the fiscal year ended December 31, 2022, we follow the workflow outlined below.

### Step 1: Identify the Relevant Industry

VINCI is a global player in concessions, energy, and construction. Its primary business segments include:
1.  **Concessions:** Operating airports (e.g., VINCI Airports), motorways, and other infrastructure assets under long-term contracts.
2.  **Energy:** VINCI Energies provides services in energy transition, digital transformation, and infrastructure.
3.  **Construction:** VINCI Construction handles building and civil engineering works.

While VINCI has construction and energy services arms, a significant portion of its value and cash flow stability comes from its **Concessions** business (airports and toll roads). The provided industry methodologies include "Regulated Utilities," "Oil And Gas," "Unregulated Power And Gas," and "**Transportation Infrastructure**."

The "Transportation Infrastructure" methodology explicitly covers **Airports**, **Roads** (toll roads), and other infrastructure operating under concessions. Given that VINCI's concessions segment generates stable, predictable cash flows from regulated or contracted assets (airports and highways), and the methodology highlights "Transportation Infrastructure" for companies operating such assets, this is the most appropriate specific industry classification among the choices provided. The construction and energy services parts are generally treated as supporting or separate, but for a consolidated group like VINCI where the concession model is a key credit driver, the Transportation Infrastructure metrics (specifically regarding debt repayment profiles in concessions) are highly relevant. However, S&P often applies a hybrid approach or the general corporate methodology for diversified conglomerates if a single sector doesn't dominate >50-60% of EBITDA. Let's look at the revenue mix.
*   Total Revenue 2022: ~62.5 billion EUR.
*   Concessions revenue is typically a smaller portion of total revenue but a larger portion of operating income/EBITDA due to high margins.
*   Construction and Energy are high revenue, low margin.

Despite the diversification, the prompt asks to apply the provided industry methodologies. The "Transportation Infrastructure" section is the best fit for the core "Concessions" business which defines VINCI's credit profile stability. The methodology notes that for concessions, debt repayment is critical. We will apply the **Transportation Infrastructure** methodology guidelines where specific, and general corporate principles where specific adjustments are not detailed for the non-infrastructure parts. Note that the "Regulated Utilities" section is less fit because VINCI's airports and roads are not "utilities" in the traditional sense (water/gas/electricity distribution), though they share regulatory characteristics. The "Transportation Infrastructure" section explicitly mentions Airports and Roads.

### Step 2: Estimate Adjusted EBITDA

First, we need to reconstruct EBITDA from the provided facts.
*   **Profit Loss From Operating Activities (EBIT):** 6,489,000,000 EUR
*   **Adjustments For Depreciation And Amortisation Expense:** 3,613,000,000 EUR

Reported EBITDA = EBIT + Depreciation & Amortization
Reported EBITDA = 6,489,000,000 + 3,613,000,000 = **10,102,000,000 EUR**

Now, we apply S&P adjustments for **Adjusted EBITDA**:
*   **Non-recurring items:** The report lists "Other Operating Income Expense Non Recurring" as 8,000,000 EUR (gain). We subtract non-recurring gains.
*   **Share-based payments:** S&P typically adds back share-based payment expenses as a non-cash item if considered part of normal operations or adjusts FFO directly. In the FFO calculation step, we usually start from EBITDA. Standard S&P practice for FFO often adds back share-based comp to Net Income or adjusts EBITDA. Let's look at the "Adjustments For Sharebased Payments" in cash flow: 162,000,000 EUR. The expense in P&L is 356,000,000 EUR. S&P usually adds back the expense to EBITDA for Adjusted EBITDA.
*   **Leases:** Under IFRS 16, lease expenses are embedded in EBITDA (as depreciation and interest). S&P methodology for Transportation Infrastructure (and general corporate) often treats operating leases as debt-like. However, since IFRS 16 capitalizes leases, the EBITDA figure already excludes the operating lease rental expense (replaced by depreciation and interest). To make EBITDA comparable to pre-IFRS 16 or to adjust for the "debt-like" nature, we generally do *not* add back depreciation on right-of-use assets to EBITDA for the numerator (FFO) unless we are calculating a specific "pre-lease" metric. However, the standard S&P FFO definition starts with Adjusted EBITDA.
    *   *Correction/Refinement:* S&P's standard FFO calculation for non-financial corporates is:
        `FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Non-cash losses - Non-cash gains`.
        Alternatively, `FFO = Adjusted EBITDA - Cash Interest - Cash Taxes - Maintenance Capex (sometimes)`.
        The prompt specifies: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`.
        
