Step 1: Identify the relevant industry
Ørsted A/S is a major renewable energy company. Based on the provided industry methodologies, the most relevant classification is "Unregulated Power And Gas" (specifically focusing on renewable generation), as the company is primarily an offshore wind developer and operator without traditional cost-of-service rate regulation for its core operations. 

Step 2: Estimate Adjusted_Debt
According to the S&P baseline formula:
Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash

- **Reported Debt:** Sum of Long-term Borrowings and Short-term Borrowings.
  Long-term Borrowings (2023-01-01) = 60,451,000,000 DKK
  Short-term Borrowings (2023-01-01) = 2,830,000,000 DKK
  Reported Debt = 60,451,000,000 + 2,830,000,000 = 63,281,000,000 DKK

- **Leases:** Sum of Noncurrent Lease Liabilities and Current Lease Liabilities.
  Noncurrent Lease Liabilities = 7,697,000,000 DKK
  Current Lease Liabilities = 569,000,000 DKK
  Leases = 7,697,000,000 + 569,000,000 = 8,266,000,000 DKK

- **Hybrid Debt Portion:** S&P typically treats hybrid capital as 50% debt if it has intermediate content, or 100% if purely debt-like. Given the Ørsted specific capital treatment in standard ratings, hybrid capital is generally treated as 50% debt. 
  Hybrid Capital = 19,793,000,000 DKK
  Hybrid Debt Portion = 19,793,000,000 * 50% = 9,896,500,000 DKK

- **Pension Deficit, Guarantees, Other Debt-like Items:** Not explicitly identifiable in the given facts as debt-like adjustments, so assumed to be 0.

- **Eligible Cash:** Cash and Cash Equivalents.
  Cash = 16,178,000,000 DKK

Adjusted_Debt = 63,281,000,000 + 8,266,000,000 + 9,896,500,000 - 16,178,000,000
Adjusted_Debt = 81,443,500,000 - 16,178,000,000
Adjusted_Debt = 65,265,500,000 DKK

Step 3: Estimate Adjusted_EBITDA
According to the S&P baseline formula:
Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments

- **EBITDA (Reported):**
  Reported EBITDA = 32,057,000,000 DKK

- **Adjustment for Leases:** S&P adds back the lease interest expense component to EBITDA. The approximate lease interest can be calculated using the average lease liability times a standard interest rate. 
  Average Lease Liability = (Beginning Lease Liability + Ending Lease Liability) / 2
  Beginning (2022-01-01) = 6,812,000,000 + 720,000,000 = 7,532,000,000 DKK
  Ending (2023-01-01) = 7,697,000,000 + 569,000,000 = 8,266,000,000 DKK
  Average Lease Liability = (7,532,000,000 + 8,266,000,000) / 2 = 7,899,000,000 DKK
  Using an estimated interest rate of ~4.5% (standard approximation for IFRS 16 lease interest):
  Lease Interest Adjustment ≈ 7,899,000,000 * 4.5% ≈ 355,455,000 DKK

- **Nonrecurring Losses/Gains:** Adjustments for losses/gains on disposal of noncurrent assets.
  Adjustments For Losses Gains On Disposal Of Noncurrent Assets = -10,885,000,000 DKK.
  This represents a gain of 10,885,000,000 DKK, which should be subtracted from EBITDA.
  Nonrecurring Gains Adjustment = -10,885,000,000 DKK

- **Other Adjustments / Derivatives:** Change in derivatives is typically an operating cash flow item; under IFRS, fair value changes on derivatives not designated as hedges are included in EBITDA. We normalize for this volatility.
  Change In Derivatives Other Adjustments = -8,687,000,000 DKK. 
  Adding this back to normalize operating performance: +8,687,000,000 DKK.
  (Note: S&P may also view "Other Income" partially as nonrecurring if it includes large fair value gains. Other Income is 14,119,000,000 DKK, but without granular breakdown, we strictly follow the cash flow adjustments identified for disposals and derivatives).

Adjusted_EBITDA = 32,057,000,000 + 355,455,000 - 10,885,000,000 + 8,687,000,000
Adjusted_EBITDA = 30,214,455,000 DKK

Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio
Adjusted_Debt / Adjusted_EBITDA = 65,265,500,000 / 30,214,455,000
Adjusted_Debt / Adjusted_EBITDA ≈ 2.1599

Rounding to two decimal places:
Ratio = 2.16

<answer>2.16</answer>