Step 1 — Relevant industry

Ørsted A/S is primarily a power and renewable energy company with substantial offshore wind generation and energy trading/supply activities. It is not best characterized as a pure regulated utility, E&P company, or transportation infrastructure issuer. Among the provided methodologies, the closest fit is Unregulated Power and Gas, especially renewable generation. The workflow’s baseline S&P-style corporate formulas are therefore used, with relevant power-sector adjustments where data is available.

Step 2 — Adjusted EBITDA

Reported EBITDA for 2022:

- EBITDA = DKK 32.057bn

Potential adjustments:
- Leases: lease liabilities are already balance-sheet debt-like items under IFRS 16; no separate lease expense data is provided to adjust EBITDA further.
- Nonrecurring gains/losses: the cash flow statement shows “adjustments for losses/gains on disposal of noncurrent assets” of DKK -10.885bn, implying gains on disposals included in earnings. S&P typically excludes material nonrecurring gains from EBITDA/FFO. Therefore, deduct disposal gains.
- No sufficient data is provided for pension, guarantees, proportional JV EBITDA, or other normalizations.

Adjusted EBITDA estimate:

- Adjusted EBITDA = 32.057bn - 10.885bn
- Adjusted EBITDA = DKK 21.172bn

Step 3 — FFO

Use:

- FFO = Adjusted EBITDA - cash interest - cash taxes

Cash interest:
- Interest paid classified as operating activities = DKK 8.548bn

Cash taxes:
- Income taxes paid classified as operating activities = DKK 1.263bn

FFO estimate:

- FFO = 21.172bn - 8.548bn - 1.263bn
- FFO = DKK 11.361bn

Step 4 — Adjusted Debt

Reported debt at year-end 2022:

- Long-term borrowings = DKK 60.451bn
- Short-term borrowings = DKK 2.830bn
- Lease liabilities = noncurrent lease liabilities 7.697bn + current lease liabilities 0.569bn = DKK 8.266bn

Hybrid capital:
- Hybrid capital = DKK 19.793bn
- S&P commonly gives intermediate-equity hybrids 50% equity credit, so 50% is treated as debt.
- Hybrid debt portion = 50% × 19.793bn = DKK 9.8965bn

Gross adjusted debt before cash:

- Gross adjusted debt = 60.451bn + 2.830bn + 8.266bn + 9.8965bn
- Gross adjusted debt = DKK 81.4435bn

Eligible cash:
- Cash = DKK 16.178bn

Adjusted Debt:

- Adjusted Debt = 81.4435bn - 16.178bn
- Adjusted Debt = DKK 65.2655bn

Step 5 — FFO / Adjusted Debt

- FFO / Adjusted Debt = 11.361bn / 65.2655bn
- FFO / Adjusted Debt = 0.1741

<answer>0.1741</answer>