To determine the S&P-adjusted debt-to-EBITDA ratio for ØRSTED A/S for the year ended December 31, 2022, we apply the standard S&P Global Ratings methodology for corporate entities, considering the Unregulated Power and Gas industry framework.

**Step 1: Estimate Adjusted EBITDA**
S&P typically starts with the reported operating profit and adds back depreciation and amortization. For Ørsted, gains on the disposal of noncurrent assets (often resulting from "farm-downs" or sales of stakes in wind farm projects) are considered a core component of their business model and revenue-generating strategy. Therefore, S&P includes these gains in the Adjusted EBITDA rather than deducting them as nonrecurring.
* **Reported EBITDA:** We use the reported "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" 
* **Adjusted_EBITDA** = 32,057,000,000 DKK

**Step 2: Estimate Adjusted Debt**
S&P adjusts reported debt to include lease liabilities and 50% of the principal amount of hybrid capital (which is treated as having intermediate equity content and is divided 50/50 between debt and equity). We deduct highly liquid eligible cash and cash equivalents to arrive at the net adjusted debt.
* 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
* Hybrid Capital Debt Portion (50% of 19,793,000,000 DKK) = 9,896,500,000 DKK
* **Total Gross Adjusted Debt** = 60,451 + 2,830 + 7,697 + 569 + 9,896.5 = 81,443,500,000 DKK

Next, we subtract eligible cash:
* Cash and Cash Equivalents = 16,175,000,000 DKK
* **Adjusted_Debt** = 81,443,500,000 - 16,175,000,000 = 65,268,500,000 DKK

*(Note: Using the strictly labeled "Cash" line item of 16,178,000,000 yields an immaterially different 65,265,500,000 DKK.)*

**Step 3: Calculate the S&P-Adjusted Debt-to-EBITDA Ratio**
* **Ratio** = Adjusted_Debt / Adjusted_EBITDA
* **Ratio** = 65,268,500,000 DKK / 32,057,000,000 DKK = 2.0360...

Rounding to two decimal places, we arrive at 2.04.

<answer>2.04</answer>