To estimate the FFO (Funds From Operations) to Net Debt ratio for Ørsted A/S for 2022 based on S&P Global Ratings methodology, we first calculate the S&P adjusted FFO and S&P adjusted Net Debt from the provided data.

**1. S&P Adjusted FFO**
S&P generally starts with reported EBITDA and deducts net cash interest paid and cash taxes paid. S&P treats 50% of the hybrid capital coupon as an interest expense and typically includes farm-down gains (as it views them as part of Ørsted's normal operating model).
*   **Reported EBITDA** = Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense = 32,057 million DKK
*   **Net Cash Interest Paid** = Interest Paid (8,548) - Interest Received (7,985) = 563 million DKK
*   **Hybrid Coupon Adjustment** = 50% of Coupon Payments On Hybrid Capital (529) = 264.5 million DKK
*   **Cash Taxes Paid** = Income Taxes Paid Classified As Operating Activities = 1,263 million DKK

*S&P Adjusted FFO* = 32,057 - 563 - 264.5 - 1,263 = **29,966.5 million DKK**

**2. S&P Adjusted Net Debt**
S&P adjusts reported debt by including 50% of hybrid capital, operating leases, U.S. tax equity liabilities, and asset retirement obligations (AROs), while deducting accessible cash and liquid short-term investments.
*   **Borrowings** = Short-term (2,830) + Long-term (60,451) = 63,281 million DKK
*   **Lease Liabilities** = Current (569) + Noncurrent (7,697) = 8,266 million DKK
*   **Tax Equity Partner Liabilities** = Current (1,903) + Noncurrent (14,490) = 16,393 million DKK
*   **Hybrid Capital (50%)** = 50% of 19,793 = 9,896.5 million DKK
*   **Asset Retirement Obligations / Provisions** = Current (585) + Noncurrent (19,121) = 19,706 million DKK (assuming pre-tax for standard inclusion)
*   *Gross Adjusted Debt* = 63,281 + 8,266 + 16,393 + 9,896.5 + 19,706 = 117,542.5 million DKK

*Deductions for Cash and Liquid Investments:*
*   **Cash** = 16,178 million DKK
*   **Current Financial Assets At Fair Value (Securities)** = 25,197 million DKK

*S&P Adjusted Net Debt* = 117,542.5 - 16,178 - 25,197 = **76,167.5 million DKK**

**3. FFO to Net Debt Ratio**
*FFO / Net Debt* = 29,966.5 / 76,167.5 ≈ 0.3934 or 39.3%

*(Note: If S&P tax-effects the AROs at the Danish corporate rate of 22%, the net debt is slightly lower, yielding a ratio of ~41.7%. Both figures center around the S&P published figure of ~40% for Ørsted in 2022. We use the pre-tax straightforward calculation here).*

<answer>39.3</answer>