To estimate the Net Debt / EBITDA ratio for Ørsted A/S for the year 2022 based on the S&P methodology, we need to determine two components: Adjusted EBITDA and Net Debt.

**1. Calculate Adjusted EBITDA**

S&P Global Ratings typically defines EBITDA as Profit from Operating Activities (Operating Profit) plus Depreciation, Amortization, and Impairment. Sometimes adjustments are made for specific items, but without specific S&P adjustment data, we use the reported figures provided.

*   **Profit Loss From Operating Activities (2022):** 19,774,000,000 DKK
*   **Depreciation Amortisation And Impairment Loss (2022):** 12,283,000,000 DKK

$$EBITDA = 19,774,000,000 + 12,283,000,000 = 32,057,000,000 \text{ DKK}$$

*Note: The report also explicitly lists "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" as 32,057,000,000 DKK, which confirms this calculation.*

**2. Calculate Net Debt**

S&P methodology for Net Debt generally includes:
*   Short-term and Long-term debt (borrowings).
*   Lease liabilities (often treated as debt in credit analysis, though sometimes adjusted; S&P typically includes them in gross debt for leverage ratios unless specified otherwise. We will include them to be conservative and consistent with standard credit metrics).
*   Less: Cash and Cash Equivalents.
*   Less: Unrestricted cash equivalents or short-term investments (if considered liquid enough to offset debt). S&P often deducts cash and short-term investments.

Let's identify the relevant balance sheet items for the end of 2022 (2022-01-01 represents the start of the 2022 fiscal year, so we must look at the balances labeled "2023-01-01" which represent the end of the 2022 fiscal year, or check the context. The prompt says "facts from the annual report... at the end of 2022". The keys "2022-01-01 - 2023-01-01" refer to the flow during the year. The balance sheet items have dates "2023-01-01" and "2022-01-01". In XBRL/financial reporting contexts, the balance at "2023-01-01" is the closing balance for the period ending Dec 31, 2022. The balance at "2022-01-01" is the opening balance (end of 2021). We need the closing balance for the 2022 ratio.)

**Debt Components (at 2023-01-01, i.e., year-end 2022):**
*   **Long-term Borrowings:** 60,451,000,000 DKK
*   **Short-term Borrowings:** 2,830,000,000 DKK
*   **Noncurrent Lease Liabilities:** 7,697,000,000 DKK
*   **Current Lease Liabilities:** 569,000,000 DKK

Total Gross Debt (including leases) = $60,451 + 2,830 + 7,697 + 569 = 71,547$ million DKK.

*Self-Correction/Refinement on S&P Methodology:* S&P often distinguishes between "Debt" and "Lease Liabilities". However, in their standard leverage calculations (Debt/EBITDA), they frequently include lease liabilities as part of the debt burden or calculate a separate metric. A common standard definition for "Net Debt" in general financial analysis is Interest-bearing debt minus cash. Let's look at the components again.
Standard Net Debt = (Short Term Debt + Long Term Debt) - Cash & Equivalents.
Sometimes Lease Liabilities are excluded from "Net Debt" in strict banking covenants but included in S&P "Adjusted Debt". S&P's standard "Debt" definition usually includes capital leases. Given the magnitude, including leases is more accurate for a credit rating agency perspective.

Let's calculate Net Debt with and without leases to see the impact, but typically S&P "Gross Debt" includes leases.
Gross Debt (with leases) = 71,547,000,000 DKK.

**Cash and Equivalents (at 2023-01-01):**
*   **Cash:** 16,178,000,000 DKK
*   **Cash And Cash Equivalents:** 16,175,000,000 DKK (This is the specific line item for the total).

There are also "Current Financial Assets At Fair Value Through Profit Or Loss Classified As Held For Trading" (25,197,000,000 DKK). S&P may deduct highly liquid marketable securities from debt to arrive at net debt. However, "Net Debt" strictly usually refers to Cash & Cash Equivalents. If we follow a broader "Net Debt" definition often used in valuation, we might include these. But for S&P *credit* ratios, they often use "Gross Debt" or "Net Debt" where Net Debt = Gross Debt - Cash & Short-term Investments. Let's assume the standard conservative credit view: Net Debt = Gross Debt - Cash & Cash Equivalents. Some definitions include short-term investments. Given the "Held For Trading" nature, they are liquid. Let's stick to the most common definition: Net Debt = Interest Bearing Debt - Cash & Cash Equivalents.

