I'll work through this step-by-step to estimate the S&P-adjusted FFO-to-debt ratio for VINCI.

## Step 1: Identify the Relevant Industry

VINCI is a French conglomerate with diversified operations in construction, concessions, and transportation infrastructure. Based on the facts provided:
- Service Concession Rights: €28.2 billion (Dec 31, 2022)
- Significant airport, toll road, and infrastructure operations
- Mixed business model with both construction/contracting and infrastructure concessions

VINCI fits primarily into the **Transportation Infrastructure** sector methodology, as it operates airports, roads, parking facilities, and other concession-based assets. However, given its diversified nature with substantial contracting operations, I'll apply the Transportation Infrastructure methodology as the primary framework.

## Step 2: Estimate Adjusted_EBITDA

### Reconstructed EBITDA (2022):
From the financial data provided:
- Profit from operating activities (recurring): €6,481 million
- Add back: Depreciation and amortization: €3,613 million
- **EBITDA = €6,481 + €3,613 = €10,094 million**

### Adjustments per S&P guidelines:

1. **Operating leases**: The concession model includes operational leases. Current lease liabilities (non-current): €1,580 million; (current): €522 million = €2,102 million total
   - Interest on lease liabilities: €48 million (given in data)
   - Lease adjustment: €48 million

2. **Non-recurring items**: 
   - Other Operating Income Expense Non-Recurring: €8 million (gain)
   - Other Operating Income Expense Recurring: -€9 million (expense)
   - Net adjustment: -€8 million (remove non-recurring gains)

3. **Share-based payments**: €356 million (add back as non-cash)

4. **Pension/post-employment adjustments**: Not clearly specified in data; assume minimal

5. **Joint venture/associate proportional adjustments**: 
   - Share of profit of associates/JVs: €22 million (deduct equity-accounted earnings)

**Adjusted_EBITDA = €10,094 + €48 + €356 - €8 - €22 = €10,468 million**

## Step 3: Estimate FFO

### Components:
- Adjusted_EBITDA: €10,468 million

### Cash Interest Paid:
From cash flow statement:
- Net Finance Costs: €614 million
- Interest paid and interest received (operating activities): €563 million
- Interest on lease liabilities: €48 million
- **Estimated cash interest ≈ €563 million** (using operating cash flow proxy)

### Cash Taxes Paid:
From cash flow statement:
- Income Taxes Paid: €1,603 million
- **Cash taxes = €1,603 million**

**FFO = €10,468 - €563 - €1,603 = €8,302 million**

## Step 4: Estimate Adjusted_Debt

### Reported Debt Components:
- Noncurrent Portion of Bonds Issued: €20,425 million
- Noncurrent Portion of Other Borrowings: €3,205 million
- Short-term Borrowings: €6,368 million
- **Total reported debt = €30,000 million** (approx. €29,998M exactly)

### Lease Adjustments (Operating leases as debt):
- Noncurrent Lease Liabilities: €1,580 million
- Current Lease Liabilities: €522 million
- **Total lease liabilities = €2,102 million**

### Pension adjustments:
- Noncurrent Provisions for Employee Benefits: €1,459 million (2022-01-01)
- Not disclosed as deficit; assume minimal adjustment

### Guarantees and other debt-like items:
- Not significant in this dataset

### Less: Eligible Cash
- Cash and Cash Equivalents: €11,065 million (2022-01-01)

**Adjusted_Debt = €29,998 + €2,102 - €11,065 = €21,035 million**

## Step 5: Calculate FFO / Adjusted_Debt Ratio

**FFO / Adjusted_Debt = €8,302 / €21,035 = 0.3947**

<answer>0.3947</answer>