FFO / Net debt can be estimated as:

- **FFO** ≈ Cash flow from operating activities before working-capital movements.
- Starting from reported **cash flows from operating activities** in 2022:  
  11,924 million DKK
- Add back working-capital outflows/inflows included in CFO:
  - Inventories: +1,419 million DKK
  - Contract assets/liabilities: -1,303 million DKK
  - Trade receivables: -2,875 million DKK
  - Other operating receivables: +2,742 million DKK
  - Trade payables: +3,886 million DKK
  - Tax equity partner liabilities: -353 million DKK
  - Other operating payables: -38 million DKK

Total working-capital adjustment = 3,478 million DKK.

So estimated **FFO**:

11,924 - 3,478 = **8,446 million DKK**

Next, estimate **net debt** at year-end 2022 as interest-bearing debt less cash:

- Long-term borrowings: 60,451 million DKK
- Short-term borrowings: 2,830 million DKK
- Lease liabilities: 7,697 + 569 = 8,266 million DKK
- Gross debt = 71,547 million DKK
- Cash = 16,178 million DKK

Estimated **net debt**:

71,547 - 16,178 = **55,369 million DKK**

Therefore:

FFO / Net debt = 8,446 / 55,369 = **0.1526**, or about **15.3%**.

<answer>15.3%</answer>