Let's refine the Debt definition.
Interest Bearing Debt = Short-term Borrowings + Long-term Borrowings + Lease Liabilities.
Total Debt = 2,830 + 60,451 + 569 + 7,697 = 71,547 million DKK.

Cash = 16,175 million DKK.

Net Debt = 71,547 - 16,175 = 55,372 million DKK.

*Alternative Interpretation:* If "Net Debt" excludes leases (common in some corporate reporting but less so in S&P adjusted debt), Debt = 60,451 + 2,830 = 63,281 million DKK.
Net Debt (excl leases) = 63,281 - 16,175 = 47,106 million DKK.

However, S&P Global Ratings' *Criteria For Environmental, Social, And Governance (ESG) Indicators* and general leverage metrics usually treat lease liabilities as debt-like obligations. In their "Key Credit Factors" for utilities, they often look at Debt/EBITDA including leases. Let's proceed with the inclusion of leases as it is the more rigorous credit metric.

Let's double check if there are other debt-like items. "Noncurrent Derivative Financial Liabilities" and "Current Derivative Financial Liabilities" are generally not included in Net Debt unless they represent funded debt, which derivatives usually do not (they are mark-to-market).

So, Estimated Net Debt = 55,372,000,000 DKK.
Estimated EBITDA = 32,057,000,000 DKK.

Ratio = 55,372 / 32,057 ≈ 1.727

Let's consider if S&P excludes leases. If we exclude leases:
Net Debt = 47,106 / 32,057 ≈ 1.47

Let's look at Ørsted's own reporting or typical S&P adjustments for Utilities. S&P often adds back impairment to EBITDA (already included in the 32bn figure as it's "before... impairment").
Does S&P deduct restricted cash? We don't have that breakdown.
Does S&P include the "Current Financial Assets..." in cash equivalents? If we deduct the 25,197 million in trading assets as well:
Net Debt (with leases, full liquidity) = 71,547 - 16,175 - 25,197 = 30,175 million.
Ratio = 30,175 / 32,057 ≈ 0.94.

However, the term "Net Debt" specifically usually implies Cash & Cash Equivalents. "Net Debt" in bond covenants often excludes unrestricted cash equivalents but includes short-term investments. The 25bn is "Held For Trading", which is very liquid.
Let's look at the "Cash And Cash Equivalents" line: 16,175.
The "Cash" line: 16,178.
The difference is negligible.

Let's re-read the prompt's constraint: "estimate... based on the S&P methodology".
S&P's standard definition of **Debt** for leverage ratios includes:
1. Short-term borrowings
2. Long-term borrowings
3. Capital leases (IFRS 16 lease liabilities)
4. Preferred stock (sometimes, but here we have Hybrid Capital). S&P often treats Hybrid Capital as 50% equity / 50% debt or fully equity depending on the instrument's features. Ørsted's hybrids are likely treated as equity or mezzanine. If treated as debt, we add 19,793 million. If 50%, we add ~9,900 million.
However, "Net Debt" is a specific financial metric. In many European contexts, Net Debt = Financial Liabilities - Cash. Financial Liabilities usually include Borrowings and Derivatives (if negative fair value) and Leases.

Let's stick to the core components: Borrowings + Leases - Cash.
Debt = 60,451 (LT Borrow) + 2,830 (ST Borrow) + 7,697 (LT Lease) + 569 (ST Lease) = 71,547.
Cash = 16,175.
Net Debt = 55,372.
EBITDA = 32,057.
Ratio = 1.73.

If we assume S&P treats Hybrid Capital as debt (unlikely for "Net Debt" calculation, usually for "Adjusted Debt"):
If we exclude Leases (some definitions of Net Debt do):
Debt = 63,281.
Net Debt = 47,106.
Ratio = 1.47.

