To estimate **FFO / Net debt** under an S&P-style approach:

1. **Start with CFO (cash flow from operations)**  
   2022 cash flows from operating activities = **DKK 11.924bn**

2. **Add back cash interest paid**  
   S&P FFO is generally measured before working-capital movements and before cash interest/tax adjustments are often normalized; a practical approximation from reported cash flow is to add back interest paid and tax paid, then remove working-capital movements.  
   Interest paid = **DKK 8.548bn**

3. **Add back cash taxes paid**  
   Taxes paid = **DKK 1.263bn**

4. **Remove working-capital movements**  
   Working-capital adjustments included in CFO:
   - Inventories: +1.419bn  
   - Contract assets/liabilities: -1.303bn  
   - Trade receivables: -2.875bn  
   - Other operating receivables: +2.742bn  
   - Trade payables: +3.886bn  
   - Tax equity partner liabilities: -0.353bn  
   - Other operating payables: -0.038bn  

   Net working-capital contribution = **+3.478bn**  
   So FFO estimate = 11.924 + 8.548 + 1.263 − 3.478 = **DKK 18.257bn**

5. **Estimate S&P-adjusted net debt**  
   Reported interest-bearing debt:
   - Long-term borrowings: **DKK 60.451bn**
   - Short-term borrowings: **DKK 2.830bn**
   - Lease liabilities: 7.697 + 0.569 = **DKK 8.266bn**

   Gross debt including leases = 60.451 + 2.830 + 8.266 = **DKK 71.547bn**

   Less cash and cash equivalents = **DKK 16.175bn**

   Estimated net debt = 71.547 − 16.175 = **DKK 55.372bn**

6. **Compute FFO / Net debt**
   18.257 / 55.372 = **0.3297**, or about **33.0%**

<answer>33.0%</answer>