    Let's calculate **Adjusted EBITDA**:
    *   Start with Reported EBITDA: 10,102,000,000 EUR.
    *   Add back Share-based payment expense: +356,000,000 EUR (Non-cash expense).
    *   Subtract Non-recurring gain: -8,000,000 EUR.
    *   Other adjustments: The "Adjustments For Fair Value Gains Losses" (-236,000,000) and "Adjustments For Losses Gains On Disposal" (-68,000,000) are already reflected in the Operating Profit or below? The "Profit Loss From Operating Activities" is 6,489,000,000. The cash flow statement reconciles this. The adjustments listed in the cash flow section (like fair value gains/losses) are often non-operating or investing. The "Profit Loss From Operating Activities" usually includes recurring and non-recurring operating items. The line "Other Operating Income Expense Non Recurring" is 8,000,000. This is likely included in the 6,489M. So we subtract it.
    
    Adjusted EBITDA = 10,102,000,000 + 356,000,000 - 8,000,000 = **10,450,000,000 EUR**.

    *Note on Joint Ventures:* VINCI uses equity accounting for some JVs. The share of profit is 22,000,000 EUR. This is included in Net Income but not in EBITDA. S&P often adds the proportional EBITDA of JVs. However, without specific JV EBITDA data, we cannot accurately add this. Given the small size of the equity income (22M) relative to the total, the impact is negligible. We will proceed with the consolidated Adjusted EBITDA.

    **Adjusted EBITDA = 10,450,000,000 EUR**

### Step 3: Estimate FFO

Formula: `FFO = Adjusted_EBITDA - cash_interest - cash_taxes`

1.  **Cash Interest:**
    *   Reported "Net Finance Costs": 614,000,000 EUR.
    *   This includes interest expense and interest income.
    *   We need *cash* interest paid.
    *   From Cash Flow Statement: "Interest Paid And Interest Received Classified As Operating Activities" is 563,000,000 EUR. This is a net figure (Paid - Received).
    *   S&P FFO definition typically subtracts *cash interest paid*.
    *   Let's check the components:
        *   Gross Finance Costs: 750,000,000 EUR.
        *   Interest Income: 136,000,000 EUR.
        *   Other Finance Income/Cost: 279,000,000 EUR (Net).
        *   Net Finance Cost = 750 - 136 - 279? No, 750 (cost) - 136 (inc) + Other?
        *   Actually, Net Finance Costs = 614,000,000.
    *   The cash flow line "Interest Paid And Interest Received Classified As Operating Activities" = 563,000,000 EUR.
    *   Usually, FFO subtracts cash interest *paid*. If the 563M is net (Paid - Received), we should ideally add back interest received to get Gross Cash Interest Paid, or just use the net cash interest cost if consistent with how cash taxes are treated.
    *   Standard S&P FFO: `Net Income + D&A + ...` or `EBITDA - Cash Interest - Cash Taxes`.
    *   If we use `Adjusted EBITDA - Cash Interest Paid - Cash Taxes Paid`:
        *   Cash Interest Paid: We need to estimate this.
        *   Net Cash Interest = 563,000,000 (outflow).
        *   Interest Received = 136,000,000 (approx, from P&L, might differ from cash).
        *   If 563M is net outflow, then Gross Interest Paid ≈ 563M + Interest Received Cash.
        *   However, often "Cash Interest" in the FFO formula refers to the net cash cost of debt. Let's look at the "Finance Costs Paid Classified As Operating Activities": 29,000,000 EUR. This seems very low. Wait, the line is "Finance Costs Paid Classified As Operating Activities". And "Interest Paid And Interest Received Classified As Operating Activities" is 563,000,000.
        *   Usually, interest paid is classified as financing or operating. VINCI classifies it as operating.
        *   Let's assume the 563,000,000 EUR represents the net cash interest outflow.
        *   S&P typically uses **Gross Cash Interest** for coverage ratios, but for FFO (funds available for debt repayment), we subtract the cash interest actually paid.
        *   Let's use the Net Cash Interest of **563,000,000 EUR** as the deduction, assuming interest received is not available for debt service in the same way (or is offset). *Correction*: FFO is funds *from operations*. Interest received is usually part of operations or investing. If classified as operating, it's in the 563M net.
        *   Let's refine: FFO is pre-interest. So we subtract cash interest.
        *   Cash Interest Paid ≈ Gross Finance Costs adjusted for accruals.
        *   Let's use the reported "Net Finance Costs" (614M) as a proxy for accrued interest, but we need cash.
        *   Let's use the Cash Flow statement value: **563,000,000 EUR** (Net Interest Paid).

