According to S&P’s methodology, net debt generally includes on- and off-balance-sheet debt-like obligations less cash and cash equivalents, while EBITDA should reflect the operating earnings before interest, tax, depreciation, and amortization—including adjustments for items like dividends from associates if recurring.

From the data:
- **EBITDA** for 2022 is given directly as 32,057 million DKK.
- **Cash and cash equivalents** at 2023-01-01 (end of 2022) is 16,175 million DKK (from the cash flow statement reconciliation).
- For **debt**, S&P usually includes:
  - Long-term borrowings: 60,451 million DKK
  - Short-term borrowings: 2,830 million DKK
  - Current lease liabilities: 569 million DKK
  - Non-current lease liabilities: 7,697 million DKK
  - Adjustments for derivatives and other items might apply, but the core financial debt items sum to:
    60,451 + 2,830 + 569 + 7,697 = 71,547 million DKK.

Net debt = 71,547 - 16,175 = 55,372 million DKK.

EBITDA = 32,057 million DKK.

Net Debt / EBITDA = 55,372 / 32,057 ≈ 1.727.

Rounding accordingly, the ratio is about 1.73.

<answer>1.73</answer>