RCS - Orsted A/S - Interim report for the first half year of 2022

Oersted A/SAnnouncement

11/08/2022 08:00

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RNS Number : 6948V  Orsted A/S  11 August 2022

 

Interim report for the first half year of 2022 - full-year guidance increased
and continued expansion in offshore and onshore renewables

 

Today, Ørsted's Board of Directors approved the interim report for the first
half year of 2022.

 

Operating profit (EBITDA) for the first half of the year amounted to DKK 13.0
billion, in line with the same period last year. EBITDA excluding new
partnerships increased by 48 % to DKK 11.4 billion.

 

Net profit amounted to DKK 6.0 billion, and return on capital employed (ROCE)
came in at 15 %.

 

We have increased our EBITDA guidance excluding new partnership agreements by
DKK 1.0 billion to DKK 20-22 billion. The increase is primarily due to higher
earnings in Bioenergy & Other and in Onshore. Our EBITDA guidance does not
include earnings from new partnerships during the year, i.e. it excludes the
gain from the 50 % farm-down of Borkum Riffgrund 3 in Q1 2022 and the upcoming
farm-down of Hornsea 2.

 

We have increased our gross investment guidance by DKK 5.0 billion to DKK
43-47 billion. The increase is due to the expected closing of the EUR 689
million acquisition of Ostwind.

 

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the
interim financial report for the first six months of 2022:

"I'm very pleased with the first half of the year. In addition to a strong set
of results for the period, including an increase of our full-year EBITDA
guidance, we've achieved significant strategic milestones.

 

We were awarded a contract for the world's single biggest offshore wind farm,
Hornsea 3 in the UK, with a capacity of 2,852 MW. With this significant win
and maturation of other offshore projects, we're well on track to achieve our
target of 30 GW offshore wind by 2030.

 

In our Onshore business, we also made strong progress with our entry into the
Spanish onshore market and the agreement to acquire Ostwind, a developer,
owner, and operator of onshore wind Germany and France.

 

In general, we've seen positive market development during the first half of
2022. Both the EU and the US have presented very ambitious plans to accelerate
the build-out of renewable energy, which ensures a strong platform for
continued growth within the development of renewable energy."

 

Financial key figures for Q2 and H1 2022:

 

 DKK million                          Q2 2022  Q2 2021   %       H1 2022   H1 2021   %
 EBITDA                               3,615    8,196     (56 %)  13,044    13,059    (0 %)
 - New partnerships                   0        5,355     n.a.    1,610     5,355     (70 %)
 - EBITDA excl. New partnerships      3,615    2,841     27 %    11,434    7,704     48 %
 Profit (loss) for the period         269      5,544     (95 %)  5,970     7,142     (16 %)
 Cash flow from operating activities  2,355    3,147     (25 %)  2,318     11,234    (79 %)
 Gross investments                    (6,372)  (12,133)  (47 %)  (13,204)  (18,798)  (30 %)
 Divestments                          267      10,591    (97 %)  2,194     10,560    (79 %)
 Free cash flow                       (3,750)  1,605     n.a.    (8,692)   2,996     n.a.
 Net interest-bearing debt            41,449   12,067    243 %   41,449    12,067    243 %
 FFO/adjusted net debt                17.6 %   62.9 %    -45 %p  17.6 %    62.9 %    -45 %p
 ROCE                                 14.8 %   12.5 %    2 %p    14.8 %    12.5 %    2 %p

 

 

 

For further information, please contact:

Media Relations                   Investor Relations
Martin Barlebo                     Rasmus Keglberg Hærvig
 

+45 99 55 95 52                  +45 99 55 90 95

Earnings call
In connection with the presentation of the interim report for the first half
year, an earnings call for investors and analysts will be held on Thursday, 11
August 2022 at 15:00 CEST.

Denmark: +45 78 72 32 50

The UK: +44 333 300 9032

The US: +1 646 722 4903

The earnings call can be followed live at:
Investor presentation Q2 2022 (media-server.com)
(https://edge.media-server.com/mmc/p/ejsw6ke4)

 

Presentation slides will be available prior to the earnings call at:
Investors | Ørsted (orsted.com) (https://orsted.com/en/investors)
(https://powerscourtgroup-my.sharepoint.com/personal/hibbsm_powerscourt-group_com/Documents/Attachments/%0bhttps:/orsted.eventcdn.net/20180809%0d)

 

The interim report is available for download at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
(http://www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0)

 

Attachments to this company announcement:

Interim financial report H1 2022

http://www.rns-pdf.londonstockexchange.com/rns/6948V_1-2022-8-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6948V_1-2022-8-11.pdf)

Company announcement

http://www.rns-pdf.londonstockexchange.com/rns/6948V_3-2022-8-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6948V_3-2022-8-11.pdf)

Investor presentation

http://www.rns-pdf.londonstockexchange.com/rns/6948V_2-2022-8-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6948V_2-2022-8-11.pdf)

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