To estimate the S&P-adjusted debt-to-EBITDA ratio for VINCI for the fiscal year ended December 31, 2022, we apply the standard S&P global corporate methodology and the specific rules for the Transportation Infrastructure sector, though the core adjustments to Debt and EBITDA remain consistent with the standard baseline formulas.

**1. Estimate Adjusted Debt**
We gather the reported debt, add debt-like obligations (leases, pension deficit), and subtract eligible cash.

*   **Reported Debt:**
    *   Short-term borrowings: 6,368,000,000
    *   Noncurrent portion of noncurrent bonds issued: 20,425,000,000
    *   Noncurrent portion of other noncurrent borrowings: 3,205,000,000
    *   *Reported Debt Subtotal = 29,998,000,000*
*   **Leases:** 
    *   Current lease liabilities: 522,000,000 
    *   Noncurrent lease liabilities: 1,580,000,000
    *   *Leases Subtotal = 2,102,000,000*
*   **Pension Deficit:** 
    *   Noncurrent provisions for employee benefits = 1,149,000,000
*   **Gross Adjusted Debt** = 29,998,000,000 + 2,102,000,000 + 1,149,000,000 = 33,249,000,000
*   **Eligible Cash:** 
    *   Cash and cash equivalents: 12,578,000,000
    *   Current cash management financial assets (highly liquid investments): 755,000,000
    *   *Eligible Cash Subtotal = 13,333,000,000*

**Net Adjusted Debt** = 33,249,000,000 - 13,333,000,000 = **19,916,000,000 EUR**

**2. Estimate Adjusted EBITDA**
We reconstruct the EBITDA from the reported operating profit, adding back depreciation and amortization (D&A), excluding non-recurring items, and adjusting for joint ventures (excluding equity share of profits and adding back actual cash dividends received).

*   **Reported EBIT (Profit/Loss from Operating Activities):** 6,489,000,000
*   **Add D&A:** 3,613,000,000 (Adjustments for depreciation and amortisation expense)
    *   *Reported EBITDA = 10,102,000,000*
*   **Exclude Non-Recurring Items:** Deduct net non-recurring income/gains (Other operating income/expense non-recurring): -8,000,000
    *   *Recurring EBITDA = 10,094,000,000*
*   **Joint-Venture / Equity Adjustments:** 
    *   Less: Share of profit/loss of associates and joint ventures (already included in operating profit): -22,000,000
    *   Plus: Dividends received from investments accounted for using equity method: +92,000,000

**Adjusted EBITDA** = 10,094,000,000 - 22,000,000 + 92,000,000 = **10,164,000,000 EUR**

**3. Calculate Adjusted Debt to Adjusted EBITDA Ratio**
*   **Ratio:** 19,916,000,000 / 10,164,000,000 = 1.95946

<answer>1.96</answer>