Let’s start by identifying the industry and then work through the steps.

**1. Identify relevant industry**
Ørsted A/S is a Danish renewable energy company, primarily focused on offshore and onshore wind, bioenergy, and other renewables. It operates partly under regulated frameworks (e.g., offshore wind with CfDs or feed-in tariffs) and partly with merchant or long-term PPA structures.
The “Unregulated Power and Gas” sector description matches Ørsted best, especially as a renewable generation company. The methodology notes that these companies may have protective contracts, and Ørsted’s assets include significant contracted revenue.

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**2. Estimate Adjusted_EBITDA**

From the data:

- Reported EBITDA (“Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense”) for 2022 = 32,057,000,000 DKK.

We need adjustments:

- **Nonrecurring gains/losses**: 
  - “Other Income” may include some nonrecurring items, but no specific split is given between recurring and nonrecurring in the data. Without detail, I’ll assume EBITDA includes recurring and nonrecurring items, but no adjustment is possible from the data provided. 
  - “Gains Losses On Disposals Of Investments” = 331,000,000 DKK gain — this is likely nonrecurring and should be subtracted (since it’s a gain). But this item is usually below EBITDA (operating profit). In the income statement structure, gains on disposals of investments are often below operating profit, so probably not in EBITDA. The “Other Income” line is 14,119,000,000 DKK in 2022 — this may include disposal gains, but without a breakdown, I’ll assume EBITDA as reported is reasonable.

- **Lease adjustment**: 
  - “Depreciation Amortisation And Impairment…” includes amortization of leased assets? Not separately disclosed. If leases are operating, S&P typically adds back lease expense (depreciation + interest) to EBITDA. However, under IFRS 16, EBITDA already excludes depreciation of right-of-use assets. We have “Payments Of Lease Liabilities Classified As Financing Activities” = 582,000,000 DKK, but that’s just the principal portion; interest portion is in interest paid. Without further detail, I’ll assume EBITDA is already IFRS 16-adjusted and no further lease adjustment is necessary.

- **Pension adjustments**: Not provided.

- **Joint venture proportional EBITDA**: “Share Of Profit Loss Of Associates And Joint Ventures Accounted For Using Equity Method Core Business” = 114,000,000 DKK. This is post-tax and after interest, not EBITDA, so proportional consolidation would require more data. I’ll skip this without additional info.

Thus, **Adjusted_EBITDA ≈ 32,057,000,000 DKK**.

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**3. Estimate FFO**

FFO = Adjusted_EBITDA − cash_interest − cash_taxes

- **Cash interest**:
  “Interest Paid Classified As Operating Activities” = 8,548,000,000 DKK (this is the interest paid in cash, under IFRS).

- **Cash taxes**:
  “Income Taxes Paid Classified As Operating Activities” = 1,263,000,000 DKK.

So:
FFO = 32,057,000,000 − 8,548,000,000 − 1,263,000,000  
FFO = 22,246,000,000 DKK

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**4. Estimate 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 borrowings = 60,451,000,000 DKK  
  Short-term borrowings = 2,830,000,000 DKK  
  Total borrowings = 63,281,000,000 DKK

- **Leases**:  
  Noncurrent lease liabilities = 7,697,000,000 DKK  
  Current lease liabilities = 569,000,000 DKK  
  Total leases = 8,266,000,000 DKK

- **Pension deficit**: Not explicitly stated — assume zero.

- **Guarantees and other debt-like items**: No info — assume zero.

- **Hybrid debt portion**:  
  Hybrid capital = 19,793,000,000 DKK. S&P typically treats 50% as equity and 50% as debt, so hybrid_debt_portion = 19,793,000,000 × 0.50 = 9,896,500,000 DKK.

- **Eligible cash**:  
  Cash and cash equivalents = 16,175,000,000 DKK (from cash flow statement ending balance). S&P may apply a haircut for trapped cash, but no detail here — assume all is eligible.

Adjusted_Debt = 63,281,000,000 + 8,266,000,000 + 0 + 0 + 9,896,500,000 + 0 − 16,175,000,000  
Adjusted_Debt = 65,268,500,000 DKK

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**5. Calculate FFO / Adjusted_Debt**

22,246,000,000 / 65,268,500,000 = 0.3409 (rounded to 4 decimal places)

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<answer>0.3409</answer>