Let's check Ørsted's actual reported Net Debt if possible from general knowledge or infer from the text. The text doesn't give a "Net Debt" line.
However, in utility sectors, Lease Liabilities are significant. S&P typically includes them.
What about the "Current Financial Assets At Fair Value..."? These are likely hedging instruments or short-term placements. If they are cash equivalents, Net Debt drops significantly. But "Held For Trading" suggests active management, not just cash parking. Standard Net Debt calculations usually only deduct Cash & Cash Equivalents.

Let's try a calculation without Leases, as "Net Debt" in many corporate investor presentations (which S&P might reference) often separates Lease Liabilities. But S&P *adjusts* EBITDA and Debt. S&P's "Adjusted Debt" almost always includes leases. The prompt asks for "Net Debt / EBITDA ... based on S&P methodology". This implies using S&P's definition of Debt. S&P defines Debt to include lease liabilities.

Therefore:
Numerator: Net Debt = (Short Term Borrowings + Long Term Borrowings + Current Lease Liab + Noncurrent Lease Liab) - Cash & Cash Equivalents
= (2,830 + 60,451 + 569 + 7,697) - 16,175
= 71,547 - 16,175
= 55,372 million DKK.

Denominator: EBITDA = 32,057 million DKK.

Ratio = 55,372 / 32,057 = 1.7272...

Rounding to two decimal places: 1.73.

Let's consider if "Hybrid Capital" should be included. S&P often classifies hybrids as 50% debt / 50% equity for leverage ratios.
If we add 50% of Hybrid Capital (19,793 / 2 = 9,896.5) to Debt:
Adjusted Debt = 71,547 + 9,896.5 = 81,443.5.
Net Adjusted Debt = 81,443.5 - 16,175 = 65,268.5.
Ratio = 65,268.5 / 32,057 = 2.03.

However, the term "Net Debt" is distinct from "S&P Adjusted Debt". "Net Debt" is a standard GAAP/IFRS-derived metric. S&P *uses* Net Debt or Adjusted Debt. If the prompt asks for "Net Debt / EBITDA ... based on S&P methodology", it likely refers to the leverage ratio S&P publishes. S&P publishes "Debt/EBITDA". They define Debt as including leases and often hybrids (partially). But "Net Debt" specifically implies the subtraction of cash. S&P's primary leverage metric is usually Gross Debt/EBITDA or Funds From Operations (FFO)/Debt. When they do use Net Debt, it's often (Debt - Cash).

Let's look at the "Finance Costs" and "Finance Income".
Finance Income: 15,514. Finance Costs: 18,050.
This high finance income is likely due to the revaluation of derivatives or hedging, not just interest on cash. This supports not treating the "Held for Trading" assets as pure cash equivalents for debt offset, or conversely, that the debt numbers are gross.

Let's stick to the most robust interpretation of "Net Debt" in a credit context: Interest Bearing Liabilities (including Leases) minus Cash & Cash Equivalents.

Calculation:
1.  **EBITDA**: 32,057,000,000 DKK (from "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense").
2.  **Gross Debt**:
    *   Long-term Borrowings: 60,451,000,000
    *   Short-term Borrowings: 2,830,000,000
    *   Non-current Lease Liabilities: 7,697,000,000
    *   Current Lease Liabilities: 569,000,000
    *   Total Gross Debt = 71,547,000,000 DKK.
3.  **Cash & Cash Equivalents**: 16,175,000,000 DKK.
4.  **Net Debt**: 71,547,000,000 - 16,175,000,000 = 55,372,000,000 DKK.
5.  **Ratio**: 55,372 / 32,057 ≈ 1.727.

If the question implies a simpler "Net Debt" excluding leases (common in some non-credit contexts):
Debt = 63,281. Net Debt = 47,106. Ratio = 1.47.

Given "S&P methodology", inclusion of leases is standard for their credit ratings on utilities. I will provide the ratio including leases.

<answer>1.73</answer>