2.  **Cash Taxes:**
    *   From Cash Flow Statement: "Income Taxes Paid Classified As Operating Activities" = **1,603,000,000 EUR**.

3.  **Calculate FFO:**
    *   FFO = 10,450,000,000 - 563,000,000 - 1,603,000,000
    *   FFO = **8,284,000,000 EUR**

    *Self-Correction/Refinement on FFO Definition:*
    Standard S&P FFO for industrials is often:
    `FFO = Net Income + Depreciation + Amortization + Deferred Taxes + Non-cash items`.
    Let's calculate it this way to verify.
    *   Net Income (Profit Loss): 4,417,000,000 EUR.
    *   Add: Depreciation & Amortization: 3,613,000,000 EUR.
    *   Add: Deferred Taxes?
        *   Income Tax Expense: 1,737,000,000 EUR.
        *   Income Taxes Paid: 1,603,000,000 EUR.
        *   Difference (Deferred/Accrual): 134,000,000 EUR.
        *   We add back deferred tax expense (non-cash). If Tax Expense > Tax Paid, Deferred Tax Liability increased (source of cash/add back).
        *   Add: 134,000,000 EUR.
    *   Add: Share-based payments (non-cash): 356,000,000 EUR.
    *   Add/ Subtract: Non-recurring items?
        *   Non-recurring gain of 8,000,000 was in Operating Profit. It increased Net Income. We should subtract it.
        *   Fair value gains/losses (-236M) and Disposal gains/losses (-68M). These are likely non-operating or investing.
        *   Let's check if they are in Net Income. Yes, "Profit Loss" is the bottom line.
        *   The "Adjustments For Fair Value Gains Losses" in Cash Flow is -236,000,000. This implies a gain of 236M was included in income (added back in CFO because it's non-cash/investing). We should subtract this gain from FFO.
        *   The "Adjustments For Losses Gains On Disposal" is -68,000,000. This implies a gain of 68M. Subtract this.
    *   Add: Minority Interest?
        *   S&P FFO is usually pre-minority interest for the group, or attributable to parent?
        *   Standard FFO is for the consolidated entity.
        *   Net Income includes minority share.
        *   Let's stick to the Consolidated Net Income.
    
    Recalculating FFO (Indirect Method):
    *   Net Income: 4,417,000,000
    *   + D&A: 3,613,000,000
    *   + Deferred Tax: 134,000,000 (Expense 1737 - Paid 1603)
    *   + Share Based Comp: 356,000,000
    *   - Non-recurring Gain (Op): 8,000,000
    *   - Fair Value Gain: 236,000,000
    *   - Disposal Gain: 68,000,000
    *   +/- Other non-cash items?
        *   "Adjustments For Undistributed Profits Of Investments...": 42,000,000. This is equity income not received in cash. The equity income (22M) is in Net Income. We should subtract the equity income (22M) and add dividends received (92M)? Or just adjust for the difference.
        *   Standard adjustment: Subtract equity earnings, add dividends.
        *   Equity Earnings: 22,000,000.
        *   Dividends Received from Equity Method: 92,000,000.
        *   Net adjustment: +70,000,000.
    
    FFO = 4,417 + 3,613 + 134 + 356 - 8 - 236 - 68 + 70 = **8,278,000,000 EUR**.
    
    This is very close to the 8,284,000,000 derived from the EBITDA method (difference of 6M due to rounding/interpretation of interest/tax cash flows). We will use **8,280,000,000 EUR** as a robust estimate.

### Step 4: Estimate Adjusted Debt

Formula: `Adjusted_Debt = reported_debt + leases + pension_deficit + guarantees + hybrid_debt + other_debt_like_items - eligible_cash`

1.  **Reported Debt:**
    *   Noncurrent Portion Of Noncurrent Bonds Issued: 20,425,000,000 EUR
    *   Noncurrent Portion Of Other Noncurrent Borrowings: 3,205,000,000 EUR
    *   Shortterm Borrowings: 6,368,000,000 EUR
    *   Current Lease Liabilities: 522,000,000 EUR
    *   Noncurrent Lease Liabilities: 1,580,000,000 EUR
    *   *Note:* Derivatives are typically not included in debt unless they are deeply in-the-money liability positions representing financing, but standard S&P debt includes interest-bearing debt.
    *   Total Interest-Bearing Debt (including leases) = 20,425 + 3,205 + 6,368 + 522 + 1,580 = **32,100,000,000 EUR**.

2.  **Leases:**
    *   Already included above (IFRS 16). S&P treats these as debt.

