1.  **Identify the relevant industry for "ØRSTED A/S".**
    Ørsted A/S is a renewable energy company developing, constructing, and operating offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants. Given that its operations are primarily in unregulated renewable generation (benefiting from contracts like CfDs and PPAs) and it does not appear to be a traditional rate-regulated utility or an oil & gas E&P company, the most fitting methodology is "Unregulated Power And Gas".

2.  **Estimate the "Adjusted_Debt".**
    Baseline formula: `Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

    *   **Reported Debt (Long-term + Short-term borrowings, current portion of LT debt is already in Short-term borrowings):**
        *   2023-01-01: `Longterm Borrowings` = 60,451,000,000 DKK
        *   2023-01-01: `Shortterm Borrowings` = 2,830,000,000 DKK
        *   Total Reported Debt = 63,281,000,000 DKK

    *   **Leases:**
        *   2023-01-01: `Noncurrent Lease Liabilities` = 7,697,000,000 DKK
        *   2023-01-01: `Current Lease Liabilities` = 569,000,000 DKK
        *   Total Leases = 8,266,000,000 DKK

    *   **Pension Deficit:**
        No pension deficit is reported. Assumed to be 0.

    *   **Guarantees:**
        Information on guarantees is not provided in the facts. Assumed to be 0.

    *   **Hybrid Debt Portion:**
        S&P typically treats 50% of hybrid capital as debt and 50% as equity, unless stated otherwise in the methodology. The Unregulated Power and Gas methodology doesn't specify a different treatment, so we apply the standard 50%.
        *   2023-01-01: `Hybrid Capital` = 19,793,000,000 DKK
        *   Hybrid Debt Portion = 19,793,000,000 * 0.50 = 9,896,500,000 DKK

    *   **Other Debt-Like Items:**
        *   Unfunded pensions: None reported.
        *   Asset retirement obligations (`Noncurrent Provisions`, `Current Provisions`): These are typically treated as debt-like.
            *   2023-01-01: `Noncurrent Provisions` = 19,121,000,000 DKK
            *   2023-01-01: `Current Provisions` = 585,000,000 DKK
            *   Total Provisions = 19,706,000,000 DKK
        *   `Non Current Tax Equity Liabilities` and `Current Tax Equity Liabilities`: These tax equity partner liabilities are often treated as debt or as an EBITDA adjustment. The Unregulated Power and Gas methodology doesn't specify a direct adjustment. Given the significant amounts, and based on S&P's general principles for financing obligations, they will be treated as debt.
            *   2023-01-01: `Non Current Tax Equity Liabilities` = 14,490,000,000 DKK
            *   2023-01-01: `Current Tax Equity Liabilities` = 1,903,000,000 DKK
            *   Total Tax Equity Liabilities = 16,393,000,000 DKK

    *   **Eligible Cash:**
        S&P typically applies a haircut to surplus cash, but for simplicity and common practice when specific surplus cash details aren't available, we deduct total cash and cash equivalents.
        *   2023-01-01: `Cash` (Current Assets) = 16,178,000,000 DKK
        (We note `Cash And Cash Equivalents` from cash flow statement = 16,175,000,000 DKK. Slight difference, using the balance sheet figure.)

    *   **Total Adjusted Debt Calculation:**
        Adjusted_Debt = 63,281,000,000 (Debt) + 8,266,000,000 (Leases) + 9,896,500,000 (Hybrid Debt) + 19,706,000,000 (Provisions) + 16,393,000,000 (Tax Equity Liabilities) - 16,178,000,000 (Cash)
        Adjusted_Debt = 117,542,500,000 - 16,178,000,000
        Adjusted_Debt = 101,364,500,000 DKK

3.  **Estimate the "Adjusted_EBITDA".**
    Baseline formula: `Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases (if any) + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments`

    *   **Reported EBITDA:**
        `Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense` = 32,057,000,000 DKK

    *   **Adjustment for Leases:**
        S&P adds back depreciation on right-of-use assets and interest on lease liabilities to EBITDA. Since these are already excluded from Reported EBITDA (which is before depreciation and interest), the standard adjustment is to add back the operating lease expense. The lease payments (`Payments Of Lease Liabilities Classified As Financing Activities` = 582,000,000 DKK) can be used as a proxy for the rent expense to be added back. A more precise method uses the sum of interest and depreciation. The depreciation portion of lease payments is included in `Depreciation Amortisation...`. The interest portion is in `Finance Costs`. So Reported EBITDA is already *before* these. Standard S&P adjustment adds back the total lease payment or just the interest. The most common adjustment in the baseline methodology is to add back gross rental expense. Here, payments are 582M. However, a simpler approach is to just take Reported EBITDA as given, since it's already an "EBITDAR" equivalent if all leases are capitalised in IFRS 16? No, IFRS 16 puts leases on balance sheet, removes rent expense, adds depreciation and interest. EBITDA under IFRS 16 is EBITDAR. S&P adds back nothing further for IFRS 16 leases because the expense is already split into depreciation and interest (both below EBITDA). S&P's standard adjustment for leases is to ensure all operating leases are capitalized. Since IFRS 16 requires this, the Reported EBITDA is already the S&P-adjusted EBITDA figure regarding leases.
        Adjustment_Leases = 0.

    *   **Non-recurring Gains/Losses:**
        *   `Gains Losses On Disposals Of Investments` (2022): 331,000,000 DKK (Gain). This should be subtracted.
        *   `Adjustments For Losses Gains On Disposal Of Noncurrent Assets` (2022): -10,885,000,000 DKK. This implies a gain of 10,885,000,000 DKK was deducted to arrive at operating cash flow. This gain should be subtracted from EBITDA.
        *   `Other Income` includes gains on disposal of assets, which is already included in operating profit. The 10,885M gain is likely within `Other Income` = 14,119M. We will subtract the large non-recurring gain.
        *   `Other Expense By Nature` (4,963M) and `Other External Expenses` could contain non-recurring items, but we lack specific details. The primary identifiable non-recurring items are the disposal gains.

    *   **Joint Venture Proportional EBITDA:**
        The company reports `Share Of Profit Loss Of Associates And Joint Ventures... Core Business` and `Non Core Business`. The baseline formula suggests adding back proportional debt and EBITDA. However, the S&P methodology typically deals with JV adjustments on the debt side (adding proportional debt and subtracting proportional EBITDA or adding equity income). Since equity income is already excluded from EBITDA, and we don't have proportional data, we do not adjust EBITDA for the JV share, as it is already below the EBITDA line. The reported EBITDA figure is before share of JV profit.

    *   **Other Normalization Adjustments:**
        *   Finance Income/Expenses: These are below EBITDA. No adjustment.
        *   Depreciation, Amortisation, Impairment: Below EBITDA. No adjustment.
        *   Tax: Below EBITDA. No adjustment.

    *   **Total Adjusted EBITDA Calculation:**
        Adjusted_EBITDA = 32,057,000,000 (Reported EBITDA) - 10,885,000,000 (Gain on Disposal of Noncurrent Assets)
        Adjusted_EBITDA = 21,172,000,000 DKK

4.  **Calculate the ratio.**
    `Adjusted_Debt / Adjusted_EBITDA` = 101,364,500,000 / 21,172,000,000 = 4.787...

    Rounding to two decimal places: 4.79

<answer>4.79</answer>