To estimate the Net Debt / EBITDA ratio for Ørsted A/S at the end of 2022 following the S&P methodology, I need to calculate two things:
1.  **Adjusted EBITDA** (S&P often uses a standardized EBITDA, which here we will equate to the reported EBITDA since specific S&P adjustments typically require more detailed notes, but for estimation purposes, the reported figure is the starting point).
2.  **Adjusted Net Debt** (Total debt minus cash and cash equivalents, plus certain other obligations per S&P methodology).

**Step 1: Calculate EBITDA for 2022**
The report provides:
"Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" for 2022: 32,057,000,000 DKK.
I will use this as the base EBITDA.

**Step 2: Calculate Adjusted Net Debt per S&P Methodology**
S&P's net debt generally includes:
- Short-term and long-term borrowings
- Lease liabilities (current and non-current)
- Hybrid capital (often treated as debt or equity; S&P often gives partial equity credit, but depending on the specific hybrid, it's often included in debt for leverage calculations. For a strict "Net Debt" calculation in ratios, hybrids are usually considered debt-like). Given the instruction, I will include hybrid capital as debt.
- Less: Cash and cash equivalents
- Other adjustments (derivatives, pensions, etc.) can be included, but here we stick to the main reported figures for a standard estimate.

Components from the report (end of 2022):
*   Long-term Borrowings: 60,451,000,000 DKK
*   Short-term Borrowings: 2,830,000,000 DKK
*   Non-current Lease Liabilities: 7,697,000,000 DKK
*   Current Lease Liabilities: 569,000,000 DKK
*   Hybrid Capital: 19,793,000,000 DKK
*   Cash and Cash Equivalents (end of 2022): 16,178,000,000 DKK (Note: The cash flow statement says "Cash And Cash Equivalents" 2023-01-01 is 16,175,000,000 DKK, but the balance sheet says "Cash" 2023-01-01 is 16,178,000,000 DKK. I'll use the balance sheet value of 16,178,000,000 DKK as it's more standard for the balance sheet net debt calculation, or the cash flow statement's 16,175,000,000 DKK. I will use 16,178,000,000 DKK, the difference is negligible.)

Total Debt = Long-term borrowings + Short-term borrowings + Non-current leases + Current leases + Hybrid capital
Total Debt = 60,451,000,000 + 2,830,000,000 + 7,697,000,000 + 569,000,000 + 19,793,000,000
Total Debt = 91,340,000,000 DKK

Net Debt = Total Debt - Cash
Net Debt = 91,340,000,000 - 16,178,000,000
Net Debt = 75,162,000,000 DKK

**Step 3: Calculate Ratio**
Ratio = Net Debt / EBITDA
Ratio = 75,162,000,000 / 32,057,000,000
Ratio ≈ 2.34

<answer>2.34</answer>