# FFO / Net Debt Ratio Calculation for ØRSTED A/S (2022)

## Step 1: Calculate Funds From Operations (FFO)

FFO is typically calculated as:
FFO = Net Income + Depreciation & Amortization + Adjustments for non-cash items

From the data for 2022 (2022-01-01 to 2023-01-01):
- Profit Loss (Net Income): 14,996,000,000 DKK
- Depreciation, Amortization & Impairment: 12,283,000,000 DKK

Adjustments for non-cash items:
- Gains/Losses on Disposals of Investments: -331,000,000 DKK
- Adjustments for Losses/Gains on Disposal of Noncurrent Assets: -10,885,000,000 DKK
- Change in Derivatives Other Adjustments: -8,687,000,000 DKK
- Adjustments for Provisions: -1,935,000,000 DKK
- Other Adjustments: -278,000,000 DKK

**FFO = 14,996 + 12,283 - 331 - 10,885 - 8,687 - 1,935 - 278**
**FFO = 5,163,000,000 DKK**

## Step 2: Calculate Net Debt

Net Debt = Total Debt - Cash and Cash Equivalents

Total Debt components (as of 2023-01-01):
- Longterm Borrowings: 60,451,000,000 DKK
- Shortterm Borrowings: 2,830,000,000 DKK
- Total Debt: 63,281,000,000 DKK

Cash and Cash Equivalents (as of 2023-01-01):
- Cash: 16,178,000,000 DKK

**Net Debt = 63,281 - 16,178 = 47,103,000,000 DKK**

## Step 3: Calculate FFO / Net Debt Ratio

**Ratio = 5,163 / 47,103 = 0.1096**

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