To determine to what extent ØRSTED A/S utilizes hybrid bonds relative to S&P Global Ratings' 15% cap on Total Adjusted Capital (Total Debt + Equity), we calculate the following figures based on the annual report for the period ending December 31, 2022 (2023-01-01 values): 1. **Total Debt:** - Long-term Borrowings: 60,451,000,000 DKK - Short-term Borrowings: 2,830,000,000 DKK - Noncurrent Lease Liabilities: 7,697,000,000 DKK - Current Lease Liabilities: 569,000,000 DKK **Total Debt** = 60,451 + 2,830 + 7,697 + 569 = 71,547,000,000 DKK 2. **Total Equity:** - Reported Equity (which includes the Hybrid Capital): 95,532,000,000 DKK 3. **Total Adjusted Capital (Debt + Equity):** - Total Adjusted Capital = 71,547,000,000 DKK (Debt) + 95,532,000,000 DKK (Equity) = 167,079,000,000 DKK 4. **S&P's 15% Cap:** - Cap on Hybrids = 15% of 167,079,000,000 DKK = 25,061,850,000 DKK 5. **Actual Hybrid Capital Utilized:** - The Hybrid Capital reported for the entity stands at 19,793,000,000 DKK. 6. **Utilization Relative to Cap:** - Utilization = Actual Hybrid Capital / Cap - Utilization = 19,793,000,000 / 25,061,850,000 ≈ 78.98% Rounding to the nearest provided option, the utilization is approximately 75% of the S&P capacity for hybrid equity credit. 75%