To estimate the S&P-adjusted FFO-to-debt ratio for ØRSTED A/S for the fiscal year 2022, we follow the S&P Global Ratings methodology for "Unregulated Power and Gas" and standard corporate adjustments. 

**Step 1: Estimate Adjusted EBITDA**
Ørsted's business model involves developing, building, and selling partial stakes in offshore wind farms (farm-downs). S&P considers these gains as part of their recurring operating activities, so they are not excluded as nonrecurring items. 
Under IFRS 16, lease expenses are already excluded from EBITDA.
* Reported EBITDA ("Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense") = 32,057,000,000 DKK
* Adjusted EBITDA = 32,057,000,000 DKK

**Step 2: Estimate Funds From Operations (FFO)**
FFO is calculated as Adjusted EBITDA minus cash interest and cash taxes.
* **Cash Interest:** We calculate net cash interest paid from operating activities plus S&P's treatment of hybrid capital. S&P treats hybrid bonds with intermediate equity content as 50% debt and 50% equity. Consequently, 50% of the hybrid coupon is treated as an interest expense.
  * Interest Paid (Operating) = 8,548,000,000 DKK
  * Interest Received (Operating) = 7,985,000,000 DKK
  * Net Cash Interest = 8,548,000,000 - 7,985,000,000 = 563,000,000 DKK
  * Hybrid Coupon = 529,000,000 DKK * 50% = 264,500,000 DKK
  * Total Adjusted Cash Interest = 563,000,000 + 264,500,000 = 827,500,000 DKK
* **Cash Taxes:** Income Taxes Paid (Operating) = 1,263,000,000 DKK

* FFO = 32,057,000,000 (Adjusted EBITDA) - 827,500,000 (Cash Interest) - 1,263,000,000 (Cash Taxes) = 29,966,500,000 DKK

**Step 3: Estimate Adjusted Debt**
Adjusted debt includes reported debt, lease liabilities, and 50% of the outstanding hybrid capital, minus accessible eligible cash and cash equivalents. Ørsted's trading securities (highly liquid, low-risk mortgage bonds) are held as a liquidity reserve and thus qualify as eligible cash equivalents under S&P’s framework. 
*(Note: Following S&P's criteria update, tax equity is generally treated as noncontrolling interest/equity rather than debt. For clarity, unadjusted provisions un-netted of tax have also been held out of this strict baseline proxy).*
* Reported Borrowings = Long-term (60,451,000,000 DKK) + Short-term (2,830,000,000 DKK) = 63,281,000,000 DKK
* Lease Liabilities = Noncurrent (7,697,000,000 DKK) + Current (569,000,000 DKK) = 8,266,000,000 DKK
* Hybrid Capital (50%) = 19,793,000,000 DKK * 50% = 9,896,500,000 DKK
* Gross Debt = 63,281,000,000 + 8,266,000,000 + 9,896,500,000 = 81,443,500,000 DKK
* Eligible Cash = Cash (16,178,000,000 DKK) + Financial Assets Held For Trading (25,197,000,000 DKK) = 41,375,000,000 DKK
* Adjusted Debt = 81,443,500,000 - 41,375,000,000 = 40,068,500,000 DKK

**Step 4: Calculate FFO / Adjusted Debt**
* FFO / Adjusted Debt = 29,966,500,000 / 40,068,500,000 = 0.747881...

<answer>0.7479</answer>