I'll estimate the FFO/Net Debt ratio for Ørsted A/S for 2022 based on S&P methodology.

## Step 1: Estimate Funds From Operations (FFO)

S&P's FFO starts with net income attributable to the company, then adds back depreciation/amortization, and makes adjustments for non-cash items, deferred taxes, etc.

**Starting with Net Income (Profit/Loss):**
- Profit/Loss: 14,996,000,000 DKK (2022)

**Add back Depreciation, Amortization & Impairment:**
- D&A: 12,283,000,000 DKK

**Deduct gains on asset disposals (non-cash/non-recurring):**
- Gains on disposals of investments: 331,000,000 DKK
- Other Income includes farm-down gains (significant portion of 14,119M). Looking at adjustments in cash flow: "Adjustments for losses/gains on disposal of non-current assets" = -10,885,000,000 DKK (negative means gains were removed)

**Add back non-cash items from cash flow adjustments:**
- Change in derivatives/other adjustments: -8,687,000,000 DKK (non-cash derivative losses added back as negative)
- Adjustments for provisions: -1,935,000,000 DKK
- Other adjustments: -278,000,000 DKK

**S&P FFO approach (simplified):**
FFO ≈ Net Income + D&A + Non-cash adjustments (excluding working capital changes)

Using cash flow from operations as a base and adjusting:
- Cash flows from operating activities: 11,924,000,000 DKK
- Add back working capital changes (to get FFO before WC):
  - Inventories: -1,419M, Contract assets/liabilities: +1,303M, Trade receivables: +2,875M, Other receivables: -2,742M, Trade payables: -3,886M, Tax equity: +353M, Other payables: +38M
  - Net WC change: -3,478M (approximately)
- FFO ≈ 11,924 + 3,478 = ~15,402M

But S&P also adjusts for interest received/paid timing and hybrid capital treatment. S&P typically treats hybrid capital coupon payments (529M) as interest. Let me also consider that S&P gives 50% equity credit to hybrid capital.

**Approximate FFO: ~15,400,000,000 DKK**

## Step 2: Estimate Net Debt (S&P adjusted)

**Gross Debt:**
- Long-term borrowings: 60,451,000,000 DKK
- Short-term borrowings: 2,830,000,000 DKK
- Lease liabilities (current + non-current): 7,697 + 569 = 8,266,000,000 DKK
- Hybrid capital: S&P typically gives 50% equity / 50% debt credit: 19,793 × 50% = 9,897,000,000 DKK
- Total adjusted gross debt: 60,451 + 2,830 + 8,266 + 9,897 = 81,444,000,000 DKK

**Cash and liquid investments:**
- Cash: 16,178,000,000 DKK
- Current financial assets (securities): 25,197,000,000 DKK
- S&P may not give full credit for all liquid assets. Using cash + securities: ~41,375M
- S&P typically allows readily available cash. Let's use cash + most liquid: ~16,178 + 25,197 = 41,375M. But conservatively, S&P might haircut. Let's use ~35,000M.

**Net Debt:** 81,444 - 35,000 = ~46,444M

Alternatively, more conservatively just using cash:
**Net Debt:** 81,444 - 16,178 = ~65,266M

Using a middle ground with cash and cash equivalents (~16,175M from CF statement) and short-term investments:
**Net Debt:** ~81,444 - 41,375 = ~40,069M

**FFO/Net Debt ratio:**
- Conservative (cash only): 15,400/65,266 ≈ 0.236
- With liquid investments: 15,400/40,069 ≈ 0.384

Given S&P typically uses accessible cash and liquid investments:
~15,400/46,000 ≈ 0.335

A reasonable middle-ground estimate is approximately **0.24** using a more conservative net debt figure typical of S&P.

Considering S&P's typical treatment: FFO ~15,400M / Net Debt ~65,000M ≈ 0.237

<answer>0.24</answer>