To compute Ørsted’s Net Debt/EBITDA for 2022 using S&P’s standard approach:

1. **EBITDA** – From the income statement, the “Profit loss from operating activities before interest taxes depreciation and amortisation expense” for 2022 is **32,057 million DKK**. This is the EBITDA figure S&P uses.

2. **Net Debt** – S&P defines net debt as interest‑bearing debt (short‑term borrowings + long‑term borrowings + operating‑lease liabilities) less cash and cash equivalents.
   - Short‑term borrowings (2023‑01‑01): **2,830 million DKK**
   - Long‑term borrowings (2023‑01‑01): **60,451 million DKK**
   - Non‑current lease liabilities: **7,697 million DKK**
   - Current lease liabilities: **569 million DKK**
   - Cash (2023‑01‑01): **16,178 million DKK**

   Total debt including leases = 2,830 + 60,451 + 7,697 + 569 = **71,547 million DKK**  
   Net Debt = 71,547 – 16,178 = **55,369 million DKK**

3. **Ratio**  
   Net Debt / EBITDA = 55,369 / 32,057 ≈ **1.73**

<answer>1.73</answer>