To estimate the Net Debt / EBITDA ratio for Ørsted A/S for the year 2022 based on the S&P methodology, we need to determine two components: EBITDA and Net Debt.

**1. Calculate EBITDA**

The provided data explicitly states the "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" for the period 2022-01-01 to 2023-01-01. This is the standard definition of EBITDA.

*   **EBITDA (2022):** 32,057,000,000 DKK

**2. Calculate Net Debt**

S&P's methodology for Net Debt generally includes:
*   Short-term debt
*   Long-term debt
*   Capital leases (often included in debt or treated similarly)
*   Less: Cash and cash equivalents
*   Less: Unrestricted cash equivalents
*   *Note: S&P often adjusts for hybrid capital, treating it partly as equity and partly as debt, or excluding it from debt depending on the specific rating criteria. However, a standard "Net Debt" calculation usually focuses on interest-bearing borrowings. Let's look at the balance sheet items.*

From the Balance Sheet data as of 2023-01-01 (which represents the end of the 2022 fiscal year):

*   **Short-term Borrowings:** 2,830,000,000 DKK
*   **Long-term Borrowings:** 60,451,000,000 DKK
*   **Current Lease Liabilities:** 569,000,000 DKK
*   **Noncurrent Lease Liabilities:** 7,697,000,000 DKK
*   **Cash:** 16,178,000,000 DKK (Note: The cash flow statement lists "Cash And Cash Equivalents" as 16,175,000,000 DKK. We will use the balance sheet "Cash" figure or the CCE figure. Usually, Net Debt uses Cash and Cash Equivalents. Let's use the explicit "Cash" line item from assets if CCE isn't clearly distinct, but here "Cash" is 16,178,000,000 and "Cash And Cash Equivalents" in the CFS reconciliation is 16,175,000,000. The difference is negligible. Let's use the CFS ending balance for consistency with liquidity: 16,175,000,000 DKK. Alternatively, the Balance Sheet "Cash" is 16,178,000,000. Let's stick to the Balance Sheet "Cash" asset value provided: 16,178,000,000 DKK. Wait, looking at the assets, "Cash" is 16,178,000,000. There are no other "Cash equivalents" listed separately in current assets, though "Current Financial Assets At Fair Value..." are distinct. The CFS says "Cash And Cash Equivalents" is 16,175,000,000. We will use 16,175,000,000 DKK as the standard cash equivalent figure.)

*   **Hybrid Capital:** S&P typically treats hybrid capital as 50% equity and 50% debt for leverage ratios, or sometimes fully as equity if it has strong equity characteristics. However, standard "Net Debt" calculations often exclude hybrids unless specified as "Adjusted Net Debt". Given the prompt asks for "Net Debt / EBITDA" based on S&P methodology, S&P's *Leverage Ratio* (Debt/EBITDA) usually includes hybrids as 50% debt. But "Net Debt" is a specific financial metric. Let's calculate standard Net Debt first (Interest Bearing Debt - Cash).

    *   Total Interest Bearing Debt = Short-term Borrowings + Long-term Borrowings + Lease Liabilities
    *   Total Debt = 2,830,000,000 + 60,451,000,000 + 569,000,000 + 7,697,000,000 = 71,547,000,000 DKK.
    *   Cash and Cash Equivalents = 16,175,000,000 DKK.
    *   Standard Net Debt = 71,547,000,000 - 16,175,000,000 = 55,372,000,000 DKK.

    *S&P Adjustment for Hybrids:*
    S&P often adds 50% of Hybrid Capital to Debt for leverage calculations.
    Hybrid Capital (2023-01-01) = 19,793,000,000 DKK.
    50% of Hybrids = 9,896,500,000 DKK.
    
    If we include 50% of hybrids in the debt numerator (common for S&P leverage ratios):
    Adjusted Net Debt = 55,372,000,000 + 9,896,500,000 = 65,268,500,000 DKK.

    However, the term "Net Debt" strictly usually refers to financial debt minus cash. S&P's *methodology* for *ratings* uses "Debt" which includes hybrids. Let's look at the phrasing "Net Debt / EBIDTA ... based on the S&P methodology". S&P defines "Debt" for leverage ratios as: Short-term debt + Long-term debt + Capitalized leases + 50% of Hybrid capital. They do not typically subtract cash to get "Net Debt" for their primary leverage rating metric (they use Gross Debt/EBITDA or Debt/EBITDA). But if the user specifically asks for *Net* Debt, they likely want (Debt - Cash).
    
    Let's check if there is a more standard interpretation. Often, "Net Debt" implies subtracting cash. S&P's "Leverage" metric is usually Gross. If I must provide "Net Debt", I will calculate (Total Debt including 50% hybrid - Cash).
    
    Let's refine the Debt component:
    1. Short-term borrowings: 2,830 million
    2. Long-term borrowings: 60,451 million
    3. Current lease liabilities: 569 million
    4. Non-current lease liabilities: 7,697 million
    5. 50% Hybrid Capital: 0.5 * 19,793 million = 9,896.5 million
    
    Total Adjusted Debt = 2,830 + 60,451 + 569 + 7,697 + 9,896.5 = 81,443.5 million DKK.
    
