**Reasoning**

1. **FFO (Funds from Operations)** – In the annual report the most direct proxy for FFO is the cash generated by the company’s ordinary operations. This is reported as “Cash flows from used in operating activities”, which for the 2022 financial year amounts to:

   \[
   \text{CFO (FFO)} = 11{,}924\ \text{million DKK}
   \]

2. **Net debt** – Net debt is defined as total interest‑bearing debt less liquid assets.  
   - Total debt includes both short‑ and long‑term borrowings plus lease liabilities:  

     \[
     \text{Long‑term borrowings}=60{,}451\ \text{million DKK}
     \]
     \[
     \text{Short‑term borrowings}=2{,}830\ \text{million DKK}
     \]
     \[
     \text{Non‑current lease liabilities}=7{,}697\ \text{million DKK}
     \]
     \[
     \text{Current lease liabilities}=569\ \text{million DKK}
     \]

     \[
     \text{Total debt}=60{,}451+2{,}830+7{,}697+569=71{,}547\ \text{million DKK}
     \]

   - Liquid assets comprise cash and cash equivalents as well as short‑term financial assets held for trading:

     \[
     \text{Cash and cash equivalents}=16{,}175\ \text{million DKK}
     \]
     \[
     \text{Current financial assets (trading)}=25{,}197\ \text{million DKK}
     \]

     \[
     \text{Total liquid assets}=16{,}175+25{,}197=41{,}372\ \text{million DKK}
     \]

   - Net debt:

     \[
     \text{Net debt}=71{,}547-41{,}372=30{,}175\ \text{million DKK}
     \]

3. **FFO / Net debt ratio**

   \[
   \frac{\text{FFO}}{\text{Net debt}}=\frac{11{,}924}{30{,}175}\approx0.395\approx0.40
   \]

**Final answer**

<answer>0.40</answer>