3.  **Pension Deficit:**
    *   "Noncurrent Provisions For Employee Benefits": 1,149,000,000 EUR.
    *   "Other Longterm Provisions": 961,000,000 EUR.
    *   S&P adjusts for the underfunded status of defined benefit plans. The provision on the balance sheet represents the deficit. We add this to debt.
    *   Pension Adjustment: **+1,149,000,000 EUR** (Using the specific employee benefits provision).

4.  **Other Debt-like Items:**
    *   "Noncurrent Derivative Financial Liabilities": 1,939,000,000 EUR.
    *   "Current Derivative Financial Liabilities": 440,000,000 EUR.
    *   S&P generally excludes derivatives from debt unless they are synthetic debt. Given the volatility, we might exclude them or include them if they are significant. For a conservative estimate, we often exclude mark-to-market derivatives from "Debt" for leverage ratios unless specified as "debt-like". However, VINCI's derivatives are likely hedging instruments. We will **exclude** them from Adjusted Debt as per standard corporate practice unless they are deeply in-the-money financing structures, which is not indicated.

5.  **Eligible Cash:**
    *   "Cash And Cash Equivalents": 12,578,000,000 EUR.
    *   "Current Cash Management Financial Assets": 755,000,000 EUR.
    *   S&P allows deduction of unrestricted cash.
    *   Total Cash = 12,578 + 755 = **13,333,000,000 EUR**.
    *   *Constraint:* S&P typically caps cash deduction at a certain level or requires it to be unrestricted. VINCI is a large diversified group; most cash is likely operational. We will deduct the full amount of cash and cash equivalents plus cash management assets.

6.  **Calculate Adjusted Debt:**
    *   Gross Debt (incl. leases): 32,100,000,000 EUR
    *   Plus Pension Deficit: 1,149,000,000 EUR
    *   Less Eligible Cash: 13,333,000,000 EUR
    *   Adjusted Debt = 32,100 + 1,149 - 13,333 = **19,916,000,000 EUR**.

    *Refinement on Cash:* S&P often does not allow full cash netting for industrial/concession companies if the cash is needed for working capital or CAPEX. However, for the "FFO to Debt" ratio, the standard definition of Debt is often Gross Debt. The prompt asks for "FFO / Adjusted_Debt" and defines Adjusted_Debt with "- eligible_cash". We will follow the prompt's formula.

    Let's double check the Debt components.
    Bonds: 20,425
    Other Borrowings (Non-current): 3,205
    Short-term Borrowings: 6,368
    Lease Liabilities (Current + Non-Current): 522 + 1,580 = 2,102
    Total Debt = 20,425 + 3,205 + 6,368 + 2,102 = 32,100. Correct.

    Pension: 1,149.
    Cash: 12,578 + 755 = 13,333.

    Adjusted Debt = 32,100 + 1,149 - 13,333 = 19,916 Million EUR.

### Step 5: Calculate FFO / Adjusted Debt

*   FFO = 8,280,000,000 EUR
*   Adjusted Debt = 19,916,000,000 EUR

Ratio = 8,280 / 19,916 ≈ 0.415746

Let's do a sensitivity check on Cash. If S&P restricts cash netting (e.g., only excess cash), the debt would be higher. However, without specific info on restricted cash, "eligible cash" usually implies unrestricted. VINCI has significant CAPEX requirements (Concessions), so retaining cash is normal. But following the strict formula provided:

Ratio = 0.4157

Let's re-verify the FFO calculation using the direct "Adjusted EBITDA - Cash Interest - Cash Tax" method provided in the prompt steps, as that is the explicit instruction.

1.  **Adjusted EBITDA**: 10,450,000,000 EUR.
2.  **Cash Interest**: 563,000,000 EUR (Net).
    *   *Note*: If we used Gross Interest Paid, it would be higher.
    *   Interest Paid (Gross) ≈ Net Finance Cost (614) + Change in Interest Payable?
    *   Let's assume the 563M net is the appropriate cash outflow for debt service cost.
3.  **Cash Taxes**: 1,603,000,000 EUR.
4.  **FFO** = 10,450 - 563 - 1,603 = 8,284,000,000 EUR.

**Adjusted Debt**:
*   Debt: 32,100,000,000 EUR.
*   Pension: 1,149,000,000 EUR.
*   Cash: 13,333,000,000 EUR.
*   Adj Debt = 19,916,000,000 EUR.

**Ratio**:
8,284 / 19,916 = 0.41594...

Rounding to four decimal places: **0.4159**

<answer>0.4159</answer>