I'll work through this step-by-step for Ørsted A/S.

## Step 1: Identify the Relevant Industry

Ørsted A/S is a Danish renewable energy company primarily engaged in offshore wind power generation. They operate in the **Unregulated Power and Gas** sector, as they are predominantly a renewable generation company without regulated utility operations.

## Step 2: Estimate Adjusted EBITDA

**Reported EBITDA:**
The reported EBITDA is given as "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" = DKK 32,057M for 2022.

**Adjustments:**

1. **Lease adjustments:** S&P adds back operating lease costs. Ørsted has lease liabilities (noncurrent: 7,697M + current: 569M = 8,266M at end 2022). The lease payment from cash flow is 582M. I'll add depreciation of right-of-use assets as part of lease adjustment. However, since EBITDA already excludes depreciation, the key adjustment is reclassifying lease payments. S&P typically adds lease depreciation back to EBITDA (already done in reported EBITDA) and adds interest on leases. I'll approximate lease interest at ~3% of average lease liability: ~((6,812+7,697)/2 + (720+569)/2) × 3% ≈ (7,255 + 645) × 0.03 ≈ 237M.

2. **Non-recurring items:** 
   - Gains on disposal of non-current assets: -10,885M adjustment shown in cash flow (these are gains). The "Other Income" of 14,119M likely includes significant divestment gains (farm-downs). I'll remove net divestment gains. From the income statement: "Gains Losses On Disposals Of Investments" = 331M. The large gain adjustments of 10,885M in cash flow adjustments suggest significant asset sale gains embedded in EBITDA.
   - "Other Expense By Nature" of 4,963M may include impairments/non-recurring items.
   
   For simplicity, I'll adjust for the divestment gains reflected in operating activities: remove ~10,885M of gains and add back ~4,963M of other expenses (likely including impairments).

   Adjusted EBITDA = 32,057 + 237 - 10,885 + 4,963 = 26,372M

   However, looking more carefully, the "Adjustments for Losses Gains on Disposal" of -10,885M and "Adjustments for Provisions" of -1,935M are cash flow reconciliation items. Let me reconsider - EBITDA already includes these. For S&P purposes, I should normalize by removing non-recurring gains/losses.

   Adjusted EBITDA ≈ 32,057 + 237 - 10,885 + 4,963 ≈ 26,372M

## Step 3: Estimate FFO

**Cash interest paid:** 8,548M (interest paid) - 7,985M (interest received) = 563M net. But S&P typically uses gross interest. Cash interest paid = 8,548M. Add lease interest ~237M (already in EBITDA). Hybrid coupon: 529M.

FFO = Adjusted_EBITDA - cash_interest_paid - cash_taxes - hybrid_coupon
FFO = 26,372 - 8,548 - 1,263 - 529 + 7,985 = 24,017M

Wait - S&P FFO includes interest received typically. Let me recalculate:
FFO = 26,372 - (8,548 - 7,985) - 1,263 - 529 = 24,017M

## Step 4: Estimate Adjusted Debt

- Long-term borrowings: 60,451M
- Short-term borrowings: 2,830M
- Total reported debt: 63,281M
- Lease liabilities: 7,697 + 569 = 8,266M
- Hybrid capital: 19,793M. S&P typically treats ~50% as debt for hybrid instruments: 9,897M
- Tax equity liabilities: 14,490 + 1,903 = 16,393M (debt-like)
- Cash: 16,178M; Securities: 25,197M. Eligible cash (surplus cash) ≈ 16,178M

Adjusted_Debt = 63,281 + 8,266 + 9,897 + 16,393 - 16,178 = 81,659M

## Step 5: Calculate FFO/Adjusted Debt

FFO / Adjusted_Debt = 24,017 / 81,659 = 0.2941

<answer>0.2941</answer>