To estimate the FFO/Net debt ratio for Ørsted A/S for 2022 according to S&P methodology, we identify the following components:

**1. Funds From Operations (FFO):**
S&P typically defines FFO as Cash Flow from Operating Activities adjusted for certain items (like changes in working capital and non-cash items).
*   Cash flows from operating activities: 11,924,000,000 DKK.
*   S&P methodology requires adding back changes in working capital:
    *   Adjustments (Inventories, Contract assets/liabilities, Trade/Other receivables, Trade/Other payables, Tax equity liabilities):
        *   Inventory: 1,419,000,000
        *   Contract assets/liabilities: -1,303,000,000
        *   Trade receivables: -2,875,000,000
        *   Other operating receivables: 2,742,000,000
        *   Trade payables: 3,886,000,000
        *   Tax equity liabilities: -353,000,000
        *   Other operating payables: -38,000,000
    *   Total Working Capital adjustment (reversal): -(1,419 - 1,303 - 2,875 + 2,742 + 3,886 - 353 - 38) = -3,478,000,000 DKK.
*   FFO = Operating Cash Flow (11,924,000,000) - Change in Working Capital (net impact = -3,478,000,000) = 15,402,000,000 DKK.

**2. Net Debt:**
S&P methodology considers total debt (short-term and long-term borrowings) and subtracts available cash and cash equivalents.
*   Long-term borrowings (2022): 31,502,000,000 DKK.
*   Short-term borrowings (2022): 19,493,000,000 DKK.
*   Total Debt = 50,995,000,000 DKK.
*   Cash (2022): 8,624,000,000 DKK.
*   Net Debt = 50,995,000,000 - 8,624,000,000 = 42,371,000,000 DKK.

**3. Calculation:**
FFO/Net Debt ratio = 15,402,000,000 / 42,371,000,000 ≈ 0.3635

<answer>0.3635</answer>