To estimate the Net Debt/EBITDA ratio for Ørsted A/S for 2022, we first determine the required components based on the provided facts: **1. EBITDA (2022):** The fact "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" for 2022 is explicitly provided as 32,057,000,000 DKK. **2. Net Debt (2022):** According to standard financial and S&P methodology, Net Debt is typically calculated as: *Interest-bearing debt* – *Cash and Cash Equivalents* From the provided facts at the end of 2022 (2023-01-01 status): * **Longterm Borrowings:** 60,451,000,000 DKK * **Shortterm Borrowings:** 2,830,000,000 DKK * **Noncurrent Lease Liabilities:** 7,697,000,000 DKK * **Current Lease Liabilities:** 569,000,000 DKK * **Total Interest-bearing Debt:** 60,451,000,000 + 2,830,000,000 + 7,697,000,000 + 569,000,000 = 71,547,000,000 DKK * **Cash and Cash Equivalents:** 16,175,000,000 DKK (as of 2023-01-01) *Note: S&P often makes adjustments (such as adding back certain provisions or subtracting specific assets), but based strictly on the provided data components:* * **Net Debt** = 71,547,000,000 - 16,175,000,000 = 55,372,000,000 DKK **3. Calculation:** Ratio = Net Debt / EBITDA Ratio = 55,372,000,000 / 32,057,000,000 ≈ 1.72729... Rounding to common financial presentation standards: 1.73