    Cash and Cash Equivalents = 16,175 million DKK.
    
    Net Debt (S&P Adjusted) = 81,443.5 - 16,175 = 65,268.5 million DKK.
    
    EBITDA = 32,057 million DKK.
    
    Ratio = 65,268.5 / 32,057 ≈ 2.036

    Let's consider if "Net Debt" implies *only* interest-bearing debt without hybrids.
    Standard Net Debt = (2,830 + 60,451 + 569 + 7,697) - 16,175 = 71,547 - 16,175 = 55,372 million.
    Ratio = 55,372 / 32,057 ≈ 1.727

    Which one does S&P use? S&P Global Ratings' methodology for corporate entities typically calculates "Leverage" as **Debt / EBITDA**. They define Debt to include bank debt, bonds, capitalized leases, and **50% of hybrid securities**. They generally do **not** net out cash for the primary leverage ratio used in ratings (they look at Gross Debt). However, the user asked for **Net Debt** / EBITDA.
    
    If the user insists on "Net Debt", they are asking for a specific metric. In many European contexts, Net Debt = Interest Bearing Debt - Cash. S&P's *methodology* might refer to the definition of what constitutes "Debt" (i.e., including hybrids). It is less common for S&P to publish a "Net Debt/EBITDA" rating metric, but analysts often use it.
    
    Let's look for clues in the data. The data provides "Hybrid Capital". If the intention was a simple GAAP Net Debt, the hybrid capital breakdown wouldn't be as relevant to the "S&P methodology" hint. The mention of S&P strongly suggests adjusting the debt definition to include hybrids (usually 50%).
    
    Let's calculate both and see which is more "standard" for an S&P-based query.
    S&P Leverage Ratio = Debt / EBITDA.
    S&P Debt = Interest bearing debt + 50% Hybrids.
    If the user asks for *Net* Debt, they likely want (S&P Debt - Cash).
    
    Calculation:
    Debt Components (2022 Year End / 2023-01-01 Balance Sheet):
    - Short-term borrowings: 2,830,000,000
    - Long-term borrowings: 60,451,000,000
    - Current lease liabilities: 569,000,000
    - Noncurrent lease liabilities: 7,697,000,000
    - 50% Hybrid Capital: 9,896,500,000 (19,793,000,000 / 2)
    
    Total S&P Debt = 81,443,500,000 DKK
    
    Cash & Equivalents = 16,175,000,000 DKK (from Cash Flow Statement ending balance, which matches the Balance Sheet "Cash" closely enough).
    
    Net Debt (S&P Basis) = 81,443,500,000 - 16,175,000,000 = 65,268,500,000 DKK
    
    EBITDA = 32,057,000,000 DKK
    
    Ratio = 65,268,500,000 / 32,057,000,000 = 2.0359...

    Rounding to two decimal places: 2.04.

    Let's double check if S&P includes *all* leases. Yes, capitalized leases (or lease liabilities under IFRS 16) are included in debt.
    
    Is there any other adjustment?
    Sometimes "Net Debt" excludes restricted cash. We don't have a breakdown of restricted cash, so we assume all cash is unrestricted or the difference is immaterial.
    
    What if "S&P Methodology" implies using the *average* debt? Usually, leverage ratios use year-end debt.
    
    What if the user implies the standard S&P *Gross* Debt/EBITDA but mistakenly called it Net?
    Gross S&P Debt / EBITDA = 81,443.5 / 32,057 = 2.54.
    
    However, "Net Debt" is a specific term. I will provide the Net Debt calculation using the S&P definition of Debt (including 50% hybrids).
    
    Let's re-verify the numbers.
    EBITDA: 32,057,000,000
    
    Debt:
    ST Borrowings: 2,830,000,000
    LT Borrowings: 60,451,000,000
    Lease Liab (Current): 569,000,000
    Lease Liab (Non-Current): 7,697,000,000
    Hybrid (50%): 9,896,500,000
    
    Sum Debt = 81,443,500,000
    
    Cash: 16,175,000,000
    
    Net Debt = 65,268,500,000
    
    Ratio = 65,268.5 / 32,057 = 2.036

    If I exclude Hybrids (Standard Corporate Finance Net Debt):
    Debt = 71,547,000,000
    Net Debt = 55,372,000,000
    Ratio = 1.73

    Given the explicit "S&P methodology" constraint, the inclusion of hybrids is the key differentiator. S&P treats hybrids as 50% debt. Therefore, the debt base is higher. The term "Net" implies subtraction of cash.

    Final check on EBITDA.
    "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" = 32,057,000,000. This is correct.

    Final check on Cash.
    Balance Sheet "Cash" 2023-01-01: 16,178,000,000.
    Cash Flow "Cash And Cash Equivalents" 2023-01-01: 16,175,000,000.
    The difference is 3 million. Negligible. I will use 16,175,000,000 as it is the CCE line item.

    Final Calculation:
    Numerator: 65,268,500,000
    Denominator: 32,057,000,000
    Result: 2.036

    I will round to 2.04.

<answer>2.04</answer>