To estimate the FFO / Net debt ratio for 2022 based on S&P methodology, I’ll follow these steps:

1. **Calculate Funds From Operations (FFO)**:  
   According to S&P, FFO is typically defined as net income (profit/loss) attributable to owners of the parent, plus depreciation and amortization, plus impairment losses, less gains on disposals of noncurrent assets, and adjusted for the share of associates’ and joint ventures’ profits (if already included in net income). Often, it’s approximated by taking EBITDA and adjusting for interest and tax, or directly from the cash flow statement.  
   A common S&P approach is:  
   FFO = EBITDA – Net Interest Expense – Current Income Tax – Other Cash Adjustments (or simply from operating cash flow before working capital changes).

   From the data:  
   - EBITDA (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense) for 2022 = 32,057,000,000 DKK.  
   - Net interest = Finance Costs – Finance Income = (18,050,000,000 – 15,514,000,000) = 2,536,000,000 DKK.  
   - Current income tax paid (from cash flow) = 1,263,000,000 DKK paid.  
   - Adjust for gains on disposals: Gains/Losses on disposals of investments (non-operating) = 331,000,000 DKK (gain). For S&P FFO, subtract this.  
   - Also, share of profit from associates (non-core) = 40,000,000 DKK; core associates = 114,000,000 DKK. These are part of P&L before tax, so we might exclude to avoid double counting if EBITDA already excludes them, but EBITDA here seems to already be from operations, likely excluding these.  
   Using simplified approach:  
   FFO ≈ EBITDA – Net Interest Expense – Cash Taxes Paid – Gains on Disposals (non-operating).  
   Net Interest = 2,536 mn DKK (cost).  
   FFO = 32,057 – 2,536 – 1,263 – 331 = 27,927 mn DKK.

2. **Calculate Net Debt**:  
   Net debt = Total debt (short-term + long-term borrowings) – Cash and cash equivalents.  
   - Long-term borrowings 2023-01-01 = 60,451 mn DKK.  
   - Short-term borrowings 2023-01-01 = 2,830 mn DKK.  
   - Cash 2023-01-01 = 16,178 mn DKK.  
   - Also include current financial assets at fair value through P&L? S&P typically considers cash and cash equivalents only, not other liquid investments, unless specified. I’ll use Cash and Cash Equivalents from the cash flow statement: 16,175 mn DKK.  
   Net Debt = (60,451 + 2,830) – 16,175 = 47,106 mn DKK.

3. **Calculate Ratio**:  
   FFO / Net Debt = 27,927 / 47,106 ≈ 0.593.

I’ll round to a reasonable number of decimals. The final answer:

<answer>0.593</answer>