I need to estimate the FFO / Net debt ratio for 2022.

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

FFO is typically calculated as net income + depreciation & amortization + other non-cash items, or alternatively as cash flows from operations adjusted for working capital changes.

A common approach: FFO = Net Income + Depreciation/Amortization + Non-cash items (excluding working capital changes)

From the cash flow statement, I can work backwards from operating cash flows. The operating cash flow is DKK 11,924 million for 2022.

However, FFO typically excludes working capital changes. Let me identify the working capital changes from the cash flow data:

Working capital changes:
- Inventories: 1,419
- Contract assets/liabilities: -1,303
- Trade receivables: -2,875
- Other operating receivables: 2,742
- Trade payables: 3,886
- Tax equity partner liabilities: -353
- Other operating payables: -38

Total working capital change = 1,419 + (-1,303) + (-2,875) + 2,742 + 3,886 + (-353) + (-38) = 3,478

FFO = Operating Cash Flow - Working Capital Changes = 11,924 - 3,478 = 8,446 million DKK

Wait, but FFO should also add back gains/losses on disposals and other non-recurring items. Let me reconsider.

Actually, a simpler approach: FFO ≈ EBITDA - net interest paid - taxes paid

EBITDA = 32,057 million
Net interest paid = 8,548 - 7,985 = 563 million
Taxes paid = 1,263 million

FFO = 32,057 - 563 - 1,263 = 30,231 million

This seems high. Let me use the cash flow approach more carefully.

FFO = Cash from operations - working capital changes
= 11,924 - 3,478 = 8,446 million

**Step 2: Calculate Net Debt**

Net debt = Total borrowings (short-term + long-term) + Lease liabilities - Cash - Current financial assets (securities)

Long-term borrowings: 60,451
Short-term borrowings: 2,830
Non-current lease liabilities: 7,697
Current lease liabilities: 569
Total debt = 71,547

Cash: 16,178
Current financial assets at fair value (securities): 25,197
Cash and cash equivalents from CF: 16,175

Net debt = (60,451 + 2,830 + 7,697 + 569) - 16,178 - 25,197
= 71,547 - 41,375 = 30,172 million

If we only subtract cash: 71,547 - 16,178 = 55,369 million

For a utility company, net debt typically = gross debt - cash (and short-term securities/investments).

Net debt = 60,451 + 2,830 - 16,178 = 47,103 million (excluding leases)

With leases: 47,103 + 7,697 + 569 = 55,369

If including securities: 55,369 - 25,197 = 30,172

Let me use a standard approach: Net debt = long-term + short-term borrowings + lease liabilities - cash - current financial assets

= 60,451 + 2,830 + 7,697 + 569 - 16,178 - 25,197 = 30,172

**FFO / Net Debt ratio:**

Using FFO = 8,446 and Net Debt = 30,172:
Ratio = 8,446 / 30,172 = 0.28

If net debt excludes securities (55,369):
Ratio = 8,446 / 55,369 = 0.15

Using a more typical net debt (borrowings - cash only = 47,103 without leases):
Ratio = 8,446 / 47,103 = 0.18

Given standard credit rating methodology often uses net debt without leases and without securities:
Net debt = 60,451 + 2,830 - 16,178 = 47,103

FFO/Net debt = 8,446 / 47,103 ≈ 0.179

Let me go with the most standard calculation:
Net debt = 60,451 + 2,830 - 16,178 = 47,103
FFO = 8,446

Ratio ≈ 0.18

<answer>0.18</answer>